(2) AMENDMENT
TO
THE
SOCIAL
SECURITY 
ACT.—Section 209(a)(1)(I) of the Social Security 
Act (42 U.S.C. 409(a)(1)(I)) is amended by insert-
ing before the semicolon at the end the following: 
‘‘except that this subparagraph shall apply only to 
calendar years for which the contribution and ben-
efit base (as so determined) is less than $400,000, 
and, for such calendar years, only to the extent re-
muneration paid to such employee by such employer 
with respect to employment does not exceed 
$400,000’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply with respect to remu-
neration paid in calendar years after 2014. 
(b) DETERMINATION
OF SELF-EMPLOYMENT IN-
COME ABOVE CONTRIBUTION AND BENEFIT BASE AFTER 
2014.— 
(1) AMENDMENTS TO THE INTERNAL REVENUE 
CODE.— 
(A) IN GENERAL.—Paragraph (1) of sec-
tion 1402(b) of the Internal Revenue Code of 
1986 is amended to read as follows: 
‘‘(1) in the case of the tax imposed by section 
1401(a), an amount equal to— 
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‘‘(A) $400,000, reduced (but not below 
zero) by 
‘‘(B) the sum of— 
‘‘(i) the part of the net earnings from 
self-employment (if any) which is not in 
excess of— 
‘‘(I) the amount equal to the con-
tribution and benefit base (as deter-
mined under section 230 of the Social 
Security Act) which is effective for the 
calendar year in which such taxable 
year begins, minus 
‘‘(II) the amount of the wages 
paid to such individual during such 
taxable year, plus 
‘‘(ii) the amount of the wages paid to 
such individual during such taxable year 
which is in excess of the amount in clause 
(i)(I); or’’. 
(B) PHASEOUT.—Subsection (b) of section 
1402 of the Internal Revenue Code of 1986 is 
amended by adding at the end the following: 
‘‘Paragraph (1) shall apply only to taxable 
years beginning in calendar years for which the 
contribution and benefit base (as determined 
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under section 230 of the Social Security Act) is 
less than $400,000.’’. 
(2) AMENDMENTS
TO
THE
SOCIAL
SECURITY 
ACT.— 
(A) IN
GENERAL.—Section 211(b)(1) of 
the Social Security Act (42 U.S.C. 411(b)) is 
amended— 
(i) in subparagraph (I)— 
(I) by inserting ‘‘and before 
2014’’ after ‘‘1974’’; and 
(II) by striking ‘‘or’’ at the end; 
and 
(ii) by adding at the end the fol-
lowing: 
‘‘(J) For any taxable year beginning in any 
calendar year after 2014, an amount equal to— 
‘‘(i) $400,000, reduced (but not below 
zero) by 
‘‘(ii) the sum of— 
‘‘(I) the part of the net earnings 
from self-employment (if any) which is 
not in excess of— 
‘‘(aa) the amount equal to 
the contribution and benefit base 
(as determined under section 
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230) which is effective for the 
calendar year in which such tax-
able year begins, minus 
‘‘(bb) the amount of the 
wages paid to such individual 
during such taxable year, plus 
‘‘(II) the amount of the wages 
paid to such individual during such 
taxable year which is in excess of the 
amount in subclause (I)(aa); or’’. 
(B) PHASEOUT.—Section 211(b) of the 
Social Security Act (42 U.S.C. 411(b)) is 
amended by adding at the end the following: 
‘‘Paragraph (1) shall apply only to taxable 
years beginning in calendar years for which the 
contribution and benefit base (as determined 
under section 230) is less than $400,000.’’. 
(3) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to net earnings from 
self-employment derived, and remuneration paid, in 
calendar years after 2014. 
SEC. 202. INCLUSION OF EARNINGS OVER $400,000 IN SO-
CIAL SECURITY BENEFIT FORMULA. 
