To amend the Social Security Act and the Internal Revenue Code of 1986 to preserve and strengthen the Social Security program through the creation of personal Social Security guarantee accounts ensuring full benefits for all workers and their families, restoring long-term Social Security solvency, to make certain benefit improvements, and for other purposes.
Social Security Guarantee Plus Act of 2005 - Amends the Internal Revenue Code (IRC) and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Guarantee Program, to be administered by a Social Security Guarantee Board established within the Social Security Administration. Authorizes any individual age 18 with a Social Security number to elect to enroll as a covered individual and receive in the Social Security guarantee account established for him or her by the Board a calendar year payment of Social Security guarantee refundable credits and interest.
Requires designation of a certified account manager by or on behalf of each covered individual to hold the individual's Social Security guarantee account assets for investment, including in common stock portfolios and fixed income securities.
Amends the IRC to make the Social Security guarantee accounts benefits taxable as Social Security benefits.
Amends the Congressional Budget Act to provide for a lock-box for Social Security surpluses.
Amends SSA title II to: (1) repeal the limitation on the amount of outside income which beneficiaries age 62 or over may earn (earnings test) without incurring a reduction in benefits; (2) increase widow's and widower's insurance benefits; (3) provide for benefits for disabled widows and widowers without regard to age; (4) repeal the seven-year restriction on eligibility for widow's and widower's insurance benefits based on disability; (5) waive the two-year waiting period for a divorced spouse's benefits if the other spouse remarries; (6) increase the amount of wages and self-employment income credited to years taken into account for beneficiaries precluded from remunerative work by the needs of child care; and (7) reduce the Government pension offset.
Sponsor introductory remarks on measure. (CR H2140-2141)
Sponsor introductory remarks on measure. (CR H5644)
Referred to the Subcommittee on Social Security.
Referred to the Subcommittee on Social Security.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E220)
Referred to the Committee on Ways and Means, and in addition to the Committees on Rules, and the Budget, 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 Committees on Rules, and the Budget, 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 Committees on Rules, and the Budget, 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 Committees on Rules, and the Budget, 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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Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2166-2170)
Read twice and referred to the Committee on Finance.