as shall be prescribed in regulations of the 
Commissioner (in consultation with the Sec-
retary of the Treasury), a written and signed 
revocation of the election at any time before the 
end of the five-year period beginning with the 
effective date of the election. A revocation 
under this subsection shall take effect January 
1 following the date of the filing of the revoca-
tion, except that a revocation filed during the 
90-day period beginning with the date of the fil-
ing of the election shall take effect as of the ef-
fective date of the election. Upon the effective 
date of a revocation under this subsection, enti-
tlement to benefits under title II of the Social 
Security Act shall be determined as if the re-
voked election had not occurred, except that, for 
purposes of any such entitlement, wages paid, 
and self-employment income derived, during the 
period for which the election was in effect shall 
not be taken into account. No subsequent elec-
tion under this section may take effect with re-
spect to an individual who has filed a revocation 
under this subsection (except a revocation filed 
during the 90-day period beginning with the 
date of the filing of the election). 
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(B) REDUCTION IN BENEFITS.—The pri-
mary insurance amount, as determined under 
section 215 of the Social Security Act, of any 
individual who has filed a revocation under this 
subsection before the end of the five-year period 
described in subparagraph (A) (and after the 
90-day period referred to in subparagraph (A)) 
shall be reduced (except for purposes of deter-
mining benefits under section 223 of such Act, 
and before any application of section 215(i) of 
such Act) by the applicable percentage specified 
in the following table: 
If the first calendar year for 
which the revocation 
The applicable 
is effective is: 
percentage is: 
The first, second, or third calendar year of such five-year 
period ............................................................................
20 percent
The fourth calendar year of such five-year period ...........
40 percent
The fifth calendar year of such five-year period ...............
60 percent
The calendar year following such five-year period ............
80 percent. 
SEC. 106. PENALTIES. 
(a) FAILURE TO ESTABLISH S.A.F.E. ACCOUNT 
PAYROLL DEDUCTION PROGRAM.—Any covered employer 
who fails to meet the requirements of section 102 for any 
calendar year shall be subject to a civil penalty of not to 
exceed— 
(1) $250,000, in the case of an employer who 
is an individual, or 
(2) $500,000, in any other case. 
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(b) FAILURE TO MAKE DEDUCTIONS REQUIRED 
UNDER PROGRAM.—Any covered employer who fails to 
timely deduct in full the amount from the wages of an 
employee who is an eligible individual as required under 
an applicable S.A.F.E. account payroll deduction program 
shall be subject to a civil penalty for each such failure 
of not to exceed— 
(1) $250,000, in the case of an employer who 
is an individual, or 
(2) $500,000, in any other case. 
(c) FAILURE
TO
PAY
DEDUCTED
WAGES
TO 
S.A.F.E. ACCOUNT.—If an amount deducted under a 
S.A.F.E. account payroll deduction program from the 
wages of an employee who is an eligible individual is not 
timely paid in full to the designated S.A.F.E. account in 
accordance with section 102, the covered employer failing 
to make such payment— 
(1) shall be subject to a civil penalty for each 
such failure of not to exceed— 
(A) $250,000, in the case of an employer 
who is an individual, or 
(B) $500,000, in any other case, and 
(2) shall be liable to the employee for interest 
on the unpaid amount at a rate equal to 10 percent-
age points in excess of the Federal short-term rate 
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under section 1274(d)(1) of the Internal Revenue 
Code of 1986, calculated from the last day by which 
such amount was required to be so paid to the date 
on which such amount is paid into the designated 
S.A.F.E. account. 
(d) FAILURE TO PAY PRESCRIBED SELF-EMPLOY-
MENT CONTRIBUTIONS TO S.A.F.E. ACCOUNT.—Any eli-
gible individual failing to timely pay in full a prescribed 
self-employment contribution to a designated S.A.F.E. ac-
count as required under section 104 shall be subject to 
a civil penalty for each such failure of not to exceed 
$250,000, plus interest on the unpaid amount at a rate 
equal to 10 percentage points in excess of the Federal 
short-term rate under section 1274(d)(1) of the Internal 
Revenue Code of 1986, calculated from the last day by 
which such amount was required to be so paid to the date 
on which such amount is paid into the designated 
S.A.F.E. account. 
