H.R.3055 - Social Security Solvency Act of 2003108th Congress (2003-2004)
|Sponsor:||Rep. Smith, Nick [R-MI-7] (Introduced 09/10/2003)|
|Committees:||House - Ways and Means|
|Latest Action:||07/13/2004 Sponsor introductory remarks on measure.|
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Subject — Policy Area:
- Social Welfare
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Summary: H.R.3055 — 108th Congress (2003-2004)All Bill Information (Except Text)
Introduced in House (09/10/2003)
Social Security Solvency Act of 2003 - 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). Establishes in the Treasury an Interim Investment Fund (IIF) governed by the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
Authorizes a participating individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the IIF, to 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. Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds. 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.
Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.
Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.
Amends the Internal Revenue Code to: (1) 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; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) establish an Individual Retirement Security Program refundable credit.
Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.
Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage.
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions.
Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to revise requirements for long-term care insurance contracts and dependent care and other matters affecting seniors.