H.R. 1776 (109th): Social Security Personal Savings Guarantee and Prosperity Act of 2005

Introduced:
Apr 21, 2005 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee)
Sponsor
Paul Ryan
Representative for Wisconsin's 1st congressional district
Party
Republican
Text
Read Text »
Last Updated
Apr 21, 2005
Length
128 pages
Related Bills
H.R. 4851 (108th) was a previous version of this bill.

Referred to Committee
Last Action: Jul 19, 2004

S. 857 (identical)

Referred to Committee
Last Action: Apr 20, 2005

 
Status

This bill was introduced on April 21, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 21, 2005
Referred to Committee Apr 21, 2005
 
Full Title

To reform Social Security by establishing a Personal Social Security Savings Program and to provide new limitations on the Federal Budget.

Summary

No summaries available.

Cosponsors
13 cosponsors (13R) (show)
Committees

House Rules

House Budget

House Ways and Means

Social Security

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

H.R. stands for House of Representatives 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.


4/21/2005--Introduced.
Social Security Personal Savings Guarantee and Prosperity Act of 2005 - Amends title II (Old Age, Survivors, and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish:
(1) a new part B (Personal Social Security Savings Program); and
(2) the Social Security Personal Savings Fund in the Treasury, consisting of a separate Tier I Investment Fund and Tier II Investment Fund. Restricts participation in the program to certain individuals born on or after January 1, 1950.
Allows a participating individual to elect to direct transfers from the Savings Fund, credited to his or her personal Social Security savings account, into one or more specified Tier III Investment Options. Prescribes requirements for personal Social Security savings annuity and other distributions.
Establishes a Personal Social Security Savings Board to administer the program and set policies for the investment and management of the Savings Fund.
Provides for recapture of corporate tax on yields attributable to personal Social Security savings account investments.
Amends the Internal Revenue Code (IRC) to exempt the Social Security Personal Savings Fund and each Tier III Investment Option from income taxation. Excludes from gross income any qualified distribution from amounts credited to a personal Social Security savings account.
Amends SSA title II part B to create in the Treasury the Self-Liquidating Social Security Transition Fund.
Amends SSA title VII (Administration) to prohibit receipts and disbursements of the Social Security and related trust funds from being counted as new budget authority, outlays, receipts, or deficit or surplus.
Amends SSA title II to dedicate budget surpluses to saving Social Security.
Amends IRC to provide for a reduction of FICA rates resulting from the program.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to provide for spending safeguards on the growth of entitlements and mandatories.

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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