Individual Social Security Retirement Account Act of 1991

Summary

Individual Social Security Retirement Account Act of 1991 - Amends the Internal Revenue Code to reduce the social security taxes on employees, employers, and the self-employed for 1993 and thereafter. Amends title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act to require employers to have in effect a social security payroll deduction plan for employees. Requires such plan to provide for employers to deduct the prescribed social security employee contribution for transfer, together with the prescribed social security employer contribution, to an individual social security retirement account of the employee. Provides for self-employed individuals to pay into such accounts the prescribed social security self-employment contribution. Sets forth penalties for failure to establish and maintain such accounts. Requires amounts deducted from employee wages to be shown on wage receipts for employees. Amends the Employee Retirement Income Security Act of 1974 to exempt social security payroll deduction plans from provisions governing employee benefit plans. Provides for the tax treatment of individual social security retirement accounts in a manner similar to individual retirement accounts.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 22 March 1991

   Introduced

   Introduced in House

   Source: IntroReferral

2. 22 March 1991

   Introduced

   Introduced in House

   Source: IntroReferral

3. 22 March 1991

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

4. 29 March 1991

   Referred

   Referred to the Subcommittee on Social Security.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · — · Download file

Documents

2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 22 March 1991

  Open at official source

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Sponsors

• Rep. Porter, John Edward [R-IL-10] · R · Sponsor
• Rep. Petri, Thomas E. [R-WI-6] · R · Cosponsor
• Rep. Livingston, Bob [R-LA-1] · R · Cosponsor
• Sen. Allard, Wayne [R-CO] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Individual Social Security Retirement Account Act of 1991