Old-Age And Survivors Insurance Trust Fund

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DEFINITION of 'Old-Age And Survivors Insurance Trust Fund'

An account within the Social Security Trust Fund used to pay benefits to retired workers, the beneficiaries and their children. The Old-Age and Survivors Insurance Trust Fund receives deposits from FICA considered to be over and above the amount needed for day-to-day operations of old-age and survivors insurance under social security. These funds are held in trust, and any funds not required for current expenses are invested in interest-bearing federal securities.

INVESTOPEDIA EXPLAINS 'Old-Age And Survivors Insurance Trust Fund'

The Old-Age and Survivors Insurance Trust Fund was created in 1939 as a part of the Social Security Act amendments of 1939. The fund's board of trustees consists of six members, two of which are appointed by the President and the remaining four are automatically selected due to their positions in the federal government; These four positions are: the Secretary of the Treasury, Secretary of Labor, Secretary of Health and Human Services and the Commissioner of Social Security.

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