To amend title II of the Social Security Act to provide for individual security 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.
Establishes in the Treasury an Individual Security Fund composed of all established ISAs, and managed by an Individual Security Fund Board established in the Social Security Administration.
Provides for an alternative ISA privately-administered by a certified institution.
Prescribes rules for: (1) distribution of an eligible individual's ISA's funds; (2) off-budget treatment of the ISF and any federally-administered ISAs within it; and (3) privately-administered ISAs.
Amends the Internal Revenue Code to reduce FICA tax rates on the income of every eligible individual, and to impose an ISA contribution on such income for crediting to the eligible individual's ISA. Entitles each eligible individual to a specified limited ISA tax credit for the taxable year involved, treated as a tax overpayment, to be transferred by the Secretary for crediting by the Commissioner, as a contribution equal to the tax overpayment, to such eligible individual's ISA for its sole use. Specifies related contribution incentives.
Amends SSA title II to establish a new minimum monthly Social Security benefit for certain low-income beneficiaries.
Amends SSA title II to prescribe formula changes for computation of the primary insurance amount, including cost-of-living increases, bend points, adjustments for changes in life expectancy, and coverage of disabled beneficiaries.
Makes appropriations to the Department of Labor's Bureau of Labor Statistics for specified research on the Consumer Price Index.
Phases-in an increase in the Social Security normal retirement age to 67.
Amends SSA title VII (Administration) to prescribe a mechanism for ensuring solvency in the Social Security trust funds.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, 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 Rules, 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 Rules, 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.
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