I
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 Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Social Security Finan-
cial Solvency Act of 1999’’.
SEC. 2. ADDITIONAL ASSETS FOR THE SOCIAL SECURITY
TRUST FUNDS.
(a) TRANSFERS TO FEDERAL OLD-AGE AND SUR-
VIVORS INSURANCE TRUST FUND AND FEDERAL DIS-
ABILITY 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 be-
gins in such fiscal year.
(2) TAXABLE SOCIAL SECURITY PAYROLL.—The
term ‘‘taxable social security payroll’’ means the ag-
gregate 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 sec-
tions 3121 and 1402 of the Internal Revenue Code
of 1986.
(2) TIMING
OF
TRANSFERS; USE
OF
ESTI-
MATES.—
(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 sub-
sequently transferred to the extent prior esti-
mates were in excess of or less than the
amounts required to be transferred.
(B) SPECIAL RULE FOR PRE-ENACTMENT
PERIODS.—Amounts required under subpara-
graph (A) to be transferred for periods of cal-
endar year 1999 before the date of the enact-
ment of this Act shall be transferred on such
date.
(3) ALLOCATION
OF
APPROPRIATIONS
BE-
TWEEN
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 Fed-
eral 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 ac-
tual amounts appropriated under such section 201.
(c) COORDINATION WITH BUDGET LAWS.—The pro-
visions 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.
Æ