3.0.0 1302 2019-11-15T21:52:57Z 2019-11-15T21:52:57Z Senate S S 2005-06-23 109 ssfi00 Finance Committee Senate Standing Referred to 2005-06-23T22:28:04Z 2005-11-15 Sponsor introductory remarks on measure. (CR S12829-12830) IntroReferral B00100 9 Library of Congress 2005-06-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7303-7308) IntroReferral 2005-06-23 Sponsor introductory remarks on measure. (CR S7303) IntroReferral B00100 9 Library of Congress 2005-06-23 Introduced in Senate IntroReferral 10000 9 Library of Congress D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. N S000059 Sen. Santorum, Rick [R-PA] RICK SANTORUM R PA 2005-06-23 True G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2005-06-23 True C000880 Sen. Crapo, Mike [R-ID] Mike Crapo R ID 2005-06-23 True C000560 Sen. Coburn, Tom [R-OK] TOM COBURN R OK 2005-06-23 True S001078 Sen. Sununu, John E. [R-NH] John Sununu R NH E. 2005-06-23 True I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2005-06-23 True E000285 Sen. Enzi, Michael B. [R-WY] MICHAEL ENZI R WY B. 2005-06-23 True C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2005-06-23 True L000447 Sen. Lott, Trent [R-MS] CHESTER LOTT R MS TRENT 2005-06-23 True B000953 Sen. Brownback, Sam [R-KS] SAM BROWNBACK R KS 2005-06-23 True C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2005-06-23 True Social Welfare Economics and Public Finance Estate tax Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Government trust funds Income tax Labor and Employment Old age, survivors and disability insurance Retirement income Saving and investment Stocks Tax exemption Tax-deferred compensation plans Taxation Social Welfare 00 2005-06-23 Introduced in Senate 2005-07-28T21:32:08Z Stop the Raid on Social Security Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Personal Retirement Accounts Program, to be administered by a Social Security Personal Savings Board established within the Social Security Administration. Authorizes any individual credited with wages paid after December 31, 2005, or self-employment income derived in any taxable year ending after such date, who is born on or after January 1, 1950, and who has not filed an election to renounce such individual's status as a participating individual, to participate in the Program.

Directs the Board to establish a social security personal retirement account for each participating individual upon initial receipt of a transfer from amounts held in the Federal Old-Age and Survivors Insurance Trust Fund.

Requires the Secretary of the Treasury to make necessary transfers from the general fund of the Treasury to maintain a 100 percent ratio of assets of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to the annual amount required to pay the full amount of benefits payable for each year up to 2041.

Requires designation of a certified account manager by or on behalf of each participating individual to hold the individual's account assets for investment, including in broad-based index funds similar to the index fund investment options available within the Thrift Savings Fund.

Prescribes requirements for withdrawal from such accounts, annuitization, and related matters.

Amends the Internal Revenue Code to: (1) make all social security personal retirement accounts exempt from income taxation; but (2) subject distributions from closed accounts to taxation as social security benefits.

Exempts assets of Social Security Personal Retirement Accounts from the estate tax.

]]> Stop the Raid on Social Security Act of 2005 Short Titles as Introduced Stop the Raid on Social Security Act of 2005 Display Title Stop the Raid on Social Security Act of 2005 Official Title as Introduced A bill to amend the Social Security Act and the Internal Revenue Code of 1986 to stop the Congress from spending Social Security surpluses on other Government programs by dedicating those surpluses to personal accounts that can only be used to pay Social Security benefits. Introduced in Senate 2005-06-23T04:00:00Z 2005-11-15 Sponsor introductory remarks on measure. (CR S12829-12830) 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.