Social Security KidSave Accounts Act

Summary

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, 1997, an individual retirement account known as a KidSave Account. Requires the Secretary of the Treasury to transfer from the Federal OASDI Trust Fund to the Commissioner for crediting to each account holder's KidSave Account: (1) $1,000, on the date such individual's KidSave Account is established, in the case of any individual born on or after January 1, 1999; plus (2) in the case of any individual born on or after January 1, 1997, $500 on each of the individual's first five birthdays occurring on or after January 1, 2002. Establishes in the Treasury the KidSave Investment Fund in the same manner as the Thrift Savings Fund under the Federal Employees Retirement System (FERS). Establishes the KidSave Investment Fund Board in the Social Security Administration in the same manner as the Federal Retirement Thrift Investment Board under the FERS Thrift Savings Program. Requires the KidSave Investment Fund to be managed in the same manner as the FERS Thrift Savings Fund. Makes appropriations to the Federal OASDI Trust Fund of any sums necessary to carry out the KidSave Accounts program.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 June 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 June 1998

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• Introduced in Senate

  summary · EN · 17 June 1998

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