U.S. Congress - H.R.530 Social Security Overhaul bill
H.R.530 - Social Security Overhaul bill
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. view all titles (3)
All Bill Titles
- Popular: Social Security Overhaul bill.
- Short: Individual Social Security Investment Program Act of 2005 as introduced.
- Official: 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. as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 1
- Past Seven Days: 1
- All-Time: 225
|
|
|
|
|
|
|
|
Official Summary
2/2/2005--Introduced.Individual Social Security Investment Program Act of 2005 - 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 ofOfficial Summary
2/2/2005--Introduced.
Individual Social Security Investment Program Act of 2005 - 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, 1984, as well as electing participants born between January 1, 1951, and January 1, 1984, 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 percent of their redirected Social Security contribution for the calendar year (6.2 percent 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 percent stocks, and 40 percent 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 charitible 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 maintance of adequate balances in the Social Security trust funds.
...Read the Rest
Recent News Coverage
Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build public knowledge about Congress.
Recent Blog Coverage
View All (21)
|
View Top Rated
H.Res.300: Providing for consideration of the bill ... - OpenCongress
Official government data, breaking news and blog coverage, public comments and user community for H.Res.300 Providing for consideration of the bill (H.R. 2112) making appropriations for Agriculture, Rural Development, ...
Patent Reform - H.R.1249: America Invents Act ... - OpenCongress
A similar bill, HR 1249, cleared the House Judiciary Committee on April 14 by 32 to 3 and is awaiting action by the US House of Representatives. CPAs will discuss with their elected representatives the need to ... America Invents Act. As ordered reported b
Unemployment Extension - H.R.589: Emergency ... - OpenCongress
Organizations Opposing H.R.589. None via MapLight at this time. See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes. .... Users Support Bill. 530 in favor / 129 op
Vote on This Bill
-
Share This Bill
More Share via Email
