§ 1395t.
(b)
Board of Trustees; composition; meetings; duties
With respect to the Trust Fund, there is hereby created a body to be known as the Board of Trustees of the Trust Fund (hereinafter in this section referred to as the “Board of Trustees”) 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 section referred to as the “Managing Trustee”). The Administrator of the Centers for Medicare & Medicaid Services shall serve as the 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—
(2)
Report to the Congress not later than the first day of April of each year on the operation and status of the Trust Fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next 2 fiscal years; Each report provided under paragraph (2) beginning with the report in 2005 shall include the information specified in section 801(a) of the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.
2
So in original. See 2003 Amendment note below.
(3)
Report immediately to the Congress whenever the Board is of the opinion that the amount of the Trust Fund is unduly small; and
(4)
Review the general policies followed in managing the Trust Fund, and recommend changes in such policies, including necessary changes in the provisions of law which govern the way in which the Trust Fund is to be managed.
The report provided for in paragraph (2) shall include a statement of the assets of, and the disbursements made from, the Trust Fund during the preceding fiscal year, an estimate of the expected income to, and disbursements to be made from, the Trust Fund during the current fiscal year and each of the next 2 fiscal years, and a statement of the actuarial status of the Trust Fund. Such report shall also include an actuarial opinion by the Chief Actuary of the Centers for Medicare & Medicaid Services certifying that the techniques and methodologies used are generally accepted within the actuarial profession and that the assumptions and cost estimates used are reasonable. Such report shall be printed as a House document of the session of the Congress to which the report is made. A person serving on the Board of Trustees shall not be considered to be a fiduciary and shall not be personally liable for actions taken in such capacity with respect to the Trust Fund.
([Aug. 14, 1935, ch. 531], title XVIII, § 1841, as added [Pub. L. 89–97, title I, § 102(a)], July 30, 1965, [79 Stat. 308]; amended [Pub. L. 90–248, title I, § 169(a)], Jan. 2, 1968, [81 Stat. 875]; [Pub. L. 92–603, title I, § 132(e)], title II, § 263(d)(4), (e), Oct. 30, 1972, [86 Stat. 1361], 1449; [Pub. L. 95–292, § 5], June 13, 1978, [92 Stat. 315]; [Pub. L. 98–21, title I, § 154(c)], title III, § 341(c), Apr. 20, 1983, [97 Stat. 107], 135; [Pub. L. 98–369, div. B, title III, § 2354(b)(2)], (11), (12), title VI, § 2663(j)(2)(F)(iii), July 18, 1984, [98 Stat. 1100], 1101, 1170; [Pub. L. 99–272, title IX, § 9213(b)], Apr. 7, 1986, [100 Stat. 180]; [Pub. L. 100–360, title II, § 212(b)(2)], (c)(4), July 1, 1988, [102 Stat. 740], 741; [Pub. L. 100–647, title VIII, § 8005(a)], Nov. 10, 1988, [102 Stat. 3781]; [Pub. L. 101–234, title II, § 202(a)], Dec. 13, 1989, [103 Stat. 1981]; [Pub. L. 103–296, title I, § 108(c)(3)], Aug. 15, 1994, [108 Stat. 1485]; [Pub. L. 108–173, title I], §§ 101(e)(3)(C), 105(d), title VIII, § 801(d)(2), title IX, § 900(e)(1)(E), Dec. 8, 2003, [117 Stat. 2151], 2166, 2359, 2371; [Pub. L. 111–148, title IX, § 9008(k)], Mar. 23, 2010, [124 Stat. 862].)