2014 OASDI Trustees Report

III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND
LEGISLATIVE CHANGES IN THE LAST YEAR

A. OPERATIONS OF THE OLD‑AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2013

This section presents detailed information on the operations of the OASI and DI Trust Funds¹ during calendar year 2013. Chapter IV provides projections for calendar years 2014 through 2090.

1. OASI Trust Fund

Table III.A1 presents a statement of the income and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund in calendar year 2013, and of the asset reserves in the fund at the beginning and end of the calendar year. As shown in this table, total trust fund receipts in 2013 amounted to $743.8 billion, while disbursements totaled $679.5 billion, an increase in trust fund reserves during 2013 of $64.3 billion.

Total receipts during calendar year 2013 included $622.2 billion in payroll tax contributions. These contributions include initial appropriations of payroll taxes, made on an estimated basis, and adjustments to appropriations for prior years to reflect actual tax receipts. The OASI fund paid the general fund $1.4 billion for the estimated amount of employee payroll-tax refunds, partially offsetting these gross contributions. Employees who work for more than one employer during a year and pay contributions on total earnings in excess of the contribution and benefit base are eligible for such refunds. Net payroll tax contributions were therefore $620.8 billion in 2013.

Net reimbursements from the General Fund of the Treasury amounted to $4.2 billion in 2013. As shown in the table, Public Law 111-312, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 112-78, the Temporary Payroll Tax Cut Continuation Act of 2011, and Public Law 112-96, the Middle Class Tax Relief and Job Creation Act of 2012, account for almost all of the reimbursement for the year, or about $4.1 billion. These acts specified general fund reimbursement for temporary reductions in employee and self-employment payroll taxes.²

The General Fund of the Treasury reimbursed the OASI Trust Fund approximately $98 million in 2013 under the provisions of Public Law 111-147, the Hiring Incentives to Restore Employment (HIRE) Act. The General Fund reimbursed the OASI Trust Fund about $7 million in 2013 under the provisions of Public Law 110-246, the Food, Conservation, and Energy Act of 2008.

The Social Security Administration makes special payments to uninsured persons who meet certain requirements. The General Fund of the Treasury largely reimburses costs associated with providing such payments. In 2013, the general fund reimbursed the OASI Trust Fund approximately $1 thousand. This reimbursement reflects costs incurred for fiscal year 2011. This should be the last such reimbursement because the last remaining beneficiary of these special payments died in fiscal year 2011.

Income based on taxation of OASI benefits amounted to $20.7 billion in 2013. About 99 percent of this income represents amounts credited to the trust funds, generally in advance of the actual receipt of taxes by the Treasury. These credited amounts represent the net amount of initial estimated taxes transferred for tax liabilities in 2013 and adjustments to initial amounts transferred for prior periods. The remaining one percent of the total income from taxation of benefits represents amounts withheld from the benefits paid to nonresident aliens.

In 2013, the OASI Trust Fund earned $98.1 billion in net interest, which consisted of: (1) interest earned on the investments held by the trust fund; (2) interest on adjustments in the allocation of administrative expenses between the trust fund and the general fund account for the Supplemental Security Income program; (3) interest arising from the revised allocation of administrative expenses among the trust funds; and (4) interest on certain reimbursements to the trust fund.

The Social Security Act authorizes the deposit of monetary gifts or bequests in the trust funds. In 2013, there were no such receipts by the OASI Trust Fund.

Table III.A1.—Operations of the OASI Trust Fund, Calendar Year 2013

[In millions]

Total asset reserves, December 31, 2012					$2,609,668
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa		$622,211
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-1,396
			Net payroll tax contributionsa		620,814
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		4,065
		Reduction in payroll tax contributions due to P.L. 111-147a		98
		Reimbursement directed by P.L. 110-246		7
		Payroll tax credits due to P.L. 98-21a		b
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		b
			Net general fund reimbursementsa		4,169
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		177
		All other, not subject to withholdinga		20,517
			Total income from taxation of benefitsa		20,694
	Investment income and interest adjustments:
		Interest on investments		98,113
		Interest adjustmentsc		1
			Total investment income and interest adjustments		98,114
	Gifts				—
Total receipts					743,793
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		672,175
		Reimbursement from the general fund for unnegotiated checks		-49
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		3
			Net benefit paymentsd		672,129
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				3,948
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,823
			Department of the Treasury	583
		Offsetting receipts from sales of supplies, materials, etc.		-3
		Miscellaneous reimbursements from the general fund e		-5
			Net administrative expenses		3,397
Total disbursements					679,475
Net increase in asset reserves					64,317
Total asset reserves, December 31, 2013					2,673,985

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a

Includes adjustments for prior calendar years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

Note: Totals do not necessarily equal the sums of rounded components.

