Summary: H.R.5659 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for H.R.5659. Bill summaries are authored by CRS.

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Introduced in House (12/14/2000)

Personal Social Security Account Act of 2000 - Title I: Personal Social Security Accounts - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new OASDI part B (Personal Social Security Accounts) program similar to the Thrift Savings Program for Federal employees for eligible individuals.

Directs the Commissioner of Social Security to establish in the Personal Social Security Account Fund, which this Act establishes, a personal social security account for each eligible individual: (1) born after December 31, 1945; (2) credited for any calendar year with four quarters of coverage; and (3) who has requested such an account. Provides for: (1) deposit in such accounts of specified percentages of an individual's annual income, as well as transfers from the Social Security trust funds; (2) investment of account amounts; and (3) distribution of account balances, in either a lump sum or equal annual installments, when the account holder reaches the old-age insurance entitlement age.

Title II: Maintaining the Solvency of the Old-Age, Survivors, and Disability Insurance Program - Amends SSA title II to provide for: (1) modification of indexing initial old-age or disability insurance benefits; (2) reduction of such benefits by reason of a transfer to an eligible individual's personal Social Security account; and (3) borrowing authority for the Social Security trust funds taking into account the present value of future benefit reductions.