3.0.0 1878 2023-01-15T09:03:30Z 2023-01-15T09:03:30Z Senate S S 2003-11-18 108 ssfi00 Finance Committee Senate Standing Referred to 2003-11-18T20:48:19Z 2003-11-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-11-18 Introduced in Senate IntroReferral 10000 9 Library of Congress G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC N Social Welfare Administrative procedure Commerce Congress Disabled Earned income tax credit Economics and Public Finance Education Executive reorganization Federal advisory bodies Finance and Financial Sector Government Operations and Politics Government downsizing Government trust funds Health Income tax Indexing (Economic policy) Labor and Employment Law Legislation Medicare Off-budget expenditures Old age, survivors and disability insurance Payroll deductions Personal budgets Poverty Public-private partnerships Retirement Saving and investment Social Security Administration Social security beneficiaries Social security finance Social security taxes Subsidies Tax credits Tax deductions Tax rates Tax refunds Tax-deferred compensation plans Taxation Waste in government spending Widowers Widows Women Social Welfare 00 2003-11-18 Introduced in Senate 2004-04-26T14:16:42Z Social Security Solvency and Modernization Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to require the Personal Retirement Account Board to: (1) establish a federally-administered personal retirement account (PRA) for each eligible individual in the Personal Retirement Account Fund (PRAF); and (2) credit to the eligible individual's PRA the contributions transferred from the Federal Old-Age and Survivors Insurance Trust Fund (Trust Fund) that result from reduced Federal Insurance Contributions Act (FICA) tax rates (provided for in this Act), as well as other specified contributions involving certain tax overpayments treated as contributions and certain rollovers. Requires investment of a PRA in a manner similar to that under the Thrift Savings Plan for Federal employees.

Establishes in the Treasury a Personal Retirement Account Fund composed of all established PRAs, and managed by a Personal Retirement Account Board established in the Social Security Administration.

Provides for an alternative PRA privately-administered by a certified investment firm, credit union, insurance company, or other certified institution.

Prescribes rules for: (1) distribution of an eligible individual's PRA's funds; (2) off-budget treatment of the PRAF and any federally-administered PRAs within it; and (3) privately-administered PRAs.

Amends SSA title II to: (1) make adjustments to primary insurance amounts under the OASDI program for eligible individuals with personal retirement accounts; (2) establish a new minimum monthly Social Security benefit for certain low-income beneficiaries; and (3) provide for the treatment of disabled beneficiaries who have not elected supplemental contribution coverage under a PRA.

Amends the Internal Revenue Code to reduce FICA tax rates on the income of every eligible individual, and to impose a PRA contribution on such income, to be credited to the eligible individual's PRA. Entitles each qualified eligible individual to a specified limited PRA tax credit for the taxable year involved, treated as a tax overpayment, to be transferred by the Secretary of Health and Human Services for crediting by the Commissioner of Social Security, as a contribution equal to the tax overpayment, to such eligible individual's PRA.

Establishes the Commission on the Review of Federal Agencies and Programs to evaluate all agencies and programs and recommend to Congress realignment or elimination of any that has wasted Federal funds.

Directs the Secretary of the Treasury to transfer annually an amount equal to 1.25 percent of the taxable payroll for the preceding calendar year to the Federal Old-Age and Survivors Insurance Trust Fund.

Provides for a reduction in the amount of certain transfers to the Medicare trust fund.

Amends SSA title XVII (Administration) to establish a mechanism for remedying unforseen deterioration in social security solvency.

Amends SSA title II to make adjustments for widow's and widowers' insurance benefits.

Establishes the Commission to Strengthen Financial Education Programs to study all matters relating to programs to increase the financial literacy of Americans.

]]> Social Security Solvency and Modernization Act of 2003 Display Title Social Security Solvency and Modernization Act of 2003 Official Title as Introduced A bill to amend title II of the Social Security Act to preserve and strengthen the Social Security program through the creation of personal retirement accounts funded by employer and employee Social Security payroll deductions, to restore the solvency of the old-age survivors, and disability insurance programs, and for other purposes. Introduced in Senate IS Short Titles as Introduced Social Security Solvency and Modernization Act of 2003 Introduced in Senate 2003-11-18T05:00:00Z 2003-11-18 Read twice and referred to the Committee on Finance. 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.