(a) INCLUSION OF EARNINGS OVER $400,000 IN DE-
TERMINATION OF PRIMARY INSURANCE AMOUNTS.—Sec-
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tion 215(a)(1)(A) of the Social Security Act (42 U.S.C. 
415(a)(1)(A)) is amended— 
(1) in clause (ii), by striking ‘‘and’’ at the end; 
(2) in clause (iii), by inserting ‘‘and’’ at the 
end; and 
(3) by inserting after clause (iii) the following: 
‘‘(iv) 2 percent of the individual’s excess aver-
age indexed monthly earnings (as defined in sub-
section (b)(5)(A)).’’. 
(b) DEFINITION
OF EXCESS AVERAGE INDEXED 
MONTHLY EARNINGS.—Section 215(b) of the Social Secu-
rity Act (42 U.S.C. 415(b)) is amended— 
(1) by striking ‘‘wages’’ and ‘‘self-employment 
income’’ each place such terms appear and inserting 
‘‘basic wages’’ and ‘‘basic self-employment income’’, 
respectively; and 
(2) by adding at the end the following: 
‘‘(5)(A) An individual’s excess average indexed 
monthly earnings shall be equal to the amount of the indi-
vidual’s average indexed monthly earnings that would be 
determined under this subsection by substituting ‘excess 
wages’ for ‘basic wages’ and ‘excess self-employment in-
come’ for ‘basic self-employment income’ each place such 
terms appear in this subsection (except in this paragraph). 
‘‘(B) For purposes of this subsection— 
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‘‘(i) the term ‘basic wages’ means that portion 
of the wages of an individual paid in a year that 
does not exceed the contribution and benefit base for 
the year; 
‘‘(ii) the term ‘basic self-employment income’ 
means that portion of the self-employment income of 
an individual credited to a year that does not exceed 
an amount equal to the contribution and benefit 
base for the year minus the amount of the wages 
paid to the individual in the year; 
‘‘(iii) the term ‘excess wages’ means that por-
tion of the wages of an individual paid in a year 
after 2013 in excess of the higher of $400,000 or 
the contribution and benefit base for the year; and 
‘‘(iv) the term ‘excess self-employment income’ 
means that portion of the self-employment income of 
an individual credited to a year after 2014 in excess 
of the higher of $400,000 or such contribution and 
benefit base.’’. 
(c) CONFORMING AMENDMENT.—Section 215(e)(1) 
of the Social Security Act (42 U.S.C. 415(e)(1)) is amend-
ed by inserting ‘‘and before 2015’’ after ‘‘1974’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to individuals who ini-
tially become eligible (within the meaning of section 
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215(a)(3)(B) of the Social Security Act) for old-age or dis-
ability insurance benefits under title II of the Social Secu-
rity Act, or who die (before becoming eligible for such ben-
efits), in any calendar year after 2014. 
SEC. 203. INCREASE IN SOCIAL SECURITY TAX RATE. 
(a) TAX ON EMPLOYEES.—The table in subsection 
(a) of section 3101 of the Internal Revenue Code of 1986 
is amended to read as follows: 
‘‘In cases of wages 
The rate of tax 
received during: 
shall be: 
1990 or any calendar year before 2018 ............................
6.20 percent
2018 ..................................................................................
6.25 percent
2019 ..................................................................................
6.30 percent
2020 ..................................................................................
6.35 percent
2021 ..................................................................................
6.40 percent
2022 ..................................................................................
6.45 percent
2023 ..................................................................................
6.50 percent
2024 ..................................................................................
6.55 percent
2025 ..................................................................................
6.60 percent
2026 ..................................................................................
6.65 percent
2027 ..................................................................................
6.70 percent
2028 ..................................................................................
6.75 percent
2029 ..................................................................................
6.80 percent
2030 ..................................................................................
6.85 percent
2031 ..................................................................................
6.90 percent
2032 ..................................................................................
6.95 percent
2033 ..................................................................................
7.00 percent
2034 ..................................................................................
7.05 percent
2035 ..................................................................................
