[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 4091 Enrolled Bill (ENR)]

        S.4091

                       One Hundred Ninth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
             the third day of January, two thousand and six


                                 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 transfers, under the 
    voluntary withholding program authorized by section 3402(p) of the 
    Internal Revenue Code of 1986, of anticipated 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 consultation 
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 
        consultation 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 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.