Social Security Savings Act of 2003
Latest action · Oct 8, 2003 Referred to the Subcommittee on Social Security.
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 25, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Social Security Savings Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish in the executive branch a Personal Savings Board, headed by an Executive Director, to administer the individual social security account program created by this Act. Establishes in the Treasury a Social Security Personal Savings Fund. Directs the Executive Director to establish in the Savings Fund an individual social security account for each eligible individual who elects to participate. Prescribes social security deposits for investments in common stock and government obligations. Provides for distribution of Savings Fund amounts in monthly annuity payments, with optional cash distribution, along with cost-of-living adjustments. Ensures maintenance of adequate balances in the social security trust funds.
Amends the Internal Revenue Code to: (1) exempt the Savings Fund, and each individual social security account, from income taxation; and (2) tax distributions as social security benefits.
Directs the Social Security Advisory Board to study the manner and extent to which, upon attainment of balances in individual social security accounts sufficient to minimize the administrative costs involved, investment of amounts held in such accounts may be managed in the private sector by approved account managers.
Cosponsors 3
Members who signed on, in the order they did. Signatures ran from Oct 16, 2003 to Mar 11, 2004.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CO | Marilyn N. Musgrave | Oct 16, 2003 | |
| R-MI | Nick Smith | Oct 16, 2003 | |
| R-FL | Jeff Miller | Mar 11, 2004 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Sep 25, 2003 |
| Social Security Subcommittee | Referred Oct 8, 2003 |
Actions 3
Everything that happened, newest first.
- Oct 8, 2003Referred to the Subcommittee on Social Security.
- Sep 25, 2003Introduced in House
- Sep 25, 2003Referred to the House Committee on Ways and Means.
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Social Security Act and the Internal Revenue Code of 1986 to preserve and strengthen the Social Security Program through the creation of individual Social Security accounts ensuring full benefits for all workers and their families, giving Americans ownership of their retirement, restoring long-term Social Security solvency, and for other purposes.
- Short Titles as Introduced
- Social Security Savings Act of 2003
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Administrative fees
- Advice and consent of the Senate
- Alimony
- Annuities
- Auditing
- Child abuse
- Child sexual abuse
- Child support
- Collection of accounts
- Commerce
- Congress
- Congressional reporting requirements
- Cost of living adjustments
- Crime and Law Enforcement
- Damages
- Death
- Divorce
- Economics and Public Finance
- Estates (Law)
- Executive reorganization
- Families
- Finance and Financial Sector
- Financial statements
- Garnishment
- Government Operations and Politics
- Government paperwork
- Government publicity
- Government securities
- Government trust funds
- Investments
- Labor and Employment
- Law
- Liability insurance
- Marriage
- Married people
- Mutual funds
- Old age, survivors and disability insurance
- Presidential appointments
- Privatization
- Saving and investment
- Separation (Law)
- Social security beneficiaries
- Social security eligibility
- Social security finance
- Social security numbers
- Social security taxes
- Social Welfare
- Stocks
- Surveys
- Survivors' benefits
- Tax exemption
- Taxation
- Trusts and trustees
- Widowers
- Widows
- Women
Text 1
Each version as it was printed, newest first.
- Sep 25, 2003Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.