7.10 percent
2036 ..................................................................................
7.15 percent
2037 or thereafter .............................................................
7.20 percent.’’. 
(b) TAX ON EMPLOYERS.—The table in subsection 
(a) of section 3111 of the Internal Revenue Code of 1986 
is amended to read as follows: 
‘‘In cases of wages 
The rate of tax 
received during: 
shall be: 
1990 or any calendar year before 2018 ............................
6.20 percent
2018 ..................................................................................
6.25 percent
2019 ..................................................................................
6.30 percent
2020 ..................................................................................
6.35 percent
2021 ..................................................................................
6.40 percent
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SEC. 204. INVESTMENT OF THE SOCIAL SECURITY TRUST 
FUNDS. 
(a) IN GENERAL.—Section 201(d) of the Social Secu-
rity Act (42 U.S.C. 401(d)) is amended— 
(1) by striking ‘‘It shall be the duty’’ and in-
serting ‘‘(1) It shall be the duty’’; 
(2) by striking ‘‘Such investments may be made 
only’’ and inserting ‘‘Except as provided in para-
graph (2), such investments may be made only’’; and 
(3) by adding at the end the following: 
‘‘(2)(A) The Independent Social Security Investment 
Oversight Board shall establish, as provided in section 
235(a)— 
‘‘(i) a Common Stock Old-Age Investment Fund 
in the Federal Old-Age and Survivors Insurance 
Trust Fund; and 
‘‘(ii) a Common Stock Disability Investment 
Fund in the Federal Disability Insurance Trust 
Fund. 
‘‘(B)(i) In any calendar year after 2015 in which the 
OASDI trust fund ratio (as defined in subsection 
(l)(3)(B)(iii)) is projected to be below 150 percent in the 
75th year after such year, the Managing Trustee shall 
transfer amounts from the Federal Old-Age and Survivors 
Insurance Trust Fund or the Federal Disability Insurance 
Trust Fund into the Common Stock Old-Age Investment 
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Fund or the Common Stock Disability Investment Fund, 
respectively, in accordance with the policies and require-
ments set forth in section 714. Amounts so transferred 
shall be the minimum amounts which would result in a 
common stock ratio for such year that is 2.5 percentage 
points greater than the common stock ratio for the pre-
vious year, except that the common stock ratio may not 
exceed 25 percent for any year. 
‘‘(ii) In any calendar year after 2015 in which the 
OASDI trust fund ratio (as defined in subsection 
(l)(3)(B)(iii)) is projected to equal or exceed 150 percent 
in the 75th year after such year, the Managing Trustee 
shall take appropriate actions to reduce the common stock 
ratio for such year by the lesser of— 
‘‘(I) the minimum reduction necessary to result 
in an OASDI trust fund ratio (as so defined) for 
such year that does not exceed 150 percent in the 
75th year after such year; or 
‘‘(II) 2.5 percentage points. 
‘‘(iii) For purposes of this subparagraph, the term 
‘common stock ratio’ means, with respect to a calendar 
year, the aggregate percentage of the total amounts at the 
end of such calendar year within each of the Federal Old- 
Age and Survivors Insurance Trust Fund and the Federal 
Disability Insurance Trust Fund that is maintained in the 
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Common Stock Old-Age Investment Fund or the Common 
Stock Disability Investment Fund, respectively.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply with respect to fiscal years be-
ginning on or after October 1, 2015. 
SEC. 205. RULES GOVERNING INVESTMENT OF TRUST 
FUNDS IN COMMON STOCK. 
Title II of the Social Security Act (42 U.S.C. 401 
et seq.) is amended by adding at the end the following 
new section: 
‘‘INVESTMENT OF TRUST FUNDS IN COMMON STOCK 
‘‘SEC. 235. (a) COMMON
STOCK
INVESTMENT 
FUNDS.— 
‘‘(1) SELECTION OF INDEX.—The Independent 
Social Security Investment Oversight Board shall se-
lect, for purposes of investment of amounts held in 
a Common Stock Investment Fund, an index which 
is a commonly recognized index comprised of com-
mon stock the aggregate market value of which is a 
reasonably complete representation of the United 
States equity markets. 