(e) RULES FOR APPLICATION OF SECTION.— 
(1) PENALTIES
ASSESSED
BY
COMMISSIONER 
OF SOCIAL SECURITY.—Any civil penalty assessed by 
this section shall be imposed by the Commissioner of 
Social Security and collected in a civil action. 
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(2) COMPROMISES.—The Commissioner may 
compromise the amount of any civil penalty imposed 
by this section. 
(3) AUTHORITY TO WAIVE PENALTY IN CER-
TAIN CASES.—The Commissioner may waive the ap-
plication of this section with respect to any failure 
if the Commissioner determines that such failure is 
due to reasonable cause and not to intentional dis-
regard of rules and regulations. 
SEC. 107. FEDERAL CIVILIAN AND MILITARY PERSONNEL. 
(a) IN GENERAL.—Not later than December 31, 
2011, the Office of Personnel Management, after appro-
priate study, shall submit to the President and each House 
of Congress a written report containing recommendations 
on how to provide for the application of this Act with re-
spect to Federal civilian and military personnel. 
(b) REQUIREMENTS.—The report— 
(1) shall be prepared in consultation with the 
Social Security Administration, the Securities and 
Exchange Commission, and other appropriate agen-
cies; and 
(2) shall be accompanied by draft legislation 
which, if enacted, would carry out the recommenda-
tions contained in such report. 
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(c) PROVISIONS RELATING TO THE CONTINUED OP-
ERATION OF EXISTING RETIREMENT SYSTEMS.—To the 
extent that the report and draft legislation relate to provi-
sions of law in effect before the date of enactment of this 
Act, each shall address at least the following: 
(1) FEDERAL EMPLOYEES’ RETIREMENT SYS-
TEM.— 
(A) Section 8401(11) of title 5, United 
States Code (relating to the definition of an 
‘‘employee’’), which includes the requirement 
that the individual concerned be someone whose 
civilian service is employment for the purposes 
of title II of the Social Security Act and chap-
ter 21 of the Internal Revenue Code of 1986. 
(B) Section 8421 of such title (relating to 
annuity supplement), which includes provisions 
incorporating the notion of the period of time 
for which the individual is or would be entitled 
to old-age insurance benefits under title II of 
the Social Security Act, and provisions for com-
puting the amount of such supplement based on 
the amount of certain benefits to which the in-
dividual would be entitled under such Act. 
(C) Section 8442 of such title (relating to 
rights of a widow or widower), which includes 
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provisions under which a supplementary annu-
ity for a widow or widower is not payable to 
anyone who would not be entitled to certain 
benefits under the Social Security Act, and pro-
visions for the computation of any such annuity 
based on the amount of certain benefits which 
would be payable to that individual under the 
Social Security Act. 
(D) Section 8443 of such title (relating to 
rights of a child), which includes provisions 
under which, as part of the formula for com-
puting the amount of a survivor annuity for a 
child, there is incorporated the notion of the 
amount of child’s insurance benefits which are 
or would be payable under title II of the Social 
Security Act. 
(2) CIVIL SERVICE RETIREMENT SYSTEM.— 
(A) Section 8334(k) of such title (relating 
to special rules for determining deductions and 
contributions for individuals subject to ‘‘offset- 
83’’ treatment), which incorporates the notion 
of the OASDI contribution made from Federal 
wages of the individual concerned. 
(B) Section 8349 of such title (relating to 
offset based on certain benefits under the Social 
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Security Act), which incorporates notions relat-
ing to actual or constructive eligibility for bene-
fits under the Social Security Act, and the 
amount of those benefits. 
