Social Security Solvency Pilot Program Act of 1998

Summary

Social Security Solvency Pilot Program Act of 1998 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Individual Retirement Security Program). Establishes a system of personal retirement savings accounts which covered employees and self-employed individuals between the ages of 16 and 21 may elect, between November 30, 1998, and February 1, 1999, to open. Requires the Secretary of the Treasury to deposit into such an account (including any designated account of a covered employee or self-employed individual who is the spouse of another electing employee or individual) the equivalent of 2.5 percent of the wages or self-employed income with respect to which social security taxes were determined. Sets forth a formula for restricting the number of electing employees or individuals so that projected deposits do not exceed the surplus in the FY 1998 Federal budget. Requires periodic reports by account trustees to account holders. Makes the surplus in the FY 1998 Federal budget available for account deposits. Authorizes additional appropriations as necessary. (Sec. 4) Requires a 20 percent reduction in appropriations to the Federal OASDI and Disability Insurance Trust Funds, to the extent attributable to the taxes paid during the fiscal year with respect to a covered employee or self-employed individual. (Sec. 5) Provides for formula adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in such program. (Sec. 6) Amends the Internal Revenue Code to allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account maintained for the individual's benefit, regardless of whether or not the taxpayer itemizes other deductions. Excludes from gross income any amount deposited in a personal retirement savings account. Includes distributions in gross income as if they were social security benefits. Allows an excise tax on excess contributions to a personal retirement savings account. (Sec. 8) Prescribes requirements for investment of the Trust Funds in marketable securities during FY 1999.

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

Timeline

1. 26 March 1998

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 26 March 1998

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 March 1998

   Introduced

   Introduced in House

   Source: IntroReferral

4. 13 April 1998

   Referred

   Referred to the Subcommittee on Social Security.

   Source: Committee

5. 28 April 1998

   Introduced

   Sponsor introductory remarks on measure. (CR H2378)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 March 1998 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 March 1998

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 March 1998

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 26 March 1998

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Smith, Nick [R-MI-7] · R · Sponsor
• Rep. Shays, Christopher [R-CT-4] · R · Cosponsor
• · hswm00 · Standing

Related records

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