Strengthening Social Security Act of 1997

Summary

Strengthening Social Security Act of 1997 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees for investment according to the individual employee's personal investment plan. Defines personal investment plan as: (1) any personal investment retirement plan restricted to certain contribution deposits in the Personal Investment Fund, established in the Treasury by this Act; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank. Requires the Personal Investment Fund to be governed by a Personal Investment Fund Board under a system similar to the Thrift Savings Program for Federal employees. Covers self-employed individuals. Applies this Act only to employees who have not attained age 55. Specifies reduced social security tax rates for plan participants. Sets forth civil penalties for employers who fail to establish a personal investment payroll deduction plan or observe certain requirements with respect to it. Provides for the adjustment of the primary insurance amount for plan participants. Provides for specified graduated increases in normal and early retirement ages. Directs the Bureau of Labor Statistics to reduce by .5 percentage point the annual percentage change in the Consumer Price Indexes used with respect to OASDI cost of living adjustment calculations.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 February 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 February 1997

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• Introduced in Senate

  summary · EN · 13 February 1997

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