(3) COORDINATION PROVISIONS.—Provisions of 
law involving a reduction or other adjustment in re-
tirement benefits (or eligibility therefor), based on 
any individual’s eligibility for benefits under title II 
of the Social Security Act. 
(4) OTHER
RETIREMENT
SYSTEMS.—Similar 
provisions of law under other retirement systems 
covering Federal civilian or military personnel. 
(d) PROVISIONS RELATING TO THE NEW SYSTEM.— 
To the extent that the report and draft legislation relate 
to the implementation of any other title of this Act, each 
shall address at least the following: 
(1) What the specifications for the S.A.F.E. ac-
count payroll deduction program or programs cov-
ering Federal civilian and military personnel shall be 
or, alternatively, how those specifications shall be de-
veloped. 
(2) Which agencies or instrumentalities of the 
Federal Government shall be responsible for oper-
ating or maintaining which aspects of the program 
or programs referred to in paragraph (1). 
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(3) Which penalty provisions are appropriate or 
inappropriate with respect to the Federal Govern-
ment in its capacity as a ‘‘covered employer’’, sub-
ject to what modifications (if any). 
TITLE II—TAX-EXEMPT S.A.F.E. 
ACCOUNTS 
SEC. 201. S.A.F.E. ACCOUNTS. 
(a) IN GENERAL.—Part VII of subchapter B of chap-
ter 1 of the Internal Revenue Code of 1986 (relating to 
additional itemized deductions for individuals) is amended 
by redesignating section 224 as section 225 and by insert-
ing after section 223 the following new section: 
‘‘SEC. 224. S.A.F.E. ACCOUNTS. 
‘‘(a) DEDUCTION ALLOWED.—In the case of an indi-
vidual, there shall be allowed as a deduction the aggregate 
amount paid in cash during the taxable year by or on be-
half of such individual to a S.A.F.E. account of such indi-
vidual. 
‘‘(b) LIMITATION.—The amount allowable as a de-
duction under subsection (a) for any taxable year shall not 
exceed 6.2 percent of the lesser of— 
‘‘(1) the contribution and benefit base (as de-
termined under section 230 of the Social Security 
Act) for the calendar year which ends with or within 
such taxable year, or 
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‘‘(2) the sum of— 
‘‘(A) the amount of wages (as defined in 
section 3121(a)) received during such calendar 
year, and 
‘‘(B) the amount of the self-employment 
income (as defined in section 1402) of such in-
dividual for the taxable year. 
Effective with the commencement of the 16th calendar 
year for which the individual’s election under section 105 
of the Savings Account for Every American Act of 2011 
is effective, the limitation under the preceding sentence 
shall be increased by any prescribed employer contribution 
paid to a personal retirement account of such individual 
pursuant to section 102(b)(2)(B) of such Act and the por-
tion of any prescribed self-employment contribution paid 
to such an account which is attributable to the increase 
in such contribution required by the last sentence of sec-
tion 101(7) of such Act. 
‘‘(c) S.A.F.E. ACCOUNT.—For purposes of this sec-
tion, the term ‘S.A.F.E. account’ means a trust created 
or organized in the United States exclusively for the ben-
efit of an individual or his beneficiaries, but only if the 
written governing instrument creating the trust meets the 
following requirements: 
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‘‘(1) Except in the case of rollover contributions 
from another S.A.F.E. account of such individual— 
‘‘(A) no contribution will be accepted un-
less it is in cash, 
‘‘(B) contributions will not be accepted for 
the taxable year in excess of 6.2 percent of the 
contribution and benefit base (as determined 
under section 230 of the Social Security Act) 
for the calendar year which ends with or within 
such taxable year, and 
‘‘(C) any contributions with respect to an 
account holder which are not accepted pursuant 
to this paragraph are promptly refunded di-
rectly to the account holder. 
In the case of any such individual, effective for tax-
able years beginning with or after the 16th calendar 
year for which the individual’s election under section 
105 of the Savings Account for Every American Act 
of 2011 is effective, ‘12.4 percent’ shall be sub-
stituted for ‘6.2 percent’ in subparagraph (B). 
