H.R.3206 - Social Security Solvency Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Smith, Nick [R-MI-7] (Introduced 11/03/1999)|
|Committees:||House - Ways and Means; Budget|
|Latest Action:||06/26/2000 Sponsor introductory remarks on measure. (All Actions)|
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Summary: H.R.3206 — 106th Congress (1999-2000)All Bill Information (Except Text)
Social Security Solvency Act of 1999 - Title I: Individual Retirement Security Program - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program (Program) in which a covered individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the Interim Investment Fund (IIF) established by this Act in the Treasury and governed by the Board (Board) of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, may designate one or more personal retirement savings accounts to which the Secretary of the Treasury shall make deposits from the IIF with respect to the individual according to prescribed formulae.
Introduced in House (11/03/1999)
(Sec. 101) Directs the Commissioner of Social Security to conduct a public education effort regarding the Program.
Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds according to prescribed guidelines.
Requires the Secretary to deposit into the IIF, from amounts otherwise available in the general fund of the Treasury, a total amount equal, in the aggregate, to 100 percent of the redirected social security taxes for such calendar year of each covered individual for such calendar year.
(Sec. 102) Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.
Directs the Board of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to publish in the Federal Register each year the reallocation percentage (calculated according to a specified formula) for amounts otherwise appropriated to the Federal Old-Age and Survivors Insurance Trust Fund from Federal Insurance Contributions Act taxes imposed with regard to wages and self-support income for the fiscal year beginning on October 1 of each calendar year.
(Sec. 103) Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.
(Sec. 104) Amends the Internal Revenue Code to allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account maintained for the individual's benefit, regardless of whether or not the taxpayer itemizes other deductions.
Excludes from gross income any amount deposited in a personal retirement savings account. Includes distributions in gross income as if they were social security benefits.
Allows an excise tax on excess contributions to a personal retirement savings account.
Title II: Social Security Surplus Protection - Amends SSA title II to provide for transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund for FY 2001 through 2009.
(Sec. 202) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to mandate the sequestration of the estimated net surplus in the social security trust funds for the budget year, less the transfers made above to reduce the public debt and to provide for associated reports regarding such sequestration.
Title III: Social Security Benefit Reforms - Amends SSA title II to provide for: (1) a gradual increase in retirement age and early retirement age; (2) adjustments to bend points in determining primary insurance amounts; (3) information relating to benefit limitations in social security account statements; (4) coverage of newly hired State and local employees; (5) an increase in widow's and widower's insurance benefits; (6) elimination of the limitation on the amount of outside income (earnings test) which a beneficiary may earn without incurring a reduction in benefits for individuals who have attained retirement age; (7) acceleration of increase in delayed retirement credit; and (8) authorization for reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.
(Sec. 309) Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for elections under which individuals may opt for exclusion from OASDI coverage.