3.0.0 2765 2022-02-03T05:09:49Z 2022-02-03T05:09:49Z Senate S S 2008-03-13 110 ssfi00 Finance Committee Senate Standing Referred to 2008-03-13T17:34:33Z 2008-03-13 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-03-13 Introduced in Senate IntroReferral 10000 9 Library of Congress H001028 Sen. Hagel, Chuck [R-NE] CHUCK HAGEL R NE N Social Welfare Advice and consent of the Senate Annuities Appropriations Congress Congressional reporting requirements Early retirement Economics and Public Finance Executive reorganization Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Government publications Government publicity Government trust funds Governmental investigations Income tax Internet Labor and Employment Legislation Life expectancy Longevity Old age, survivors and disability insurance Personal budgets Presidential appointments Retirement age Saving and investment Science, Technology, Communications Social Security Administration Social security beneficiaries Social security finance Survivors' benefits Tax exemption Tax-deferred compensation plans Taxation Telephone Social Welfare 00 2008-03-13 Introduced in Senate 2008-04-21T18:40:42Z Saving Social Security Act of 2008 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Investment-Based Social Security) outlining a new program to allow any individual born on or after January 1, 1963, and meeting certain criteria, to receive Social Security benefits from a portion of their wages or self-employment income that has been contributed to a designated Social Security savings account for employees (SAFE Account) for investment. Guarantees a total monthly benefit to be not less than the monthly benefit promised under the current OASDI program (which is redesignated as part A (Debt-Based Social Security)). Allows certain individuals to elect to waive SAFE account eligibility.

Establishes in the Treasury a SAFE Investment Fund which shall be maintained in the same manner as the Thrift Savings Fund (for federal employees and Members of Congress) and in which a SAFE Account for each such investing individual shall be established. Requires the Fund to charge each investing worker in the Fund a single, uniform annual administrative fee not to exceed 0.57% of the value of the assets invested in the worker's SAFE Account.

Prescribes requirements for the timing of distributions from the SAFE Account of an investing worker.

Requires transfer to the Federal Old-Age and Survivors Insurance Trust Fund, on the determined distribution date, of so much of the balance in an investing worker's SAFE Account as does not exceed the old-age insurance amount. Entitles the investing worker to a federal annuity payment. Requires payment to the worker, in the manner and amounts the worker determines, of any funds remaining in an investment worker's SAFE Account after such transfer.

Establishes within the Social Security Administration a Social Security Investment Board to maintain SAFE Accounts and the SAFE Investment Fund in the same manner as the Thrift Savings Accounts and the Thrift Savings Fund are maintained by the Thrift Savings Board.

Amends the Internal Revenue Code to: (1) provide for a minimum monthly Social Security benefit; (2) exempt the SAFE Investment Fund and each SAFE Account from income taxation; (3) subject a personal Social Security savings account to certain other taxes; (4) treat any federal annuity payment under the new part B program as a Social Security benefit for purposes of Social Security and tier 1 railroad retirement benefits; and (5) include any distribution of excess assets from a SAFE Account in gross income.

Amends SSA to make necessary additional fiscal year appropriations to the Social Security Trust Funds to maintain adequate balances.

]]> Saving Social Security Act of 2008 Short Titles as Introduced Saving Social Security Act of 2008 Display Title Saving Social Security Act of 2008 Official Title as Introduced A bill to strengthen and permanently preserve social security. Introduced in Senate 2008-03-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2765is/xml/BILLS-110s2765is.xml 2008-03-13 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.