Savings for Seniors Act of 2017
This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Federal Old-Age and Survivors Insurance Trust Fund a Social Security Surplus Protection Account.
The Managing Trustee of the Social Security trust funds (the Secretary of the Treasury) must: (1) transfer annual Social Security surpluses to the account; and (2) may not invest the balance in the account until a law takes effect after FY2017 that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations resulting in the transfer of trust fund assets to the general fund of the Treasury.
The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund other than investments in the form of U.S. obligations.
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