U.S. Congress - H.R.242 Social Security KidSave Accounts Act
H.R.242 - Social Security KidSave Accounts Act
To amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes. view all titles (2)
All Bill Titles
- Short: Social Security KidSave Accounts Act as introduced.
- Official: To amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes. as introduced.
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Official Summary
1/5/2007--Introduced.Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual boOfficial Summary
1/5/2007--Introduced.Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).
Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account:
(1) $2,000, on the date such individual's KidSave Account is established; plus
(2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.
Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.
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