Social Security Solvency Act of 2003
Latest action · Jul 13, 2004 Sponsor introductory remarks on measure. (CR H5643-5646)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 10, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Social Security Solvency Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program (Program). Establishes in the Treasury an Interim Investment Fund (IIF) governed by the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
Authorizes a participating individual and spouse, upon the attainment of a minimum deposit balance of $2,500 in the IIF, to designate one or more personal retirement savings accounts, to which the Secretary of the Treasury shall make deposits from the IIF with respect to the individual according to prescribed formulae. Mandates that the Board divide the IIF into three accounts for investment in common stock and corporate bonds. Requires the Secretary to deposit into the IIF, from amounts otherwise available in the general fund of the Treasury, a total amount equal, in the aggregate, to 100 percent of the redirected social security taxes for such calendar year of each covered individual for such calendar year.
Requires a reduction in Federal Old-Age and Survivors Insurance appropriations, according to a certain formula.
Provides for adjustments to primary OASDI insurance amounts of such covered individuals with designated accounts in the IIF.
Amends the Internal Revenue Code to: (1) allow a tax deduction in the case of an electing personal retirement savings account participant in an amount equal to 50 percent (up to $2,000) of the amount the individual contributed during the taxable year to a personal retirement savings account; (2) exclude from gross income any amount deposited in a personal retirement savings account; (3) include distributions in gross income as if they were social security benefits; and (4) establish an Individual Retirement Security Program refundable credit.
Amends SSA title II to provide for: (1) transfers of budget surpluses to the Federal Old-Age and Survivors Insurance Trust Fund; (2) revisions in social security benefits, such as a gradual increase in retirement age and early retirement age; and (3) reimbursement of Federal Disability Insurance Trust Fund for certain costs of disability insurance benefits.
Directs the Commissioner of Social Security to study and report to the Congress on the most appropriate and feasible means of providing for individuals to opt out of OASDI coverage.
Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to make permanent its pension and individual retirement arrangement provisions.
Amends the Internal Revenue Code to provide for accelerated phase-in of scheduled increases in individual retirement account and pension plan contribution limits, and to revise requirements for long-term care insurance contracts and dependent care and other matters affecting seniors.
Cosponsors 9
Members who signed on, in the order they did. Signatures ran from Sep 10, 2003 to Nov 25, 2003, with 5 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-TX | Charles W. Stenholm | Original | Sep 10, 2003 |
| R-AZ | Jeff Flake | Original | Sep 10, 2003 |
| R-AZ | Jim Kolbe | Original | Sep 10, 2003 |
| R-AZ | John B. Shadegg | Original | Sep 10, 2003 |
| R-PA | Patrick J. Toomey | Original | Sep 10, 2003 |
| R-NY | Amo Houghton | Nov 25, 2003 | |
| R-SC | Jim DeMint | Nov 25, 2003 | |
| R-NE | Lee Terry | Nov 25, 2003 | |
| R-NJ | Scott Garrett | Nov 25, 2003 |
Actions 10
Everything that happened, newest first.
- Jul 13, 2004Sponsor introductory remarks on measure. (CR H5643-5646)
- Jun 1, 2004Sponsor introductory remarks on measure. (CR H3592-3593)
- Apr 28, 2004Sponsor introductory remarks on measure. (CR H2472-2475)
- Apr 21, 2004Sponsor introductory remarks on measure. (CR H2249-2253)
- Sep 30, 2003Referred to the Subcommittee on Social Security.
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Accounting
- Annuities
- Bank accounts
- Bonds
- Budget surpluses
- Caregivers
- Civil service retirement
- Commerce
- Congress
- Congressional reporting requirements
- Disabled
- Dividends
- Early retirement
- Economics and Public Finance
- Election administration
- Electronic government information
- Families
- Federal budgets
- Finance and Financial Sector
- Financial planning
- Fines (Penalties)
- Fringe benefits
- Government Operations and Politics
- Government publicity
- Government trust funds
- Health
- Home ownership
- Housing and Community Development
- Housing for the aged
- Income tax
- Individual retirement accounts
- Insurance premiums
- Internet
- Investment of public funds
- Investments
- Labor and Employment
- Law
- Local employees
- Long-term care insurance
- Married people
- Medical economics
- Old age, survivors and disability insurance
- Parents
- Pension funds
- Pension portability
- Retirement age
- Science, Technology, Communications
- Small business
- Social security finance
- Social security taxes
- Social Welfare
- State employees
- Stocks
- Sunset legislation
- Tax credits
- Tax deductions
- Tax exclusion
- Tax exemption
- Tax refunds
- Tax returns
- Tax-deferred compensation plans
- Tax-exempt organizations
- Taxation
- Telephone
- Trusts and trustees
- Valuation
- Web sites
- Widowers
- Widows
- Women
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.