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.

BREAKING DOWN '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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    In general, the Social Security Administration, or SSA, does not encourage citizens to change their Social Security numbers, ... Read Full Answer >>
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    Your spousal Social Security benefits may be taxable, depending on your total household income for the year. About one-third ... Read Full Answer >>
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    Spousal Social Security benefits are retroactive. These benefits are quite complicated, and anyone in this type of situation ... Read Full Answer >>
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    Social Security payments are not included in the U.S. definition of the gross domestic product (GDP). Transfer Payments For ... Read Full Answer >>
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