‘‘(2) The trustee is a bank (as defined in sec-
tion 408(n)) or such other person who demonstrates 
to the satisfaction of the Secretary that the manner 
in which such other person will administer the trust 
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will be consistent with the requirements of this sec-
tion. 
‘‘(3) No part of the trust funds will be invested 
in life insurance contracts. 
‘‘(4) The interest of an individual in the bal-
ance in his account is nonforfeitable. 
‘‘(5) The assets of the trust will not be commin-
gled with other property except in a common trust 
fund or common investment fund. 
‘‘(d) TAX TREATMENT OF DISTRIBUTIONS.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, any amount distributed out 
of a S.A.F.E. account shall be included in gross in-
come of the distributee for the taxable year in which 
the distribution is received. Notwithstanding any 
other provision of this title (including chapters 11 
and 12), the basis of any person in such an account 
is zero. 
‘‘(2) EXCEPTIONS FOR DISTRIBUTIONS AFTER 
SOCIAL SECURITY RETIREMENT AGE OR DEATH.— 
Paragraph (1) shall not apply to any distribution 
out of a S.A.F.E. account— 
‘‘(A) made on or after the date on which 
the account beneficiary attains retirement age 
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(as defined in section 216(l) of the Social Secu-
rity Act), or 
‘‘(B) made to the account beneficiary (or 
to the estate of the beneficiary) on or after the 
death of the account beneficiary. 
‘‘(3) EXCEPTIONS FOR DISTRIBUTIONS TO PUR-
CHASE CERTAIN INSURANCE.—Paragraph (1) shall 
not apply to any distribution out of a S.A.F.E. ac-
count to the account beneficiary to the extent such 
distributions do not exceed the sum of the expenses 
paid or incurred during the taxable year for— 
‘‘(A) any qualified long-term care insur-
ance contract (but only to the extent of eligible 
long-term care premiums (as defined in section 
213(d)(10)), 
‘‘(B) disability insurance, or 
‘‘(C) term life insurance. 
‘‘(4) EXCEPTIONS
FOR
CERTAIN
OTHER
DIS-
TRIBUTIONS.—Rules similar to the rules of para-
graphs (3), (4), (5), and (6) of section 408(d) shall 
apply for purposes of this section. 
‘‘(e) TAX TREATMENT OF ACCOUNTS.— 
‘‘(1) EXEMPTION FROM TAX.—A S.A.F.E. ac-
count is exempt from taxation under this subtitle 
unless such account has ceased to be a S.A.F.E. ac-
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count by reason of paragraph (2). Notwithstanding 
the preceding sentence, any such account is subject 
to the taxes imposed by section 511 (relating to im-
position of tax on unrelated business income of char-
itable, etc. organizations). 
‘‘(2) ACCOUNT TERMINATIONS.—Rules similar 
to the rules of paragraphs (2) and (4) of section 
408(e) shall apply to S.A.F.E. accounts, and any 
amount treated as distributed under such rules shall 
be treated as not used to pay expenses described in 
subsection (d)(3). 
‘‘(f) ADDITIONAL TAX ON AMOUNTS INCLUDED IN 
GROSS INCOME.—If any distribution from a S.A.F.E. ac-
count is includible in gross income of the account bene-
ficiary, the tax liability of such beneficiary under this 
chapter for the taxable year in which the distribution is 
received shall be increased by an amount equal to 20 per-
cent of the amount of the distribution. 
‘‘(g) OTHER DEFINITION AND SPECIAL RULES.— 
‘‘(1) ACCOUNT BENEFICIARY.—For purposes of 
this section, the term ‘account beneficiary’ means 
the individual for whose benefit the S.A.F.E. ac-
count was established. 
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‘‘(2) CERTAIN RULES TO APPLY.—Rules similar 
to the following rules shall apply for purposes of this 
section: 
‘‘(A) Section 219(d)(2) (relating to no de-
duction for rollovers). 
