S. 540 (109th): Saving Social Security Act of 2005

Introduced:
Mar 07, 2005 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee)
Sponsor
Charles “Chuck” Hagel
Senator from Nebraska
Party
Republican
Text
Read Text »
Last Updated
Mar 07, 2005
Length
34 pages
Related Bills
S. 2765 (110th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 13, 2008

H.R. 1800 (Related)
Retirement Security Act of 2005

Referred to Committee
Last Action: Apr 21, 2005

 
Status

This bill was introduced on March 7, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 07, 2005
Referred to Committee Mar 07, 2005
 
Full Title

A bill to strengthen and permanently preserve social security.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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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.


3/7/2005--Introduced.
Saving Social Security Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Investment-Based Social Security) outlining a new program to allow any individual born on or after January 1, 1963, and meeting certain criteria, to receive Social Security benefits from a portion of their wages or self-employment income that has been contributed to a designated Social Security savings account for employees (SAFE Account) for investment.
Guarantees a total monthly benefit to be not less than the monthly benefit promised under the current OASDI program (which is redesignated as part A (Debt-Based Social Security)). Allows certain individuals to elect to waive SAFE account eligibility.
Establishes in the Treasury a SAFE Investment Fund which shall be maintained in the same manner as the Thrift Savings Fund (for federal employees and Members of Congress) and in which a SAFE Account for each such investing individual shall be established. Requires the Fund to charge each investing worker in the Fund a single, uniform annual administrative fee not to exceed 0.57% of the value of the assets invested in the worker's SAFE Account.
Prescribes requirements for the timing of distributions from the SAFE Account of an investing worker.
Requires transfer to the Federal Old-Age and Survivors Insurance Trust Fund, on the determined distribution date, of so much of the balance in an investing worker's SAFE Account as does not exceed the old-age insurance amount. Entitles the investing worker to a federal annuity payment. Requires payment to the worker, in the manner and amounts the worker determines, of any funds remaining in an investment worker's SAFE Account after such transfer.
Establishes within the Social Security Administration a Social Security Investment Board to maintain SAFE Accounts and the SAFE Investment Fund in the same manner as the Thrift Savings Accounts and the Thrift Savings Fund are maintained by the Thrift Savings Board.
Amends the Internal Revenue Code to:
(1) provide for a minimum monthly Social Security benefit;
(2) exempt the SAFE Investment Fund and each SAFE Account from income taxation;
(3) subject a personal Social Security savings account to certain other taxes;
(4) treat any federal annuity payment under the new part B program as a Social Security benefit for purposes of Social Security and tier 1 railroad retirement benefits; and
(5) include any distribution of excess assets from a SAFE Account in gross income.
Amends SSA to make necessary additional fiscal year appropriations to the Social Security Trust Funds to maintain adequate balances.

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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