Social Security Solvency Act of 2003

Bill: 108-hr-3055
Sponsor: Rep. Smith, Nick [R-MI-7]
Introduced: 2003-09-10 in the House
Policy area: Social Welfare
Subjects: Accounting
Annuities
Bank accounts
Bonds
Budget surpluses
Caregivers
Civil service retirement
Commerce
Congress
Congressional reporting requirements
Disabled
Dividends
Early retirement
Economics and Public Finance
Election administration
Electronic government information
Families
Federal budgets
Finance and Financial Sector
Financial planning
Fines (Penalties)
Fringe benefits
Government Operations and Politics
Government publicity
Government trust funds
Health
Home ownership
Housing and Community Development
Housing for the aged
Income tax
Individual retirement accounts
Insurance premiums
Internet
Investment of public funds
Investments
Labor and Employment
Law
Local employees
Long-term care insurance
Married people
Medical economics
Old age, survivors and disability insurance
Parents
Pension funds
Pension portability
Retirement age
Science, Technology, Communications
Small business
Social security finance
Social security taxes
State employees
Stocks
Sunset legislation
Tax credits
Tax deductions
Tax exclusion
Tax exemption
Tax refunds
Tax returns
Tax-deferred compensation plans
Tax-exempt organizations
Taxation
Telephone
Trusts and trustees
Valuation
Web sites
Widowers
Widows
Women

Summary:
action_date: 2003-09-10
text: 
Social Security Solvency Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program (Program). Establishes in the Treasury an Interim Investment Fund (IIF) governed by the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
 
Authorizes a participating individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the IIF, to designate one or more personal retirement savings accounts, to which the Secretary of the Treasury shall make deposits from the IIF with respect to the individual according to prescribed formulae. Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds. Requires the Secretary to deposit into the IIF, from amounts otherwise available in the general fund of the Treasury, a total amount equal, in the aggregate, to 100 percent of the redirected social security taxes for such calendar year of each covered individual for such calendar year.
 
Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.
 
Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.
 
Amends the Internal Revenue Code to: (1) allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) establish an Individual Retirement Security Program refundable credit.
 
Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.
 
Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage.
 
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions.
 
Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to revise requirements for long-term care insurance contracts and dependent care and other matters affecting seniors. 


Legislative actions:
action_date: 2004-07-13
text: Sponsor introductory remarks on measure. (CR H5643-5646)
action_date: 2004-06-01
text: Sponsor introductory remarks on measure. (CR H3592-3593)
action_date: 2004-04-28
text: Sponsor introductory remarks on measure. (CR H2472-2475)
action_date: 2004-04-21
text: Sponsor introductory remarks on measure. (CR H2249-2253)
action_date: 2003-09-30
text: Referred to the Subcommittee on Social Security.
action_date: 2003-09-30
text: Sponsor introductory remarks on measure. (CR H8959)
action_date: 2003-09-16
text: Sponsor introductory remarks on measure. (CR H8223-8224)
action_date: 2003-09-10
text: Referred to the House Committee on Ways and Means.
action_date: 2003-09-10
text: Sponsor introductory remarks on measure. (CR H8065)
action_date: 2003-09-10
text: Introduced in House
action_date: 2003-09-10
text: Introduced in House