‘‘(B) Section 219(f)(3) (relating to time 
when contributions deemed made). 
‘‘(C) Section 219(f)(5) (relating to em-
ployer payments). 
‘‘(D) Section 408(g) (relating to commu-
nity property laws). 
‘‘(E) Section 408(h) (relating to custodial 
accounts). 
‘‘(h) REPORTS.—The trustee of a S.A.F.E. account 
shall make such reports regarding such account to the 
Secretary and to the individual for whose benefit the ac-
count is maintained with respect to contributions, dis-
tributions, and such other matters as the Secretary may 
by regulation prescribe. The reports required by this sub-
section shall be filed at such time and in such manner, 
and furnished to such individuals at such time and in such 
manner, as may be required by such regulations.’’. 
(b) DEDUCTION ALLOWED
IN ARRIVING
AT AD-
JUSTED GROSS INCOME.—Subsection (a) of section 62 of 
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the Internal Revenue Code of 1986 is amended by insert-
ing after paragraph (21) the following new paragraph: 
‘‘(22) S.A.F.E. ACCOUNT
CONTRIBUTIONS.— 
The deduction allowed by section 224.’’. 
(c) TAX ON EXCESS CONTRIBUTIONS.— 
(1) Subsection (a) of section 4973 of such Code 
(relating to tax on excess contributions to individual 
retirement accounts, etc.) is amended by striking 
‘‘or’’ at the end of paragraph (4), by inserting ‘‘or’’ 
at the end of paragraph (5), and by inserting after 
paragraph (5) the following new paragraph: 
‘‘(6) a S.A.F.E. account (within the meaning of 
section 224(c)),’’. 
(2) Section 4973 of such Code is amended by 
adding at the end the following new subsection: 
‘‘(h) EXCESS CONTRIBUTIONS
TO S.A.F.E. AC-
COUNTS.—For purposes of this section, in the case of 
S.A.F.E. accounts (within the meaning of section 224(c)), 
the term ‘excess contributions’ means the sum of— 
‘‘(1) the excess (if any) of— 
‘‘(A) the aggregate amount contributed for 
the taxable year to the accounts (other than 
rollover contributions), over 
‘‘(B) the amount allowable as a deduction 
under section 224 for such contributions, and 
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‘‘(2) the amount determined under this sub-
section for the preceding taxable year, reduced by 
the sum of— 
‘‘(A) the distributions out of the accounts 
which were included in gross income under 
rules similar to the rules of section 408(d)(5) 
which apply to such accounts by reason of sec-
tion 224(d)(4), and 
‘‘(B) the excess (if any) of— 
‘‘(i) the maximum amount allowable 
as a deduction under section 224(b) for 
the taxable year, over 
‘‘(ii) the amount contributed to the 
accounts for the taxable year. 
For purposes of this subsection, any contribution 
which is distributed out of the S.A.F.E. account in 
a distribution to which the rules similar to the rules 
of section 408(d)(4) which apply to such accounts by 
reason of section 224(d)(4) shall be treated as an 
amount not contributed.’’. 
(d) TAX ON PROHIBITED TRANSACTIONS.— 
(1) IN
GENERAL.—Paragraph (1) of section 
4975(e) of such Code (relating to prohibited trans-
actions) is amended by striking ‘‘or’’ at the end of 
subparagraph (F), by redesignating subparagraph 
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(G) as subparagraph (H), and by inserting after 
subparagraph (F) the following new subparagraph: 
‘‘(G) a S.A.F.E. account described in sec-
tion 224(c), or’’. 
(2) SPECIAL RULE.—Subsection (c) of section 
4975 of such Code is amended by adding at the end 
the following new paragraph: 
‘‘(7) SPECIAL RULE FOR S.A.F.E. ACCOUNTS.— 
An individual for whose benefit a S.A.F.E. account 
is established shall be exempt from the tax imposed 
by this section with respect to any transaction con-
cerning such account (which would otherwise be tax-
able under this section) if section 224(e)(2) applies 
with respect to such transaction.’’. 
