S. 3200 (106th): Social Security KidSave Accounts Act

Introduced:
Oct 12, 2000 (106th Congress, 1999–2000)
Sponsor:
Sen. Robert Kerrey [D-NE]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on October 12, 2000, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 12, 2000
Referred to Committee Oct 12, 2000
Cosponsors
4 cosponsors (2R, 2D) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Social Security Act to provide each American child with a KidSave Account, and for other purposes.

Summary

No summaries available.

Text

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Last updated Oct 12, 2000.
10 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/12/2000--Introduced.
Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2000, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a Federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).
Requires the Secretary of the Treasury to transfer from the Federal Old- Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such individual's KidSave Account is established; plus (2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.
Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

  • Title 5: GOVERNMENT ORGANIZATION AND EMPLOYEES
  • Part III: EMPLOYEES
  • Subpart G: Insurance and Annuities
  • Chapter 84: FEDERAL EMPLOYEES’ RETIREMENT SYSTEM
  • Subchapter III: THRIFT SAVINGS PLAN
  • Section 8438: Investment of Thrift Savings Fund
  • Title 42: THE PUBLIC HEALTH AND WELFARE
  • Chapter 7: SOCIAL SECURITY
  • Subchapter II: FEDERAL OLD-AGE, SURVIVORS, AND DISABILITY INSURANCE BENEFITS
  • Section 401: Trust Funds

Other Citations

  • 5 U.S.C. Chapter 84