H.R.5659 - Personal Social Security Account Act of 2000106th Congress (1999-2000)
|Sponsor:||Rep. Kasich, John R. [R-OH-12] (Introduced 12/14/2000)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 12/14/2000 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5659 — 106th Congress (1999-2000)All Information (Except Text)
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.
Introduced in House (12/14/2000)
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.