The account was created that year, so the old deficit has led to an increase in the overall deficit of the government. The way the board has been set up, the maximum increase in the rate that would have been possible was 15¢. That's why there's a cap on the increase in rates. If the board didn't follow the rules, they would have increased the premium by 15¢ to offset the increase in benefits, ensuring that the accounts would not have gone so deeply into deficit. It would probably have added a deficit anyway—but one of a larger size.
On March 8th, 2011. See this statement in context.