"The Old-Age and Survivors Insurance Trust Fund? The Old-Age and Survivors Insurance Trust Fund (OASI) is a different account in the USTreasury. ? A settled extent of the taxes received under the this Act and the Self-EmploymentContributions Act are deposited in the reserve to such an extent that such taxes are notneeded quickly to pay expenses. ? The trust fund gives the authority to spend automatically to pay month to month benefitsto retired-workers (old-age) beneficiaries, their spouses and children and aids them tosurvivors of deceased insured labors.? With such spending authority, the Social Security Administration does not have tooccasionally ask for cash from the Congress to pay benefits. ? Funds which are not withdrawn for current expenses will get invested into some Federalsecurities, as required by law; the premium earned is likewise deposited in the trust's fund. ? The OASI Trust Fund was made according to section 201 of the Social Security ActAmendments of 1939. ? OASI became effective on January 1, 1940, and superseded the old-age reserveaccount setup under the Social Security Act of 1935.? At present, The Board of Trustees consists of six members in which four of them automaticallyserve by virtue of their positions in the Federal Government. These 4 are the ? Secretary of the Treasury (the Managing Trustee), ? Secretary of Labor, ? Commissioner of Social Security ? Secretary of Health and Human Services, and ? The other two members are appointed by the President and then are confirmed by the Senate, asrequired by the "Social Security Amendments of 1983." These two members serve for 4 yearterms.Importance of OASI ? OASI program is vital on the grounds that it gives retirement and survivors advantages toqualified laborers and their families. ? To qualify for OASI one must need 40 credits or 10 years of covered work. ? Since we construct Social Security benefit amounts on a worker’s lifetime earnings, itis important that we maintain accurate earnings records and credit the correct amount ofearnings to the privileged person. ? Survivors benefits provide wage to family members of workers whodie. Survivors qualified for benefits include widows or widowers, minor or disabledchildren, surviving divorced spouses, and ward guardians.OASI Total Budget Authority (in millions of dollars) FY 2012 Actual FY 2013 Enacted FY 2014 request Mandatory $635,742 $674,769 $717,325 Discretionary $2,804 $2,759 $2,664 Total $638,546 $677,528 $719,989 • The cost of $6.1 billion to control the program in 2014 was 0.7% of total expenditures. However, as thedollar value of the expenditures is so large this percentage is actually exceptionally high. • The combined Trust Fund asset reserves earned interest at a viable annual rate of 3.6% in 2014.Depletion of social security funds ? Board of Trustees released its annual report in 2017 on the long-haul financial status ofthe Social Security Trust Funds. ? It says that the Trust Funds are anticipated to become depleted in 2034 which is the sameas projected last year, with 77% of benefits payable at that time. ? The year when the consolidated trust fund reserves are anticipated to end up depleted, ifCongress does not act before that point, is 2034 – the same as projected last year. ? Around then, there will be adequate income coming in to pay 77 percent of scheduledbenefits.Prediction of combined OASDI trust funds ."