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

Introduced:
Oct 12, 2000 (106th Congress, 1999–2000)
Status:
Died (Referred to Committee)
Sponsor
Robert Kerrey
Senator from Nebraska
Party
Democrat
Text
Read Text »
Last Updated
Oct 12, 2000
Length
10 pages
Related Bills
S. 2184 (105th) was a previous version of this bill.

Referred to Committee
Last Action: Jun 17, 1998

 
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
 
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.

Cosponsors
4 cosponsors (2D, 2R) (show)
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

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

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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