Of the $679.5 billion in total OASI disbursements in 2013, $672.1 billion was for net benefit payments, including recovered overpayments, reimbursements from the general fund for unnegotiated checks, and the reimbursable costs of vocational rehabilitation services³. Net benefit payments increased by 5.4 percent from calendar year 2012 to calendar year 2013. This increase is due primarily to (1) an increase in the total number of beneficiaries and (2) an increase in the average benefit amount. The increase in the average benefit amount in 2013 was due in large part to the automatic cost-of-living benefit increase of 1.7 percent which became effective for December 2012 under the automatic-adjustment provisions in section 215(i) of the Social Security Act. In addition, new beneficiaries tend to have higher benefits than previous cohorts.

The Railroad Retirement Act requires an annual financial interchange between the Railroad Retirement program and the OASDI program. The purpose of the interchange is to put the OASI and DI Trust Funds in the same financial position they would have been in had railroad employment always been covered directly by Social Security. The Railroad Retirement Board and the Social Security Administration calculated an interchange of $3.9 billion from the OASI Trust Fund to the Social Security Equivalent Benefit Account for June 2013.

The remaining $3.4 billion of disbursements from the OASI Trust Fund represents net administrative expenses. The Social Security Administration and the Department of the Treasury initially charge administrative expenses directly to the trust fund on an estimated basis. Periodically, as actual experience is recorded, they adjust the allocations of administrative expenses for prior periods. These adjustments affect the OASI Trust Fund, the DI Trust Fund, and the general fund account for the Supplemental Security Income program, and include appropriate interest adjustments. As described earlier, the trust fund accounting records such interest adjustments under investment income.

In 2013, the cost incurred by the Social Security Administration to administer the OASI program was 83 percent of OASI net administrative expenses. The Social Security Administration charges such costs to the trust fund ($2.8 billion in 2013). In addition, the Department of the Treasury charges to the trust fund expenses ($0.6 billion in 2013) for services provided in administering the OASI program. A relatively small offset ($3 million in 2013) to administrative expenses represents income from the sale of excess supplies and equipment.

Finally, the General Fund of the Treasury makes net reimbursements for administrative costs incurred by the Social Security Administration in performing legislatively mandated activities that are not directly related to the OASI program. These reimbursements include the costs associated with union activities related to administering the OASI program ($4 million in 2013) and with the provision of information to participants in certain pension plans ($1 million in 2013). These miscellaneous reimbursements totaled $5 million in 2013.

The asset reserves in the OASI Trust Fund at the end of calendar year 2013 totaled $2,674.0 billion, consisting of $2,674.5 billion in U.S. Government obligations and, as an offset, an extension of credit of $0.5 billion against securities to be redeemed within the following days. The effective annual rate of interest earned by the reserves in the OASI Trust Fund during calendar year 2013 was 3.8 percent, slightly lower than the 4.1 percent earned during calendar year 2012. Table VI.A4, presented in appendix A, shows a detailed listing of OASI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2012 and 2013.

By law, the Department of the Treasury must invest trust fund reserves in interest-bearing securities backed by the full faith and credit of the United States Government. Those securities currently held by the OASI Trust Fund are special issues, that is, securities sold only to the trust funds. These special issues are of two types: short-term certificates of indebtedness and longer-term bonds. Daily receipts are invested in the short-term certificates of indebtedness which mature on the next June 30 following the date of issue. The trust fund normally acquires long-term special-issue bonds when special issues of either type mature on June 30 and must be reinvested. The amount of long-term bonds acquired on June 30 is equal to the amount of special issues maturing (including accrued interest earnings), plus tax receipts for that day, less amounts required to meet expenditures on that day.

Section 201(d) of the Social Security Act provides that the obligations issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. The usual practice has been to reinvest the maturing special issues, as of each June 30, so that the value of the securities maturing in each of the next 15 years are approximately equal. Accordingly, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the special-issue bonds purchased on June 30, 2013, so that the maturity dates of the total portfolio of special issues were spread evenly over the 15‑year period 2014‑28. The bonds purchased on that date have an interest rate of 1.750 percent, reflecting the average market yield, as of the last business day of the prior month, on all of the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. Table III.A7 shows additional details on the investment transactions during 2013, including the amounts of bonds purchased on June 30, 2013.

