As currently legislated, the Old-Age and Survivors Insurance (OASI) and Disability Insurance trust funds are projected by the Social Security Board of Trustees to be insufficient by the year 2029 to pay all benefits. Seventy-five percent of the funds needed will be available but there will be a shortfall of about twenty-five percent of the funds needed to pay benefits under present law. The manner by which the Nation will react to or avoid this shortfall is arguably the most important policy decision of this decade. As authorized under Section 1110 of the Social Security Act, SSA announces the solicitation of applications for a cooperative agreement to create an RRC in order to inform the public and policymakers about policy alternatives and their consequences. Initially, the Consortium will be composed of two, university-based, multi-disciplinary Centers. The Centers will have a combined annual budget of $2.5 million for the first year and $2 million for subsequent years. SSA expects to fund these Centers for a period of 5 years, contingent on an annual review process and continued funding availability.
- Document Number
- 98-10206
- Published in
- United States of America
