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42 U.S.C. § 907 — Repealed. Pub. L. 103–296, title I, § 108(a)(2), Aug. 15, 1994, 108 Stat. 1481

Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 907 — Repealed. Pub. L. 103–296, title I, § 108(a)(2), Aug. 15, 1994, 108 Stat. 1481

### Statutory Notes Section, act Aug. 14, 1935, ch. 531, title VII, § 706, as added July 30, 1965, Pub. L. 89–97, title I, § 109(a), 79 Stat. 339; amended Jan. 2, 1968, Pub. L. 90–248, title I, § 165, title IV, § 403(d), 81 Stat. 874, 932; July 18, 1984, Pub. L. 98–369, div. B, title VI, § 2663(j)(2)(C)(ii), 98 Stat. 1170; Apr. 7, 1986, Pub. L. 99–272, title XII, § 12102(g)(1), 100 Stat. 285; Oct. 22, 1986, Pub. L. 99–514, § 2, 100 Stat. 2095, provided for appointment by Secretary every four years of an Advisory Council on Social Security and functions of Council. #### Effective Date of Repeal Repeal effective Mar. 31, 1995, see section 110(a) of Pub. L. 103–296, set out as an Effective Date of 1994 Amendment note under [section 401 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section401&num=0&edition=prelim). #### Applicability of Repeal to 1994 Council Pub. L. 103–296, title I, § 108(a)(2), Aug. 15, 1994, 108 Stat. 1481, provided in part that: “This paragraph [repealing this section] shall not apply with respect to the Advisory Council for Social Security appointed in 1994.”

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Source location: Title 42, Chapter 7, § 907; chapter-007-social-security.md

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 401 — Trust Funds

**(a) Federal Old-Age and Survivors Insurance Trust Fund** There is hereby created on the books of the Treasury of the United States a trust fund to be known as the “Federal Old-Age and Survivors Insurance Trust Fund”. The Federal Old-Age and Survivors Insurance Trust Fund shall consist of the securities held by the Secretary of the Treasury for the Old-Age Reserve Account and the amount standing to the credit of the Old-Age Reserve Account on the books of the Treasury on January 1, 1940, which securities and amount the Secretary of the Treasury is authorized and directed to transfer to the Federal Old-Age and Survivors Insurance Trust Fund, and, in addition, such gifts and bequests as may be made as provided in subsection (i)(1), and such amounts as may be appropriated to, or deposited in, the Federal Old-Age and Survivors Insurance Trust Fund as hereinafter provided. There is hereby appropriated to the Federal Old-Age and Survivors Insurance Trust Fund for the fiscal year ending June 30, 1941, and for each fiscal year thereafter, out of any moneys in the Treasury not otherwise appropriated, amounts equivalent to 100 per centum of— (1) the taxes (including interest, penalties, and additions to the taxes) received under subchapter A of chapter 9 of the Internal Revenue Code of 1939 (and covered into the Treasury) which are deposited into the Treasury by collectors of internal revenue before January 1, 1951; and (2) the taxes certified each month by the Commissioner of Internal Revenue as taxes received under subchapter A of chapter 9 of such Code which are deposited into the Treasury by collectors of internal revenue after December 31, 1950, and before January 1, 1953, with respect to assessments of such taxes made before January 1, 1951; and (3) the taxes imposed by

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42 U.S.C. § 415 — Computation of primary insurance amount

For the purposes of this subchapter— **(a) Primary insurance amount** (1) (A) The primary insurance amount of an individual shall (except as otherwise provided in this section) be equal to the sum of— (i) 90 percent of the individual’s average indexed monthly earnings (determined under subsection (b)) to the extent that such earnings do not exceed the amount established for purposes of this clause by subparagraph (B), (ii) 32 percent of the individual’s average indexed monthly earnings to the extent that such earnings exceed the amount established for purposes of clause (i) but do not exceed the amount established for purposes of this clause by subparagraph (B), and (iii) 15 percent of the individual’s average indexed monthly earnings to the extent that such earnings exceed the amount established for purposes of clause (ii), rounded, if not a multiple of $0.10, to the next lower multiple of $0.10, and thereafter increased as provided in subsection (i). (B) (i) For individuals who initially become eligible for old-age or disability insurance benefits, or who die (before becoming eligible for such benefits), in the calendar year 1979, the amount established for purposes of clause (i) and (ii) of subparagraph (A) shall be $180 and $1,085, respectively. (ii) For individuals who initially become eligible for old-age or disability insurance benefits, or who die (before becoming eligible for such benefits), in any calendar year after 1979, each of the amounts so established shall equal the product of the corresponding amount established with respect to the calendar year 1979 under clause (i) of this subparagraph and the quotient obtained by dividing— (I) the national average wage index (as defined in [section 409(k)(1) of this title]

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 907 — Untitled legal text

Page 2496 TITLE 42—THE PUBLIC HEALTH AND WELFARE § 907 institutions, with such stipends and allowances as may be permitted by the Secretary. (2) Payments under paragraph (1) may be made in advance on the basis of estimates by the Sec- retary, or may be made by way of reimburse- ment, and adjustments may be made in future payments under this subsection to take account of overpayments or underpayments in amounts previously paid. (3) The Secretary may, to the extent he finds such action to be necessary, prescribe require- ments to assure that any individual will repay the amount of his fellowship or traineeship re- ceived under this subsection to the extent such individual fails to serve, for the period pre- scribed by the Secretary, with a State or polit- ical subdivision thereof, or with the Federal Government, in connection with administration of any State or local public assistance program. The Secretary may relieve any individual of his obligation to so repay, in whole or in part, whenever and to the extent that requirement of such repayment would, in his judgment, be in- equitable or would be contrary to the purposes of any of the public welfare programs estab- lished by this chapter. (Aug. 14, 1935, ch. 531, title VII, § 705, as added Aug. 1, 1956, ch. 836, title III, § 332, 70 Stat. 851; amended Pub. L. 87–31, § 3, May 8, 1961, 75 Stat. 77; Pub. L. 87–543, title I, § 123 (a)–(c), July 25, 1962, 76 Stat. 192.) Editorial Notes AMENDMENTS 1962—Subsec. (a). Pub. L. 87–543, § 123(a), substituted ‘‘for the fiscal year ending June 30, 1963, the sum of $3,500,000, and for each fiscal year thereafter the sum of $5,000,000’’ for ‘‘for the fiscal year ending June 30, 1958, the sum of $5,000,000, and for each of the five succeeding fiscal years suc

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