,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #abba  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,febru>y #aa1         
#bjbe,mr4 ,walb]g introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means  ,a ,,bill  ,to am5d     
titles ,,ii & ,,xviii ( ! ,social       
,security ,act to e/abli% a ,social     
,security ,surplus ,protection ,acc\nt 9
 ! ,f$]al ,old-,age & ,survivors        
,insurance ,tru/ ,fund to hold ! ,social
 ,security surplus & a ,m$ic>e ,surplus 
,protection ,acc\nt 9 ! ,f$]al ,hospital
 ,insurance ,tru/ ,fund to hold !       
,m$ic>e surplus1 to provide = susp5sion 
( inve/m5t ( am\nts held 9 su* ,acc\nts 
until enactm5t ( legislation provid+ =  
inve/m5t ( ! ,tru/ ,funds 9 inve/m5t    
vehicles o!r ?an obligations ( ! ,unit$ 
,/ates1 & to e/abli% a ,social ,security
 & ,m$ic>e ,"p ,a ,inve/m5t ,commission 
to make recomm5dations = alt]native =ms 
( inve/m5t ( ! ,social ,security &      
,m$ic>e surpluses4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,social ,security 

& ,m$ic>e ,lock-,box ,act4  #b4 ,int]im 
protections = ,social ,security tru/    
fund surplus ,section #bja7;d7 ( !      
,social ,security ,act 7#db ,u4,s4,c4   
#djb7;d77 is am5d$--  7#a7 by /rik+ ,x  
%all be ! duty & ins]t+ 7#a7 ,except z  
provid$ 9 p>agraph 7#b71 x %all be !    
duty2  7#b7 by /rik+ 7#a7 on orig9al    
issue at ! issue price1 or 7#b7 & ins]t+
 7,a7 on orig9al issue at ! issue price1
 or 7,b72 &  7#c7 by add+ at ! end !    
foll[+ new p>agraph3  7#b7 7,a7 ,!re is 
e/abli%$ 9 ! ,f$]al ,old-,age &         
,survivors ,insurance ,tru/ ,fund a     
,social ,security ,surplus ,protection  
,acc\nt4 ,z soon z practicable aft] !   
end ( ea* fiscal ye> aft] fiscal ye>    
#bjbe1 ! ,manag+ ,tru/ee %all transf] to
 ! ,acc\nt1 f am\nts o!rwise available 9
 ! ,tru/ ,fund1 am\nts equival5t to !   
social security surplus = su* fiscal    
ye>4 ,su* am\nts %all be transf]r$ f "t 
to "t to ! ,acc\nt1 su* am\nts to be    
det]m9$ on ! basis ( e/imates by !      
,manag+ ,tru/ee1 & prop] adju/m5ts %all 

be made 9 am\nts subsequ5tly transf]r$  
to ! ext5t prior e/imates 7 9 excess (  
or 7 less ?an ! correct am\nt4  7,b7 ,= 
purposes ( subp>agraph 7,a71 ! t]m      
social security surplus means1 = any    
fiscal ye>1 ! excess1 if any1 (-- 7i7 ! 
sum (--  7,i7 ! taxes impos$ = su*      
fiscal ye> by *apt] #ba 7o!r ?an        
sections #caja7;b7 & #caaa7;b77 ( !     
,int]nal ,rev5ue ,code ( #aihf ) respect
 to wages 7z def9$ 9 section #caba ( su*
 ,code7 report$ to ! ,secret>y ( !      
,treasury or 8 delegates pursuant to    
subtitle ,f ( su* ,code1 z det]m9$ by ! 
,secret>y ( ! ,treasury by apply+ !     
applicable rates ( tax "u su* *apt] #ba 
7o!r ?an sections #caja7;b7 & #caaa7;b77
 to su* wages1 less ! am\nts specifi$ 9 
clause 7#a7 ( subsection 7b7 ( ?is      
section = su* fiscal ye>2  7,,ii7 !     
taxes impos$ by *apt] #b 7o!r ?an       
section #adja7;b77 ( ! ,int]nal ,rev5ue 
,code ( #aihf ) respect to              
self-employm5t income 7z def9$ 9 section
 #adjb ( su* ,code7 report$ to !        

,secret>y ( ! ,treasury on tax returns  
"u subtitle ,f ( su* ,code1 z det]m9$ by
 ! ,secret>y ( ! ,treasury by apply+ !  
applicable rate ( tax "u su* *apt] 7o!r 
?an section #adja7;b77 to su*           
self-employm5t income1 less ! am\nts    
specifi$ 9 clause 7#b7 ( subsection 7b7 
( ?is section = su* fiscal ye>2 &       
7,,iii7 ! am\nt equival5t to ! aggregate
 increase 9 tax liabilities "u *apt] #a 
( ! ,int]nal ,rev5ue ,code ( #aihf :i*  
is attributable to ! application (      
sections #hf & #hga7;a77#c7 ( su* ,code 
to paym5ts f ! ,tru/ ,fund2 ov]  7ii7 ! 
sum (--  7,i7 b5efits paid f ! ,tru/    
,fund dur+ ! fiscal ye>2 &  7,,ii7      
am\nts au?oriz$ to be made available f !
 ,tru/ ,fund "u subsection 7g7 ( ?is    
section :i* are paid f ! ,tru/ ,fund    
dur+ su* fiscal ye>4  7,c7 ,not)/&+     
p>agraph 7#a71 ! balance 9 ! ,acc\nt    
%all n be available = inve/m5t by !     
,manag+ ,tru/ee4  7,d7 7i7 ,! prec$+    
provisions ( ?is p>agraph %all n apply )
 respect to fiscal ye>s comm5c+ ) or    