‘‘(2) PORTFOLIO DESIGN.—Amounts held in a 
Common Stock Investment Fund shall be invested in 
a portfolio designed to replicate the performance of 
the index selected under paragraph (1). The port-
folio shall be designed such that, to the extent prac-
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ticable, the percentage of the balance in such Ac-
count that is invested in each stock is the same as 
the percentage determined by dividing the aggregate 
market value of all shares of that stock by the ag-
gregate market value of all shares of all stocks in-
cluded in such index. 
‘‘(b) NO VOTING RIGHTS IN SECURITIES.—The Inde-
pendent Social Security Investment Oversight Board and 
the Managing Trustee of the Trust Funds may not exer-
cise voting rights associated with the ownership of securi-
ties by the Trust Funds. 
‘‘(c) ENGAGEMENT
OF
QUALIFIED
PUBLIC
AC-
COUNTANT.— 
‘‘(1) IN GENERAL.—The Independent Social Se-
curity Investment Oversight Board shall annually 
engage, on behalf of the Trust Funds, an inde-
pendent qualified public accountant, who shall con-
duct an examination of all accounts and other books 
and records maintained in the administration of this 
section as the public accountant considers necessary 
to enable the public accountant to make the deter-
mination required by paragraph (2). The examina-
tion shall be conducted in accordance with generally 
accepted auditing standards and shall involve such 
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tests of the accounts, books, and records as the pub-
lic accountant considers necessary. 
‘‘(2) EXAMINATION AND REPORT.—The public 
accountant conducting an examination under para-
graph (1) shall determine whether the accounts, 
books, and records referred to in paragraph (1) have 
been maintained in conformity with generally accept-
ed accounting principles applied on a basis con-
sistent with the manner in which such principles 
were applied during the examination conducted 
under paragraph (1) during each preceding year. 
The public accountant shall transmit to the Board, 
the Comptroller General of the United States, and 
each House of the Congress a report on his exam-
ination, including his determination under this para-
graph. The Board shall make publicly available, by 
posting on the Internet and such other means as the 
Board may determine, each report received under 
the preceding sentence. 
‘‘(3) DEFINITION.—For the purposes of this 
subsection, the term ‘qualified public accountant’ 
shall have the same meaning as is provided in sec-
tion 103(a)(3)(D) of the Employee Retirement In-
come 
Security 
Act 
of 
1974 
(29 
U.S.C. 
1023(a)(3)(D)). 
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‘‘(d) FIDUCIARY RESPONSIBILITIES.— 
‘‘(1) IN GENERAL.—Under regulations of the 
Secretary of Labor, the provisions of sections 8477 
and 8478 of title 5, United States Code, shall apply 
in connection with the amounts maintained in a 
Common Stock Investment Fund in the same man-
ner and to the same extent as such provisions apply 
in connection with the Thrift Savings Fund. 
‘‘(2) INVESTIGATIVE AUTHORITY.—Any author-
ity available to the Secretary of Labor under section 
504 of the Employee Retirement Income Security 
Act of 1974 (29 U.S.C. 1134) is hereby made avail-
able to the Secretary of Labor, and any officer des-
ignated by the Secretary of Labor, to determine 
whether any person has violated, or is about to vio-
late, any provision applicable under paragraph (1). 
‘‘(3) EXCULPATORY PROVISIONS; INSURANCE.— 
‘‘(A) IN GENERAL.—Any provision in an 
agreement or instrument which purports to re-
lieve a fiduciary from responsibility or liability 
for any responsibility, obligation, or duty under 
this section shall be void. 
