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HRD-79-14 1 (1978-12-18)

handle is hein.gao/gaobaayjs0001 and id is 1 raw text is: 




BY THE COMPTROLLER GENERAL



Report To The Congress


OF THE UNITED STATES


Liberal Deposit Requirements Of

States' Social Security Contributions

Adversely Affected Trust Funds


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The Social Security Administration could
have earned about $1.1 billion in interest for
the years 1961 through 1979 if States had
been required to make more frequent deposits
of Social Security contributions. If require-
ments were not changed, the trust funds
would lose an additional $1 billion for the
years 1980 through 1984 and significant
amounts each year thereafter.

New regulations were published in the Federal
Register on November 20, 1978, but under
law are not effective until July 1, 1980. These
regulations will partially correct the problem,
but they are still too liberal and will not maxi-
mize interest income to the trust funds.


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    D --ME! HRD-79-14
DECEMBER 18, 1978


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