3.0.0 2002 2023-01-11T19:43:15Z 2023-01-11T19:43:15Z House H HR 2007-04-23 110 hswm00 Ways and Means Committee House Standing hswm01 Social Security Subcommittee Referred to 2007-04-25T15:54:48Z Referred to 2007-04-23T16:32:25Z 2007-04-25 hswm01 Social Security Subcommittee 1 House committee actions Referred to the Subcommittee on Social Security. Committee 2007-04-23 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-04-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-04-23 Introduced in House IntroReferral 1000 9 Library of Congress J000174 Rep. Johnson, Sam [R-TX-3] SAM JOHNSON R TX 3 N Social Welfare Accounting Administrative fees Advice and consent of the Senate Annuities Appropriations Auditing Bonds Civil service retirement Commerce Congressional reporting requirements Consumer price indexes Cost of living adjustments Earnings Economics and Public Finance Estates (Law) Executive reorganization Families Federal officials Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Government publicity Government trust funds Governmental investigations Income tax Investments Labor and Employment Law Licenses Married people Mutual funds Old age, survivors and disability insurance Presidential appointments Saving and investment Securities Social security finance Social security taxes Supplemental security income program Survivors' benefits Tax exclusion Tax exemption Taxation Trusts and trustees Valuation Wages Welfare recipients Social Welfare 00 2007-04-23 Introduced in House 2007-05-01T21:11:18Z Individual Social Security Investment Program Act of 2007 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act to add a new part B (Individual Social Security Investment Program) to change Social Security into a system of individual accounts where workers born on or after January 1, 1986, as well as electing participants born between January 1, 1953, and January 1, 1986, have ownership of and control over the investment of their retirement funds in various investment vehicles: (1) Tier I Investment Fund; (2) Tier II Investment Fund; and (3) Tier III Investment Accounts.

Allows participating workers choosing the individual account option to have 100% of their redirected Social Security contribution for the calendar year (6.2% of the sum of the total wages paid to, and self-employment income derived by, the participant) deposited into the Tier I Investment Fund. Provides for transfer of any amount held in the Tier I Investment Fund into the Tier II Investment Fund, and for an individual's first election of a Tier III investment account once the total balance of the Tier II account exceeds the minimum deposit balance of $10,000.

Directs the Executive Director to establish and maintain a part B totalization account for each participant.

Provides workers choosing the individual account under the Tier II option with a variety of investment options, with the initial default option set at 60% stocks, and 40% bonds.

Provides for retirement distributions, including purchase of annuities.

Provides that workers who choose the individual account option shall receive a recognition bond, redeemable upon reaching retirement age, based on the accrued value of their lifetime to date benefits.

Provides that, in any case in which a participant is entitled to, or eligible for, need-based cash benefits for any month, the supplemental minimum benefit payments otherwise payable to such participant for such month shall be reduced by the total amount of such recognized governmental cash benefits for such month.

Establishes in the executive branch of the Government an Individual Investment Board to administer the program established under this Act.

Amends the Internal Revenue Code to exempt from income taxation any fund created, account established, or annuity under part B of title II of the Social Security Act, unless subject to taxes on unrelated business income of charitable organizations. Excludes from the gross income of a distributee or payee: (1) any fund or account distribution or any annuity payment; or (2) the value of a recognition bond issued to a participant, or the proceeds from its sale or redemption.

Amends SSA title II to provide that, except with respect to determination of disability insurance benefits, a participant shall not be credited with wages or self-employment income under part B of SSA title II.

Provides for: (1) consumer price indexing of benefits for non-disability part A beneficiaries; and (2) the maintenance of adequate balances in the Social Security trust funds.

]]> Individual Social Security Investment Program Act of 2007 Official Title as Introduced To amend title II of the Social Security Act and the Internal Revenue Code of 1986 to provide for enhanced retirement security in the form of an Individual Social Security Investment Program. Introduced in House IH Display Title Individual Social Security Investment Program Act of 2007 Short Titles as Introduced Individual Social Security Investment Program Act of 2007 Introduced in House 2007-04-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr2002ih/xml/BILLS-110hr2002ih.xml 2007-04-25 Referred to the Subcommittee on Social Security. 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.