[United States Statutes at Large, Volume 120, 109th Congress, 2nd Session]
[From the U.S. Government Printing Office, www.gpo.gov]

120 STAT. 3482

Public Law 109-465
109th Congress

An Act


 
To provide authority for restoration of the Social Security Trust Funds
from the effects of a clerical error, and for other
purposes.  NOTE: Dec. 22, 2006 -  [S. 4091]

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress  NOTE: Social Security Trust Funds
Restoration Act of 2006.  assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Social Security Trust Funds
Restoration Act of 2006''.

SEC. 2. DEFINITIONS.

For purposes of this Act--
(1) Clerical error.--The term ``clerical error'' means the
bookkeeping errors at the Social Security Administration that
resulted in the overpayment of amounts transferred from the
Trust Funds to the general fund of the Treasury during the
period commencing with 1999 and ending with 2005 as transfers,
under the voluntary withholding program authorized by section
3402(p) of the Internal Revenue Code of 1986, of anticipated
taxes on benefit payments under title II of the Social Security
Act.
(2) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(3) Trust funds.--The term ``Trust Funds'' means the Federal
Old-Age and Survivors Insurance Trust Fund and the Federal
Disability Insurance Trust Fund.

SEC. 3. RESTORATION OF TRUST FUNDS.

(a) Appropriation.--There is hereby appropriated to each of the
Trust Funds, out of any money in the Treasury not otherwise
appropriated, an amount determined by the Secretary, in consultation
with the Commissioner of Social Security, to be equal, to the extent
practicable in the judgment of the Secretary, to the difference
between--
(1) the sum of--
(A) the amounts that the Secretary determines, in
consultation with the Commissioner of Social Security,
were overpaid from such Trust Fund to the general fund
of the Treasury by reason of the clerical error, and
(B) the amount that the Secretary determines, in
consultation with the Commissioner of Social Security,
to be equal, to the extent practicable in the judgment
of the Secretary, to the interest income that would have
been payable to such Trust Fund pursuant to section
201(d) of the Social Security Act on obligations issued
under

[[Page 3483]]
120 STAT. 3483

chapter 31 of title 31, United States Code, that was not
paid by reason of the clerical error, and
(2) the sum of--
(A) the amounts that are refunded to such Trust Fund
as overpayments by reason of the clerical error to the
extent not limited by periods of limitation under
applicable provisions of the Internal Revenue Code of
1986, and
(B) the interest that is paid to such Trust Fund on
the overpayments resulting from the clerical error to
the extent allowed under applicable provisions of such
Code.

(b) Investment.--The Secretary shall invest the amounts appropriated
to each of the Trust Funds under subsection (a) in accordance with the
currently applicable investment policy for such Trust Fund.

SEC. 4. TIMING.

(a) Actions by the Secretary.--The  NOTE: Deadline.  Secretary
shall take such actions as are necessary to accomplish the restoration
described in section 3 not later than 120 days after the date of the
enactment of this Act.

(b) Action by the Commissioner.--The Commissioner of Social Security
shall cooperate with the Secretary to the extent necessary to enable the
Secretary to meet the requirements of subsection (a).

SEC. 5. CONGRESSIONAL NOTIFICATION.

Not later  NOTE: Deadline.  than 30 days after the Secretary takes
the last action necessary to accomplish the restoration described in
section 3, the Secretary shall notify each House of the Congress in
writing of the actions so taken.

Approved December 22, 2006.

LEGISLATIVE HISTORY--S. 4091:
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CONGRESSIONAL RECORD, Vol. 152 (2006):
Dec. 7, considered and passed Senate.
Dec. 8, considered and passed House.