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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Personal Investment Plan Act of 1996

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 and the Social Security Act to provide for personal investment plans funded by employee security payroll deductions.

Actions Overview (1)

09/30/1996Introduced in Senate

All Actions (2)

09/30/1996Read twice and referred to the Committee on Finance.
Action By: Senate
09/30/1996Sponsor introductory remarks on measure. (CR S11990-11991)
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Simpson, Alan K. [R-WY]* 09/30/1996

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance09/30/1996 Referred to

No related bill information was received for S.2176.

Latest Summary (1)

There is one summary for S.2176. View summaries

Shown Here:
Introduced in Senate (09/30/1996)

Personal Investment Plan Act of 1996 - 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, hereby established in the Treasury; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank or other specified person. Establishes in the Social Security Administration a Personal Investment Fund Board to govern the Personal Investment Fund 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.

Prescribes adjustments to primary insurance amounts under the OASDI program.