2. DI Trust Fund

Table III.A2 presents a statement of the income and disbursements of the Federal Disability Insurance Trust Fund in calendar year 2013, and of the asset reserves in the fund at the beginning and end of the calendar year.

Line entries in the DI statement are similar to those in the OASI statement. The explanations of the OASI entries generally apply to DI as well.

Of the $111.2 billion in total receipts, $105.4 billion was net payroll tax contributions.

Of the $143.4 billion of total disbursements, $140.1 billion was net benefit payments. Net benefit payments increased by 2.4 percent from calendar year 2012 to calendar year 2013. This increase in DI benefit payments was due to the same factors described earlier for OASI benefit payments. Total DI disbursements exceeded non-interest income in years 2005 through 2013 and exceeded total income in years 2009 through 2013.

During 2013, the reserves in the DI Trust Fund decreased by $32.2 billion, from $122.7 billion at the end of 2012 to $90.4 billion at the end of 2013. The $90.4 billion reserves in the DI Trust Fund at the end of calendar year 2013 consisted of $90.7 billion in U.S. Government obligations and, as an offset, an extension of credit of $0.3 billion against securities to be redeemed within the following few days. The effective annual rate of interest earned by the asset reserves in the DI Trust Fund during calendar year 2013 was 4.5 percent, slightly lower than the 4.7 percent earned during calendar year 2012. Table VI.A5, presented in appendix A, shows a detailed listing of DI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2012 and 2013.

Table III.A2.—Operations of the DI Trust Fund, Calendar Year 2013

[In millions]

Total asset reserves, December 31, 2012					$122,666
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa		$105,639
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-237
			Net payroll tax contributionsa		105,402
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		712
		Reduction in payroll tax contributions due to P.L. 111-147a		17
		Reimbursements directed by P.L. 110-246		1
		Payroll tax credits due to P.L. 98-21a		b
			Net general fund reimbursementsa		729
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		387
			Total income from taxation of benefitsa		391
	Investment income and interest adjustments:
		Interest on investments		4,704
		Interest adjustments c		1
			Total investment income and interest adjustments		4,706
	Gifts				—
Total receipts					111,228
Disbursements:
	Benefit payments:
		Monthly benefitsd		140,071
		Reimbursement from the general fund for unnegotiated checks		-25
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		84
			Net benefit paymentsd		140,130
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				551
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,644
			Department of the Treasury	110
		Demonstration projects		19
		Miscellaneous reimbursements from the general fund e		-3
			Net administrative expenses		2,769
Total disbursements					143,450
Net increase in asset reserves					-32,221
Total asset reserves, December 31, 2013					90,445

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a

Includes adjustments for prior calendar years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing legislatively mandated activities not directly related to administering the DI program.

Note: Totals do not necessarily equal the sums of rounded components.

Section 201(d) of the Social Security Act provides that the Treasury securities issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. The usual practice has been to reinvest the maturing special issues, as of each June 30, so that the value of the securities maturing in each of the next 15 years are approximately equal. However, as of June 2013, the Trustees projected that the reserves in the DI Trust Fund would be depleted within 15 years. Therefore, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the DI special-issue bonds purchased on June 30, 2013, so that equal amounts of special issues would mature over the three-year period 2014-16. The bonds purchased have an interest rate of 1.750 percent, reflecting the average market yield, as of the last business day of the prior month, on all of the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. As of June 30, 2013, the DI Trust Fund had already redeemed all of the bonds coming due on June 30, 2014, June 30, 2015, and on June 30, 2016, so this investment approach required that all bond purchases on June 30, 2013 be split evenly over maturity dates of June 30, 2014, June 30, 2015, and June 30, 2016. Table III.A7 shows additional details on the investment transactions during 2013.

3. OASI and DI Trust Funds, Combined

Table III.A3 presents a statement of the operations of the OASI and DI Trust Funds on a theoretical combined basis⁴. The entries in this table represent the sums of the corresponding values from tables III.A1 and III.A2. The two preceding subsections that cover OASI and DI provide a description of the nature of these income and expenditure transactions.

