Text: S.4091 — 109th Congress (2005-2006)All Information (Except Text)

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Public Law No: 109-465 (12/22/2006)

 
[109th Congress Public Law 465]
[From the U.S. Government Printing Office]


[DOCID: f:publ465.109]

[[Page 120 STAT. 3482]]

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. <<NOTE: Dec. 22, 2006 -  [S. 4091]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress <<NOTE: Social Security Trust Funds 
Restoration Act of 2006.>> 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

[[Page 120 STAT. 3483]]

                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 <<NOTE: Deadline.>> 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 <<NOTE: Deadline.>> 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.

LEGISLATIVE HISTORY--S. 4091:
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CONGRESSIONAL RECORD, Vol. 152 (2006):
            Dec. 7, considered and passed Senate.
            Dec. 8, considered and passed House.

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