The Old-Age, Survivors, and Disability Insurance (OASDI) program in the United States provides protection against the loss of earnings due to retirement, death, or disability. The OASDI program consists of two separate parts which pay monthly benefits to workers and their families--Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI). Under OASI monthly benefits are paid to retired workers and their families and to survivors of deceased workers. Under DI monthly benefits are paid to disabled workers and their families.
The Board of Trustees is established under the Social Security Act to oversee the financial operations of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund. The Board is composed of six members, four of whom serve automatically by virtue of their positions in the Federal Government: the Secretary of the Treasury, who is the Managing Trustee, the Secretary of Labor, the Secretary of Health and Human Services, and the Commissioner of Social Security. The other two members are appointed by the President and confirmed by the Senate to serve as public representatives. Stanford G. Ross and David M. Walker began serving 4-year terms on October 2, 1990. They have continued serving through the issuance of this report under the provision of the Social Security Act that allows a public representative whose term has expired to continue in the position until the earlier of the time at which a successor takes office or the Board's next annual report is issued. The Commissioner of Social Security became a member of the Board effective March 31, 1995, under the Social Security Independence and Program Improvements Act of 1994 (Public Law 103-296, signed August 15, 1994).
The Social Security Act requires that the Board, among other duties, report annually to the Congress on the financial and actuarial status of the OASI and DI Trust Funds. This annual report, for 1995, is the 55th such report.