May 3, 1990
TO: PENSION COMMITTEE NO. 10-90
RE: SOCIAL SECURITY TRUST FUND AMENDMENTS OF 1990
__________________________________________________________
Attached is a copy of H.R. 4605, the "Social Security Trust
Fund Amendments of 1990" which was recently referred to the House
Ways and Means Committee.
The bill reflects growing concern over protecting the
Social Security system to ensure that funds will be available to
satisfy future obligations. It would require Social Security
funds to be held by a twelve member board of trustees, eight of
which would be selected from the public. The trustees would be
obligated to invest all funds not needed to meet current expenses
in interest bearing obligations of the United States, or
obligations guaranteed as to both principal and interest by the
United States, and in bonds, debentures and securities in
accordance with ERISA's prudent person standard.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
Attachment