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Trust Fund Operations in 1948

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Trust Fund Operations in 1948 Table 2.-Size and ‘average yieki on investments of social insurance and Notes and Brief Reports related trust funds, as of June 30, 1948 Trust Fund Operations During the year ended December 31, 1948, the fund’s net acquisitions I in 1948 amounted to $1,287 million. Fund The unemployment trust fund is In addition to the old-age and sur- vivors insurance trust fund and the composed of 51 separate State ac- Old-age and survivors insw- unemployment trust fund, the Treas- ante trust fund . .._. -. $9,930,137 2.21 counts and the railroad unemploy- ~lET3lDlOY~~~t trust fund.. _ 8.297.000 2.16 ment insurance account: however, in- ury manages 10 other social insurance NatioGl service life insurance I and related trust funds (table 2). fund.... ___.._... _..... --..6,934,685 3.00 vestments are made for the fund as a Civil-service retirement and Interest rates on investments of these disabilityfund.. ..__. -.. 2,794,611 3.98 unit by the Secretary of the Treas- U. S. Government life insur- ury, and interest earned on the fund’s funds are higher than those for the sncefund... .__... -- . --1,402,413 3.50 Railroad retirement account... 1,374,500 3.00 investments is distributed quarterly two large social security funds, and District of Columbia teachers’ all rates are determined administra- retirement fund __.._ 13,809 2.62 among all accounts on the basis of Canal Zone retirement and tively rather than by statute. disability fund __... 13,127 3.98 the average daily balance of each ac- Foreign Service retirement count. For the year 1948 as a whole and disability fund..--- 12,087 3.98 Investments Alaska Railroad retirement the fund showed a net acquisition of and disability fund . .._...... 3,070 4. M) During the calendar year 1948 the Longshoremen’s and harbor $394 million of United States securi- workers’ compensation fund. 402 2.54 ties (table 1). two social security trust funds ac- District of Columbia work- men’s compensation fund... 81 2.47 9 All sums collected under the Fed- quired a net total of $1,681 million of eral Insurance Contributions Act are Government securities (table 11. This appropriated to the old-age and sur- was 3 percent less than the invest- 2 B&d on par value of securities. Source: Annual Report ojthe Secretary ojthe Tmzs- * vivors insurance trust fund as they ments made during the preceding ury on the State of the Finances for the Fiscal Year are received by the Treasury. k ad- year but 55 percent more than the Ended June SO, 1948. dition to contributions of $1,685 mil- $1,082 million invested in 1946. benefits, to $787 million. Onerations lion received in 1948, $4.9 million was Net investments by the unemploy- during 1948 continued to reflect fa- transferred from the general fund to ment trust fund during the 3 years vorable economic conditions as in the the old-age and survivors insurance ended December 31. 1946, 1947, and preceding year. Deposits by States trust fund to meet additional admin- 1948, were $56 million, $538 million, were $989 million, and withdrawals istrative and other costs of benefits to and $394 million respectively. The for benefit payments were $852 mil- survivors of certain World War II vet- sums available for investment in a lion. The decline in deposits was the erans as provided under the Social Se- given period consist of that portion of result of lower contribution rates un- curity Act Amendments of 1946. the fund’s receipts not needed to meet der experience-rating provisions, and The Secretary of the Treasury-the current expenditures. The relatively the increase in withdrawals reflected Managing Trustee of the fund-in- small net acquisition during 1946 re- an increase in compensable unem- vests that part of contributions ap- flects the effects of the reconversion ployment and in average benefits. propriated to the fund which, in his period, with its lay-offs and shifts in Rhode Island’s withdrawals from the judgment, is not required to meet cur- employment. fund included $14 million and New rent expenditures for benefit pay- In 1947, State deposits amounted Jersey’s included $50 million for State ments and administrative expenses. to $1,097 million, and withdrawals for disability insurance programs. Table 1.-Changes in social security trust fund investments and the interest- bearing public debt, as of the end of December, 194.548 [Amounta in millions] Investments at end of Decembek- _-P--P ----------I_------ Net acquisitions 1945 1946 1947 1948 __-_---- I -- _-----.---- ___ -.