ment determined under regulations pre-
scribed under such subparagraph. 
‘‘(C) The terms of the annuity include pro-
cedures providing for adjustments in the 
amount of the monthly payments in the same 
manner and to the same extent as adjustments 
are provided for under the procedures used to 
adjust 
benefit 
amounts 
under 
section 
215(i)(2)(A). Nothing in this subparagraph 
shall be construed to preclude the terms gov-
erning such an annuity from providing for ad-
justments in the amount of monthly payments 
resulting in a payment for any month greater 
than the payment for that month that would re-
sult from adjustments required under the pre-
ceding sentence (b)(4)(D). 
‘‘(D) The terms of the annuity include 
such other terms and conditions as the Board 
requires for the protection of the annuitant. 
‘‘(2) 
EXEMPTION
FROM
THIRD
PARTY 
CLAIMS.—Each personal social security savings an-
nuity shall be exempt from any and all third party 
claims against the issuer. 
‘‘(d) RIGHT TO USE EXCESS PERSONAL SOCIAL SE-
CURITY SAVINGS ACCOUNT ASSETS.—To the extent assets
credited to a participating individual’s personal social se-
curity savings account remain after the purchase of an an-
nuity under subsection (b), the remaining assets shall be 
payable to the participating individual at such time, in 
such manner, and in such amounts as the participating 
individual may specify, subject to subsection (f). 
‘‘(e) DISTRIBUTIONS IN CASE OF DEATH.—If the 
participating individual dies before all amounts which are 
held in the Tier I Investment Fund or the Tier II Invest-
ment Fund of the Savings Fund or held under a Tier III 
Investment Option and which are credited to the personal 
social security savings account of the individual are other-
wise distributed in accordance with this section, such 
amounts shall be distributed, under regulations which 
shall be prescribed by the Board— 
‘‘(1) in any case in which one or more bene-
ficiaries have been designated in advance, to such 
beneficiaries in accordance with such designation as 
provided in such regulations, and 
‘‘(2) in the case of any amount not distributed 
as described in paragraph (1), to such individual’s 
estate. 
‘‘(f) DATE OF FINAL DISTRIBUTION.—All amounts 
credited to the personal social security savings account of 
an individual shall be distributed, by means of the pur-
chase of annuities or otherwise in a manner consistent 
with the requirements of this section, not later than 5 
years after the date the individual attains retirement age 
(as defined in section 216(l)). The Board shall provide by 
regulation for means of distribution necessary to ensure 
compliance with the requirements of this subsection. 
‘‘SEC. 259. GUARANTEE OF PROMISED BENEFITS. 
‘‘(a) IN GENERAL.—If, for any month ending after 
the date on which a participating individual attains retire-
ment age (as defined in section 216(l)(1)), the monthly 
payment under a participating individual’s personal social 
security savings annuity is less than the minimum annuity 
payment amount (as defined in section 258(b)(4)(C)(iii)), 
adjusted as provided in section 258(c)(1)(C), the Annuity 
Issuance Authority shall so certify to the Secretary of the 
Treasury and, upon receipt of such certification, such Sec-
retary shall provide to the participating individual, from 
amounts in the Federal Old-Age and Survivors Insurance 
Trust Fund, a guaranty payment for such month to sup-
plement the personal social security savings annuity and 
to guarantee full payment of such individual’s monthly 
promised benefits. 
‘‘(b) GUARANTY PAYMENT.—For purposes of sub-
section (a), a participating individual’s guaranty payment 
for any month is equal to the excess of—