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[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2039 Introduced in House (IH)]

106th CONGRESS
  1st Session
                                H. R. 2039

    To restore actuarial balance to the Social Security trust funds.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              June 8, 1999

  Mr. Stark introduced the following bill; which was referred to the 
 Committee on Ways and Means, and in addition to the Committee on the 
 Budget, for a period to be subsequently determined by the Speaker, in 
   each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
    To restore actuarial balance to the Social Security trust funds.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Financial Solvency 
Act of 1999''.

SEC. 2. ADDITIONAL ASSETS FOR THE SOCIAL SECURITY TRUST FUNDS.

    (a) Transfers to Federal Old-Age and Survivors Insurance Trust Fund 
and Federal Disability Insurance Trust Fund.--
            (1) In general.--In addition to the amounts otherwise 
        appropriated to the Federal Old-Age and Survivors Insurance 
        Trust Fund and the Federal Disability Insurance Trust Fund for 
        each fiscal year after fiscal year 1998, there is hereby 
        appropriated to such Funds in the aggregate for each such 
        fiscal year an amount equal to 2.07 percent of the taxable 
        social security payroll for the calendar year that begins in 
        such fiscal year.
            (2) Taxable social security payroll.--The term ``taxable 
        social security payroll'' means the aggregate wages and self-
        employment income which are taken into account in determining 
        the amount appropriated to the funds under section 201 of the 
        Social Security Act.
    (b) Other Definitions and Special Rules.--For purposes of this 
section--
            (1) Wages; self-employment income.--The terms ``wages'' and 
        ``self-employment income'' have the respective meanings given 
        to such terms by sections 3121 and 1402 of the Internal Revenue 
        Code of 1986.
            (2) Timing of transfers; use of estimates.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the amount appropriated by this section for any 
                fiscal year to any fund shall be transferred ratably 
                (but not less frequently than monthly) throughout such 
                year on the basis of the most recent estimate made by 
                the Secretary of the Treasury before the beginning of 
                such fiscal year of the amount of the taxable social 
                security payroll for the calendar year which begins 
                during such fiscal year. Proper adjustments shall be 
                made in the amounts subsequently transferred to the 
                extent prior estimates were in excess of or less than 
                the amounts required to be transferred.
                    (B) Special rule for pre-enactment periods.--
                Amounts required under subparagraph (A) to be 
                transferred for periods of calendar year 1999 before 
                the date of the enactment of this Act shall be 
                transferred on such date.
            (3) Allocation of appropriations between social security 
        trust funds.--The amount appropriated by subsection (a) for any 
        fiscal year shall be allocated between the Federal Old-Age and 
        Survivors Insurance Trust Fund and the Federal Disability 
        Insurance Trust Fund in proportion to the Secretary of the 
        Treasury's estimate of the respective amounts appropriated to 
        such Funds under section 201 of the Social Security Act for 
        such fiscal year. Proper adjustments shall be made in the 
        amounts subsequently allocated to the extent prior estimates 
        were in excess of or less than the actual amounts appropriated 
        under such section 201.
    (c) Coordination With Budget Laws.--The provisions of this section 
on transfers shall be disregarded for the purposes of applying the 
enforcement provisions of the Balanced Budget and Emergency Deficit 
Control Act of 1985.
                                 <all>
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