aft] ! fir/ fiscal ye>1 aft] fiscal ye> 
#bjbe1 = :i* a provision ( ,f$]al law   
takes effect & au?orizes1 = am\nts 9 !  
,tru/ ,fund1 an inve/m5t vehicle o!r ?an
 obligations ( ! ,unit$ ,/ates4  7ii7 ,a
 provision ( ,f$]al law %all be deem$ to
 meet ! requirem5ts ( clause 7i7 if su* 
provision includes ! foll[+3 ,?is ,act  
%all be consid]$ to be a provision (    
,f$]al law meet+ ! requirem5ts ( section
 #bja7;d77#b77;,d77i7 ( ! ,social       
,security ,act44  4  #c4 ,int]im        
protections = ,m$ic>e ,"p ,a tru/ fund  
surplus  7a7 ,9 g5]al ,section #ahag7;c7
 ( ! ,social ,security ,act 7#db        
,u4,s4,c4 #acie;i7c77 is am5d$--  7#a7  
by /rik+ ,x %all be ! duty & ins]t+ 7#a7
 ,except z provid$ 9 p>agraph 7#b71 x   
%all be ! duty2  7#b7 by /rik+ 7#a7 on  
orig9al issue at ! issue price1 or 7#b7 
& ins]t+ 7,a7 on orig9al issue at !     
issue price1 or 7,b72 &  7#c7 by add+ at
 ! end ! foll[+ new p>agraph3  7#b7 7,a7
 ,!re is e/abli%$ 9 ! ,f$]al ,hospital  
,insurance ,tru/ ,fund a ,m$ic>e        

,surplus ,protection ,acc\nt 79 ?is     
p>agraph ref]r$ to z ! ,acc\nt74 ,z soon
 z practicable aft] ! end ( ea* fiscal  
ye> aft] fiscal ye> #bjbe1 ! ,manag+    
,tru/ee %all transf] to ! ,acc\nt1 f    
am\nts o!rwise available 9 ! ,tru/      
,fund1 am\nts equival5t to ! ,m$ic>e "p 
,a surplus = su* fiscal ye>4 ,su* am\nts
 %all be transf]r$ f "t to "t to !      
,acc\nt1 su* am\nts to be det]m9$ on !  
basis ( e/imates by ! ,manag+ ,tru/ee1 &
 prop] adju/m5ts %all be made 9 am\nts  
subsequ5tly transf]r$ to ! ext5t prior  
e/imates 7 9 excess ( or 7 less ?an !   
correct am\nt4  7,b7 ,= purposes (      
subp>agraph 7,a71 ! t]m ,m$ic>e "p ,a   
surplus means1 = any fiscal ye>1 !      
excess1 if any1 (-- 7i7 ! sum (--  7,i7 
! taxes impos$ = su* fiscal ye> by      
sections #caja7;b7 & #caaa7;b7 ( !      
,int]nal ,rev5ue ,code ( #aihf ) respect
 to wages 7z def9$ 9 section #caba ( su*
 ,code7 report$ to ! ,secret>y ( !      
,treasury or 8 delegates pursuant to    
subtitle ,f ( su* ,code1 z det]m9$ by ! 

,secret>y ( ! ,treasury by apply+ !     
applicable rates ( tax "u su* sections  
to su* wages2 &  7,,ii7 ! taxes impos$  
by section #adja7;b7 ( ! ,int]nal       
,rev5ue ,code ( #aihf ) respect to      
self-employm5t income 7z def9$ 9 section
 #adjb ( su* ,code7 report$ to !        
,secret>y ( ! ,treasury on tax returns  
"u subtitle ,f ( su* ,code1 z det]m9$ by
 ! ,secret>y ( ! ,treasury by apply+ !  
applicable rate ( tax "u su* section    
#adja7;b7 to su* self-employm5t income2 
ov]  7ii7 ! sum (-- 7,i7 b5efits paid f 
! ,tru/ ,fund dur+ ! fiscal ye>2 &      
7,,ii7 am\nts au?oriz$ to be made       
available f ! ,tru/ ,fund "u subsection 
7f7 ( ?is section 7or section #bja7;g77 
:i* are paid f ! ,tru/ ,fund dur+ su*   
fiscal ye>4  7,c7 ,not)/&+ p>agraph     
7#a71 ! balance 9 ! ,acc\nt %all n be   
available = inve/m5t by ! ,manag+       
,tru/ee4  7,d7  7i7 ,! prec$+ provisions
 ( ?is p>agraph %all n apply ) respect  
to fiscal ye>s comm5c+ ) or aft] ! fir/ 
fiscal ye>1 aft] fiscal ye> #bjbe1 = :i*

