Treasury or the Secretary’s delegate pursuant 
to subtitle F of such Code on or after January 
1, 2006, as determined by the Secretary by ap-
plying the applicable rates of tax under such 
sections to such wages, which wages shall be 
certified by the Commissioner of Social Security 
on the basis of the records of wages established 
and maintained by the Commissioner in accord-
ance with such reports; and 
(B) the taxes imposed by section 1401(c) 
of such Code with respect to self-employment 
income (as defined in section 1402 of such 
Code) reported to the Secretary of the Treasury 
or the Secretary’s delegate on tax returns under 
subtitle F of such Code, as determined by the 
Secretary by applying the applicable rate of tax 
under such section 1401(c) to such self-employ-
ment income, which self-employment income 
shall be certified by the Commissioner of Social 
Security on the basis of the records of self-em-
ployment income established and maintained by 
the Commissioner in accordance with such re-
turns. 
(2) TRANSFERS.—Such appropriated amounts 
shall be transferred from time to time from the gen-
eral fund of the Treasury to the Trust Fund. Such 
amounts shall be determined on the basis of esti-
mates by the Secretary of the Treasury of the taxes, 
specified in paragraph (1), paid to or deposited into 
the Treasury, and proper adjustments shall be made 
in amounts subsequently transferred to the extent 
prior estimates were in excess of or were less than 
such taxes. 
(3) INVESTMENTS.—All amounts transferred to 
the Trust Fund under paragraph (2) shall be in-
vested by the Managing Trustee referred to in sec-
tion 202(c) in the same manner and to the same ex-
tent as the other assets of the Trust Fund. 
SEC. 202. BOARD OF TRUSTEES. 
(a) ESTABLISHMENT AND MEMBERSHIP.—With re-
spect to the Trust Fund, there is established a body to 
be known as the Board of Trustees of the Trust Fund 
which shall be composed of the Secretary of the Treasury, 
the Secretary of Labor, the Commissioner of Social Secu-
rity, and the Secretary of Health and Human Services, 
all ex officio, and of two members of the public (both of 
whom may not be from the same political party), who shall 
be nominated by the President, by and with the advice 
and consent of the Senate.
(b) TERMS AND VACANCIES.—Members of the Board 
of Trustees shall serve for a period of 4 years. A member 
of the Board of Trustees nominated and confirmed as a 
member of the public to fill a vacancy occurring during 
a term shall be nominated and confirmed only for the re-
mainder of such term. An individual nominated and con-
firmed as a member of the public may serve in such posi-
tion after the expiration of such member’s term until the 
earlier of the date on which the member’s successor takes 
office or the date on which a report of the Board is first 
issued under paragraph (2) after the expiration of the 
member’s term. 
(c) MANAGING TRUSTEE
AND SECRETARY.—The 
Secretary of the Treasury shall be the Managing Trustee 
of the Board of Trustees. The Secretary of Labor shall 
serve as the Secretary of the Board of Trustees. 
(d) BASIC DUTIES OF THE BOARD OF TRUSTEES.— 
The Board of Trustees shall meet not less frequently than 
once each calendar year. It shall be the duty of the Board 
of Trustees to— 
(1) hold the Trust Fund; 
(2) report to Congress not later than April 1 of 
each year—
(A) on the operation and status of the 
Trust Fund during the fiscal year preceding the 
fiscal year in which the report is made; and 
(B) on the expected operation and status 
of the Trust Fund during the fiscal year in 
which the report is made and the next two fis-
cal years; 
(3) report immediately to Congress whenever 
the Board is of the opinion that the amount in the 
Trust Fund is unduly small; and 
(4) review the general policies followed in man-
aging the Trust Fund, and recommend changes in 
such policies, including necessary changes in the 
provisions of law that govern the way in which the 
Trust Fund is to be managed. 
(e) REQUIREMENTS RELATING
TO ANNUAL RE-
PORT.—The report provided for in subsection (d)(2) shall 
include a statement of the assets of, and the disburse-
ments made from, the Trust Fund during the fiscal year 
preceding the fiscal year in which the report is made, an 
estimate of the expected income to, and disbursements to 
be made from, the Trust Fund during the fiscal year in 
which the report is made and each of the next two fiscal 
years, and a statement of the actuarial status of the Trust 
Fund. Such report shall also include an actuarial opinion
by an appropriate employee of the Department of Labor 
certifying that the techniques and methodologies used for 
the report are generally accepted within the actuarial pro-
fession and that the assumptions and cost estimates used 
for the report are reasonable. Such report shall be printed 
as a document of the House of Representatives for the 
session of the Congress to which the report is made. 
(f) LIABILITY.—A person serving as a member of the 
Board of Trustees shall not be considered to be a fiduciary 
and shall not be personally liable for actions taken in such 
capacity with respect to the Trust Fund. 
SEC. 203. INVESTMENT OF THE TRUST FUND. 
(a) OBLIGATIONS.—It shall be the duty of the Man-
aging Trustee to invest such portion of the Trust Fund 
as is not, in the trustee’s judgment, required to meet cur-
rent withdrawals. Such investments may be made only in 
interest-bearing obligations of the United States or in obli-
gations guaranteed as to both principal and interest by 
the United States. 
(b) ACQUISITION.—The obligations referred to in 
subsection (a) may be acquired— 
(1) on original issue at the issue price; or 
(2) by purchase of outstanding obligations at 
the market price.