plication therefor is received by the Executive Director
within 30 years after the death or other event which estab-
lishes the entitlement to the annuity or other payment.
‘‘COURT ORDERS
‘‘SEC. 263. (a) ALTERNATIVE
PAYEES
UNDER
COURT ORDERS.—Payments under this part which would
otherwise be made to an account holder or an annuitant
shall be paid (in whole or in part) by the Executive Direc-
tor to another person if and to the extent expressly pro-
vided for in the terms of—
‘‘(1) any court decree of divorce, annulment, or
legal separation, or the terms of any court order or
court-approved property settlement agreement inci-
dent to any court decree of divorce, annulment, or
legal separation; or
‘‘(2) any court order or other similar process in
the nature of garnishment for the enforcement of a
judgment rendered against such account holder or
annuitant, for physically, sexually, or emotionally
abusing a child.
In the event that the Executive Director, as the case may
be, is served with more than 1 decree, order, or other legal
process with respect to the same moneys due or payable
to any individual, such moneys shall be available to satisfy
such processes on a first-come, first-served basis, with any
such process being satisfied out of such moneys as remain
after the satisfaction of all such processes which have been
previously served.
‘‘(b) 
WRITTEN
NOTICE
REQUIREMENTS.—Sub-
section (a) shall apply only to payments made by the Exec-
utive Director under this part after the date on which the
Executive Director receives written notice of such decree,
order, other legal process, or agreement, and such addi-
tional information and documentation as the Executive
Director may require.
‘‘(c) DEFINITIONS.—For the purpose of this sec-
tion—
‘‘(1) the term ‘judgment rendered for phys-
ically, sexually, or emotionally abusing a child’
means any legal claim perfected through a final en-
forceable judgment, which claim is based in whole or
in part upon the physical, sexual, or emotional abuse
of a child, whether or not that abuse is accompanied
by other actionable wrongdoing, such as sexual ex-
ploitation or gross negligence; and
‘‘(2) the term ‘child’ means an individual under
18 years of age.
‘‘WITHHOLDING OF STATE INCOME TAXES
‘‘SEC. 264. (a) WITHHOLDING AGREEMENTS.—The
Executive Director shall, in accordance with this section,
enter into an agreement with any State within 120 days
of a request for agreement from the proper State official.
The agreement shall provide that the Executive Director
shall withhold State income tax in the case of the monthly
annuity of any annuitant who voluntarily requests, in writ-
ing, such withholding. The amounts withheld during any
calendar quarter shall be held in the Trust Fund and dis-
bursed to the States during the month following that cal-
endar quarter.
‘‘(b) NO MULTIPLE REQUESTS.—An annuitant may
have in effect at any time only one request for withholding
under this section, and an annuitant may not have more
than two such requests in effect during any one calendar
year.
‘‘(c) CHANGES AND REVOCATIONS.—Subject to sub-
section (b), an annuitant may change the State designated
by that annuitant for purposes of having withholdings
made, and may request that the withholdings be remitted
in accordance with such change. An annuitant also may
revoke any request of that annuitant for withholding. Any
change in the State designated or revocation is effective
on the first day of the month after the month in which
the request or the revocation is processed by the Executive
Director, but in no event later than on the first day of
the second month beginning after the day on which such
request or revocation is received by the Executive Direc-
tor.
‘‘(d) RESERVATIONS TO THE UNITED STATES; RE-
PAYMENTS OF ERRONEOUS WITHHOLDINGS.—This sec-
tion does not give the consent of the United States to the
application of a statute which imposes more burdensome
requirements on the United States than on employers gen-
erally, or which subjects the United States or any annu-
itant to a penalty or liability because of this section. The
Executive Director may not accept pay from a State for
services performed in withholding State income taxes from
annuities. Any amount erroneously withheld from an an-
nuity and paid to a State by the Executive Director shall
be repaid by the State in accordance with regulations is-
sued by the Executive Director.
‘‘(e) DEFINITION.—For the purpose of this section,
the term ‘annuitant’ includes a survivor who is receiving
an annuity from the Trust Fund.
