Bipartisan Retirement Security Act of 2004

Bill: 108-hr-3821
Sponsor: Rep. Kolbe, Jim [R-AZ-8]
Introduced: 2004-02-24 in the House
Policy area: Social Welfare
Subjects: Administrative remedies
Annuities
Armed Forces and National Security
Civil actions and liability
Civil service retirement
Commerce
Congress
Congressional reporting requirements
Consumer price indexes
Cost of living adjustments
Crime and Law Enforcement
Death
Disabled
Early retirement
Earned income tax credit
Earnings
Economics and Public Finance
Executive reorganization
Expedited congressional procedure
Families
Federal budgets
Federal employees
Finance and Financial Sector
Financial statements
Fines (Penalties)
Fraud
Government Operations and Politics
Government paperwork
Government publicity
Government trust funds
Governmental investigations
Health
House rules and procedure
Income tax
Independent regulatory commissions
Indexing (Economic policy)
Information disclosure (Securities law)
Injunctions
Investments
Judicial review
Labor and Employment
Law
Legal fees
Legislative resolutions
Licenses
Life expectancy
Limitation of actions
Married people
Medicaid
Medicare
Military pensions
Mortality
Mutual funds
Off-budget expenditures
Old age, survivors and disability insurance
Parties to actions
Payroll deductions
Planning
Railroad retirement plans
Retirement age
Saving and investment
Securities and Exchange Commission
Self-employed
Senate rules and procedure
Social Security Administration
Social security beneficiaries
Social security eligibility
Social security finance
Social security numbers
Social security taxes
Tax credits
Tax rates
Taxation
Transportation and Public Works
Trusts and trustees
Wages
Widowers
Widows
Women
Workers' compensation

Summary:
action_date: 2004-02-24
text: 
Bipartisan Retirement Security Act of 2004 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA) to add a new part B (Individual Security System) under which the Commissioner of Social Security shall establish in the Individual Security Fund (created under this Act) an individual security account that is federally administered and funded by employee and employer social security payroll deductions available for investment for each eligible individual born after December 31, 1949. Makes an individual eligible, in specified circumstances, to designate a privately-administered individual security account to serve in lieu of the individual's federally administered individual security account.
 
 Establishes in the Treasury the Individual Security Fund, and in the Social Security Administration an Individual Security Fund Board. Prohibits an individual at any time from concurrently maintaining: (1) a privately administered individual security account with each of two or more certified institutions; or (2) a privately administered and a federally administered individual security account. 
 
Amends the Internal Revenue Code to entitle each part B eligible individual to a credit for the taxable year determined according to a specified formula based on annual wages, self-employment income, or earned income credit.
 
Amends SSA title II to establish the minimum monthly insurance benefit of a qualified individual who initially becomes eligible for old-age or disability insurance benefits, or dies (before becoming eligible for such benefits), for a month beginning after December 31, 2009, and who (if ineligible for old-age insurance benefits) has quarters of coverage greater in number than the number of such individual's elapsed years. 
 
Amends the Social Security Amendments of 1983, as amended by the Omnibus Budget Reconciliation Act of 1993, to provide for reduction in the amount of certain transfers to the Medicare trust fund. 
 
Revises the formula for average indexed monthly earnings under SSA title II, and provides for actuarial adjustment for retirement. 
 
Makes adjustments to bend points in determining primary insurance amounts, adjustment to benefit formula factors, and modification to primary insurance amount formula to reflect changes to life expectancy. 
 
Provides for the treatment of disabled beneficiaries, for the maintence of benefit and contribution base, and for the acceleration of increase in social security eligibility age.
 
Amends SSA title V to establish a mechanism for remedying unforeseen deterioration in social security solvency.
 
Increases widow's and widower's insurance benefits. 
 
Limits the benefits of a married couple to the level of maximum worker benefits. 


Legislative actions:
action_date: 2004-03-10
text: Referred to the Subcommittee on Social Security.
action_date: 2004-02-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2004-02-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2004-02-24
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2004-02-24
text: Introduced in House
action_date: 2004-02-24
text: Introduced in House