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Advisory Council on Social Security

Prior to the enactment of the Social Security Independence and Program Improvements Act of 1994 (Public Law 103-296) on August 15, 1994, the Social Security Act required the appointment of an Advisory Council every 4 years to study and review the financial status of the Old Age, Survivors, and Disability Insurance (OASDI) and Medicare programs. Its report on the financial status of the OASDI program was submitted on January 6, 1997. Under the provisions of the Public Law, this was the last Advisory Council to be appointed.

Advisory organization

A rating bureau or other body that may advise but not require its members to adhere to certain practices, in accordance with state insurance laws. Rating organizations or bureaus adopt file rules and rates in the various states, on behalf of their members.