Social Security Personal Savings Guarantee and Prosperity Act of 2005

Bill: 109-s-857
Sponsor: Sen. Sununu, John E. [R-NH]
Introduced: 2005-04-20 in the Senate
Policy area: Social Welfare
Subjects: Accounting
Administrative fees
Administrative procedure
Adoption
Advice and consent of the Senate
Agricultural subsidies
Agriculture and Food
Aid to dependent children
American investments
Annuities
Appropriations
Armed Forces and National Security
Auditing
Authorization
Budget deficits
Budget resolutions
Budget surpluses
Cash welfare block grants
Child nutrition
Child support
Civil service retirement
Collection of accounts
Commerce
Congress
Congressional budget
Congressional reporting requirements
Corporation taxes
Cost of living adjustments
Drugs
Economics and Public Finance
Entitlements
Estate tax
Executive reorganization
Families
Federal aid to child health services
Federal budgets
Federal employees
Finance and Financial Sector
Financial statements
Food stamps
Foreign Trade and International Finance
Foreign corporations
Foster home care
Government Operations and Politics
Government lending
Government paperwork
Government securities
Government spending reductions
Government trust funds
Gross national product
Health
Health insurance
House rules and procedure
Income tax
Information disclosure (Securities law)
Insurance
Investments
Labor and Employment
Labor unions
Law
Legislation
Legislative amendments
Legislative resolutions
Licenses
Medicaid
Medically uninsured
Medicare
Military medicine
Military pensions
Milk
Mutual funds
Old age, survivors and disability insurance
Poor children
Postal service
Prescription pricing
Presidential appointments
Salaries
Saving and investment
Securities
Senate rules and procedure
Small business
Social security finance
Social security taxes
Stocks
Student loan funds
Supplemental security income program
Tax exclusion
Tax exemption
Tax rates
Taxation
Trusts and trustees
Unemployment insurance
Veterans' benefits
Veterans' medical care
WIC program
Wool
Wool trade

Summary:
action_date: 2005-04-20
text: 
Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish: (1) a new part B (Personal Social Security Savings Program); and (2) the Social Security Personal Savings Fund in the Treasury, consisting of a separate Tier I Investment Fund and Tier II Investment Fund. Restricts participation in the program to certain individuals born on or after January 1, 1950. Allows a participating individual to elect to direct transfers from the Savings Fund, credited to his or her personal Social Security savings account, into one or more specified Tier III Investment Options. Prescribes requirements for personal Social Security savings annuity and other distributions. Establishes a Personal Social Security Savings Board to administer the program and set policies for the investment and management of the Savings Fund.
 
Provides for recapture of corporate tax on yields attributable to personal Social Security savings account investments.
 
Amends the Internal Revenue Code (IRC) to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Excludes from gross income any qualified distribution from amounts credited to a personal Social Security savings account.
 
Amends SSA title II part B to create in the Treasury the Self-Liquidating Social Security Transition Fund.
 
Amends SSA title VII (Administration) to prohibit receipts and disbursements of the Social Security and related trust funds from being counted as new budget authority, outlays, receipts, or deficit or surplus.
 
Amends SSA title II to dedicate budget surpluses to saving Social Security.
 

 Amends IRC to provide for a reduction of FICA rates resulting from the program.
 
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for spending safeguards on the growth of entitlements and mandatories.


Legislative actions:
action_date: 2005-04-20
text: Read twice and referred to the Committee on Finance.
action_date: 2005-04-20
text: Introduced in Senate