3.0.0 857 2019-11-15T21:52:42Z 2019-11-15T21:52:42Z Senate S S 2005-04-20 109 ssfi00 Finance Committee Senate Standing Referred to 2005-04-20T20:50:20Z Bipartisan Retirement Security Act of 2005 109 440 HR 2005-04-19 Sponsor introductory remarks on measure. (CR H2140-2141) Related bill CRS Individual Social Security Investment Program Act of 2005 109 530 HR 2005-07-12 Sponsor introductory remarks on measure. (CR H5644) Related bill CRS Social Security Guarantee Plus Act of 2005 109 750 HR 2005-03-03 Referred to the Subcommittee on Social Security. Related bill CRS Retirement Security Act of 2005 109 1800 HR 2005-05-04 Referred to the Subcommittee on Social Security. Related bill CRS Saving Social Security Act of 2005 109 540 S 2005-03-07 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2166-2170) Related bill CRS Social Security Personal Savings Guarantee and Prosperity Act of 2005 109 1776 HR 2005-05-09 Referred to the Subcommittee on Social Security. Identical bill CRS 2005-04-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-04-20 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 2005-04-20 True D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. 2005-04-20 True Social Welfare Accounting Administrative fees Administrative procedure Adoption Advice and consent of the Senate Agricultural subsidies Agriculture and Food Aid to dependent children American investments Annuities Appropriations Armed Forces and National Security Auditing Authorization Budget deficits Budget resolutions Budget surpluses Cash welfare block grants Child nutrition Child support Civil service retirement Collection of accounts Commerce Congress Congressional budget Congressional reporting requirements Corporation taxes Cost of living adjustments Drugs Economics and Public Finance Entitlements Estate tax Executive reorganization Families Federal aid to child health services Federal budgets Federal employees Finance and Financial Sector Financial statements Food stamps Foreign Trade and International Finance Foreign corporations Foster home care Government Operations and Politics Government lending Government paperwork Government securities Government spending reductions Government trust funds Gross national product Health Health insurance House rules and procedure Income tax Information disclosure (Securities law) Insurance Investments Labor and Employment Labor unions Law Legislation Legislative amendments Legislative resolutions Licenses Medicaid Medically uninsured Medicare Military medicine Military pensions Milk Mutual funds Old age, survivors and disability insurance Poor children Postal service Prescription pricing Presidential appointments Salaries Saving and investment Securities Senate rules and procedure Small business Social security finance Social security taxes Stocks Student loan funds Supplemental security income program Tax exclusion Tax exemption Tax rates Taxation Trusts and trustees Unemployment insurance Veterans' benefits Veterans' medical care WIC program Wool Wool trade Social Welfare 00 2005-04-20 Introduced in Senate 2005-05-02T20:08:18Z Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish: (1) a new part B (Personal Social Security Savings Program); and (2) the Social Security Personal Savings Fund in the Treasury, consisting of a separate Tier I Investment Fund and Tier II Investment Fund. Restricts participation in the program to certain individuals born on or after January 1, 1950. Allows a participating individual to elect to direct transfers from the Savings Fund, credited to his or her personal Social Security savings account, into one or more specified Tier III Investment Options. Prescribes requirements for personal Social Security savings annuity and other distributions. Establishes a Personal Social Security Savings Board to administer the program and set policies for the investment and management of the Savings Fund.

Provides for recapture of corporate tax on yields attributable to personal Social Security savings account investments.

Amends the Internal Revenue Code (IRC) to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Excludes from gross income any qualified distribution from amounts credited to a personal Social Security savings account.

Amends SSA title II part B to create in the Treasury the Self-Liquidating Social Security Transition Fund.

Amends SSA title VII (Administration) to prohibit receipts and disbursements of the Social Security and related trust funds from being counted as new budget authority, outlays, receipts, or deficit or surplus.

Amends SSA title II to dedicate budget surpluses to saving Social Security.


Amends IRC to provide for a reduction of FICA rates resulting from the program.

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for spending safeguards on the growth of entitlements and mandatories.

]]> Social Security Personal Savings Guarantee and Prosperity Act of 2005 Short Titles as Introduced Social Security Personal Savings Guarantee and Prosperity Act of 2005 Display Title Social Security Personal Savings Guarantee and Prosperity Act of 2005 Official Title as Introduced A bill to reform Social Security by establishing a Personal Social Security Savings Program and to provide new limitations on the Federal Budget. Introduced in Senate 2005-04-20T04:00:00Z 2005-04-20 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.