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H.R. 5541 (107th): Rejecting Social Security Privatization Act of 2002

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 2, 2002.

Rejecting Social Security Privatization Act of 2002 - States that the Congress hereby commits to preserve the guaranteed, lifelong, inflation-protected benefits provided under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to retirees, disabled workers, and their families, and the survivors of deceased workers, by rejecting plans to institute Personal Retirement Accounts, or any other forms of private accounts, which would divert or remove all or portions of monies from the Social Security trust funds and reduce the retirement security of current and future beneficiaries, and which would reduce guaranteed Social Security benefits for retirees, disabled workers, and survivors.