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To: HankReardon

There is no "Trust Fund".


5 posted on 04/02/2005 5:17:26 AM PST by BigSkyFreeper
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To: BigSkyFreeper; GRRRRR
From the Social Security site:

The Social Security Trust Funds are the Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) Trust Funds. These funds are accounts maintained by the Department of the Treasury. They serve two purposes: (1) they provide a mechanism for keeping track of all income to and disbursements from the trust funds, and (2) the assets of the funds provide automatic spending authority. To clarify the second point, no legislation is needed to spend a portion of trust fund assets on benefits or administrative costs (the Social Security Act limits expenditures to benefits and administrative costs).

Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI Trust Fund. Benefits to disabled workers and their families are paid from the DI Trust Fund.

A Board of Trustees oversees the financial operations of the trust funds. The Board reports annually to the Congress on the financial and actuarial status of the trust funds.

19 posted on 04/02/2005 5:31:33 AM PST by raybbr
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To: BigSkyFreeper
There is no "Trust Fund"

How about a Lock Box?/sarcasm

50 posted on 04/02/2005 7:01:15 AM PST by Puppage (You may disagree with what I have to say, but I shall defend to your death my right to say it.)
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