Old-Age and Survivors Insurance Trust Fund

Definition

An account included in the Social Security Trust Fund which pays benefits to retired workers, their dependents and their survivors . The fund receives deposits from the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA) to pay monthly benefits. The funds are deposited in the fund on every business day. With this contribution the Social Security Administration does not need to request money from Congress to pay benefits. Excess funds are invested in Federal securities.
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