Summary: H.R.5159 — 102nd Congress (1991-1992)All Information (Except Text)

There is one summary for H.R.5159. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (05/13/1992)

Social Security Individual Retirement Act of 1992 - Amends the Internal Revenue Code to reduce old age, survivors, and disability insurance (OASDI) taxes on employees, employers, and the self-employed. Reduces OASDI taxes to zero percent for employees enrolled in a social security payroll deduction plan.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to require covered employers to establish a social security payroll deduction plan for eligible employees under which prescribed social security contributions will be deducted from employee wages and paid to a social security individual retirement account. Sets forth rules applicable to such accounts. Requires deducted amounts to be shown on wage statements.

Exempts social security payroll deductions from requirements under the Employee Retirement Income Security Act of 1974.

Makes this Act effective with respect to wages paid after February 1, 1993. Sets forth notification requirements for the Secretary of Health and Human Services.

Establishes a formula for computing the primary insurance amounts of employees who own a social security individual retirement account.

Amends the Internal Revenue Code to provide for treating social security individual retirement accounts in a similar manner as any individual retirement plan. Allows a tax exclusion for qualified distributions.