‘‘PART B—PERSONAL SOCIAL SECURITY SAVINGS 
PROGRAM 
‘‘SEC. 251. DEFINITIONS. 
‘‘For purposes of this part—
‘‘(1) PARTICIPATING
INDIVIDUAL.—The term 
‘participating individual’ has the meaning provided 
in section 253(a). 
‘‘(2) BOARD.—The term ‘Board’ means the 
Personal Social Security Savings Account Board es-
tablished under section 261. 
‘‘(3) EXECUTIVE DIRECTOR.—The term ‘Execu-
tive Director’ means the Executive Director ap-
pointed under section 262. 
‘‘(4) PERSONAL SOCIAL SECURITY SAVINGS AC-
COUNT.—The term ‘personal social security savings 
account’ means an account established under section 
254(a). 
‘‘(5) PERSONAL SOCIAL SECURITY SAVINGS AN-
NUITY.—The term ‘personal social security savings 
annuity’ means an annuity approved by the Board 
under section 259(b)(3). 
‘‘(6) SAVINGS FUND.—The term ‘Savings Fund’ 
means the Social Security Personal Savings Fund 
established under section 252.
‘‘(7) TIER
I
INVESTMENT
FUND.—The term 
‘Tier I Investment Fund’ means the trust fund cre-
ated under section 256. 
‘‘(8) TIER II INVESTMENT FUND.—The term 
‘Tier II Investment Fund’ means the trust fund cre-
ated under section 257. 
‘‘(9) TIER III INVESTMENT OPTION.—The term 
‘Tier III Investment Option’ means an investment 
option which is—
‘‘(A) offered by an eligible entity certified 
by the Board under section 258(b); and 
‘‘(B) approved by the Board under section 
258(c). 
‘‘SEC. 252. SOCIAL SECURITY PERSONAL SAVINGS FUND. 
‘‘(a) ESTABLISHMENT OF SAVINGS FUND.—
‘‘(1) ESTABLISHMENT.—There is established in 
the Treasury of the United States a trust fund to 
be known as the ‘Social Security Personal Savings 
Fund’. 
‘‘(2) AMOUNTS IN FUND.—The Savings Fund 
shall consist of all amounts transferred to or depos-
ited into the Savings Fund under subsection (b), in-
creased by the total net earnings from investments 
of sums in the Savings Fund and reduced by the
total net losses from investments of the Savings 
Fund. 
‘‘(3) TRUSTEES.—The Board shall serve as 
trustees of the Savings Fund. 
‘‘(4) BUDGET
AUTHORITY; APPROPRIATION.—
This part constitutes budget authority in advance of 
appropriations Acts and represents the obligation of 
the Board to provide for the payment of amounts 
provided under this part. The amounts held in the 
Savings Fund are appropriated and shall remain 
available without fiscal year limitation. 
‘‘(b) DEPOSITS INTO FUND.—
‘‘(1) IN GENERAL.—During each calendar year, 
the Secretary of the Treasury shall deposit into the 
Savings Fund, from amounts held in the Federal 
Old-Age and Survivors Insurance Trust Fund, a 
total amount equal, in the aggregate, to 100 percent 
of the redirected social security contribution for such 
calendar year of each individual who is a partici-
pating individual for such calendar year. 
‘‘(2) TRANSFERS BASED ON ESTIMATES.—
‘‘(A) IN GENERAL.—The amounts depos-
ited pursuant to paragraph (1) shall be trans-
ferred in at least weekly payments from the
Federal Old-Age and Survivors Insurance Trust 
Fund to the Savings Fund. 
‘‘(B) DETERMINATION OF AMOUNTS.—The 
amounts transferred under subparagraph (A) 
shall be determined on the basis of estimates, 
made by the Commissioner of Social Security 
and certified to the Secretary of the Treasury, 
of the wages paid to, and self-employment in-
come derived by, participating individuals. 
Proper adjustments shall be made in amounts 
subsequently transferred to the extent prior es-
timates were in excess of or were less than ac-
tual amounts transferred. 
‘‘(3) REDIRECTED SOCIAL SECURITY CONTRIBU-
TIONS.—For purposes of paragraph (1)——
‘‘(A) IN GENERAL.—The term ‘redirected 
social security contributions’ means, with re-
spect to an individual for a calendar year, the 
sum of—
‘‘(i) the product derived by multi-
plying—
‘‘(I) the sum of the total wages 
paid to, and self-employment income 
derived by, such individual during 
such calendar year, to the extent such