75TH CONGRESS, 1ST SESSION-CH . 382-JUNE 24, 1937 amounts credited to the account as, in the judgment of the Board, is not immediately required for the payment of annuities, pensions, and death benefits in accordance with the provisions of this Act and the Railr oad R etirem ent A ct of 1935 in in teres t-bear ing o bligat ions of the United States or in obligations- guaranteed as to both prin- cip al and inte rest b y the Unite d Sta tes . For such purpose such obligations may be acquired on original issue at par or by purchase of outstanding obligations at the market price . The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to author- ize the issuance at par of special obligations exclusively to the account . Such special obligations shall bear interest at the rate of 3 per cent um per annu m . Oblig ations othe r tha n such spec ial ob ligat ions may be ac quire d for the a ccount only on such terms as to p rovide an investment yield of not les s th an 3 per centum per annum . It shall be the duty of the Secretary of the Treasury to sell and dispose of obligations in the account if it shall be in the interest of the account so to do. Any obligations acquired by the account, except special obl igatio ns is sued e xclus ively to th e account, may be sold at the mar ket pr ice . S pecia l obl igatio ns is sued exclus ively to th e acc ount shall, at the request of the Board, be redeemed at par plus accrued interest . All amounts credited to the account shall be available for the payment of all annuities, pensions, and death benefits in accord- anc e with the provis ions of th is Act and the R ailroa d Ret iremen t Act of 1935 . "(c) The Board is here by aut horiz ed and directed to select two actuaries, one from recommendations made by representatives of emp loyees and the other from recommendations made by repre senta- tives of carriers . These actuaries, along with a third who shall be designated by the Secretary of the Treasury, shall be known as the Actuarial Advisory Committee with respect to the Railroad Retire- ment Account . The committee shal l exam ine t he act uaria l repo rts and estimates made by the Railroad Retirement Board and shall have authority to recommend to the Board such changes in actuarial meth- ods as they may deem nece ssary . The compensation of the members of the committee of actuaries, exclusive of the member designated by the Secretary, shall be fixed by the Board on a per-diem basis . (d) The Board sha ll include in its annual report a statement of the status and the operations of the Railroad Retirement Account . At intervals not, longer than three years the Board shall make an estimate of the liabilities created by this Act and the Railroad Retire- ment Act of 1935 and shall include such estimate in its annual report . Such report shall also contain an estimate of the reduction in lia- bilities under Title II of the Social Security Act arising as a result of the maintenance of this Act and the Railroad Retirement Act of 1935. APPROPRIATION FOR ADMIINISTRATIVE EXPENSES "SEC . 16 . There is hereby authorized to be appropriated from time to time such sums as may be necessary to provide for the expenses of the Board in administering the provisions of th is Act and the Railroad Retirement Act of 1935 . 'SOCIAL SECURITY A CT "SEC . 17 . The term employment', as defined in subsection (b) of section 210 of title II of the Social Security Act, shall not include service performed by ail individual as an employee as defined ill section 1 (b) . 317 Sale, etc ., of obliga- tions . Actuarial Advisory Co mmittee . Duties . etc . Annual statements . Sums authorized for administrative ex- penses . Soc ial Secur ity Act . "Employment", term modified . 49 Stat . 625. 42I-.5.C.,Supp. II, ° 1107.
