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H.R. 5987 (97th): Social Security Trust Funds Improvement Act of 1982

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

3/30/1982--Introduced. Social Security Trust Funds Improvement Act of 1982 - Amends titles II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to repeal the provisions dealing with investments of funds contained in the following Trust Funds: (1) Federal Old-Age and Survivors Insurance Trust Fund; (2) Federal Disability Insurance Trust Fund; (3) Federal Hospital Insurance Trust Fund; and (4) Federal Supplementary Medical Insurance Trust Fund. Establishes a social security savings account in the general fund of the Treasury for each of the Trust Funds. Requires that there remain on deposit in each of the savings accounts that portion of the related Trust Fund as is not required to meet current withdrawals from the Trust Fund. Sets forth the interest rate for amounts deposited in the savings accounts Amends the Second Liberty Bond Act to include the amounts on deposit in the social security savings accounts within the limitation on obligations issued under that Act. Sets forth the effective date and transitional provisions.