(e) FAILURE TO PROVIDE REPORTS ON S.A.F.E. AC-
COUNTS.—Paragraph (2) of section 6693(a) of such Code 
(relating to failure to provide reports on individual retire-
ment accounts or annuities) is amended by striking ‘‘and’’ 
at the end of subparagraph (D), by striking the period 
at the end of subparagraph (E) and inserting ‘‘, and’’, 
and by adding at the end the following new subparagraph: 
‘‘(F) Section 224(h) (relating to S.A.F.E. 
accounts).’’. 
(f) CLERICAL AMENDMENT.—The table of sections 
for part VII of subchapter B of chapter 1 of such Code 
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is amended by striking the item relating to section 224 
and inserting the following new items: 
‘‘Sec. 224. S.A.F.E. accounts. 
‘‘Sec. 225. Cross references.’’. 
SEC. 202. EFFECTIVE DATE. 
The amendments made by this title shall apply to 
contributions made for taxable years beginning after De-
cember 31, 2011. 
TITLE 
III—CONFORMING 
AMENDMENTS TO THE SO-
CIAL SECURITY ACT AND THE 
INTERNAL 
REVENUE 
CODE 
OF 1986 
SEC. 301. REDUCTIONS IN AND EXEMPTIONS FROM FICA 
TAXES AND SECA TAXES WITH RESPECT TO 
ELIGIBLE INDIVIDUALS. 
(a) FICA TAX ON EMPLOYEES.—Section 3101 of the 
Internal Revenue Code of 1986 (relating to OASDI tax 
on employees) is amended— 
(1) in subsection (a), by striking ‘‘In addition’’ 
and inserting ‘‘Subject to subsection (c), in addi-
tion’’; 
(2) by redesignating subsection (c) as sub-
section (d); and 
(3) by inserting after subsection (b) the fol-
lowing new subsection: 
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‘‘(c) EXEMPTION FROM OASDI TAX FOR ELIGIBLE 
INDIVIDUALS.—Subsection (a) shall not apply with re-
spect to wages received by an eligible individual (as de-
fined in section 101(4) of the Savings Account for Every 
American Act of 2011).’’ 
(b) FICA TAX ON EMPLOYERS.—Section 3111 of 
such Code (relating to OASDI tax on employees) is 
amended— 
(1) in subsection (a), by striking ‘‘In addition’’ 
and inserting ‘‘Subject to subsection (c), in addi-
tion’’; 
(2) by redesignating subsection (c) as sub-
section (d); and 
(3) by inserting after subsection (b) the fol-
lowing new subsection: 
‘‘(c) EXEMPTION FROM OASDI TAX WITH RESPECT 
TO ELIGIBLE INDIVIDUALS.—In the case of an eligible in-
dividual (as defined in section 101(4) of the Savings Ac-
count for Every American Act of 2011), effective with the 
16th calendar year for which such individual’s election 
under section 105 of such Act is effective, subsection (a) 
shall not apply with respect to wages received by such indi-
vidual.’’ 
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(c) REDUCTION IN AND EXEMPTION FROM SELF-EM-
PLOYMENT TAX.—Section 1401 of such Code (relating to 
OASDI tax on self-employment income) is amended— 
(1) in subsection (a), by striking ‘‘In addition’’ 
and inserting ‘‘Subject to subsection (c), in addi-
tion’’; 
(2) by redesignating subsection (c) as sub-
section (d); and 
(3) by inserting after subsection (b) the fol-
lowing new subsection: 
‘‘(c) ADJUSTMENT TO OASDI TAX.— 
‘‘(1) REDUCTION.—In the case of an eligible in-
dividual (as defined in section 101(4) of the Savings 
Account for Every American Act of 2011), for tax-
able years beginning with or during the 1st 15 cal-
endar years for which such individual’s election is in 
effect under section 105 of such Act, the rate of tax 
under subsection (a) shall be 6.20 percent. 
