Social Security Personal Savings Guarantee and Prosperity Act of 2004

Bill: 108-s-2782
Sponsor: Sen. Sununu, John E. [R-NH]
Introduced: 2004-09-09 in the Senate
Policy area: Social Welfare
Subjects: Accounting
Administrative fees
Administrative procedure
Advice and consent of the Senate
Annuities
Auditing
Budget deficits
Budget resolutions
Budget surpluses
Commerce
Congress
Congressional budget
Congressional reporting requirements
Congressional voting
Corporation taxes
Cost of living adjustments
Economics and Public Finance
Estate tax
Executive reorganization
Federal budgets
Finance and Financial Sector
Financial statements
Government Operations and Politics
Government paperwork
Government securities
Government spending reductions
Government trust funds
Gross national product
House rules and procedure
Income tax
Information disclosure (Securities law)
Investments
Labor and Employment
Labor unions
Law
Licenses
Mutual funds
Old age, survivors and disability insurance
Presidential appointments
Saving and investment
Securities
Senate rules and procedure
Social security finance
Social security taxes
Stocks
Tax exclusion
Tax exemption
Tax rates
Taxation
Trusts and trustees
Valuation

Summary:
action_date: 2004-09-09
text: 
Social Security Personal Savings Guarantee and Prosperity Act of 2004 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to provide for the establishment of a voluntary, personal Social Security investment program under a new part B (Personal Social Security Savings Program) where a participating individual is able to invest in tax free personal accounts in a way that is similar to the way Federal employees invest in the Thrift Savings Program.
 
Establishes in the Treasury the Social Security Personal Savings Fund, with personal Social Security savings accounts for deposit of the redirected Social Security contributions of participating individuals as mechanisms for crediting to such individuals amounts held in the Tier I Investment Fund, the Tier II Investment Fund, and Tier III Investment Options, also hereby established. Prescribes rules for personal Social Security savings annuity and other distributions.
 
Establishes in the executive branch of the Government a Personal Social Security Savings Account Board to administer the new part B program.
 
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to provide for adjustment of primary insurance amounts in relation to deposits made to personal Social Security accounts. 
 
Directs the Secretary of the Treasury to transfer to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the recapture of corporate tax on account yields and of Government savings over baseline. 
 
Amends the Internal Revenue Code to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Subjects a personal Social Security savings account to taxes imposed on unrelated business income of charitable, etc. organizations. Excludes from a distributee's gross income any qualified distribution from amounts credited to a personal Social Security savings account from the Social Security Personal Savings Fund or held in a Tier III Investment Option.
 
Creates in the Treasury the Self-Liquidating Social Security Transition Fund for the deposit of OASDI trust fund surplus for the preceding year.
 
Amends SSA to provide for accounting for the OASDI program and the individual Social Security investment program.
 
Amends SSA title VII to prescribe the budgetary treatment of the Social Security trust funds, the Social Security Personal Savings Fund, and taxes on self-employment income and FICA (Federal Insurance Contributions) taxes.


Legislative actions:
action_date: 2004-09-09
text: Read twice and referred to the Committee on Finance.
action_date: 2004-09-09
text: Introduced in Senate