 a provision ( ,f$]al law takes effect &
 au?orizes1 = am\nts 9 ! ,tru/ ,fund1 an
 inve/m5t vehicle o!r ?an obligations ( 
! ,unit$ ,/ates4  7ii7 ,a provision (   
,f$]al law %all be deem$ to meet !      
requirem5ts ( clause 7i7 if su*         
provision includes ! foll[+3 ,?is ,act  
%all be consid]$ to be a provision (    
,f$]al law meet+ ! requirem5ts ( section
 #ahag7;c77#b77;,d77i7 ( ! ,social      
,security ,act44  4  #d4 ,social        
,security & ,m$ic>e ,"p ,a ,inve/m5t    
,commission  7a7 ,e/abli%m5t ,!re is    
e/abli%$ 9 ! executive bran* ( !        
,gov]nm5t a ,social ,security & ,m$ic>e 
,"p ,a ,inve/m5t ,commission 79 ?is     
section ref]r$ to z ! ,commission74  7b7
 ,/udy & report ,z soon z practicable   
aft] ! date ( ! enactm5t ( ?is ,act1 !  
,commission %all conduct a /udy to      
asc]ta9 ! mo/ effective vehicles =      
inve/m5t ( ! ,f$]al ,old-,age &         
,survivors ,insurance ,tru/ ,fund & !   
,f$]al ,hospital ,insurance ,tru/ ,fund1
 o!r ?an inve/m5t 9 ! =m ( obligations (

 ! ,unit$ ,/ates4 ,n lat] ?an ,octob]   
#a1 #bjbe1 ! ,commission %all submit a  
report to ! ,presid5t & to ea* ,h\se ( !
 ,congress sett+ =? its recomm5dations =
 su* vehicles = inve/m5t1 toge!r )      
proposals = su* adm9i/rative &          
legislative *anges z ! ,commission      
det]m9es necess>y to au?orize & implem5t
 su* recomm5dations4  7c7 ,composition  
,! ,commission %all be compos$ (-- 7#a7 
#c memb]s appo9t$ by ! ,presid5t1 ( :om 
#a %all be designat$ by ! ,presid5t z   
,*airman2  7#b7 #b memb]s appo9t$ by !  
,speak] ( ! ,h\se ( ,repres5tatives2    
7#c7 #a memb] appo9t$ by ! m9ority lead]
 ( ! ,h\se ( ,repres5tatives2  7#d7 #b  
memb]s appo9t$ by ! majority lead] ( !  
,s5ate2 &  7#e7 #a memb] appo9t$ by !   
m9ority lead] ( ! ,s5ate4  7d7 ,memb]%ip
 requirem5ts ,memb]s ( ! ,commission    
%all h sub/antial exp]i5ce1 tra9+1 &    
exp]tise 9 ! managem5t ( f9ancial       
inve/m5ts & p5sion b5efit plans4  7e7   
,l5g? ( appo9tm5ts ,memb]s ( !          
,commission %all s]ve = ! life ( !      

,commission4 ,a vacancy on ! ,commission
 %all be fill$ 9 ! mann] 9 :i* ! orig9al
 appo9tm5t 0 made & %all be subject to  
any conditions t appli$ ) respect to !  
orig9al appo9tm5t4  7f7 ,adm9i/rative   
provisions  7#a7 ,meet+s ,! ,commission 
%all meet-- 7,a7 n less ?an once dur+   
ea* mon?2 &  7,b7 at additional times at
 ! call ( ! ,*airman4  7#b7 ,ex]cise (  
p[]s  7,a7 ,9 g5]al ,! ,commission %all 
p]=m ! functions & ex]cise ! p[]s ( !   
,commission on a majority vote ( a      
quorum ( ! ,commission4 ,?ree memb]s ( !
 ,commission %all con/itute a quorum = !
 transaction ( bus9ess4  7,b7 ,vacancies
 ,a vacancy on ! ,commission %all n     
impair ! au?ority ( a quorum ( !        
,commission to p]=m ! functions &       
ex]cise ! p[]s ( ! ,commission4  7g7    
,comp5sation  7#a7 ,9 g5]al ,ea* memb] (
 ! ,commission :o is n an (fic] or      
employee ( ! ,f$]al ,gov]nm5t %all be   
comp5sat$ at ! daily rate ( basic pay = 
level ,,iv ( ! ,executive ,s*$ule = ea* 
day dur+ :i* su* memb] is engag$ 9 p]=m+

 a function ( ! ,commission4  7#b7      
,exp5ses ,a memb] ( ! ,commission %all  
be paid travel1 p] diem1 & o!r necess>y 
exp5ses "u sub*apt] ,i ( *apt] #eg (    
title #e1 ,unit$ ,/ates ,code1 :ile     
travel+ away f su* memb]'s home or      
regul> place ( bus9ess 9 ! p]=mance ( ! 
duties ( ! ,commission4  7h7 ,t]m9ation 
,! ,commission %all t]m9ate #ij days    
aft] ! date ( ! submission ( its report 
pursuant to subsection 7b74