the procedures provided for under paragraph (2), 
any such individual who has made such an election 
shall not be treated as a participating individual 
under this part, effective as if such individual had 
never been a participating individual. The Board 
shall provide for immediate notification of such elec-
tion to the Commissioner of Social Security, the Sec-
retary of the Treasury, and the Executive Director. 
‘‘(2) PROCEDURE.—The Board shall prescribe 
by regulation procedures governing the termination 
of an individual’s status as ‘participating individual’ 
pursuant to an election under this subsection. Such 
procedures shall include—
‘‘(A) prompt closing of the individual’s per-
sonal social security savings account established 
under section 254, 
‘‘(B) revocation of any benefit credit cer-
tificate assigned to the individual’s personal so-
cial security savings account under section 255, 
and 
‘‘(C) prompt transfer to the Federal Old-
Age and Survivors Insurance Trust Fund as 
general receipts of any amount held in the Tier 
II Investment Fund of the Savings Fund or 
under a Tier III Investment Option pursuant to
section 257 or 258 and credited to such individ-
ual’s personal social security savings account. 
‘‘(c) REINSTATEMENT OF PARTICIPATION.—
‘‘(1) IN
GENERAL.—Any individual who has 
filed an election under subsection (b) to renounce 
such individual’s status as a ‘participating indi-
vidual’ under this part may elect, in such form and 
manner as shall be prescribed in regulations of the 
Board, to reinstate such status. Such regulations 
shall provide for regular, periodic opportunities for 
the filing of such an election. The Board shall pro-
vide for immediate notification to the Commissioner 
of Social Security, the Secretary of the Treasury, 
and the Executive Director of such election. 
‘‘(2) EFFECTIVENESS
OF
REINSTATEMENT.—
An election under this subsection shall be effective 
with respect to wages earned, and self-employment 
income derived, on the earliest date on which the 
Board determines is practicable to make such elec-
tion effective following the date of the filing of the 
election. The individual filing the election shall be 
treated as becoming a participating individual under 
this part on the effective date of the election as if 
such individual first met the requirements of sub-
section (a) on such date.
‘‘(3) IRREVOCABILITY.—An election under this 
subsection shall be irrevocable. 
‘‘SEC. 254. PERSONAL SOCIAL SECURITY SAVINGS AC-
COUNTS. 
‘‘(a) ESTABLISHMENT OF PUBLICLY ADMINISTERED 
SYSTEM OF PERSONAL SECURITY SAVINGS ACCOUNTS.—
As soon as practicable after the later of January 1, 2005, 
or the date on which an individual becomes a participating 
individual under this part, the Executive Director shall es-
tablish a personal social security savings account for such 
individual. Such account shall be the means by which 
amounts held in the Tier I Investment Fund and the Tier 
II Investment Fund of the Savings Fund under sections 
256 and 257 and amounts held under Tier III Investment 
Options under section 258 are credited to such individual, 
under procedures which shall be established by the Board 
by regulation. Each account of a participating individual 
shall be identified to such participating individual by 
means of the participating individual’s social security ac-
count number. 
‘‘(b) ACCOUNT BALANCE.—The balance in a partici-
pating individual’s account at any time is the sum of—
‘‘(1) the balance in the Tier I Investment Fund 
of the Savings Fund credited to such participating 
individual prior to transfer of the credited amount to