A bill to amend the Internal Revenue Code of 1986 and the Social Security Act to provide for personal investment plans funded by employee social security payroll deductions.
Personal Investment Plan Act of 1995 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees electing to participate for investment according to the individual employee's personal investment plan. Defines personal investment plan as: (1) any personal investment retirement plan restricted to certain contribution deposits in the Personal Investment Fund, established in the Treasury by this Act; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank. Requires the Personal Investment Fund to be governed by a Personal Investment Fund Board under a system similar to the Thrift Savings Program for Federal employees. Covers self-employed individuals. Specifies reduced social security tax rates for participating employees and self-employed individuals. Sets forth civil penalties for employers who fail to establish a personal investment payroll deduction plan or observe certain requirements with respect to it.
Provides for adjustments to primary insurance amounts under the OASDI program.
Referred to the Subcommittee on Employer-Employee Relations.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Subcommittee on Social Security and Family Policy. Hearings held. Hearings printed: S.Hrg. 104-227.
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