A bill to amend title II of the Social Security Act to provide for individual savings accounts funded by employee and employer social security payroll deductions, to extend the solvency of the old-age, survivors, and disability insurance program, and for other purposes.
(Sec. 101) Excludes ISF receipts and disbursements (and any ISF accounts) from the Federal budget, and exempts them from statutory limitations on Federal budgetary outlays.
Amends the Internal Revenue Code to provide for reductions in OASDI taxes and contribution of resulting savings to ISAs. Entitles ISA holders to a specified tax credit.
(Sec. 102) Specifies Federal contributions to individual KSAs.
(Sec. 103) Amends SSA title II to provide for adjustments to primary insurance amounts under the old OASDI program (redesignated as part A (Insurance Benefits) of SSA title II).
Title II: Social Security System Adjustments - Amends SSA title II with regard to: (1) adjustments to bend points in determining primary insurance amounts; (2) adjustment of widows' and widowers' insurance benefits; (3) elimination of the limitation on the amount of outside income which a beneficiary who has attained early retirement age may earn (earnings test) without incurring a reduction in benefits; (4) gradual increase in the number of benefit computation years, and the use of all years in computation; (5) maintenance of benefit and contribution base; (6) actuarial adjustment for retirement; (7) modification of the increase in normal retirement age; and (8) modification of primary insurance amount factors to reflect change in life expectancy.
(Sec. 203) Requires the Commissioner of Social Security to report to Congress on: (1) a study on the effect of taking earnings into account in determining substantial gainful activity of individuals receiving disability insurance benefits; and (2) a detailed study plan for evaluating the effects of increases in life expectancy as well as an evaluation of the implications of the trends studied, along with appropriate recommendations.
(Sec. 206) Amends the Social Security Amendments of 1983 to provide for a reduction in the amount of certain transfers to the Medicare trust funds.
(Sec. 208) Directs the Commissioner of the Bureau of Labor Statistics (BLS) to publish annually in the Federal Register an estimate of the upper level substitution bias, quality-change bias, and new-product bias retained in the Consumer Price Index (CPI).
Makes appropriations to BLS for specified actions to improve the CPI.
Directs BLS to establish an administrative advisory committee regarding CPI revisions.
Amends SSA title VII (Administration) to prescribe a mechanism for remedying unforeseen deterioration in social security solvency.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S8719-8723, S8729-8732)
Read twice and referred to the Committee on Finance.
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