In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''SSI Savers Act of 2010''.

SEC. 2. INCREASE IN RESOURCE LIMITS; INFLATION ADJUSTMENT.

(a) Increase in Resource Limits.--Section 1611(a)(3) of the Social
Security Act (42 U.S.C. 1382(a)(3)) is amended--
(1) in subparagraph (A)--
(A) by striking ''and'' the last place it appears;
and
(B) by inserting '', and to $7,500 on January 1,
2011'' before the period; and
(2) in subparagraph (B)--
(A) by striking ''and'' the last place it appears;
and
(B) by inserting '', and to $5,000 on January 1,
2011'' before the period.
(b) Inflation Adjustment.--Section 1611(a)(3) of such Act (42
U.S.C. 1382(a)(3)) is amended by adding at the end the following:
''(C) Adjustment for inflation.--
''(i) In general.--Whenever dollar amounts
in effect under paragraphs (1)(A) and (2)(A) of
this subsection are increased by a percentage
under section 1617, each of the dollar amounts
in effect under this paragraph shall be
increased by the same percentage, and rounded
to the closest multiple of $100.
''(ii) Requirement.--Each adjustment under
clause (i) shall be based on the unrounded
amount for the prior 12-month period.''.

SEC. 3. LIMITED EXCLUSION FROM RESOURCES OF CERTAIN DEFERRED
COMPENSATION AND EDUCATION SAVINGS ARRANGEMENTS.

Section 1613 of the Social Security Act (42 U.S.C. 1382b) is
amended--
(1) in subsection (a)--
(A) in paragraph (15), by striking ''and'' at the
end;
(B) in paragraph (16), by striking the period and
inserting a semicolon; and
(C) by inserting after paragraph (16) the
following:
''(17) if the individual is not described in section
1611(e)(1)(B) of this Act, the value of any assets in a plan,
contract, or account, annuity, or trust described in section
401(a), 403(a), 403(b), 408, 408A, 414(d), 457(b), or
501(c)(18) of the Internal Revenue Code of 1986, any retirement
program or account included in any successor or similar
provision that may be enacted and determined to be exempt from
tax under the Internal Revenue Code of 1986, and any other
retirement plan, contract, account, annuity, or trust, as
determined in the sole discretion of the Commissioner, except
that if the individual has attained 65 years of age, the total
amount excluded under this paragraph shall not exceed--
''(A) $50,000 (or, if greater, the amount
determined under subsection (f) of this section) if the
individual does not have an eligible spouse; or
''(B) $75,000 (or, if greater, the amount
determined under such subsection (f)) if the individual
has an eligible spouse; and
''(18) if the individual has not attained 65 years of age,
the value of--
''(A) any funds in a qualified tuition program (as
defined in section 529 of the Internal Revenue Code of
1986) or in a Coverdell education savings account (as
defined in section 530 of such Code);
''(B) any other education program, contract, or
account, as determined in the sole discretion of the
Commissioner; and
''(C) any individual development account
established pursuant to the Assets for Independence Act
or section 333B of the Consolidated Farm and Rural
Development Act, or under an individual development
account program administered by a Federal agency.'';
and
(2) by adding at the end the following:
''(f) Adjustment for Inflation.--
''(1) In general.--Whenever dollar amounts in effect under
paragraphs (1)(A) and (2)(A) of section 1611(a) are increased
by a percentage under section 1617, each of the dollar amounts
in effect under subsection (a)(17) of this section shall be
increased by the same percentage, and rounded to the closest
multiple of $100.
''(2) Requirement.--Each adjustment under paragraph (1)
shall be based on the unrounded amount for the prior 12-month
period.''.

SEC. 4. INCOME RULES APPLICABLE TO CERTAIN DEFERRED COMPENSATION
ARRANGEMENTS.

(a) Imputation of Income in Certain Cases.--Section 1612 of the
Social Security Act (42 U.S.C. 1382a) is amended by adding at the end
the following:

''Imputation of Income From Certain Deferred Compensation Arrangements

''(c)(1) If the aggregate value of the assets described in section
1613(a)(17) of an eligible individual who has attained 65 years of age
and is not described in section 1611(e)(1)(B) exceeds--
''(A) $10,000 (or, if greater, the amount determined under
paragraph (2) of this subsection) if the individual does not
have an eligible spouse; or
''(B) $15,000 (or, if greater, the amount determined under
such paragraph (2)) if the individual has an eligible spouse,
but does not exceed the dollar amount in effect with respect to the
individual under section 1613(a)(17), the assets shall be considered
income in an amount equal to the annuity value of the assets (as
determined under regulations of the Commissioner of Social Security).
''(2)(A) Whenever dollar amounts in effect under paragraphs (1)(A)
and (2)(A) of section 1611(a) are increased by a percentage under
section 1617, each of the dollar amounts in effect under paragraph (1)
of this subsection shall be increased by the same percentage, and
rounded to the closest multiple of $100.
''(B) Each adjustment under paragraph (1) shall be based on the
unrounded amount for the prior 12-month period.''.
(b) Exclusion of One-Third of Distributions.--Section 1612(b) of
such Act (42 U.S.C. 1382a(b)) is amended--
(1) by striking ''and'' at the end of paragraph (24);
(2) by striking the period at the end of paragraph (25) and
inserting ''; and''; and
(3) by adding at the end the following:
''(26) one-third of the value of any assets described in
section 1613(a)(17) distributed to such individual (or such
spouse).''.

SEC. 5. ELIMINATION OF REQUIREMENT THAT SSI RECIPIENTS APPLY FOR
PERIODIC PAYMENTS FROM CERTAIN DEFERRED COMPENSATION
ARRANGEMENTS.

Section 1611(e)(2) of the Social Security Act (42 U.S.C.
1382(e)(2)) is amended by inserting ''(other than payments from a plan,
contract, account, annuity, or trust referred to in section
1613(a)(17))'' after ''section 1612(a)(2)(B)''.

SEC. 6. EFFECTIVE DATE.

The amendments made by this Act shall apply to benefits for
calendar months beginning after the date of the enactment of this Act.
A:
SSI Savers Act of 2010 - Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to: (1) increase resource limits for aged, blind, or disabled individuals who do not have an eligible spouse; (2) require an inflation adjustment for such individuals, regardless of whether a spouse is eligible; (3) provide a limited exclusion from resources of certain deferred compensation and education savings arrangements; (4) set forth income rules imputing income from certain deferred compensation arrangements; and (5) eliminate the requirement that SSI recipients apply for periodic payments from certain deferred compensation arrangements.