Trustee shall certify such determination to
the Executive Director and, upon receipt of
such certification, the Executive Director
shall transfer such amount from the Social
Security Investment Fund to the Trust
Fund.
‘‘(d) SPECIAL RULES EFFECTIVE UPON DEPLETION
OF FEDERAL OLD-AGE
AND SURVIVORS INSURANCE
TRUST FUND.—
‘‘(1) IN GENERAL.—At the beginning of fiscal
year 2002 and each subsequent fiscal year, the Man-
aging Trustee of the Federal Old-Age and Survivors
Insurance Trust Fund shall determine whether,
under reasonable assumptions, the balance in the
Trust Fund would, but for the provisions of this
subsection, be reduced during such fiscal year to the
amount which is necessary for such fiscal year to
meet current withdrawals from the Trust Fund
under part A. Upon so determining that such bal-
ance would be reduced to such an amount during
such fiscal year, the Managing Trustee shall certify
such determination to the Social Security Invest-
ment Board, the Comptroller General of the United
States, and each House of the Congress.
‘‘(2) TRANSFERS
UPON
CERTIFICATION.—In
any case in which the Managing Trustee issues a
certification under paragraph (1) at the beginning of
any fiscal year—
‘‘(A) subsection (b) shall cease to be effec-
tive with respect to any transfers thereunder for
such fiscal year and subsequent fiscal years,
and
‘‘(B) effective for such fiscal year and sub-
sequent fiscal years, upon any determination
made by the Managing Trustee that a transfer
of any amount from the Social Security Invest-
ment Fund to the Federal Old-Age and Sur-
vivors Insurance Trust Fund is necessary to en-
sure that amounts are available for current
withdrawals from the Trust Fund, the Manag-
ing Trustee shall certify such determination to
the Executive Director and, upon receipt of
such certification, the Executive Director shall
transfer such amount from the Social Security
Investment Fund to the Trust Fund.
‘‘(3) AUTHORIZATION OF APPROPRIATIONS FOR
ADMINISTRATIVE EXPENSES UPON TERMINATION OF
TRANSFERS.—There is authorized to be appro-
priated, for the fiscal year referred to in paragraph
(2) and subsequent fiscal years, from amounts in the
general fund of the Treasury which are not other-
wise appropriated, such sums as are necessary to
pay the administrative expenses of the Social Secu-
rity Investment Board and the Executive Director
of the Board.
‘‘INVESTMENT OF SOCIAL SECURITY INVESTMENT FUND
IN COMMON STOCK
‘‘SEC. 252. (a) IN GENERAL.—The Social Security
Investment Board shall establish for the Social Security
Investment Fund a Common Stock Index Fund under
which sums shall be invested as provided in subsection (b).
Any interest or dividends earned on such investments, and
the proceeds from any liquidation of such investments, in-
cluding capital gain derived from such liquidation, shall
be credited to and form a part of the Social Security In-
vestment Fund.
‘‘(b) COMMON STOCK INDEX FUND.—
‘‘(1) IN GENERAL.—The Common Stock Index
Fund shall consist of amounts invested in common
stock which is selected by qualified professional asset
managers as provided in this subsection.
‘‘(2) SELECTION
OF
INDEX
AND
PORTFOLIO
DESIGN.—
‘‘(A) SELECTION OF INDEX.—The Social
Security Investment Board shall select for pur-
poses of this subsection one or more indices
each of which is comprised of common stock the
aggregate market value of which is a reasonably
complete representation of all publicly held
companies whose shares are traded on the
United States equity markets.
‘‘(B) PORTFOLIO DESIGN.—Amounts held
in the Common Stock Index Fund shall be in-
vested in portfolios designed to replicate the
performance of the indices selected under sub-
paragraph (A). Each portfolio shall consist sole-
ly of stock purchased in a registered public of-
fering or in a secondary market transaction and
shall be designed such that, to the extent prac-
ticable and consistent with the effective man-
agement of such Fund, the percentage of the
amount of such Fund in each portfolio that is
invested in each stock is the same as the per-
centage determined by dividing the aggregate
market value of all shares of that stock by the
aggregate market value of all shares of all
stocks included in the corresponding index. The
shares of any company shall not be included or
excluded from investments under this sub-
section because of political, social, or religious
considerations.
‘‘(3) NO VOTING RIGHTS IN SECURITIES.—The
Social Security Investment Board and the Executive
Director may not—
‘‘(A) exercise voting rights associated with
the ownership of securities by the Social Secu-
rity Investment Fund, or
‘‘(B) direct the manner in which any vot-
ing rights are exercised on behalf of the Social
Security Investment Fund by any qualified pro-
fessional asset manager pursuant to this sec-
tion.
‘‘(c) 
QUALIFIED
PROFESSIONAL
ASSET
MAN-
AGERS.—
‘‘(1) SELECTION.—The services of qualified
professional asset managers shall be procured by the
Executive Director for purposes of this section in a
competitive bidding process which shall be estab-
lished in regulations which shall be prescribed by the
Social Security Investment Board.
‘‘(2) DEFINITION.—For purposes of this sec-
tion, the term ‘qualified professional asset manager’
means—
referred to in such subsection have been maintained in
conformity with generally accepted accounting principles
applied on a basis consistent with the manner in which
such principles were applied during the examination con-
ducted under such subsection during the preceding year.
The public accountant shall transmit to the Board a re-
port on his examination, including his determination
under this subsection.
‘‘(c) DEFINITION.—For the purposes of this section,
the term ‘qualified public accountant’ shall have the same
meaning as is provided in section 103(a)(3)(D) of the Em-
ployee Retirement Income Security Act of 1974 (29
U.S.C. 1023(a)(3)(D)).
‘‘FIDUCIARY RESPONSIBILITIES
‘‘SEC. 254. (a) IN GENERAL.—Under regulations of
the Secretary of Labor, the provisions of section 8477 of
title 5, United States Code (relating to fiduciary respon-
sibilities; liability and penalties) and section 8478 of such
title (relating to bonding) shall apply in connection with
the amounts maintained in the Common Stock Index
Fund of the Social Security Investment Fund in the same
manner and to the same extent as such provisions apply
in connection with the Thrift Savings Fund.
‘‘(b) INVESTIGATIVE AUTHORITY.—Any authority
available to the Secretary of Labor under section 504 of
the Employee Retirement Income Security Act of 1974 is