What is 'Old-Age and Survivors Insurance (OASI) Trust Fund'
The Old-Age and Survivors Insurance (OASI) Trust Fund, one of two trust funds managed by the Social Security Administration, is used to pay benefits to insured retired workers, their spouses and children, and survivors of deceased insured workers. The Social Security Administration (SSA) holds granted authority to distribute OASI Trust Fund benefits.
BREAKING DOWN 'Old-Age and Survivors Insurance (OASI) Trust Fund'
Daily, a proportionate amount of taxes received under the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA) are deposited into the OASI Trust Fund. The SSA invests these funds, held in trust, and other resources, not required for current expenses, into interest-bearing federal securities. Earned interest is, in turn, deposited into the fund.
The Old-Age and Survivors Insurance Trust Fund, effective January 1, 1940, was birthed from the Social Security Act amendments of 1939. The Fund's Board of Trustees consists of six members, two of whom are appointed by the President and confirmed by the Senate. The remaining four are automatically selected, according to their positions in the federal government. Seats for automatic selection are the Secretary of the Treasury, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security
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