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, to extend the solvency of the old-age, survivors, and disability insurance program, and for other purposes.
Strengthening Social Security Act of 1999 - 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 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 such a withholding plan or to observe certain requirements with respect to it.
Provides for the adjustment of the primary insurance amount for plan participants and for specified graduated increases in normal and early retirement ages.
Directs the Bureau of Labor Statistics to reduce by .5 percentage point the annual percentage change in the Consumer Price Indexes used with respect to the OASDI cost-of-living adjustment calculations.
Referred to the Subcommittee on Employer-Employee Relations.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Social Security.
Referred to the Subcommittee on Employer-Employee Relations.
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