1. Short title This Act may be cited as the Social Security Trustees Report Accountability, Transparency, and Improvement Act of 2018 . 2. Management of the trust funds Section 201(c) of the Social Security Act is amended to read as follows: (c) (1) With respect to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund (hereinafter in this title called the Trust Funds ) there is hereby created a body to be known as the Board of Trustees of the Trust Funds (hereinafter in this title called the Board of Trustees ) which Board of Trustees shall be composed of the Commissioner of Social Security, the Secretary of the Treasury, the Secretary of Labor, and the Secretary of Health and Human Services, all ex officio, and of four members of the public (hereinafter in this title called public trustees ), to be appointed in accordance with paragraph (2). The Secretary of the Treasury shall be the Managing Trustee of the Board of Trustees (hereinafter in this title called the Managing Trustee ). The Deputy Commissioner of Social Security shall serve as Secretary of the Board of Trustees. The Board of Trustees shall meet not less frequently than once each calendar year. A person serving on the Board of Trustees shall not be considered to be a fiduciary and shall not be personally liable for actions taken in such capacity with respect to the Trust Funds. . 3. Appointment and terms of public trustees Section 201(c) of the Social Security Act, as amended by section 2, is further amended by adding at the end the following: (2) (A) Public trustees shall be appointed as follows: (i) Two members (each member from a different political party) shall be appointed by the President pro tempore of the Senate with the advice of the Chairman and the Ranking Minority Member of the Senate Committee on Finance. (ii) Two members (each member from a different political party) shall be appointed by the Speaker of the House of Representatives, with the advice of the Chairman and the Ranking Minority