POST-1956 MILITARY WAGE CREDITS.

SEC. 420. POST-1956 MILITARY WAGE CREDITS.(a) Payment to the Social Security Trust Funds in Satisfaction of Outstanding Obligations.—Section 201 of the Social Security Act (42 U.S.C. 401) is amended by adding at the end the following:“(n) Not later than July 1, 2004, the Secretary of the Treasury shall transfer, from amounts in the general fund of the Treasury that are not otherwise appropriated—“(1) $624,971,854 to the Federal Old-Age and Survivors Insurance Trust Fund;“(2) $105,379,671 to the Federal Disability Insurance Trust Fund; and“(3) $173,306,134 to the Federal Hospital Insurance Trust Fund.Amounts transferred in accordance with this subsection shall be in satisfaction of certain outstanding obligations for deemed wage credits for 2000 and 2001.”. (b) Conforming Amendments.—(1) Repeal of authority for annual appropriations and related adjustments to compensate the social security trust fund for military wage credits.—Section 229 of the Social Security Act (42 U.S.C. 429) is amended—(A) by striking “(a)”; and(B) by striking subsection (b).(2) Amendment to reflect the termination of wage credits effective after calendar year 2001 by section 8134 of public law 107–117.—Section 229(a)(2) of the Social Security Act (42 U.S.C. 429(a)(2)), as amended by paragraph (1), is amended by inserting “and before 2002” after “1977”.