2004 OASDI Trustees Report

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

B. SOCIAL SECURITY AMENDMENTS SINCE THE 2003 REPORT

Since the 2003 Annual Report was transmitted to Congress on March 17, 2003, two laws have been enacted that will have some financial effect on the OASDI program.

The Medicare Prescription Drug, Improvement, and Modernization Act of 2003, Public Law 108-173, is projected to have a very small positive effect on the taxable payroll for the OASDI program. This effect is reflected in the revenue projections included in this report.

In addition, the Social Security Protection Act of 2004, Public Law 108-203, included a number of provisions that will have direct measurable effects on the OASI and DI Trust Funds. The provisions to deny title II benefits to fugitive felons and persons fleeing prosecution, to cap the assessment for SSA processing attorney fees, and to transfer overdue taxes on deemed wage credits for military service will have the largest financial effects on the OASDI program. However, due to the date of enactment of this law (March 2, 2004), it was not possible to include these effects (which are estimated to be negligible over the long-range period as a whole) in the projections for this report.

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