To modify certain requirements for countable resources and income under the Supplemental Security Income program, and for other purposes.

Summary: SSI Savers Act of 2010 - Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to: (1) increase resource limits for aged, blind, or disabled individuals who do not have an eligible spouse; (2) require an inflation adjustment for such individuals, regardless of whether a spouse is eligible; (3) provide a limited exclusion from resources of certain deferred compensation and education savings arrangements; (4) set forth income rules imputing income from certain deferred compensation arrangements; and (5) eliminate the requirement that SSI recipients apply for periodic payments from certain deferred compensation arrangements.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``SSI Savers Act of 2010''.

SEC. 2. INCREASE IN RESOURCE LIMITS; INFLATION ADJUSTMENT.

    (a) Increase in Resource Limits.--Section 1611(a)(3) of the Social 
Security Act (42 U.S.C. 1382(a)(3)) is amended--
            (1) in subparagraph (A)--
                    (A) by striking ``and'' the last place it appears; 
                and
                    (B) by inserting ``, and to $7,500 on January 1, 
                2011'' before the period; and
            (2) in subparagraph (B)--
                    (A) by striking ``and'' the last place it appears; 
                and
                    (B) by inserting ``, and to $5,000 on January 1, 
                2011'' before the period.
    (b) Inflation Adjustment.--Section 1611(a)(3) of such Act (42 
U.S.C. 1382(a)(3)) is amended by adding at the end the following:
                    ``(C) Adjustment for inflation.--
                            ``(i) In general.--Whenever dollar amounts 
                        in effect under paragraphs (1)(A) and (2)(A) of 
                        this subsection are increased by a percentage 
                        under section 1617, each of the dollar amounts 
                        in effect under this paragraph shall be 
                        increased by the same percentage, and rounded 
                        to the closest multiple of $100.
                            ``(ii) Requirement.--Each adjustment under 
                        clause (i) shall be based on the unrounded 
                        amount for the prior 12-month period.''.

SEC. 3. LIMITED EXCLUSION FROM RESOURCES OF CERTAIN DEFERRED 
              COMPENSATION AND EDUCATION SAVINGS ARRANGEMENTS.

    Section 1613 of the Social Security Act (42 U.S.C. 1382b) is 
amended--
            (1) in subsection (a)--
                    (A) in paragraph (15), by striking ``and'' at the 
                end;
                    (B) in paragraph (16), by striking the period and 
                inserting a semicolon; and
                    (C) by inserting after paragraph (16) the 
                following:
            ``(17) if the individual is not described in section 
        1611(e)(1)(B) of this Act, the value of any assets in a plan, 
        contract, or account, annuity, or trust described in section 
        401(a), 403(a), 403(b), 408, 408A, 414(d), 457(b), or 
        501(c)(18) of the Internal Revenue Code of 1986, any retirement 
        program or account included in any successor or similar 
        provision that may be enacted and determined to be exempt from 
        tax under the Internal Revenue Code of 1986, and any other 
        retirement plan, contract, account, annuity, or trust, as 
        determined in the sole discretion of the Commissioner, except 
        that if the individual has attained 65 years of age, the total 
        amount excluded under this paragraph shall not exceed--
                    ``(A) $50,000 (or, if greater, the amount 
                determined under subsection (f) of this section) if the 
                individual does not have an eligible spouse; or
                    ``(B) $75,000 (or, if greater, the amount 
                determined under such subsection (f)) if the individual 
                has an eligible spouse; and
            ``(18) if the individual has not attained 65 years of age, 
        the value of--
                    ``(A) any funds in a qualified tuition program (as 
                defined in section 529 of the Internal Revenue Code of 
                1986) or in a Coverdell education savings account (as 
                defined in section 530 of such Code);
                    ``(B) any other education program, contract, or 
                account, as determined in the sole discretion of the 
                Commissioner; and
                    ``(C) any individual development account 
                established pursuant to the Assets for Independence Act 
                or section 333B of the Consolidated Farm and Rural 
                Development Act, or under an individual development 
                account program administered by a Federal agency.''; 
                and
            (2) by adding at the end the following:
    ``(f) Adjustment for Inflation.--
            ``(1) In general.--Whenever dollar amounts in effect under 
        paragraphs (1)(A) and (2)(A) of section 1611(a) are increased 
        by a percentage under section 1617, each of the dollar amounts 
        in effect under subsection (a)(17) of this section shall be 
        increased by the same percentage, and rounded to the closest 
        multiple of $100.
            ``(2) Requirement.--Each adjustment under paragraph (1) 
        shall be based on the unrounded amount for the prior 12-month 
        period.''.

SEC. 4. INCOME RULES APPLICABLE TO CERTAIN DEFERRED COMPENSATION 
              ARRANGEMENTS.

    (a) Imputation of Income in Certain Cases.--Section 1612 of the 
Social Security Act (42 U.S.C. 1382a) is amended by adding at the end 
the following:

 ``Imputation of Income From Certain Deferred Compensation Arrangements

    ``(c)(1) If the aggregate value of the assets described in section 
1613(a)(17) of an eligible individual who has attained 65 years of age 
and is not described in section 1611(e)(1)(B) exceeds--
            ``(A) $10,000 (or, if greater, the amount determined under 
        paragraph (2) of this subsection) if the individual does not 
        have an eligible spouse; or
            ``(B) $15,000 (or, if greater, the amount determined under 
        such paragraph (2)) if the individual has an eligible spouse,
but does not exceed the dollar amount in effect with respect to the 
individual under section 1613(a)(17), the assets shall be considered 
income in an amount equal to the annuity value of the assets (as 
determined under regulations of the Commissioner of Social Security).
    ``(2)(A) Whenever dollar amounts in effect under paragraphs (1)(A) 
and (2)(A) of section 1611(a) are increased by a percentage under 
section 1617, each of the dollar amounts in effect under paragraph (1) 
of this subsection shall be increased by the same percentage, and 
rounded to the closest multiple of $100.
    ``(B) Each adjustment under paragraph (1) shall be based on the 
unrounded amount for the prior 12-month period.''.
    (b) Exclusion of One-Third of Distributions.--Section 1612(b) of 
such Act (42 U.S.C. 1382a(b)) is amended--
            (1) by striking ``and'' at the end of paragraph (24);
            (2) by striking the period at the end of paragraph (25) and 
        inserting ``; and''; and
            (3) by adding at the end the following:
            ``(26) one-third of the value of any assets described in 
        section 1613(a)(17) distributed to such individual (or such 
        spouse).''.

SEC. 5. ELIMINATION OF REQUIREMENT THAT SSI RECIPIENTS APPLY FOR 
              PERIODIC PAYMENTS FROM CERTAIN DEFERRED COMPENSATION 
              ARRANGEMENTS.

    Section 1611(e)(2) of the Social Security Act (42 U.S.C. 
1382(e)(2)) is amended by inserting ``(other than payments from a plan, 
contract, account, annuity, or trust referred to in section 
1613(a)(17))'' after ``section 1612(a)(2)(B)''.

SEC. 6. EFFECTIVE DATE.

    The amendments made by this Act shall apply to benefits for 
calendar months beginning after the date of the enactment of this Act.