3.0.0 2782 2023-01-14T22:48:47Z 2023-01-14T22:48:47Z Senate S S 2004-09-09 108 ssfi00 Finance Committee Senate Standing Referred to 2004-09-09T16:17:28Z Social Security Personal Savings Guarantee and Prosperity Act of 2004 108 4851 HR 2004-07-23 Referred to the Subcommittee on Social Security. Identical bill CRS 2004-09-09 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2004-09-09 Introduced in Senate IntroReferral 10000 9 Library of Congress S001078 Sen. Sununu, John E. [R-NH] John Sununu R NH E. N B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2004-09-27 False Social Welfare Accounting Administrative fees Administrative procedure Advice and consent of the Senate Annuities Auditing Budget deficits Budget resolutions Budget surpluses Commerce Congress Congressional budget Congressional reporting requirements Congressional voting Corporation taxes Cost of living adjustments Economics and Public Finance Estate tax Executive reorganization Federal budgets Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Government securities Government spending reductions Government trust funds Gross national product House rules and procedure Income tax Information disclosure (Securities law) Investments Labor and Employment Labor unions Law Licenses Mutual funds Old age, survivors and disability insurance Presidential appointments Saving and investment Securities Senate rules and procedure Social security finance Social security taxes Stocks Tax exclusion Tax exemption Tax rates Taxation Trusts and trustees Valuation Social Welfare 00 2004-09-09 Introduced in Senate 2004-09-30T14:33:26Z Social Security Personal Savings Guarantee and Prosperity Act of 2004 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to provide for the establishment of a voluntary, personal Social Security investment program under a new part B (Personal Social Security Savings Program) where a participating individual is able to invest in tax free personal accounts in a way that is similar to the way Federal employees invest in the Thrift Savings Program.

Establishes in the Treasury the Social Security Personal Savings Fund, with personal Social Security savings accounts for deposit of the redirected Social Security contributions of participating individuals as mechanisms for crediting to such individuals amounts held in the Tier I Investment Fund, the Tier II Investment Fund, and Tier III Investment Options, also hereby established. Prescribes rules for personal Social Security savings annuity and other distributions.

Establishes in the executive branch of the Government a Personal Social Security Savings Account Board to administer the new part B program.

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to provide for adjustment of primary insurance amounts in relation to deposits made to personal Social Security accounts.

Directs the Secretary of the Treasury to transfer to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the recapture of corporate tax on account yields and of Government savings over baseline.

Amends the Internal Revenue Code to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Subjects a personal Social Security savings account to taxes imposed on unrelated business income of charitable, etc. organizations. Excludes from a distributee's gross income any qualified distribution from amounts credited to a personal Social Security savings account from the Social Security Personal Savings Fund or held in a Tier III Investment Option.

Creates in the Treasury the Self-Liquidating Social Security Transition Fund for the deposit of OASDI trust fund surplus for the preceding year.

Amends SSA to provide for accounting for the OASDI program and the individual Social Security investment program.

Amends SSA title VII to prescribe the budgetary treatment of the Social Security trust funds, the Social Security Personal Savings Fund, and taxes on self-employment income and FICA (Federal Insurance Contributions) taxes.

]]> Social Security Personal Savings Guarantee and Prosperity Act of 2004 Display Title Social Security Personal Savings Guarantee and Prosperity Act of 2004 Official Title as Introduced A bill to reform social security by establishing a Personal Social Security Savings Program. Introduced in Senate IS Short Titles as Introduced Social Security Personal Savings Guarantee and Prosperity Act of 2004 Introduced in Senate 2004-09-09T04:00:00Z 2004-09-09 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.