3.0.0 3055 2023-01-15T06:48:06Z 2023-01-15T06:48:06Z House H HR 2003-09-10 108 hswm00 Ways and Means Committee House Standing hswm01 Social Security Subcommittee Referred to 2003-09-30T20:30:10Z Referred to 2003-09-10T14:00:45Z 2004-07-13 Sponsor introductory remarks on measure. (CR H5643-5646) IntroReferral B00100 9 Library of Congress 2004-06-01 Sponsor introductory remarks on measure. (CR H3592-3593) IntroReferral B00100 9 Library of Congress 2004-04-28 Sponsor introductory remarks on measure. (CR H2472-2475) IntroReferral B00100 9 Library of Congress 2004-04-21 Sponsor introductory remarks on measure. (CR H2249-2253) IntroReferral B00100 9 Library of Congress 2003-09-30 hswm01 Social Security Subcommittee 1 House committee actions Referred to the Subcommittee on Social Security. Committee 2003-09-30 Sponsor introductory remarks on measure. (CR H8959) IntroReferral B00100 9 Library of Congress 2003-09-16 Sponsor introductory remarks on measure. (CR H8223-8224) IntroReferral B00100 9 Library of Congress 2003-09-10 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2003-09-10 Sponsor introductory remarks on measure. (CR H8065) IntroReferral B00100 9 Library of Congress 2003-09-10 Introduced in House IntroReferral Intro-H 9 Library of Congress 2003-09-10 Introduced in House IntroReferral 1000 9 Library of Congress S000597 Rep. Smith, Nick [R-MI-7] NICK SMITH R MI 7 N K000306 Rep. Kolbe, Jim [R-AZ-8] JIM KOLBE R AZ 8 2003-09-10 True S000851 Rep. Stenholm, Charles W. [D-TX-17] CHARLES STENHOLM D TX W. 17 2003-09-10 True T000461 Rep. Toomey, Patrick J. [R-PA-15] PATRICK TOOMEY R PA J. 15 2003-09-10 True S000275 Rep. Shadegg, John B. [R-AZ-3] JOHN SHADEGG R AZ 3 2003-09-10 True F000444 Rep. Flake, Jeff [R-AZ-6] JEFF FLAKE R AZ 6 2003-09-10 True T000459 Rep. Terry, Lee [R-NE-2] LEE TERRY R NE 2 2003-11-25 False G000548 Rep. Garrett, Scott [R-NJ-5] Scott Garrett R NJ 5 2003-11-25 False D000595 Rep. DeMint, Jim [R-SC-4] Jim DeMint R SC 4 2003-11-25 False H000814 Rep. Houghton, Amo [R-NY-29] AMO HOUGHTON R NY 29 2003-11-25 False Social Welfare Accounting Annuities Bank accounts Bonds Budget surpluses Caregivers Civil service retirement Commerce Congress Congressional reporting requirements Disabled Dividends Early retirement Economics and Public Finance Election administration Electronic government information Families Federal budgets Finance and Financial Sector Financial planning Fines (Penalties) Fringe benefits Government Operations and Politics Government publicity Government trust funds Health Home ownership Housing and Community Development Housing for the aged Income tax Individual retirement accounts Insurance premiums Internet Investment of public funds Investments Labor and Employment Law Local employees Long-term care insurance Married people Medical economics Old age, survivors and disability insurance Parents Pension funds Pension portability Retirement age Science, Technology, Communications Small business Social security finance Social security taxes State employees Stocks Sunset legislation Tax credits Tax deductions Tax exclusion Tax exemption Tax refunds Tax returns Tax-deferred compensation plans Tax-exempt organizations Taxation Telephone Trusts and trustees Valuation Web sites Widowers Widows Women Social Welfare 00 2003-09-10 Introduced in House 2003-10-01T14:49:30Z Social Security Solvency Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program (Program). Establishes in the Treasury an Interim Investment Fund (IIF) governed by the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

Authorizes a participating individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the IIF, to designate one or more personal retirement savings accounts, to which the Secretary of the Treasury shall make deposits from the IIF with respect to the individual according to prescribed formulae. Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds. Requires the Secretary to deposit into the IIF, from amounts otherwise available in the general fund of the Treasury, a total amount equal, in the aggregate, to 100 percent of the redirected social security taxes for such calendar year of each covered individual for such calendar year.

Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.

Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.

Amends the Internal Revenue Code to: (1) allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) establish an Individual Retirement Security Program refundable credit.

Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.

Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage.

Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions.

Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to revise requirements for long-term care insurance contracts and dependent care and other matters affecting seniors.

]]> Social Security Solvency Act of 2003 Display Title Social Security Solvency Act of 2003 Official Title as Introduced To amend title II of the Social Security Act and the Internal Revenue Code of 1986 to provide prospectively for personalized retirement security through personal retirement savings accounts to allow for more control by individuals over their Social Security retirement income, to amend such title and the Balanced Budget and Emergency Deficit Control Act of 1985 to protect Social Security surpluses, and to provide other reforms relating to benefits under such title II. Introduced in House IH Short Titles as Introduced Social Security Solvency Act of 2003 Introduced in House 2003-09-10T04:00:00Z 2004-07-13 Sponsor introductory remarks on measure. (CR H5643-5646) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.