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<!-- #BeginEditable name="pagetitle" --><h2 class="center">Old-Age & Survivors Insurance Trust Fund</h2><!-- #EndEditable -->
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<p> <a href="../index.html">Office of the Chief Actuary </a> </p>
<p> <a href="benefits.html">Beneficiary data</a> </p>
<p> <a href="funds.html">Trust fund data</a> </p>
<p> <a href="describedi.html">Disability Insurance Trust Fund</a> </p>
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<p>
The <i>Old-Age and Survivors Insurance Trust Fund</i> is a
separate account in the United States Treasury. A fixed proportion
(dependent on the allocation of <a href="taxRates.html">tax rates</a> by
trust fund) of the <a href="financialItems.html">payroll taxes</a>
received under the Federal Insurance Contributions Act and
the Self-Employment Contributions Act are deposited in the fund
to the extent that such taxes are not needed immediately to pay
expenses. Taxes are <a href="taxflow.html">deposited in the fund</a>
on every business day.</p>
<p>
The trust fund provides automatic spending authority to pay
monthly benefits to retired-worker (old-age) beneficiaries and their spouses
and children and to survivors of deceased insured workers. With such
spending authority, the Social Security Administration does not need
to periodically request money from the Congress to pay benefits.</p>
<p>
Funds not withdrawn for current <a href="financialItems.html">cost</a>
(benefits, the financial interchange with the Railroad Retirement
program, and administrative expenses) are
<a href="../NOTES/note142.html">invested</a> in interest-bearing
Federal securities, as required by law; the interest earned
is also deposited in the trust fund.</p>
<p>
The Old-Age and Survivors Insurance (OASI) Trust Fund was created pursuant
to section 201 of the Social Security Act Amendments of 1939. These
amendments also established a Board of Trustees. OASI became effective on
January 1, 1940, and superseded the old-age reserve account
established under the Social Security Act of 1935.</p>
<p>
The <a href="../TR/trustees.html">Board of Trustees</a>
currently consists of 6 members, 4 of whom automatically serve
by virtue of their positions in the Federal Government. These 4 are the
<ul>
<li> Secretary of the Treasury (the Managing Trustee),</li>
<li> Secretary of Labor,</li>
<li> Secretary of Health and Human Services, and</li>
<li> Commissioner of Social Security</li></ul>
The other 2 members are appointed by the President, and confirmed by the Senate,
as required by the "Social Security Amendments of 1983."
These 2 members serve 4-year terms.</p>
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