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.
Social Security Personal Savings Guarantee and Prosperity Act of 2004 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to provide for the establishment of a voluntary, personal Social Security investment program under a new part B (Personal Social Security Savings Program) where a participating individual is able to invest in tax free personal accounts in a way that is similar to the way Federal employees invest in the Thrift Savings Program. Establishes in the Treasury the Social Security Personal Savings Fund, with personal Social Security savings accounts for deposit of the redirected Social Security contributions of participating individuals as mechanisms for crediting to such individuals amounts held in the Tier I Investment Fund, the Tier II Investment Fund, and Tier III Investment Options, also hereby established.
Prescribes rules for personal Social Security savings annuity and other distributions.
Establishes in the executive branch of the Government a Personal Social Security Savings Account Board to administer the new part B program.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to provide for adjustment of primary insurance amounts in relation to deposits made to personal Social Security accounts.
Directs the Secretary of the Treasury to transfer to the Federal Old-Age and Survivors Insurance Trust Fund amounts equal to the recapture of corporate tax on account yields and of Government savings over baseline.
Amends the Internal Revenue Code to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation.
Subjects a personal Social Security savings account to taxes imposed on unrelated business income of charitable, etc.
organizations. Excludes from a distributee's gross income any qualified distribution from amounts credited to a personal Social Security savings account from the Social Security Personal Savings Fund or held in a Tier III Investment Option. Creates in the Treasury the Self-Liquidating Social Security Transition Fund for the deposit of OASDI trust fund surplus for the preceding year.
Amends SSA to provide for accounting for the OASDI program and the individual Social Security investment program.
Amends SSA title VII to prescribe the budgetary treatment of the Social Security trust funds, the Social Security Personal Savings Fund, and taxes on self-employment income and FICA (Federal Insurance Contributions) taxes.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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