(c) With respect to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (hereinafter in this title called the “Trust Funds”) there is hereby created a body to be known as the Board of Trustees of the Trust Funds (hereinafter in this title called the “Board of Trustees”) which Board of Trustees shall be composed of the Commissioner of Social Security, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Health and Human Services, all ex officio, and of two members of the public (both of whom may not be from the same political party), who shall be nominated by the President for a term of four years and subject to confirmation by the Senate. A member of the Board of Trustees serving as a member of the public and nominated and confirmed to fill a vacancy occurring during a term shall be nominated and confirmed only for the remainder of such term. An individual nominated and confirmed as a member of the public may serve in such position after the expiration of such member’s term until the earlier of the time at which the member’s successor takes office or the time at which a report of the Board is first issued under paragraph (2) after the expiration of the member’s term. The Secretary of the Treasury shall be the Managing Trustee of the Board of Trustees (hereinafter in this title called the “Managing Trustee”). The Deputy Commissioner of Social Security shall serve as Secretary of the Board of Trustees. The Board of Trustees shall meet not less frequently than once each calendar year. It shall be the duty of the Board of Trustees to—
(1) Hold the Trust Funds;
(2) Report to the Congress not later than the first day of April of each year on the operation and status of the Trust Funds during the preceding fiscal year and on their expected operation and status during the next ensuing five fiscal years;
(3) Report immediately to the Congress whenever the Board of Trustees is of the opinion that the amount of either of the Trust Funds is unduly small;
(4) Recommend improvements in administrative procedures and policies designed to effectuate the proper coordination of the old-age and survivors insurance and Federal-State unemployment compensation program; and
(5) Review the general policies followed in managing the Trust Funds, and recommend changes in such policies, including necessary changes in the provisions of the law which govern the way in which the Trust Funds are to be managed.
The Social Security Trustees’ Report used to come out like clockwork on March 31. In fact I used to put up links to the most important Tables and Figures based on the URL’s of the previous year’s Report on my own Social Security blog in the confident and proven belief that my readers (both of them) would have instant access to the Report literally the second it was released to the web in accordance with the plain text of the Act. Well in the last two (?) years of the Bush Administration the Report came late, for reasons that seemed, well reasons. But then Bush hated Social Security and had established a Commission to transform it to a privatized system. Surely the Obama Administration would just start issuing the Report on time and consistent with the requirements of the Act. Well no. They never have. And have never explained why they didn’t comply with the plain text of the law. And never explained why certain parties including avowed opponents of Social Security somehow got advance knowledge of a text which historically has been strictly embargoed.
So who knows. Perhaps eager beavers who have bookmarked http://www.ssa.gov/oact/tr/2015/index.html and who link to it around 10AM EDT next Tuesday March 31st will get the same jump on the Report that I did back in the day. It being the law and such. But the Obama Administration has never issued the Report on time or explained the delay. Probably because someone on the inside said “let’s screw with that Social Security fanatic Bruce Webb’s head and delay the Report for any or no reason at all”. Because why not.
Non-paranoid comments on any aspect of Social Security welcome (even Dale and BK)