Personal Retirement Savings Account Act of 1998

Personal Retirement Savings Account Act of 1998 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Personal Social Security Plus Accounts). Establishes in the Treasury a Social Security Plus Fund to hold 80 percent of the surplus (if any) in the Federal budget for each fiscal year for investment in accordance with rules governing the Thrift Savings Plan which shall otherwise govern other Fund operations.

Directs the Commissioner of Social Security to establish in the Social Security Plus Fund a personal social security plus account for each living individual who has been assigned a social security number. Requires the Commissioner to allocate: (1) evenly among all personal social security plus accounts the amount transferred annually to the Social Security Plus Fund; as well as (2) an amount equal to the net earnings and net losses from each investment of sums in the Fund. Makes eligible for such an account any individual the amount of whose wages paid and self-employment income derived in the year equals, in the aggregate, at least the amount such individual must have in order to be credited with four quarters of coverage in such year.

Requires distribution to an account holder of the balance in a personal social security plus account when the account holder becomes entitled to Old-Age insurance benefits under SSA title II.