Short title

This Act may be cited as the

SSI Savers Act of 2010

Increase in resource limits; inflation adjustment

(a)

Increase in resource limits

Section 1611(a)(3) of the Social Security Act (42 U.S.C. 1382(a)(3)) is amended— (1)in subparagraph (A)— (A)by striking and the last place it appears; and (B)by inserting , and to $7,500 on January 1, 2011 before the period; and (2)in subparagraph (B)— (A)by striking and the last place it appears; and (B)by inserting , and to $5,000 on January 1, 2011 before the period. (b)

Inflation adjustment

Section 1611(a)(3) of such Act (42 U.S.C. 1382(a)(3)) is amended by adding at the end the following:

(C)

Adjustment for inflation

(i)

In general

Whenever dollar amounts in effect under paragraphs (1)(A) and (2)(A) of this subsection are increased by a percentage under section 1617, each of the dollar amounts in effect under this paragraph shall be increased by the same percentage, and rounded to the closest multiple of $100. (ii)

Requirement

Each adjustment under clause (i) shall be based on the unrounded amount for the prior 12-month period.

Limited exclusion from resources of certain deferred compensation and education savings arrangements

Section 1613 of the Social Security Act (42 U.S.C. 1382b) is amended— (1)in subsection (a)— (A)in paragraph (15), by striking and at the end; (B)in paragraph (16), by striking the period and inserting a semicolon; and (C)by inserting after paragraph (16) the following:

(17)if the individual is not described in section 1611(e)(1)(B) of this Act, the value of any assets in a plan, contract, or account, annuity, or trust described in section 401(a), 403(a), 403(b), 408, 408A, 414(d), 457(b), or 501(c)(18) of the Internal Revenue Code of 1986, any retirement program or account included in any successor or similar provision that may be enacted and determined to be exempt from tax under the Internal Revenue Code of 1986, and any other retirement plan, contract, account, annuity, or trust, as determined in the sole discretion of the Commissioner, except that if the individual has attained 65 years of age, the total amount excluded under this paragraph shall not exceed— (A)$50,000 (or, if greater, the amount determined under subsection (f) of this section) if the individual does not have an eligible spouse; or (B)$75,000 (or, if greater, the amount determined under such subsection (f)) if the individual has an eligible spouse; and (18)if the individual has not attained 65 years of age, the value of— (A)any funds in a qualified tuition program (as defined in section 529 of the Internal Revenue Code of 1986) or in a Coverdell education savings account (as defined in section 530 of such Code); (B)any other education program, contract, or account, as determined in the sole discretion of the Commissioner; and (C)any individual development account established pursuant to the Assets for Independence Act or section 333B of the Consolidated Farm and Rural Development Act, or under an individual development account program administered by a Federal agency.

; and

(2)by adding at the end the following:

(f)

Adjustment for inflation

(1)

In general

Whenever dollar amounts in effect under paragraphs (1)(A) and (2)(A) of section 1611(a) are increased by a percentage under section 1617, each of the dollar amounts in effect under subsection (a)(17) of this section shall be increased by the same percentage, and rounded to the closest multiple of $100. (2)

Requirement

Each adjustment under paragraph (1) shall be based on the unrounded amount for the prior 12-month period.

Income rules applicable to certain deferred compensation arrangements

(a)

Imputation of income in certain cases

Section 1612 of the Social Security Act (42 U.S.C. 1382a) is amended by adding at the end the following:

(c)

Imputation of income from certain deferred compensation arrangements

(1)If the aggregate value of the assets described in section 1613(a)(17) of an eligible individual who has attained 65 years of age and is not described in section 1611(e)(1)(B) exceeds— (A)$10,000 (or, if greater, the amount determined under paragraph (2) of this subsection) if the individual does not have an eligible spouse; or (B)$15,000 (or, if greater, the amount determined under such paragraph (2)) if the individual has an eligible spouse,

but does not exceed the dollar amount in effect with respect to the individual under section 1613(a)(17), the assets shall be considered income in an amount equal to the annuity value of the assets (as determined under regulations of the Commissioner of Social Security).

(2)(A)Whenever dollar amounts in effect under paragraphs (1)(A) and (2)(A) of section 1611(a) are increased by a percentage under section 1617, each of the dollar amounts in effect under paragraph (1) of this subsection shall be increased by the same percentage, and rounded to the closest multiple of $100. (B)Each adjustment under paragraph (1) shall be based on the unrounded amount for the prior 12-month period.

(b)

Exclusion of one-Third of distributions

Section 1612(b) of such Act (42 U.S.C. 1382a(b)) is amended— (1)by striking and at the end of paragraph (24); (2)by striking the period at the end of paragraph (25) and inserting ; and; and (3)by adding at the end the following:

(26)one-third of the value of any assets described in section 1613(a)(17) distributed to such individual (or such spouse).

Elimination of requirement that SSI recipients apply for periodic payments from certain deferred compensation arrangements

Section 1611(e)(2) of the Social Security Act (42 U.S.C. 1382(e)(2)) is amended by inserting (other than payments from a plan, contract, account, annuity, or trust referred to in section 1613(a)(17)) after section 1612(a)(2)(B).

Effective date

The amendments made by this Act shall apply to benefits for calendar months beginning after the date of the enactment of this Act.