Executive Director for payment of such benefits 
from the Trust Fund, and the Executive Director 
shall make such payments from the Trust Fund in 
accordance with such certification. 
‘‘(c) ANNUITIES AND LUMP SUM PAYMENTS.—A dis-
tribution referred to in subsection (a)(2) is described in 
this subsection if—
‘‘(1) the distribution is at the election of the ac-
count holder made (in such form and manner as 
shall be prescribed by the Executive Director) on or 
after the date of the commencement of such account 
holder’s entitlement to old-age insurance benefits 
under section 202(a), 
‘‘(2) the amount of each distribution is in an 
amount, as determined by the Executive Director, 
which is not greater than the excess of—
‘‘(A) the balance credited to such account 
holder’s investment account, over 
‘‘(B) the amount necessary to provide for 
benefit distributions as required under sub-
section (a)(1), and 
‘‘(3) the distributions shall be paid in the form 
of annuities and other payments under section 256. 
‘‘(d) DEATH DISTRIBUTION.—
‘‘(1) IN GENERAL.—A distribution from an in-
vestment account is in the form of a death distribu-
tion if such distribution is in the amount remaining 
credited to the account holder as of the date of such 
account holder’s death and, except as provided in 
paragraph (2), is distributed in the same manner as 
is provided for distribution of benefit payments 
under section 204(d). 
‘‘(2) PORTION OF ACCOUNT BALANCE ATTRIB-
UTABLE TO FEDERAL CONTRIBUTION RETURNED TO 
UNITED STATES.—The portion of the amount re-
maining credited to the account holder as of the 
date of such account holder’s death which is attrib-
utable to the contribution made under section 252(c) 
shall be paid to the Secretary of the Treasury for 
deposit into the general fund of the Treasury as mis-
cellaneous receipts. For purposes of the preceding 
sentence, distributions from a personal social secu-
rity investment account shall be treated as first 
made from amounts attributable to the contribution 
made under section 252(c) and then from other 
amounts.
‘‘SEC. 256. ANNUITIES AND LUMP SUM PAYMENTS PAYABLE 
FROM THE SOCIAL SECURITY INVESTMENT 
TRUST FUND. 
‘‘(a) IN GENERAL.—An account holder who is enti-
tled to old-age insurance benefits under section 202(a) is 
entitled as provided in this section to the amount of the 
balance in the account holder’s investment account avail-
able for distribution under this section in accordance with 
section 255. 
‘‘(b) ALTERNATIVE FORMS OF DISTRIBUTION.—Sub-
ject to section 258, any account holder who is entitled to 
old-age insurance benefits under section 202(a) is entitled 
and may elect—
‘‘(1) to receive an immediate annuity from the 
Trust Fund; 
‘‘(2) to defer the commencement of the pay-
ment of an annuity from the Trust Fund until such 
date as the account holder specifies, but not later 
than April 1 of the year following the year in which 
the account holder becomes 701⁄2 years of age; 
‘‘(3) to withdraw the amount of the balance in 
the account holder’s investment account in the Trust 
Fund in one or more substantially equal payments 
to be made not less frequently than annually and to 
commence before April 1 of the year following the