,i #aaeth ,,congress #b;d ,session ,h4 ,r4 #gbfi ,,in ,,the ,,house ,,of ,,representatives ,december #ab1 #bjah,mr4 ,sam ,johnson of ,texas introduced the following bill2 which was referred to the ,committee on ,ways and ,means ,a ,,bill ,to amend title ,,ii of the ,social ,security ,act to make the ,social ,security ,trustees ,report process more accountable and transparent1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,social ,security ,trustees ,report ,accountability1 ,transparency1 and ,improvement ,act of #bjah4 #b4 ,management of the trust funds ,section #bja7;c7 of the ,social ,security ,act is amended to read as follows3 7c7 7#a7 ,with respect to the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund and the ,federal ,disability ,insurance ,trust ,fund 7hereinafter in this title called the ,trust ,funds7 there is hereby created a body to be known as the ,board of ,trustees of the ,trust ,funds 7hereinafter in this title called the ,board of ,trustees7 which ,board of ,trustees shall be composed of the ,commissioner of ,social ,security1 the ,secretary of the ,treasury1 the ,secretary of ,labor1 and the ,secretary of ,health and ,human ,services1 all ex officio1 and of four members of the public 7hereinafter in this title called public trustees71 to be appointed in accordance with paragraph 7#b74 ,the ,secretary of the ,treasury shall be the ,managing ,trustee of the ,board of ,trustees 7hereinafter in this title called the ,managing ,trustee74 ,the ,deputy ,commissioner of ,social ,security shall serve as ,secretary of the ,board of ,trustees4 ,the ,board of ,trustees shall meet not less frequently than once each calendar year4 ,a person serving on 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 ,funds4 4 #c4 ,appointment and terms of public trustees ,section #bja7;c7 of the ,social ,security ,act1 as amended by section #b1 is further amended by adding at the end the following3 7#b7 7,a7 ,public trustees shall be appointed as follows3 7i7 ,two members 7each member from a different political party7 shall be appointed by the ,president pro tempore of the ,senate with the advice of the ,chairman and the ,ranking ,minority ,member of the ,senate ,committee on ,finance4 7ii7 ,two members 7each member from a different political party7 shall be appointed by the ,speaker of the ,house of ,representatives1 with the advice of the ,chairman and the ,ranking ,minority ,member of the ,house ,committee on ,ways and ,means 7,b7 7i7 ,except as provided in clause 7iii71 each public trustee shall serve for a term beginning on the day after the expiration of the term of such member's predecessor and expiring on the fourth ,april #a occurring during such term 7or1 if later1 the date on which the fourth report of the ,board is issued under paragraph 7#c77;,a77ii7 during such term74 7ii7 ,a public trustee may not serve more than two consecutive full terms4 ,a public trustee nominated and confirmed to fill a vacancy occurring during a term shall be nominated and confirmed only for the remainder of such term4 7iii7 ,clause 7i7 shall be applied with respect to initial appointments under this paragraph-- 7,i7 by substituting first for fourth each place it appears in clause 7i7 with respect to one of the public trustees appointed by the ,president pro tempore of the ,senate 7as designated by the ,president pro tempore of the ,senate at the time of nomination72 7,,ii7 by substituting second for fourth each place it appears in clause 7i7 with respect to one of the public trustees appointed by the ,speaker of the ,house of ,representatives 7as designated by the ,speaker of the ,house of ,representatives at the time of nomination72 and 7,,iii7 by substituting third for fourth each place it appears in clause 7i7 with respect to one of the public trustees appointed by the ,president pro tempore of the ,senate 7as designated by the ,president pro tempore of ,senate at the time of nomination74 4 #d4 ,duties of the ,board and the public trustees ,section #bja7;c7 of the ,social ,security ,act1 as amended by sections #b and #c1 is further amended by adding at the end the following3 7#c7 7,a7 ,it shall be the duty of the ,board of ,trustees to-- 7i7 hold the ,trust ,funds2 7ii7 report to the ,congress not later than the first day of ,april of each year on the operation and status of the ,trust ,funds during the preceding calendar year 7and during the preceding fiscal year7 and on their expected operation and status during the next ensuing #ge calendar years 7and during the next ensuing #ge fiscal years72 7iii7 report immediately to the ,congress whenever the ,board of ,trustees is of the opinion that the amount of either of the ,trust ,funds is unduly small2 7iv7 recommend improvements in administrative procedures and policies designed to effectuate the proper coordination of the ,old-,age1 ,survivors1 and ,disability ,insurance program and the ,federal-,state unemployment compensation program2 and 7v7 review the general policies followed in managing the ,trust ,funds1 and recommend changes in such policies1 including necessary changes in the provisions of the law which govern the way in which the ,trust ,funds are to be managed4 7,b7 ,it shall be the duty of the public trustees to-- 7i7 in any case in which the ,board of ,trustees determines that the report provided for in subparagraph 7,a77ii7 will not be completed by the first day of ,april1 to provide written notification of the expected issue date to the ,committee on ,ways and ,means of the ,house of ,representatives and the ,committee on ,finance of the ,senate not later than the first day of ,march1 and written notification of an updated expected issue date not later than #ad days prior to the issue date2 and 7ii7 at the time such report is issued1 report to the ,congress responding to recommendations from the ,social ,security ,advisory ,board received during the previous year regarding the techniques1 methodologies1 actuarial assumptions1 and cost estimates used in such report4 4 #e4 ,trustees report ,section #bja7;c7 of the ,social ,security ,act1 as amended by sections #b1 #c1 and #d1 is further amended by adding at the end the following3 7#d7 ,the report provided for in paragraph 7#c77;,a77ii7 shall include the following3 7,a7 ,a statement of the assets of1 and the disbursements made from1 the ,trust ,funds during the preceding calendar year 7and during the preceding fiscal year7 and an estimate of the expected future income to1 and disbursements to be made from1 the ,trust ,funds during each of the next ensuing #ge calendar years 7and during the next ensuing #ge fiscal years74 7,b7 ,a statement of the actuarial status of the ,trust ,funds1 including-- 7i7 a finding by the ,board of ,trustees as to whether the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund and the ,federal ,disability ,insurance ,trust ,fund1 individually and collectively1 are in close actuarial balance 7as defined by the ,board of ,trustees72 and 7ii7 an actuarial opinion by the ,chief ,actuary of the ,social ,security ,administration certifying that the techniques and methodologies used are generally accepted within the actuarial profession and that the assumptions and cost estimates used are reasonable4 7,c7 ,an assessment of the previous annual report made in the first calendar year of the #aj-;calendar year period ending on the first day of the calendar year in which such report is made comparing the projected values in such previous annual report of each demographic and economic assumption made for each of the #aj calendar years in such period with the actual data available with respect to each such assumption for each such calendar year4 7,d7 ,an actuarial analysis of the benefit disbursements made from the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund with respect to disabled beneficiaries4 ,such report shall be printed as a ,house document of the session of the ,congress to which the report is made4 ,such report shall also include the full names of the attendees of the ,trustees ,working ,group during the report's development4 4 #f4 ,effective date ,the amendments make by this ,act shall apply with respect to public trustees appointed for terms beginning after ,april #a1 #bjai1 and with respect to reports issued for fiscal years after #bjah4