‘‘TAX TREATMENT OF THE SOCIAL SECURITY
INVESTMENT TRUST FUND
‘‘SEC. 265. The Trust Fund shall be exempt from
taxation under subtitle A of the Internal Revenue Code
of 1986.
‘‘ADMINISTRATION
‘‘SEC. 266. (a) BOARD OF TRUSTEES.—
‘‘(1) IN
GENERAL.—The Federal Retirement
Thrift Investment Board established by section
8472(a) of title 5, United States Code, shall also
serve as the Board of Trustees of the Social Security
Investment Trust Fund.
‘‘(2) DUTIES.—It shall be the duty of the
Board to—
‘‘(A) hold the Trust Fund;
‘‘(B) report to the Congress not later than
the first day of April of each year on the oper-
ation and status of the Trust Fund during the
preceding fiscal year and on its expected oper-
ation and status during the next ensuing 5 fis-
cal years;
‘‘(C) develop investment policies which pro-
vide for—
‘‘(i) prudent investments suitable for
accumulating funds for payment of retire-
ment income, and
‘‘(ii) low administrative costs;
‘‘(D) recommend improvements in adminis-
trative procedures and policies designed to ef-
fectuate the proper coordination of the program
established under this part with the old-age,
survivors, and disability insurance program es-
tablished under part A; and
‘‘(E) review the general policies followed in
managing the Trust Fund and recommend
changes in such policies, including necessary
changes in the provisions of the law which gov-
ern the way in which the Trust Funds are to
be managed and invested.
‘‘(b) EXECUTIVE DIRECTOR.—
‘‘(1) IN GENERAL.—The Executive Director ap-
pointed under section 8474(a) of title 5, United
States Code, shall also serve as Executive Director
under this part.
‘‘(2) DUTIES.—The Executive Director shall—
‘‘(A) carry out the policies established by
the Board under this part;
‘‘(B) invest and manage the Trust Fund in
accordance with the investment policies and
other policies established by the Board under
this part;
‘‘(C) purchase annuity contracts and pro-
vide for the payment of other benefits under
this part;
‘‘(D) administer the provisions of this part;
and
‘‘(E) prescribe such regulations (other
than regulations relating to fiduciary respon-
sibilities) as may be necessary for the adminis-
tration of this part.
‘‘(3) AUTHORIZED FUNCTIONS.—The Executive
Director may—
‘‘(A) prescribe such regulations as may be
necessary to carry out the responsibilities of the
Executive Director under this part, other than
regulations relating to fiduciary responsibilities;
‘‘(B) appoint such personnel as may be
necessary to carry out the provisions of this
part;
‘‘(C) subject to approval by the Board,
procure the services of experts and consultants
under section 3109 of title 5, United States
Code;
‘‘(D) secure directly from other agencies
and instrumentalities of the Federal Govern-
ment any information necessary to carry out
the provisions of this part and policies of the
Board under this part;
‘‘(E) make such payments out of sums in
the Trust Fund as the Executive Director de-
termines are necessary to carry out the provi-
sions of this part and the policies of the Board
under this part;
‘‘(F) pay the compensation, per diem, and
travel expenses of individuals appointed under
subparagraphs (B), (C), and (G) from the
Trust Fund;
‘‘(G) accept and use the services of individ-
uals employed intermittently in the Government
service and reimburse such individuals for trav-
el expenses, as authorized by section 5703 of
title 5, United States Code, including per diem
as authorized by section 5702 of such title;
‘‘(H) except as otherwise expressly prohib-
ited by law or the policies of the Board, dele-
gate any of the Executive Director’s functions
to such employees under the Board as the Ex-
ecutive Director may designate and authorize
such successive redelegations of such functions
to such employees under the Board as the Ex-
ecutive Director may consider to be necessary
or appropriate; and
‘‘(I) take such other actions as are appro-
priate to carry out the functions of the Execu-
tive Director.
