Social Security Personal Savings Guarantee and Prosperity Act of 2005

Summary

Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish: (1) a new part B (Personal Social Security Savings Program); and (2) the Social Security Personal Savings Fund in the Treasury, consisting of a separate Tier I Investment Fund and Tier II Investment Fund. Restricts participation in the program to certain individuals born on or after January 1, 1950. Allows a participating individual to elect to direct transfers from the Savings Fund, credited to his or her personal Social Security savings account, into one or more specified Tier III Investment Options. Prescribes requirements for personal Social Security savings annuity and other distributions. Establishes a Personal Social Security Savings Board to administer the program and set policies for the investment and management of the Savings Fund. Provides for recapture of corporate tax on yields attributable to personal Social Security savings account investments. Amends the Internal Revenue Code (IRC) to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Excludes from gross income any qualified distribution from amounts credited to a personal Social Security savings account. Amends SSA title II part B to create in the Treasury the Self-Liquidating Social Security Transition Fund. Amends SSA title VII (Administration) to prohibit receipts and disbursements of the Social Security and related trust funds from being counted as new budget authority, outlays, receipts, or deficit or surplus. Amends SSA title II to dedicate budget surpluses to saving Social Security. Amends IRC to provide for a reduction of FICA rates resulting from the program. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for spending safeguards on the growth of entitlements and mandatories.

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

Timeline

1. 20 April 2005

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 20 April 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 20 April 2005 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 April 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 April 2005

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 20 April 2005

  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

• Sen. Sununu, John E. [R-NH] · R · Sponsor
• Sen. Brownback, Sam [R-KS] · R · Sponsor
• Sen. DeMint, Jim [R-SC] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Bipartisan Retirement Security Act of 2005
• related to → Individual Social Security Investment Program Act of 2005
• related to → Social Security Guarantee Plus Act of 2005
• related to → Retirement Security Act of 2005
• related to → Saving Social Security Act of 2005
• related to → Social Security Personal Savings Guarantee and Prosperity Act of 2005