‘‘Inspector General
‘‘(c) There shall be in the Office of the Board an In-
spector General appointed by the President, by and with
the advice and consent of the Senate, in accordance with
section 3(a) of the Inspector General Act of 1978.’’.
(b) CONFORMING AMENDMENTS.—Section 11 of the
Inspector General Act of 1978 (5 U.S.C. App.) is
amended—
(1) in paragraph (1), by striking the second of
the two semicolons following ‘‘Community Service’’,
by striking ‘‘and’’ before ‘‘the chief executive’’, by
striking ‘‘and’’ before ‘‘the Chairperson’’, by striking
‘‘or’’ before ‘‘the Commissioner’’, and by inserting
‘‘or the Chairman of the Social Security Investment
Board;’’ before ‘‘as the case may be’’; and
(2) in paragraph (2), by striking ‘‘or’’ before
‘‘the Veterans’ Administration’’, by striking ‘‘or’’ be-
fore ‘‘the Social Security Administration’’, and by
inserting ‘‘, or the Social Security Investment
Board’’ after ‘‘the Social Security Administration’’.
SEC. 3. SOCIAL SECURITY INVESTMENT PROGRAM.
(a) IN GENERAL.—Title II of the Social Security Act
is amended—
(1) by inserting before section 201 (42 U.S.C.
401) the following:
‘‘PART A—OLD-AGE, SURVIVORS, AND DISABILITY
INSURANCE BENEFITS’’;
and
(2) by adding after section 233 (42 U.S.C. 433)
the following new part:
‘‘PART B—SOCIAL SECURITY INVESTMENT PROGRAM
‘‘SOCIAL SECURITY INVESTMENT FUND
‘‘SEC. 251. (a) IN GENERAL.—There is hereby cre-
ated on the books of the Treasury of the United States
a trust fund to be known as the ‘Social Security Invest-
ment Fund’. The Social Security Investment Fund shall
consist of such amounts as may be appropriated to, or
deposited in, the Social Security Investment Fund as pro-
vided in this part. Such Fund shall be available—
‘‘(1) for investment in accordance with this
part,
‘‘(2) to be transferred to the Managing Trustee
of the Federal Old-Age and Survivors Insurance
Trust Fund in accordance with this part, and
‘‘(3) subject to subsection (c), to pay the ad-
ministrative expenses of the Social Security Invest-
ment Board and the Executive Director of the
Board (including compensation for the officers and
employees of the Board).
‘‘(b) MAINTENANCE OF PRESCRIBED BALANCE IN
SOCIAL SECURITY INVESTMENT FUND.—
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this section, the Managing Trustee of the
Federal Old-Age and Survivors Insurance Trust
Fund shall transfer from the Trust Fund to the So-
cial Security Investment Fund during each of the
fiscal years 2001 through 2015 amounts equivalent
to 100 percent of the prescribed transfer for such
fiscal year specified in paragraph (2). The amounts
shall be transferred from time to time from the
Trust Fund to the Social Security Investment Fund,
such amounts to be determined on the basis of esti-
mates by the Managing Trustee; and proper adjust-
ments shall be made in amounts subsequently trans-
ferred to the extent prior estimates were in excess
of or were less than actual amounts.
‘‘(2) PRESCRIBED TRANSFER.—For purposes of
paragraph (1), the ‘prescribed transfer’ for a fiscal
year shall be the amount specified for the fiscal year
in the following table:
‘‘For the fiscal year—
The prescribed transfer is—
2001 ...............................................
$34.2 billion.
2002 ...............................................
$28.4 billion.
2003 ...............................................
$37.2 billion.
2004 ...............................................
$36.7 billion.
2005 ...............................................
$44.5 billion.
2006 ...............................................
$49.4 billion.
2007 ...............................................
$62.5 billion.
2008 ...............................................
$73.5 billion.
‘‘For the fiscal year—
The prescribed transfer is—
2009 ...............................................
$85.4 billion.
2010 ...............................................
$97.7 billion.
2011 ...............................................
$107.7 billion.
2012 ...............................................
$117.6 billion.
2013 ...............................................
$126.0 billion.
2014 ...............................................
$133.0 billion.
2015 ...............................................
$136.3 billion.
‘‘(3) MAINTENANCE
OF
BALANCE
OF
SOCIAL
SECURITY INVESTMENT FUND AT LEVEL NECESSARY
TO ENSURE 6-YEAR INCREASE IN TRUST FUND SOL-
VENCY.—
‘‘(A) ANNUAL DETERMINATIONS BY MAN-
AGING
TRUSTEE.—The Managing Trustee of
the Federal Old-Age and Survivors Insurance
Trust Fund shall determine at the beginning of
each of the fiscal years beginning with or after
fiscal year 2002 whether the then current bal-
ance in the Social Security Investment Fund
has resulted in an increase of—
‘‘(i) at least 6 years in the number of
years for which (under the actuarial as-
sumptions used in the most recent annual
report of the Board of Trustees of the
Trust Fund, and taking into account
amounts in the Social Security Investment
Fund made available under this subsection
to the Trust Fund) the Trust Fund is in
close actuarial balance, over
‘‘(ii) the number of years for which
(under such assumptions) the Trust Fund
would have been in close actuarial balance
if amounts previously transferred to the
Social Security Investment Fund had not
been transferred but had been retained in
the Trust Fund and invested as provided
in section 201(d).
Upon determining at the beginning of any such
fiscal year that the then current balance in the
Social Security Investment Fund has resulted
in the 6-year increase described in clause (i),
the Managing Trustee shall certify such deter-
mination to the Social Security Investment
Board, the Comptroller General of the United
States, and each House of the Congress.
‘‘(B) TRANSFERS
BETWEEN
FUNDS
TO
MAINTAIN
ADDITIONAL
YEARS
OF
SOL-
VENCY.—
‘‘(i) IN
GENERAL.—In any case in
which the Managing Trustee determines
under subparagraph (A) at the beginning
of any fiscal year that the then current
balance in the Social Security Investment
Fund has resulted in the 6-year increase