Table III.A3.—Operations of the Combined OASI and DI Trust Funds,
Calendar Year 2013 

[In millions]

Total asset reserves, December 31, 2012					$2,732,334
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa Payroll tax contributionsa		$727,850
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-1,633
			Net payroll tax contributionsa		726,217
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		4,776
		Reduction in payroll tax contributions due to P.L. 111-147a		115
		Reimbursements directed by P.L. 110-246		8
		Payroll tax credits due to P.L. 98-21a		b
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		b
			Net general fund reimbursementsa		4,899
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		182
		All other, not subject to withholdinga		20,904
			Total income from taxation of benefitsa		21,086
	Investment income and interest adjustments:
		Interest on investments		102,817
		Interest adjustments c		3
			Total investment income and interest adjustments		102,820
	Gifts				—
Total receipts					855,021
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		812,247
		Reimbursement from the general fund for unnegotiated checks		-74
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		87
			Net benefit paymentsd		812,259
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,499
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,467
			Department of the Treasury	692
		Offsetting receipts from sales of supplies, materials, etc.		-3
		Demonstration projects		19
		Miscellaneous reimbursements from the general fund e		-8
			Net administrative expenses		6,166
Total disbursements					822,925
Net increase in asset reserves					32,096
Total asset reserves, December 31, 2013					2,764,431

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a

Includes adjustments for prior calendar years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust funds and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust funds.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

Note: Totals do not necessarily equal the sums of rounded components.

Table III.A4 compares estimates of total income and total expenditures for calendar year 2013 from the 2009-13 Trustees Reports, to the corresponding actual amounts for 2013.

Table III.A4.—Comparison of Actual Calendar Year 2013 Trust Fund Operations
With Estimates Made in Prior Reports, Based on Intermediate Assumptions ^a 

[Amounts in billions]

		Total income  b			Total expenditures
		Amount	Difference from actual (percent)		Amount	Difference from actual (percent)
OASI Trust Fund:
	Estimate in 2009 report	$874.2	17.5		$678.8	-0.1
	Estimate in 2010 report	845.1	13.6		680.4	.1
	Estimate in 2011 report	796.4	7.1		670.0	-1.4
	Estimate in 2012 report	759.7	2.1		684.9	.8
	Estimate in 2013 report	743.4	-.1		682.0	.4
	Actual amount	743.8	—		679.5	—
DI Trust Fund:
	Estimate in 2009 report	129.7	16.6		143.9	.3
	Estimate in 2010 report	124.4	11.9		147.0	2.5
	Estimate in 2011 report	118.7	6.7		143.8	.3
	Estimate in 2012 report	113.7	2.2		147.4	2.7
	Estimate in 2013 report	111.4	.1		144.8	1.0
	Actual amount	111.2	—		143.4	—
OASI and DI Trust Funds, combined:
	Estimate in 2009 report	1,003.9	17.4		822.7	c
	Estimate in 2010 report	969.5	13.4		827.4	.5
	Estimate in 2011 report	915.1	7.0		813.8	-1.1
	Estimate in 2012 report	873.4	2.1		832.3	1.1
	Estimate in 2013 report	854.8	c		826.8	.5
	Actual amount	855.0	—		822.9	—

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a

Percentage differences are calculated prior to rounding.

b

“Actual” income for 2013 reflects adjustments to payroll tax contributions for prior calendar years (see appendix A for description of these adjustments). “Estimated” income also includes such adjustments, but on an estimated basis.

c

Between -0.05 and 0.05 percent.

Note: Totals do not necessarily equal the sums of rounded components.

A number of factors contribute to differences between estimates and subsequent actual amounts, including: (1) actual values for key demographic, economic, and other variables that differ from earlier assumed levels; and (2) legislation that was enacted or other administrative initiatives that were finalized after the Trustees completed their estimates.

At the end of calendar year 2013, the OASDI program was providing monthly benefits to about 58.0 million people. The OASI Trust Fund was providing benefits to about 47.0 million people and the DI Trust Fund was providing benefits to about 11.0 million people. The number of people receiving benefits from the OASI and DI Trust Funds grew by 2.4 percent and 0.9 percent, respectively, during the calendar year. This growth reflects increases in the insured population and the gradual aging of the population. Table III.A5 shows the estimated distributions of benefit payments in calendar years 2012 and 2013, by type of beneficiary, for each trust fund separately.