‘‘(2) EXEMPTION.—In the case of such an eligi-
ble individual, effective for taxable years beginning 
with or during the 16th calendar year for which 
such individual’s election under such section 105 is 
effective, subsection (a) shall not apply.’’ 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to wages received 
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after December 31, 2012, and with respect to self-employ-
ment income for taxable years beginning after such date. 
SEC. 302. EXCLUSION OF ELIGIBLE INDIVIDUALS FROM 
OLD-AGE, SURVIVORS, AND DISABILITY IN-
SURANCE COVERAGE. 
(a) MONTHLY INSURANCE BENEFITS UNDER SEC-
TION 202.—Section 202 of the Social Security Act (42 
U.S.C. 402) is amended by adding at the end the following 
new subsection: 
‘‘Limitation on Payment to Eligible Individuals Under 
Savings Account for Every American Act of 2011 
‘‘(z)(1) Notwithstanding any other provision of this 
title, no monthly benefits shall be paid under this section 
based on the wages and self-employment income of an eli-
gible individual (as defined in section 101(4) of the Sav-
ings Account for Every American Act of 2011). 
‘‘(2) Determinations of entitlement to hospital insur-
ance benefits under section 226 or 226A shall be made 
without regard to paragraph (1).’’. 
(b) DISABILITY INSURANCE BENEFITS UNDER SEC-
TION 223.—Section 223 of such Act (42 U.S.C. 423) is 
amended by adding at the end the following new sub-
section: 
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‘‘Limitation on Payment to Eligible Individuals Under 
Savings Account for Every American Act of 2011 
‘‘(k)(1) Notwithstanding any other provision of this 
title, no monthly benefits shall be paid under this section 
based on the wages and self-employment income of an eli-
gible individual (as defined in section 101(4) of the Sav-
ings Account for Every American Act of 2011). 
‘‘(2) Determinations of entitlement to hospital insur-
ance benefits under section 226 or 226A shall be made 
without regard to paragraph (1).’’. 
SEC. 303. INFORMATION PROVIDED IN SOCIAL SECURITY 
ACCOUNT STATEMENTS. 
(a) IN GENERAL.—Section 1143 of the Social Secu-
rity Act (42 U.S.C. 1320b–13) is amended to read as fol-
lows: 
‘‘SOCIAL SECURITY ACCOUNT STATEMENT 
‘‘Provision of Annual Statements 
‘‘SEC. 1143. (a) The Commissioner of Social Security 
shall provide an annual social security account statement 
(hereinafter in this section referred to as the ‘statement’) 
to each eligible individual who is not receiving benefits 
under title II and for whom a mailing address can be de-
termined through such methods as the Commissioner de-
termines to be appropriate. 
‘‘Contents of Statement 
‘‘(b) Each statement shall contain— 
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‘‘(1) the amount of wages paid to and self-em-
ployment income derived by the eligible individual as 
shown by the records of the Commissioner; 
‘‘(2) an estimate of the aggregate of the em-
ployer, employee, and self-employment contributions 
of the eligible individual for old-age, survivors, and 
disability insurance as shown by the records of the 
Commissioner; 
‘‘(3) a separate estimate of the aggregate of the 
employer, employee, and self-employment contribu-
tions of the eligible individual for hospital insurance 
as shown by the records of the Commissioner; and 
‘‘(4) an estimate of the potential monthly re-
tirement, disability, survivor, and auxiliary benefits 
payable on the eligible individual’s account together 
with a description of the benefits payable under the 
medicare program of title XVIII. 
‘‘Eligible Individual 
‘‘(c) For purposes of this section, the term ‘eligible 
individual’ means an individual who— 
‘‘(1) has a social security account number, and 
‘‘(2) has wages or net earnings from self-em-
ployment.’’. 
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