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TheWeekInCongress.com (TM) Week Ending December 8, 2006
S.4091 A bill to provide authority for restoration of the Social Security Trust Funds from the effects of a clerical error, and for other purposes.
The bill reports that a clerical error at the Social Security Administration resulted in the SSA Trust Fund overpaying the general fund at the US Treasury between 1999 and 2005. The funds were transferred under the voluntary withholding program in which the SSA deposits anticipated taxes on benefit payments. The trust funds that overpaid are the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
This bill requires that the Treasury Secretary and the Social Security Commissioner determine the amounts overpaid from each trust, the interest income the funds would have generated fund from and that those funds be returned from any money in the Treasury not otherwise appropriated. The transfer must be completed within 120 after enactment of this bill. The amount transferred will be reduced by funds already refunded by the IRS including interest that the IRS paid at the calculated IRS interest rate.
Sponsor: Senator Charles Grassley (R-IA) Vote: Passed Senate by Unanimous Consent December 7, 2006. Passed House by voice vote December 9, 2006. Cost to the taxpayers: No dollar amounts were included in the bill or on the SS website page that addressed the matter.
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