3.0.0 2889 2023-01-11T13:22:25Z 2023-01-11T13:22:25Z House H HR 2011-09-12 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McCOTTER:H.R. 2889.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1The Congress shall have Power to lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defence and general Welfare of the United States;but all Duties, Imposts and Excises shall be uniformthroughout the United States.Sixteenth AmendmentThe Congress shall have power to lay and collect taxes onincomes, from whatever source derived, without apportionmentamong the several States, and without regard to any census orenumeration.[Page H6097]]]> hswm00 Ways and Means Committee House Standing hswm01 Social Security Subcommittee Referred to 2011-09-19T20:32:35Z Referred to 2011-09-12T16:02:00Z 2011-09-19 hswm01 Social Security Subcommittee 1 House committee actions Referred for a period ending not later than September 19, 2011, (or for a later time if the Chairman so designates) to the Subcommittee on Social Security, in each case for consideration of such provisions as fall within the jurisdiction of the subcommittee concerned. Committee 2011-09-12 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-09-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-09-12 Introduced in House IntroReferral 1000 9 Library of Congress M001147 Rep. McCotter, Thaddeus G. [R-MI-11] Thaddeus McCotter R MI G. 11 N Social Welfare Administrative law and regulatory procedures Employee benefits and pensions Executive agency funding and structure Financial services and investments Government trust funds Securities Social security and elderly assistance Social Welfare 00 2011-09-12 Introduced in House 2011-11-01T20:18:24Z Save Social Security Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish a Personal Social Security Savings Fund consisting of Social Security contributions, increased by the total net earnings from investments, and reserves held in an Annuity Reserves Account.

Authorizes qualifying individuals to elect to participate in a program under which personal Social Security savings accounts are established for investment pursuant to various options.

Prescribes requirements for Tier I and Tier II Investment Funds for the investment of personal Social Security savings contributions calculated according to a specified formula. Specifies Tier I and Tier II investment options.

Prescribes requirements for: (1) distributions from personal Social Security savings accounts for purchase of annuities from an Annuity Issuance Authority, and (2) guaranteed Social Security benefits regardless of whether such an annuity is purchased.

Requires a reduction in monthly Social Security insurance benefits, according to a certain formula, for personal savings program participants.

Establishes a Personal Social Security Savings Board to administer the program and establish investment policies.

Amends the Internal Revenue Code to subject distributions from personal Social Security savings accounts to income tax.

Establishes in the Treasury a Personal Social Security Savings Program Spending Reduction Account to which the Secretary of the Treasury shall credit the amount of savings for a fiscal year derived from legislation reducing or terminating federal programs.

Requires the Managing Trustee of the OASDI Trust Funds, at the end of any reimbursement year for which for which there is a Savings Program excess balance in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, to transfer from them to the Spending Reduction Account sums necessary to reimburse it.

]]> Save Social Security Act Display Title Save Social Security Act Official Title as Introduced To reform Social Security by establishing a Personal Social Security Savings Program. Introduced in House IH Short Titles as Introduced Save Social Security Act Introduced in House 2011-09-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2889ih/xml/BILLS-112hr2889ih.xml 2011-09-19 Referred for a period ending not later than September 19, 2011, (or for a later time if the Chairman so designates) to the Subcommittee on Social Security, in each case for consideration of such provisions as fall within the jurisdiction of the subcommittee concerned. 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.