Strengthening Social Security Act of 1995

Strengthening Social Security Act of 1995 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees 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. Applies this Act only to employees who have not attained age 55. Specifies reduced social security tax rates for plan participants. 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: (1) specified graduated increases in "normal" and early retirement ages; and (2) reduction in cost-of-living adjustments (COLAs) applied to higher primary insurance amounts under the OASDI program, tying OASDI COLA determinations based on applicable increase percentages to similar determinations under other specified Federal benefit programs, including the Supplemental Security Income (SSI) program.

Directs the Bureau of Labor Statistics to reduce by .5 percentage point the annual percentage change in the Consumer Price Indexes (CPI) used with respect to OASDI COLA calculations.

Provides for: (1) a phased in reduction in spousal benefits other than survivors' benefits to 33 percent of the primary insurance amount; and (2) various specified adjustments in the formula for determining primary insurance amounts under OASDI.

Mandates social security coverage of all State and local government employees hired after January 1, 1996.

Amends the Omnibus Budget Reconciliation Act of 1993 with respect to social security and tier 1 railroad retirement benefits, continuing for only a limited period the increased amount of benefits included in the gross income of certain taxpayers.

Establishes within the Federal Old-Age and Survivors Insurance Trust Fund an Equities Fund containing the income on, and proceeds from the sale or redemption of, equities held in the Federal Old-Age and Survivors Insurance Trust Fund.