THE WHITE HOUSE
Office of the Press Secretary
PRESIDENT NAMES TWO MEMBERS TO THE BOARD OF TRUSTEES OF THE FEDERAL OLD-AGE AND SURVIVORS INSURANCE TRUST FUND AND THE FEDERAL DISABILITY INSURANCE TRUST FUND
The President today announced his intention to nominate Marilyn Moon and Stephen G. Kellison to be public members of the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (Social Security). They will also be nominated to be public members of the Boards of Trustees of the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund (Medicare).
Marilyn Moon of Maryland is a Senior Fellow with the Health Policy Center of the Urban Institute in Washington, D.C. From 1986-1989, she served as Director of the Public Policy Institute of the American Association of Retired Persons. Ms. Moon is also a founding member of the National Academy of Social Insurance and serves on its Board of Directors. She received her Ph.D. in economics from the University of Wisconsin.
Stephen G. Kellison of Texas is Vice President and Chief Actuary of The Variable Annuity Life Insurance Company of Houston, Texas. He has also previously served as Chairman and Professor of the Department of Risk Management and Insurance at Georgia State University. Mr. Kellison is a Fellow in the Society of Actuaries and a member of the American Academy of Actuaries. He was Executive Director of the American Academy of Actuaries from 1976-88. He also served on the Board of Governors of the Society of Actuaries during 1973-75 and 1990-93. He received his M.S. in actuarial science from the University of Nebraska.
The Board is comprised of the Secretaries of the Treasury, Labor, and Health and Human Services, the Commissioner of Social Security, and two public members appointed by the President with the advice and consent of the Senate. The Board is responsible for reporting annually to Congress on the financial status of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds, the Hospital Insurance (HI) Trust Fund, and the Supplementary Medical Insurance (SMI) Trust Fund. The OASI and DI Trust Funds provide financing for the retirement, survivors, and disability benefits under Social Security, and the HI and SMI Trust Funds finance the Medicare program. In addition to the annual report to Congress, the Boards are required to notify the Congress immediately when the amount in one of the Trust Funds is unduly small and to review the general policies followed in managing Trust Funds.