Table III.A5.—Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2012 and 2013 

[Amounts in millions]

				Calendar year 2012			Calendar year 2013
				Amount	Percentage of total		Amount	Percentage of total
Total OASDI benefit payments				$774,825	100.0		$812,247	100.0
	OASI benefit payments			637,948	82.3		672,175	82.8
	DI benefit payments			136,878	17.7		140,071	17.2
OASI benefit payments, total				637,948	100.0		672,175	100.0
	Monthly benefits:
		Retired workers and auxiliaries		527,403	82.7		559,942	83.3
			Retired workers	497,471	78.0		528,862	78.7
			Spouses	25,348	4.0		26,300	3.9
			Children	4,583	.7		4,780	.7
		Survivors of deceased workers		110,345	17.3		112,032	16.7
			Aged widows and widowers	87,603	13.7		89,126	13.3
			Disabled widows and widowers	2,293	.4		2,301	.3
			Parents	22	a		22	a
			Children	18,752	2.9		18,923	2.8
			Widowed mothers and fathers caring for child beneficiaries	1,676	.3		1,660	.2
	Lump-sum death payments			200	a		201	a
DI benefit payments, total				136,878	100.0		140,071	100.0
		Disabled workers		127,155	92.9		130,427	93.1
		Spouses		631	.5		615	.4
		Children		9,092	6.6		9,028	6.4

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a

Less than 0.05 percent.

Note: Benefits are monthly benefits and lump-sum death payments. Totals do not necessarily equal the sums of rounded components.

Net administrative expenses of the OASI and DI Trust Funds in calendar year 2013 totaled $6.2 billion. This amount is equal to 0.8 percent of non-interest income and 0.7 percent of total expenditures. Table III.A6 shows corresponding percentages for each trust fund separately and for the OASDI program as a whole for each of the last 5 years.

Table III.A6.—Administrative Expenses as a Percentage of Non-interest Income and of Total Expenditures, Calendar Years 2009-13

Calendar year	OASI Trust Fund			DI Trust Fund			OASI and DI Trust Funds, combined
	Non-interest income	Total expenditures		Non-interest income	Total expenditures		Non-interest income	Total expenditures
2009	0.6	0.6		2.8	2.3		0.9	0.9
2010	.6	.6		3.1	2.3		1.0	.9
2011	.6	.6		3.0	2.2		.9	.9
2012	.5	.5		2.8	2.1		.9	.8
2013	.5	.5		2.6	1.9		.8	.7

The acquisition and disposition of securities during calendar year 2013 changed the invested reserves of the OASI Trust Fund and the DI Trust Fund. Table III.A7 presents these investment transactions for each trust fund separately and for the trust funds combined.

Table III.A7.—Trust Fund Investment Transactions, Calendar Year 2013

[In millions]

			OASI Trust Fund	DI Trust Fund	OASI and DI Trust Funds, combined
Invested asset reserves, December 31, 2012a			$2,610,272	$122,802	$2,733,074
Acquisitions:
	Special issues:
		Certificates of indebtedness	701,186	110,371	811,557
		Bonds b	246,863	6,987	253,850
		Total acquisitions	948,049	117,358	1,065,407
Dispositions:
	Special issues:
		Certificates of indebtedness	701,305	111,204	812,508
		Bonds	182,527	38,233	220,760
		Total dispositions	883,831	149,437	1,033,268
Net increase in invested asset reserves			64,218	-32,079	32,139
Invested asset reserves, December 31, 2013a			2,674,490	90,723	2,765,213

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a

Invested asset reserves differ from total asset reserves by the amount of undisbursed balances. See tables VI.A4 and VI.A5 for details.

b

Purchased on June 30, 2013. The interest rate on these purchases was 1.75 percent.

Note: All investments are shown at par value. Totals do not necessarily equal the sums of rounded components.

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1

See www.socialsecurity.gov/oact/ProgData/fundsQuery.html.

2

Amounts transferred include adjustments to estimated initial appropriations to reflect actual tax receipts in prior periods.

3

Vocational rehabilitation services are furnished to disabled widow(er) beneficiaries and to those children of retired or deceased workers who receive benefits based on disabilities that began before age 22. The trust funds reimburse the providers of such services only in those cases where the services contributed to the successful rehabilitation of the beneficiary.

4

The OASI and DI Trust Funds are distinct legal entities which operate independently. To illustrate the actuarial status of the program as a whole, the fund operations are often combined on a theoretical basis.