Old Age and Survivors Insurance Trust Fund
What it is:
The Old Age and Survivors Insurance Trust Fund is an account that OASDI). OASDI, also known as Social Security, is a federal program that provides and health insurance to retired people, the disabled, the poor and other groups. The program started in 1935 with the signing of the Social Security Act, which was an effort to provide a safety net for the millions of people who had suffered through the Great .the Old Age Survivors and Disability Insurance Program (
How it works (Example):
The Old Age and Survivors Insurance Trust Fund is an account maintained by the U.S. Treasury. The account is funded by Federal Insurance Contributions Act (FICA) and self-employment. The pays for several programs offered through the U.S. Administration, including retirement benefits, disability benefits, survivors benefits, and supplemental security (SSI).
The OASI has a six-member board of trustees that includes the secretaries of the treasury, labor, and health and human services departments and theer of . The president of the United States appoints the other two members.
Why it Matters:
and expenses constituted about 50% of the federal government’s outlays in 2011. The programs receive a substantial portion of their through the collection of from workers and employers, and the has come under considerable scrutiny in recent decades because the generation has begun to enter its retirement years and begun applying for benefits that cannot be sustained with from the younger generations in the workforce.