Social Security Trust Funds Restoration Act of 2006
PL 109-465 (S.4091), enacted 12/22/2006

120 STAT. 3482
PUBLIC LAW 109–465—DEC. 22, 2006
Public Law 109–465
109th Congress
An Act
To provide authority for restoration of the Social Security Trust Funds from the
effects of a clerical error, and for other purposes.
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Social Security Trust Funds
Restoration Act of 2006’’.
SEC. 2. DEFINITIONS.
For purposes of this Act—
(1) CLERICAL ERROR.—The term ‘‘clerical error’’ means the
bookkeeping errors at the Social Security Administration that
resulted in the overpayment of amounts transferred from the
Trust Funds to the general fund of the Treasury during the
period commencing with 1999 and ending with 2005 as trans-
fers, under the voluntary withholding program authorized by
section 3402(p) of the Internal Revenue Code of 1986, of antici-
pated taxes on benefit payments under title II of the Social
Security Act.
(2) SECRETARY.—The term ‘‘Secretary’’ means the Secretary
of the Treasury.
(3) TRUST
FUNDS.—The term ‘‘Trust Funds’’ means the
Federal Old-Age and Survivors Insurance Trust Fund and the
Federal Disability Insurance Trust Fund.
SEC. 3. RESTORATION OF TRUST FUNDS.
(a) APPROPRIATION.—There is hereby appropriated to each of
the Trust Funds, out of any money in the Treasury not otherwise
appropriated, an amount determined by the Secretary, in consulta-
tion with the Commissioner of Social Security, to be equal, to
the extent practicable in the judgment of the Secretary, to the
difference between—
(1) the sum of—
(A) the amounts that the Secretary determines, in
consultation with the Commissioner of Social Security, were
overpaid from such Trust Fund to the general fund of
the Treasury by reason of the clerical error, and
(B) the amount that the Secretary determines, in con-
sultation with the Commissioner of Social Security, to be
equal, to the extent practicable in the judgment of the
Secretary, to the interest income that would have been
payable to such Trust Fund pursuant to section 201(d)
of the Social Security Act on obligations issued under
Social Security
Trust Funds
Restoration Act
of 2006.
Dec. 22, 2006
[S. 4091]
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120 STAT. 3483
PUBLIC LAW 109–465—DEC. 22, 2006
LEGISLATIVE HISTORY—S. 4091:
CONGRESSIONAL RECORD, Vol. 152 (2006):
Dec. 7, considered and passed Senate.
Dec. 8, considered and passed House.
chapter 31 of title 31, United States Code, that was not
paid by reason of the clerical error, and
(2) the sum of—
(A) the amounts that are refunded to such Trust Fund
as overpayments by reason of the clerical error to the
extent not limited by periods of limitation under applicable
provisions of the Internal Revenue Code of 1986, and
(B) the interest that is paid to such Trust Fund on
the overpayments resulting from the clerical error to the
extent allowed under applicable provisions of such Code.
(b) INVESTMENT.—The Secretary shall invest the amounts
appropriated to each of the Trust Funds under subsection (a) in
accordance with the currently applicable investment policy for such
Trust Fund.
SEC. 4. TIMING.
(a) ACTIONS BY THE SECRETARY.—The Secretary shall take such
actions as are necessary to accomplish the restoration described
in section 3 not later than 120 days after the date of the enactment
of this Act.
(b) ACTION BY THE COMMISSIONER.—The Commissioner of Social
Security shall cooperate with the Secretary to the extent necessary
to enable the Secretary to meet the requirements of subsection
(a).
SEC. 5. CONGRESSIONAL NOTIFICATION.
Not later than 30 days after the Secretary takes the last
action necessary to accomplish the restoration described in section
3, the Secretary shall notify each House of the Congress in writing
of the actions so taken.
Approved December 22, 2006.
Deadline.
Deadline.
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