Retirement Security Act of 1997

Summary

Retirement Security Act of 1997 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA) to add a new part B (Individual Retirement Investment Program) (IRIP) under which a personal social security investment account (PSSIA) is established with an initial balance of $1,000 financed from the sale of Federal assets for eligible individuals with social security account numbers for investment, according to a variety of electable options (including a Government Securities Investment Fund, a Fixed Income Investment Fund, and a Common Stock Index Investment Fund) similar to those under the Thrift Savings Plan for Federal employees. Prescribes rules for the transfer and distribution of account funds. Limits to $7,000 the total amount of annual PSSIA contributions per PSSIA. Establishes in the Treasury the Social Security Investment Trust Fund, consisting of all contributions to all IRIP PSSIAs. Makes the Federal Retirement Thrift Investment Board the Board of Trustees of such Trust Fund. Amends the Internal Revenue Code to provide for the tax treatment of amounts contributed to, and distributed from, PSSIAs. Allows, in the case of an individual, a deduction from gross income of the amount contributed in cash during the taxable year to an eligible individual's PSSIA, up to a maximum $2,000 per year. Includes, generally, any PSSIA distribution in the gross income of the person to whom it is distributed.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 14 May 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 14 May 1997

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• Introduced in House

  summary · EN · 14 May 1997

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