Social Security Trust Funds Restoration Act of 2006

        [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.