----- Item Average Average f*;g,; Amount ‘?ztyt Amount rate Amount “gtFt Amount (percent) (percent) (percent) ---- - ---d-Y- -p-_----_c_---- Total interest-bearing public debt---...-.. $275,694 1.965 $257,619 2.057 $254,205 2.144 $250.579 2.216 -$18,044 --%3,444 -$3,626 pp--pp___----- Securities acquired by social security trust funds, total--m..- ._..__ _..._.___._..._.___ I$&$ .-... i:ii l$E4 .--..i:or- 12x& _-.-.__ _-- 19,052 ._._. i:~- +1,082 +1.681 Old-age and survivors insurance trust fund.. 2.09 10,556 +l, 026 Unemployment trust fund. ..___._..._____ 7: 508 1.93 7’ 564 All other inter&-bearing securities. __._ _____ 261,133 ____.____. 242;006 ___._ !:“m 2&i: ____. “:“. &;! .___. “:‘“. -19::: -5,172 -5,307 Source: Daily Statement of the U. S. ‘kcaaury. Bulletin, March 1949 13 Average yields on special groups of United States obligations, the computed rate of interest on thepublic debt, and yields on obligations acquired by two social insurance trust funds, 1936-48 I COMPUTE0VUERESTWTE TAXABLE LONG-TERM BONDS I I I ” 1936 1938 1940 1942 1944 1946 1948 The railroad unemployment insur- ante trust fund was much less affected gan purchasing Treasury bonds on ance account in the unemployment by the economic shifts of the recon- the open market for the two social trust fund declined during the cal- version period than the unemploy- security trust funds. The bulk of endar year 1948. Deposits were $67 ment trust fund. The relationship these securities bear 2%-percent in- million as compared with $126 million between receipts and expenditures terest, and as a result of these opera- in 1947, a decrease of 47 percent. De- shows minor fluctuations from year tions the average interest rate on the posits for the first 6 months of 1948 to year. old-age and survivors insurance trust were $67 million and for the last 6 At the end of December 1948 the months $31,000. This decline was a old-age and survivors insurance trust Table 3.-Average interest rate on result of the amendments of June 1948 fdnd held United States securities social security trust fund invest- ments and interest-bearing public to the Railroad Unemployment Insur- amounting to $10,556 million. f;ts8t end of spectfied period, ance Act, which effectively reduced The public debt reached its peak in the current contribution rate of 3 February 1946, when it amounted to percent to % of 1 percent retroactively $279, billion. In March 1946 the Computed average interest rate to January 1, 1948, although, legally, Treasury started a debt retirement (percent) contribution rates are scaled from ‘/2 program, and by November 1947 the At end of- Old-ago Unem- of 1 percent to 3 percent depending gross public debt had dropped to $256 Interest. md survi- m,“-y “,“g?? ‘0~s insur- upon the size of the ‘balance to the billion. A large proportion of the debt mcc! trust fund debt fund in- invest- credit of the railroad unemployment retired or maturing consisted of se- :estments ments insurance account on September 30 curities with high coupon rates of in- of any year. Credits taken by con- terest which were paid off or refunded 2.570 .___-- _._. 2.50 2.568 3.00 2.50 tributors during the last half of the into issues with lower rates. However, 2.586 2.50 year were $2.4 million. Benefit pay- the rise in the rate on short-term 2.598 Ei 2.566 2: 84 2: ments increased by 10 percent from issues, the higher accrued rate on 2.400 2.66 2: 50 2.059 2.44 2.21 $55 million in 1947 to $60 million in savings bonds purchased during the 1.956 2.26 1.89 1948. Even though contributions war, and the net rise in securities 1.919 2.20 1.91 1.965 2.14 1.93 dropped sharply and benefit payments issued to Government trust funds 2.04 1.94 increased slightly, the balance in the with relatively high interest earnings ;: iii 2.09 2.05 account increased by $41 million to caused the average interest rate on $948 million by the end of 1948. the debt as a whole to rise almost con- January- ___._- _ 2.155 2.09 2.05 February ________ 2.170 2.10 2.05 During 1948 the excess of receipts tinuously throughout 1948 (table 3). March .______.___ 2.168 2.10 2.05 over expenditures permitted the net On December 31, 1946, the com- April .___ -- ___.__ 2.174 2. 10 2.05 May. _____-.-___ 2.174 2.10 2.05 acquisition of $394 million in Gov- puted average interest rate was 2.057 June ____-___. _ ___ 2.182 2.21 2.16 July .____________, 2.197 2.21 2.16 ernment securities and increased the percent; by the end of December 1947 August- ._____ -__ 2.199 2.21 2.16 September-.w 2.200 2.21 2.16 total assets of the fund from $8,124 it was 2.144 percent, and by the end October.
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