‘‘(II) the experience and record 
of performance of the proposed invest-
ment option, if any; 
‘‘(III) the experience and record 
of performance of the entity issuing or 
offering such option; and 
‘‘(IV) such other factors as the 
Board may determine appropriate. 
‘‘(d) CONSIDERATIONS FOR CERTIFICATION AND AP-
PROVAL.—In determining whether to certify an eligible en-
tity under subsection (b) or to approve a Tier III Invest-
ment Option under subsection (c), the Board shall— 
‘‘(1) act in the best interests of the partici-
pating individuals; 
‘‘(2) base its determination solely on consider-
ations of balancing safety and soundness of the Tier 
III Investment Option with the maximization of re-
turns of such option; and 
‘‘(3) not base any determination related to the 
entity or option on political or other extraneous con-
siderations. 
‘‘(e) SPONSORSHIP OF TIER III INVESTMENT OP-
TIONS BY MEMBERSHIP AND LABOR ORGANIZATIONS.— 
‘‘(1) IN GENERAL.—A membership or labor or-
ganization (as defined by the Board) may sponsor
Tier III Investment Options under contracts with el-
igible entities certified under subsection (b) who 
shall administer the investment option if such invest-
ment option is approved by the Board under sub-
section (c). 
‘‘(2) LIMITATION
TO
MEMBERSHIP.—A mem-
bership or labor organization (as so defined) may 
limit to the members of such organization participa-
tion in a Tier III Investment Option sponsored by 
such organization. 
‘‘(f) DISTRIBUTIONS IN CASE OF DEATH.—Upon the 
death of a participating individual, the amount of any as-
sets held under a Tier III Investment Option credited to 
the personal social security savings account of such indi-
vidual shall be distributed in accordance with section 
258(e). 
‘‘SEC. 258. PERSONAL SOCIAL SECURITY SAVINGS ANNUITY 
AND OTHER DISTRIBUTIONS. 
‘‘(a) DATE OF INITIAL DISTRIBUTION.—Except as 
provided in subsection (e), distributions may be made to 
a participating individual from amounts credited to the 
personal social security savings account of such individual 
only on or after the earliest of— 
‘‘(1) the date the participating individual at-
tains retirement age (as defined in section 216(l)(1))
or, if elected by the individual, early retirement age 
(as defined in section 216(l)(2)); or 
‘‘(2) the date on which the amount credited to 
the participating individual’s personal social security 
savings account is sufficient to purchase a personal 
social security savings annuity with a monthly ben-
efit that is at least equal to the minimum annuity 
payment 
amount 
(as 
defined 
in 
subsection 
(b)(4)(C)(iii)). 
‘‘(b) PERSONAL SOCIAL SECURITY SAVINGS ANNU-
ITIES.— 
‘‘(1) NOTICE OF AVAILABLE ANNUITIES.—Not 
later than the date determined under subsection (a), 
the Board shall notify each participating individual 
of— 
‘‘(A) the most recent listing of personal so-
cial security savings annuities offered by the 
Annuity Issuance Authority under paragraph 
(2); and 
‘‘(B) the entitlement of the participating 
individual to purchase such an annuity. 
‘‘(2) ANNUITY ISSUANCE AUTHORITY.—There is 
established in the office of the Board an agency 
which shall be known as the ‘Annuity Issuance Au-
thority’. The Authority shall provide, in accordance
with regulations of the Board, for the issuance of 
personal social security savings annuities for pur-
chase from the Authority under this section and to 
otherwise administer the issuance of such annuities 
in accordance with such regulations. 
‘‘(3) ANNUITY RESERVES ACCOUNT.—There is 
established in the Savings Fund an Annuity Re-
serves Account. The Account shall consist of all 
amounts received by the Authority from the pur-
chase of personal social security savings annuities 
under this section (plus such amounts as may be 
transferred to the Account under paragraph (5)(B)), 
increased by the total net earnings from investments 
of such reserves under subparagraph (A) of para-
graph (5) and reduced by the total net losses from 
investments of such reserves under such subpara-
graph. 
‘‘(4) PURCHASE OF ANNUITIES.— 
‘‘(A) SELECTION OF ANNUITY.—On a date 
elected by the participating individual, but no 
earlier than the date determined under sub-
section (a), a participating individual may pur-
chase a personal social security savings annuity 
selected from among the annuities offered by 
the Authority under paragraph (2).