Personal Investment Plan Act of 1995

Summary

Personal Investment Plan Act of 1995 - 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 electing to participate 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. Specifies reduced social security tax rates for participating employees and self-employed individuals. 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 adjustments to primary insurance amounts under the OASDI program.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 May 1995

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 May 1995

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• Introduced in Senate

  summary · EN · 18 May 1995

  Open at official source

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