‘‘(B) INSURANCE.—Amounts held in the 
Trust Funds available for administrative ex-
penses shall be available and may be used at 
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the discretion of the Independent Social Secu-
rity Investment Oversight Board to purchase 
insurance to cover potential liability of persons 
who serve in a fiduciary capacity with respect 
to amounts maintained in a Common Stock In-
vestment Fund, without regard to whether a 
policy of insurance permits recourse by the in-
surer against the fiduciary in the case of a 
breach of a fiduciary obligation. 
‘‘(e) DEFINITION OF COMMON STOCK INVESTMENT 
FUND.—In this section, the term ‘Common Stock Invest-
ment Fund’ means the Common Stock Old-Age Invest-
ment Fund of the Federal Old-Age and Survivors Insur-
ance Trust Fund and the Common Stock Disability In-
vestment Fund of the Federal Disability Insurance Trust 
Fund.’’. 
SEC. 206. ESTABLISHMENT OF INDEPENDENT SOCIAL SE-
CURITY INVESTMENT OVERSIGHT BOARD. 
Title VII of the Social Security Act (42 U.S.C. 901 
et seq.) is amended by adding at the end the following: 
‘‘INDEPENDENT SOCIAL SECURITY INVESTMENT 
OVERSIGHT BOARD 
‘‘SEC. 714. (a) There is established in the Social Se-
curity Administration an Independent Social Security In-
vestment Oversight Board. 
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‘‘(b) The Board shall be composed of a Chairman and 
four additional members. The Chairman and each addi-
tional member shall be appointed by the President, by and 
with the advice and consent of the Senate. 
‘‘(c) Members of the Board shall have substantial ex-
perience, training, and expertise in the management of fi-
nancial investments and service in a fiduciary capacity. 
‘‘(d)(1) A member of the Board shall be appointed 
for a term of 10 years, except that of the members first 
appointed— 
‘‘(A) the member appointed as Chairman shall 
be appointed for a term of 10 years; 
‘‘(B) one member shall be appointed for a term 
of 8 years; 
‘‘(C) one member shall be appointed for a term 
of 6 years; 
‘‘(D) one member shall be appointed for a term 
of 4 years; and 
‘‘(E) one member shall be appointed for a term 
of 2 years, as designated by the President at the 
time of appointment. 
‘‘(2)(A) A vacancy on the Board shall be filled in the 
manner in which the original appointment was made and 
shall be subject to any conditions which applied with re-
spect to the original appointment. 
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‘‘(B) An individual chosen to fill a vacancy shall be 
appointed for the unexpired term of the member replaced. 
‘‘(C) The term of any member shall not expire before 
the date on which the member’s successor takes office. 
‘‘(3) An individual appointed as a member of the 
Board may be removed from office only pursuant to a 
finding by the President of neglect of duty or malfeasance 
in office. 
‘‘(e) The member of the Board designated by the 
President as Chairman shall serve as Chairman for a term 
of 4 years (or until the expiration of his term as member 
of the Board, if earlier). A member serving as Chairman 
may be reappointed as Chairman. 
‘‘(f) The Board shall— 
‘‘(1) establish policies for the investment and 
management of the Common Stock Old-Age Invest-
ment Fund and the Common Stock Disability In-
vestment Fund described in section 201(d)(2), in-
cluding policies to provide for— 
‘‘(A) prudent investments suitable for ac-
cumulating funds for payment of monthly in-
surance benefits under title II; and 
‘‘(B) low administrative costs; 
‘‘(2) review bids relating to, and hire managers 
for, each such Fund; 
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‘‘(3) annually review the performance of each 
such Fund; 
‘‘(4)(A) report annually to the House of Rep-
resentatives and the Senate and to the President re-
garding the earnings on such investments; and 
‘‘(B) make each such report publicly available 
by publication in the Federal Register, posting on 
the Internet, and such other means as the Board 
may determine; and 
‘‘(5) review and approve the budget of the 
Board. 
‘‘(g)(1) The Board may— 
‘‘(A) adopt, alter, and use a seal; 
‘‘(B) establish policies with which the Managing 
Trustee of the Trust Funds is required to comply 
under section 201(d)(2); and 
‘‘(C) take such other actions as may be nec-
essary to carry out the functions of the Board. 
