Constitutional Amendment to protect the Social Security Trust Fund
- There shall be a Social Security Autonomous Board of Trustees; Congress may by law create up to four, other autonomous Board of Trustees to manage other trust funds. All Autonomous Boards of Trustees shall have nine members with nine-year terms; three shall be chosen by the House of Representatives, three by the Senate, and three by the President of the United States alone. Immediately after their first selection the trustees shall divide themselves into nine classes so that one term expires every year, and the House of Representatives, Senate, or President get to choose one trustee every third year. Their term of office shall end at noon of 15th day of May in year that term is set to expire and term of their successor shall then begin. The pay for each trustee shall be same as a Representative in Congress; five percent of each trustee annual pay shall be held back each year and paid at the end of their term of office, the amount held back shall NOT be paid should trustee leave the board before the last day of their term for any reason other than death. Anyone chosen to fill a vacancy on the board will serve the remainder of that term. In the event they are equally divided on any vote their chair may vote twice. Each Autonomous Boards of Trustees shall elect their own chair from among its trustees; if they are equally divided in the election of a chair, the chief justice shall vote to break the tie within three days.
- Social Security
A) The Social Security Autonomous Board of Trustees shall manage the Social Security Retirement and disability Trust Fund and the Medicare Health Insurance Trust Fund. No more sixty-five percent of either the Social Security retirement and disability Trust Fund, or Medicare Health Insurance Trust Fund, may be invested in the debt of the United States of America, nor state, nor local debt, and all such bonds shall be publicly marketable. The funds shall not be invested in foreign accounts, funds or stocks. The accounts for both these trust funds must be kept completely separate. After this article takes effect, the board of trustees shall have five years to bring the trust funds into compliance with this article. Each trust fund shall be funded by taxes set up by law for the fund. Each trust fund shall also be allowed to open Bank and Credits Union accounts within the United States of America; if more than one account is set up in the same bank or credit union it shall be required to be treated as separately owned accounts so they can be fully insured. Congress may by law set the rules for Bank and Credits Union accounts and other types of investments. Any revenue set by law to be used for these trust funds shall be given to board of trustees to be managed, within 30 days after being received. It will take a law passed by a three-fifths vote of both houses of Congress to modify the taxes used to support these funds.
B) Social Security Administration shall in a manner set by law administer, the Social Security benefit payments, Medicare Health Insurance payments and Medicare premiums. The Social Security Autonomous Board of Trustees shall appoint the Director of Social Security Administration who will serve at their pleasure. The Social Security Administration shall be operated by the board of trustees and its director. The Director of Social Security Administration shall appoint all new employees of the Social Security Administration in a manor required by law. Benefits paid out of Social Security Retirement and Disability Trust fund shall only be paid to citizens, or United States legal residents, and/or their current/former spouses and/or the minor child(ren) of those receiving a Social Security benefit or a minor child(ren) death benefit. The minimum ages that Social Security retirement benefits may start, the formulas for calculating the amount of Social Security retirement benefits a citizen and their current/former spouses will receive monthly based on the retirement age they elect to start receiving retirement benefits shall be set by law, any change in these laws shall not adversely affect any individual citizen or current/former spouse when at least one of them is a citizen who had obtained the age of forty five years or greater prior to the date the change of law was enacted. Benefits may be paid out of Social Security Retirement and Disability Trust fund according to a formula set by law, to citizens or United States legal residents, who worked for a while and are now too disabled to be employed, and/or the minor child(ren) of those receiving a Social Security benefit, or the minor child(ren) of a citizen or United States legal resident, who died. Payments paid out of the Medicare Health Insurance Trust Fund shall be limited to health care and be controlled by law but only individuals, in the United States of America, who over the age of sixty-five, or who are significantly disabled as defined by law shall be eligible for coverage.
- If other Autonomous board of trustees are set up by law to manage other trusts funds. The trust funds managed by each new board of trustees must be kept completely separate no board may manage more than two trust funds. Once created these additional Autonomous Board of Trustees may only be repealed or modified by law(s) passed by three-fifths vote of both houses of Congress. No more sixty-five percent of a Trust Fund managed by Autonomous Board of Trustees may be invested in the debt of the United States of America.
- Each Autonomous board of trustees shall determine their own rules and procedures; Congress may by law regulate these rules and procedures. It shall require at least seven tenths vote of both houses of Congress with the Yeas and Nays entered on the Journal shall be required to remove any money from any of these trust funds.
- Members of Congress and affected citizens may file suit to enforce this article. Congress may enforce this article by appropriate legislation. This article will take effect at noon of 15th day of May, after ratification; however Social Security Autonomous Board of Trustees members may be chosen any time after ratification.