The Secretary of Health and Human Services on June 9, 1994, announced the appointment of an Advisory Council on Social Security under the provisions of section 706 of the Social Security Act which were in effect prior to the enactment of the Social Security Independence and Program Improvements Act of 1994 (Public Law 103-296) on August 15, 1994. The provisions of the Social Security Act prior to enactment of Public Law 103-296 provided for the appointment of an Advisory Council every 4 years to examine issues affecting the OASDI program as well as the Medicare program. Under the provisions of Public Law 103-296, this is the last Advisory Council to be appointed.
The Council is composed of a Chair and 12 members representing employers and employees, self-employed persons, and the public. The Council is focusing on the OASDI program. Among the areas the Secretary has specifically asked the Council to examine is Social Security financing. The Council has been charged with developing recommendations for improving the long-range financial status of the OASDI program.
The Council convened a Technical Panel on Assumptions and Methods to review the assumptions and methodology used to project the future financial status of the OASDI program, including, if necessary, measures of the financial soundness of the program. (A Technical Panel on Trends and Issues in Retirement Saving was also convened.)
The Council is expected to provide a report to the Secretary in 1995. The Council's final report will then be transmitted by the Secretary to the Congress and to the Board of Trustees. Recommendations of the Council will be included in a later annual report of the Board of Trustees.