Saving Social Security Act of 2005
Latest action · Mar 7, 2005 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2166-2170)
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.
- IntroducedMar 7, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Mar 7, 2005 |
Actions 3
Everything that happened, newest first.
- Mar 7, 2005Introduced in Senate
- Mar 7, 2005Sponsor introductory remarks on measure. (CR S2164-2166)
- Mar 7, 2005Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2166-2170)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2164–S2166Text printed S2166–S2170 | Chuck Hagel R-NE (text) | Mar 7, 2005 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 109-554 | THE ROLE OF THE FINANCIAL MARKETS IN SOCIAL SECURITY REFORM81 pages | Banking, Housing, and Urban Affairs Committee | Jun 14, 2005 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL33544 | Social Security Reform: Current Issues and Legislation Archived | Report | Jan 15, 2014 |
Related bills 6
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 440 | Bipartisan Retirement Security Act of 2005 | Related bill | Apr 19, 2005 |
| HR 530 | Individual Social Security Investment Program Act of 2005 | Related bill | Jul 12, 2005 |
| HR 750 | Social Security Guarantee Plus Act of 2005 | Related bill | Mar 3, 2005 |
| S 857 | Social Security Personal Savings Guarantee and Prosperity Act of 2005 | Related bill | Apr 20, 2005 |
| HR 1776 | Social Security Personal Savings Guarantee and Prosperity Act of 2005 | Related bill | May 9, 2005 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to strengthen and permanently preserve social security.
- Short Titles as Introduced
- Saving Social Security Act of 2005
- Popular Titles
- Social Security Overhaul bill
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Advice and consent of the Senate
- Annuities
- Appropriations
- Congress
- Congressional reporting requirements
- Early retirement
- Economics and Public Finance
- Executive reorganization
- Finance and Financial Sector
- Financial statements
- Government Operations and Politics
- Government paperwork
- Government publications
- Government publicity
- Government trust funds
- Governmental investigations
- Income tax
- Internet
- Labor and Employment
- Legislation
- Life expectancy
- Longevity
- Old age, survivors and disability insurance
- Personal budgets
- Presidential appointments
- Retirement age
- Saving and investment
- Science, Technology, Communications
- Social Security Administration
- Social security beneficiaries
- Social security finance
- Social Welfare
- Survivors' benefits
- Tax exemption
- Tax-deferred compensation plans
- Taxation
- Telephone
Text 1
Each version as it was printed, newest first.
- Mar 7, 2005Introduced in Senate
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.