text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Savings for Seniors Act of 2017''.
  
  SEC. 2. INTERIM PROTECTIONS FOR SOCIAL SECURITY TRUST FUND SURPLUS.
  
      (a) In General.--Section 201(d) of the Social Security Act (42 
  U.S.C. 402(d)) is amended--
              (1) by striking ``It shall be the duty'' and inserting 
          ``(1) Except as provided in paragraph (2), it shall be the 
          duty''; and
              (2) by adding at the end the following new paragraph:
      ``(2)(A) There is established in the Federal Old-Age and Survivors 
  Insurance Trust Fund a Social Security Surplus Protection Account. As 
  soon as practicable after each fiscal year after fiscal year 2017, the 
  Managing Trustee shall transfer to the Account, from amounts otherwise 
  available in the Trust Fund, amounts equivalent to the social security 
  surplus for such fiscal year. Such amounts shall be transferred from 
  time to time to the Account, such amounts to be determined on the basis 
  of estimates by the Managing Trustee, and proper adjustments shall be 
  made in amounts subsequently transferred to the extent prior estimates 
  were in excess of or were less than the correct amount.
      ``(B) For purposes of subparagraph (A), the term `social security 
  surplus' means, for any fiscal year, the excess, if any, of--
              ``(i) the sum of--
                      ``(I) the taxes imposed for such fiscal year by 
                  chapter 21 (other than sections 3101(b) and 3111(b)) of 
                  the Internal Revenue Code of 1986 with respect to wages 
                  (as defined in section 3121 of such Code) reported to 
                  the Secretary of the Treasury or his delegates pursuant 
                  to subtitle F of such Code, as determined by the 
                  Secretary of the Treasury by applying the applicable 
                  rates of tax under such chapter 21 (other than sections 
                  3101(b) and 3111(b)) to such wages, less the amounts 
                  specified in clause (1) of subsection (b) of this 
                  section for such fiscal year,
                      ``(II) the taxes imposed by chapter 2 (other than 
                  section 1401(b)) of the Internal Revenue Code of 1986 
                  with respect to self-employment income (as defined in 
                  section 1402 of such Code) reported to the Secretary of 
                  the Treasury on tax returns under subtitle F of such 
                  Code, as determined by the Secretary of the Treasury by 
                  applying the applicable rate of tax under such chapter 
                  (other than section 1401(b)) to such self-employment 
                  income, less the amounts specified in clause (2) of 
                  subsection (b) of this section for such fiscal year, 
                  and
                      ``(III) the amount equivalent to the aggregate 
                  increase in tax liabilities under chapter 1 of the 
                  Internal Revenue Code of 1986 which is attributable to 
                  the application of sections 86 and 871(a)(3) of such 
                  Code to payments from the Trust Fund, over
              ``(ii) the sum of--
                      ``(I) benefits paid from the Trust Fund during the 
                  fiscal year, and
                      ``(II) amounts authorized to be made available from 
                  the Trust Fund under subsection (g) of this section 
                  which are paid from the Trust Fund during such fiscal 
                  year.
      ``(C) Notwithstanding paragraph (1), the balance in the Account 
  shall not be available for investment by the Managing Trustee.
      ``(D)(i) The preceding provisions of this paragraph shall not apply 
  with respect to fiscal years commencing with or after the first fiscal 
  year, after fiscal year 2017, for which a provision of Federal law 
  takes effect and authorizes, for amounts in the Trust Fund, an 
  investment vehicle other than obligations of the United States 
  resulting in the transfer of Trust Fund assets to the general fund of 
  the Treasury.
      ``(ii) A provision of Federal law shall be deemed to meet the 
  requirements of clause (i) if such provision includes the the 
  following: `This Act shall be considered to be a provision of Federal 
  law meeting the requirements of section 201(d)(2)(D)(i) of the Social 
  Security Act.'.''.
  
  SEC. 3. SOCIAL SECURITY INVESTMENT COMMISSION.
  
      (a) Establishment.--There is established in the executive branch of 
  the Government a Social Security Investment Commission.
      (b) Study and Report.--As soon as practicable after the date of the 
  enactment of this Act, the Commission shall conduct a study to 
  ascertain the most effective vehicles for investment of the Federal 
  Old-Age and Survivors Insurance Trust Fund, other than investment in 
  the form of obligations of the United States resulting in the transfer 
  of Trust Fund assets to the general fund of the Treasury. Not later 
  than October 1, 2017, the Commission shall submit a report to the 
  President and to each House of the Congress setting forth its 
  recommendations for such vehicles for investment, together with 
  proposals for such administrative and legislative changes as the 
  Commission determines necessary to authorize and implement such 
  recommendations.
      (c) Composition.--The Commission shall be composed of--
              (1) 3 members appointed by the President, of whom 1 shall 
          be designated by the President as Chairman;
              (2) 2 members appointed by the Speaker of the House of 
          Representatives;
              (3) 1 member appointed by the minority leader of the House 
          of Representatives;
              (4) 2 members appointed by the majority leader of the 
          Senate; and
              (5) 1 member appointed by the minority leader of the 
          Senate.
      (d) Membership Requirements.--Members of the Commission shall have 
  substantial experience, training, and expertise in the management of 
  financial investments and pension benefit plans.
      (e) Length of Appointments.--Members of the Commission shall serve 
  for the life of the Commission. A vacancy on the Commission shall be 
  filled in the manner in which the original appointment was made and 
  shall be subject to any conditions that applied with respect to the 
  original appointment.
      (f) Administrative Provisions.--
              (1) Meetings.--The Commission shall meet--
                      (A) not less than once during each month; and
                      (B) at additional times at the call of the 
                  Chairman.
              (2) Exercise of powers.--
                      (A) In general.--The Commission shall perform the 
                  functions and exercise the powers of the Commission on 
                  a majority vote of a quorum of the Commission. Three 
                  members of the Commission shall constitute a quorum for 
                  the transaction of business.
                      (B) Vacancies.--A vacancy on the Commission shall 
                  not impair the authority of a quorum of the Commission 
                  to perform the functions and exercise the powers of the 
                  Commission.
      (g) Compensation.--
              (1) In general.--Each member of the Commission who is not 
          an officer or employee of the Federal Government shall be 
          compensated at the daily rate of basic pay for level IV of the 
          Executive Schedule for each day during which such member is 
          engaged in performing a function of the Commission.
              (2) Expenses.--A member of the Commission shall be paid 
          travel, per diem, and other necessary expenses under subchapter 
          I of chapter 57 of title 5, United States Code, while traveling 
          away from such member's home or regular place of business in 
          the performance of the duties of the Commission.
      (h) Termination.--The Commission shall terminate 90 days after the 
  date of the submission of its report pursuant to subsection (b).
target: Savings for Seniors Act of 2017  This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish in the Federal Old-Age and Survivors Insurance Trust Fund a Social Security Surplus Protection Account. The Managing Trustee of the Social Security trust funds (the Secretary of the Treasury) must: (1) transfer annual Social Security surpluses to the account; and (2) may not invest the balance in the account until a law takes effect after FY2017 that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations resulting in the transfer of trust fund assets to the general fund of the Treasury.   The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the Federal Old-Age and Survivors Insurance Trust Fund other than investments in the form of U.S. obligations.
feat_title: Savings for Seniors Act of 2017