Social Security Guarantee Plus Act of 2005

Bill: 109-hr-750
Sponsor: Rep. Shaw, E. Clay, Jr. [R-FL-22]
Introduced: 2005-02-10 in the House
Policy area: Social Welfare
Subjects: Administrative fees
Aliens
Annuities
Bonds
Budget deficits
Budget reconciliation
Budget resolutions
Budget surpluses
Caregivers
Civil service retirement
Congress
Congressional reporting requirements
Congressional voting
Cost of living adjustments
Death
Disabled
Divorce
Earnings
Economics and Public Finance
Estate tax
Estates (Law)
Executive reorganization
Families
Finance and Financial Sector
Financial statements
Government Operations and Politics
Government paperwork
Government publicity
Government trust funds
House rules and procedure
Indexing (Economic policy)
Investments
Labor and Employment
Law
Legislation
Legislative amendments
Legislative resolutions
Marriage
Married people
Mutual funds
Old age, survivors and disability insurance
Older workers
Retirement income
Senate rules and procedure
Social Security Administration
Social security beneficiaries
Social security eligibility
Social security finance
Social security taxes
Stocks
Survivors' benefits
Tax credits
Tax exemption
Tax refunds
Taxation
Widowers
Widows
Women

Summary:
action_date: 2005-02-10
text: 
Social Security Guarantee Plus Act of 2005 - Amends the Internal Revenue Code (IRC) and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Guarantee Program, to be administered by a Social Security Guarantee Board established within the Social Security Administration. Authorizes any individual age 18 with a Social Security number to elect to enroll as a covered individual and receive in the Social Security guarantee account established for him or her by the Board a calendar year payment of Social Security guarantee refundable credits and interest.
 
Requires designation of a certified account manager by or on behalf of each covered individual to hold the individual's Social Security guarantee account assets for investment, including in common stock portfolios and fixed income securities.
 
Amends the IRC to make the Social Security guarantee accounts benefits taxable as Social Security benefits.
 
Amends the Congressional Budget Act to provide for a lock-box for Social Security surpluses. 
 
Amends SSA title II to: (1) repeal the limitation on the amount of outside income which beneficiaries age 62 or over may earn (earnings test) without incurring a reduction in benefits; (2) increase widow's and widower's insurance benefits; (3) provide for benefits for disabled widows and widowers without regard to age; (4) repeal the seven-year restriction on eligibility for widow's and widower's insurance benefits based on disability; (5) waive the two-year waiting period for a divorced spouse's benefits if the other spouse remarries; (6) increase the amount of wages and self-employment income credited to years taken into account for beneficiaries precluded from remunerative work by the needs of child care; and (7) reduce the Government pension offset.


Legislative actions:
action_date: 2005-03-03
text: Referred to the Subcommittee on Social Security.
action_date: 2005-02-10
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, 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: 2005-02-10
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, 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: 2005-02-10
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, 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: 2005-02-10
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, 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: 2005-02-10
text: Sponsor introductory remarks on measure. (CR E220)
action_date: 2005-02-10
text: Introduced in House
action_date: 2005-02-10
text: Introduced in House