‘‘(c) SOURCE OF COMPENSATION.—Notwithstanding
paragraph (3) of section 8476(d) of title 5, United States
Code, basic pay paid for any fiscal year as compensation
to each member of the Board (and each officer and em-
ployee of the Board) shall be paid from the Trust Fund
(in lieu of the Thrift Savings Fund) in an amount which
bears the same ratio to the total amount of basic pay paid
to such member (or officer or employee) for such fiscal
year as the balance in the Trust Fund as of the beginning
of such fiscal year bears to the total amount of such bal-
ance and the balance in the Thrift Savings Fund as of
the beginning of such fiscal year.
‘‘FINANCING OF GOVERNMENT CONTRIBUTIONS
‘‘SEC. 267. (a) AVAILABILITY OF RECEIPTS FROM
ASSET SALES.—
‘‘(1) DEPOSIT
OF
FEDERAL
SHARE
OF
RE-
CEIPTS.—Except as provided in paragraph (2), the
Federal share of receipts received by the United
States pursuant to a payment law that, but for this
subsection, would be covered into miscellaneous re-
ceipts in the Treasury without restrictions, shall be
available for each fiscal year solely for purposes of
making initial contributions to investment accounts
pursuant to section 252(c).
‘‘(2) REVERSION OF EXCESS RECEIPTS.—Any
amounts made available for any fiscal year for the
purposes described in paragraph (2) which remain
available as of the end of such fiscal year shall re-
vert to the general fund of the Treasury as mis-
cellaneous receipts.
‘‘(3) PAYMENT LAW DEFINED.—For the pur-
poses of paragraph (1), the term ‘payment law’ has
the meaning given such term by section 6903(1) of
title 31, United States Code.
‘‘(b) CONGRESSIONAL CONSIDERATION
OF PRESI-
DENTIAL RECOMMENDATIONS FOR ADDITIONAL ASSET
SALES.—
‘‘(1) PRESIDENTIAL
FINDINGS.—As soon as
practicable after the date of the enactment of the
Retirement Security Act of 1997, the President shall
make findings regarding the extent to which addi-
tional funds are or will be required to make initial
contributions to the Social Security Investment
Trust Fund pursuant to section 252(c) and shall
recommend what additional sales of Federal assets
should be undertaken to obtain such additional
funds.
‘‘(2) RECOMMENDATIONS.—
‘‘(A) IN
GENERAL.—The President shall
make specific recommendations to the Congress
regarding the President’s findings under para-
graph (1) not later than January 1, 1998, and
from time to time thereafter as the President
deems appropriate. The President shall include
with such recommendations legislative language
necessary for carrying out such recommenda-
tions. The President shall actively consult with
the appropriate Committees of each House of
the Congress, the Comptroller General of the
United States, and the Director of the Office of
Management and Budget in compiling such leg-
islative language. The President shall promptly
provide, upon request, to any Member of Con-
gress a description of any information used by
the President in making such recommendations.
‘‘(B) ACCOMPANYING REPORT BY CBO.—
The Comptroller General of the United States
shall provide appropriate assistance to the
President in the preparation of the President’s
report and shall transmit to each House of the
Congress at the time of the President’s trans-
mittal a report containing a detailed analysis of
the President’s recommendations.
‘‘(3) INTRODUCTION OF RECOMMENDATIONS.—
The legislative language transmitted pursuant to
paragraph (2) with the recommendations of the
President shall be in the form of a joint resolution.
Such joint resolution may be introduced in either
House of the Congress by any member thereof.
‘‘(4) TERMS OF THE RESOLUTION.—For pur-
poses of this subsection, the term ‘joint resolution’
means a joint resolution that—
‘‘(A) does not have a preamble;
‘‘(B) sets forth after the resolving clause
only the legislative language contained in the
report from the President; and
‘‘(C) is entitled a ‘Joint resolution approv-
ing the recommendations of the President re-
garding additional Federal asset sales for pur-
poses of part B of title II of the Social Security
Act.’.
