Sec. 301. Terms of Public Trustees of the Trust Funds
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Section 201(c) of the Social Security Act ( 42 U.S.C. 401(c) ) is amended— by striking With respect to the Federal Old-Age and Survivors Insurance Trust Fund and inserting
(1)With respect to the Federal Old-Age and Survivors Insurance Trust Fund ; by redesignating paragraphs
(1)through
(5)as subparagraphs
(A)through (E), respectively; in the matter preceding subparagraph
(A)(as redesignated by paragraph (2))— by striking of two members of the public (both of whom may not be from the same political party), who shall be nominated by the President for a term of four years and subject to confirmation by the Senate. and inserting of four members of the public (hereinafter in this title referred to as ; public trustees ), to be appointed in accordance with paragraph (2). A public trustee may not serve more than two consecutive full terms. In any case in which a public trustee leaves office on any date prior to the end of a term, the offices of both public trustees shall be deemed vacant as of such date. by striking member of the Board of Trustees serving as a member of the public and and inserting public trustee ; and by striking An individual nominated and confirmed as a member of the public may serve in such position after the expiration of such member's term until the earlier of the time at which the member’s successor takes office or the time at which a report of the Board is first issued under paragraph
(2)after the expiration of the member’s term and inserting A public trustee may serve in such position after the expiration of the public trustee’s term until the time at which a successor takes office ; by striking It shall be the duty of the Board of Trustees to— and inserting the following: It shall be the duty of the Board of Trustees to— ; by inserting after not less frequently than once each calendar year. the following: Public trustees shall be appointed as follows: Two members (each member from a different political party) 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 Finance. At least one such member shall have demonstrated expertise relating to the Old-Age, Survivors, and Disability Insurance Program and at least one shall have demonstrated expertise relating to the Medicare program. Two members (each member from a different political party) shall be appointed by the Speaker of the House of Representatives, with the advice of the Chairman and the Ranking Minority Member of the House Committee on Ways and Means. At least one such member shall have demonstrated expertise relating to the Old-Age, Survivors, and Disability Insurance Program and at least one shall have demonstrated expertise relating to the Medicare program. Except as provided in clause (ii), 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 1 occurring during such term (or, if later, the date on which the fourth report of the Board is issued under paragraph
(2)during such term). Clause
(i)shall be applied with respect to initial appointments under this subsection— by substituting first for fourth each place it appears in clause
(i)with respect to one of the public trustees appointed by the President pro tempore of the Senate (as designated by the President pro tempore of the Senate at the time of nomination); by substituting second for fourth each place it appears in clause
(i)with respect to one of the public trustees appointed by the Speaker of the House of Representatives (as designated by the Speaker of the House of Representatives at the time of nomination); and by substituting third for fourth each place it appears in clause
(i)with respect to one of the public trustees appointed by the President pro tempore of the Senate (as designated by the President pro tempore of the Senate at the time of nomination). ; in subparagraph
(B)(as redesignated by paragraph (2))— by striking the preceding fiscal year and inserting the preceding calendar year (and during the preceding fiscal year) ; by striking the next ensuing five fiscal years and inserting the next ensuing 75 calendar years (and during the next ensuing 75 fiscal years) ; and by inserting before the semicolon the following: (or, in any case in which the Board of Trustees determines that such report will not be completed by the first day of April, 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 March, and written notification of an updated expected issue date not later than 14 days prior to the issue date) ; and in the matter following subparagraph
(E)(as redesignated by paragraph (2))— in the first sentence— by striking the preceding fiscal year and inserting the preceding calendar year (and during the preceding fiscal year) ; and by striking the next ensuing five fiscal years and inserting the next ensuing 75 calendar years (and during the next ensuing 75 fiscal years) ; by striking are reasonable and inserting the following: are reasonable, along with a justification by the public trustees for any response by the Board of Trustees to recommendations from the Social Security Advisory Board received during the previous year regarding such techniques, methodologies, actuarial assumptions, and cost estimates. Such report shall also include an assessment of the previous annual report made in the 1st calendar year of the 10-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 10 calendar years in such period with the actual data available with respect to each such assumption for each such calendar year. ; and by inserting before A person serving the following: Such report shall also include the full names of the attendees of the Trustees Working Group during the report’s development. . The amendments made by subsection
(a)shall apply with respect to public trustees appointed for terms beginning after April 1, 2019, and with respect to reports issued for fiscal years after 2018.
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Sec. 301
Terms of Public Trustees of the Trust Funds
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