mined as if section 215(j) did not 
apply, over 
‘‘(II) the deemed total part A 
monthly benefit amount with respect 
to the participating individual, deter-
mined with the application of section 
215(j). 
‘‘(iv) DEEMED TOTAL PART A MONTH-
LY BENEFIT AMOUNT.—
‘‘(I) IN GENERAL.—For purposes 
of clause (iii), the term ‘deemed total 
part A monthly benefit amount’ 
means, with respect to a participating 
individual, the total amount which 
would be payable as monthly insur-
ance benefits under section 202 for 
the month in which the participating 
individual attains or would attain 
early retirement age (as defined in 
section 216(l)(2)), based on the par-
ticipating individual’s wages and self-
employment income, if the partici-
pating individual applied for old-age 
insurance 
benefits 
under 
section 
202(a) during such month and all
other individuals who would therefore 
be eligible for benefits under section 
202 for such month based on such 
wages and self-employment income 
applied for such benefits during such 
month. 
‘‘(II) ASSUMPTIONS.—For pur-
poses of this clause, in the case of a 
participating individual with respect 
to whom determinations under this 
clause are made prior to the month 
described in subclause (I), the partici-
pating individual’s average indexed 
monthly earnings (within the meaning 
of section 215(b)) for such month 
shall be projected, under regulations 
which shall be prescribed by the 
Board, on the basis of reasonable ac-
tuarial assumptions, and the Board 
shall assume the survival through the 
end of such month of all other individ-
uals described in subclause (I). 
‘‘(3) APPROVAL
OF
PERSONAL
SOCIAL
SECU-
RITY SAVINGS ANNUITIES AND ISSUERS.—
‘‘(A) CERTIFICATION OF ISSUERS.—
‘‘(i) IN GENERAL.—The Board shall 
certify issuers eligible to enter into annuity 
contracts with participating individuals 
under this part. 
‘‘(ii) APPLICATION.—Any issuer that 
desires to be certified by the Board to 
issue a personal social security savings an-
nuity shall submit an application to the 
Board at such time, in such manner, and 
containing such information as the Board 
may require. 
‘‘(iii) SEPARATE ACCOUNTING.—As a 
condition of certification under paragraph 
(1), each issuer shall, with respect to each 
personal social security savings annuity 
issued by such issuer to participating indi-
viduals—
‘‘(I) establish a separate account 
for each participating individual, and 
‘‘(II) maintain separate record-
keeping with respect to each account. 
‘‘(iv) EXEMPTION FROM THIRD PARTY 
CLAIMS.—Each personal social security 
savings annuity shall be exempt from any
and all third party claims against the 
issuer. 
‘‘(B) APPROVAL OF PERSONAL SOCIAL SE-
CURITY SAVINGS ANNUITIES.—
‘‘(i) IN GENERAL.—No funds may be 
used to purchase a personal social security 
savings annuity unless the Board has ap-
proved an application submitted under 
clause (ii) with respect to the annuity. 
‘‘(ii) APPLICATION.—With respect to 
each personal social security savings annu-
ity that an issuer certified under subpara-
graph (A)(i) seeks to issue, such issuer 
shall submit an application to the Board at 
such time, in such manner, and containing 
such information as the Board may re-
quire. 
‘‘(iii) 
QUALIFICATIONS
FOR
AP-
PROVAL.—
‘‘(I) IN
GENERAL.—The Board 
may not approve an application under 
clause (i) unless the personal social 
security savings annuity that is the 
subject of the application meets quali-
fications which shall be prescribed by