‘‘(5) EXPEDITED PROCEDURE.—
‘‘(A) REFERRAL.—A joint resolution that
is introduced in the House of Representatives
shall be referred to the Committee on Resources
of the House of Representatives. A joint resolu-
tion that is introduced in the Senate shall be
referred to the Committee on Environment and
Public Works of the Senate.
‘‘(B) DISCHARGE.—If the committee to
which a joint resolution is referred has not re-
ported the resolution (or an identical resolution)
by the end of the 90-day period beginning on
the date on which the President transmits the
report to the Congress, such committee shall, at
the end of that period, be discharged from fur-
ther consideration of the resolution, and the
resolution shall be placed on the appropriate
calendar of the House of Representatives or the
Senate, as the case may be.
‘‘(C) CONSIDERATION.—
‘‘(i) IN GENERAL.—On or after the
first day after the date on which the com-
mittee to which a joint resolution is re-
ferred has reported, or has been discharged
(under subparagraph (B)) from further
consideration of, such a resolution, it is in
order (even though a previous motion to
the same effect has been disagreed to) for
any member of the House of Representa-
tives or the Senate, respectively, to move to
proceed to the consideration of the resolu-
tion (but only on the date after the cal-
endar day on which the member announces
to the House concerned the member’s in-
tention to do so).
‘‘(ii) POINTS OF ORDER WAIVED.—All
points of order against a joint resolution
(and against consideration of the resolu-
tion) are waived.
‘‘(iii) MOTION TO PROCEED.—A mo-
tion to proceed to the consideration of a
joint resolution is highly privileged in the
House of Representatives and is privileged
in the Senate and is not debatable. The
motion is not subject to amendment, to a
motion to postpone consideration of the
resolution, or to a motion to proceed to the
consideration of other business. A motion
to reconsider the vote by which the motion
to proceed is agreed to or not agreed to
shall not be in order. If the motion to pro-
ceed is agreed to, the House of Represent-
atives or the Senate, as the case may be,
shall immediately proceed to consideration
of the joint resolution without intervening
motion, order, or other business, and the
resolution shall remain the unfinished busi-
ness of the House of Representatives or
the Senate, as the case may be, until dis-
posed of.
‘‘(iv) LIMITED DEBATE.—Debate on a
joint resolution and on all debatable mo-
tions and appeals in connection therewith
shall be limited to not more than 5 hours,
which shall be divided equally between
those favoring and those opposing the reso-
lution. A motion further to limit debate on
a joint resolution is in order and not de-
batable.
‘‘(v) AMENDMENTS NOT IN ORDER.—
An amendment to a joint resolution is not
in order.
‘‘(vi) 
OTHER
MOTIONS
NOT
IN
ORDER.—A motion to postpone consider-
ation of a joint resolution, a motion to pro-
ceed to the consideration of other business,
or a motion to recommit the resolution is
not in order. A motion to reconsider the
vote by which a joint resolution is agreed
to or not agreed to is not in order.
‘‘(vii) VOTE ON FINAL PASSAGE.—Im-
mediately following the conclusion of the
debate on a joint resolution and a single
quorum call at the conclusion of the debate
if requested in accordance with the rules of
the House of Representatives or the Sen-
ate, as the case may be, the vote on final
passage of the resolution shall occur.
‘‘(viii) APPEALS.—Appeals from the
decisions of the Chair relating to the appli-
cation of the rules of the House of Rep-
resentatives or of the Senate, as the case
may be, to the procedure relating to a joint
resolution shall be decided without debate.
‘‘(D) 
CONSIDERATION
BY
OTHER
HOUSE.—If, before the passage by one House
of a joint resolution that was introduced in such
House, such House receives from the other
House a joint resolution as passed by such
other House—
‘‘(i) the resolution of the other House
shall not be referred to a committee and
may not be considered in the House that
receives it otherwise than on final passage
under subparagraph (C);
‘‘(ii) the procedure in the House in re-
ceipt of the resolution of the other House,
with respect to the joint resolution that
was introduced in the House in receipt of
the resolution of the other House, shall be