‘‘(2) The policies of the Board may not require the 
Managing Trustee of the Trust Funds to invest or to 
cause to be invested any sums in such Trust Funds in 
a specific asset or to dispose of or cause to be disposed 
of any specific asset of such Trust Funds. 
‘‘(h)(1) The Board shall meet— 
‘‘(A) not less than once during each month; and 
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‘‘(B) at additional times at the call of the 
Chairman. 
‘‘(2)(A) The Board shall perform the functions and 
exercise the powers of the Board on a majority vote of 
a quorum of the Board. 
‘‘(B) A vacancy on the Board shall not impair the 
authority of a quorum of the Board to perform the func-
tions and exercise the powers of the Board. 
‘‘(3) Three members of the Board shall constitute a 
quorum for the transaction of business. 
‘‘(4)(A) Each member of the Board who is not an 
officer or employee of the Federal Government shall be 
compensated at the daily rate of basic pay payable for level 
IV of the Executive Schedule for each day during which 
such member is engaged in performing a function of the 
Board. 
‘‘(B) A member of the Board shall be paid travel, 
per diem, and other necessary expenses under subchapter 
I of chapter 57 of title 5, United States Code, while trav-
eling away from such member’s home or regular place of 
business in the performance of the duties of the Board. 
‘‘(5) The accrued annual leave of any officer or em-
ployee of the Federal Government who is a member of the 
Board shall not be charged for any time used in per-
forming services for the Board. 
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‘‘(i) The members of the Board shall discharge their 
responsibilities solely in the interest of the Trust Funds 
in connection with investments of amounts in funds under 
section 201(d)(2). 
‘‘(j) The Board shall prepare and submit to the Presi-
dent, and, at the same time, to the appropriate committees 
of Congress, an annual budget of the expenses and other 
items relating to the Board which shall be included as a 
separate item in the budget required to be transmitted to 
the Congress under section 1105 of title 31, United States 
Code. 
‘‘(k) The Board may submit to the President, and, 
at the same time, shall submit to each House of Congress, 
any legislative recommendations of the Board relating to 
any of its functions under this section. 
‘‘(l) There are hereby made available from each of 
the Trust Funds such sums as are necessary to carry out 
the provisions of this section and to administer the provi-
sions of section 235, in accordance with certifications 
which shall be made from time to time by the Board to 
the Secretary of the Treasury. 
‘‘(m) In this section, the term ‘Trust Funds’ has the 
meaning given such term in section 201(c).’’. 
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the amount of self-employment income (as so de-
fined) so reported for any taxable year beginning 
after December 31, 1999’’ and inserting ‘‘(R) 1.80 
per centum of the amount of self-employment in-
come (as so defined) so reported for any taxable 
year beginning after December 31, 1999, and before 
January 1, 2015, (S) 2.8 per centum of the amount 
of self-employment income (as so defined) so re-
ported for any taxable year beginning after Decem-
ber 31, 2014, and before January 1, 2016, (T) 2.4 
per centum of the amount of self-employment in-
come (as so defined) so reported for any taxable 
year beginning after December 31, 2015, and before 
January 1, 2017, (U) 2.2 per centum of the amount 
of self-employment income (as so defined) so re-
ported for any taxable year beginning after Decem-
ber 31, 2016, and before January 1, 2020, (V) 2.0 
per centum of the amount of self-employment in-
come (as so defined) so reported for any taxable 
year beginning after December 31, 2019, and before 
January 1, 2026, and (W) 1.8 per centum of the 
amount of self-employment income (as so defined) so 
reported for any taxable year beginning after De-
cember 31, 2025’’. 
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(3) EFFECTIVE DATE.—The amendments made 
by this section shall apply with respect to wages paid 
after December 31, 2014, and self-employment in-
come for taxable years beginning after such date. 
Æ 
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