Summary

To reform Social Security by establishing a Personal Social Security Savings Program. Read More

Status

This bill was introduced on Sep 12, 2011, in a previous session of Congress, but was not passed.

Date Introduced
Sep 12, 2011

Co-Sponsors

Bill Text

A BILL

To reform Social Security by establishing a Personal Social Security Savings Program.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Save Social Security Act''. (b) Table of Contents.--The table of contents is as follows:

Sec. 1. Short title and table of contents. Sec. 2. Establishment of Personal Social Security Savings Program. ``Part B--Personal Social Security Savings Program

``Sec. 251. Definitions. ``Sec. 252. Personal Social Security Savings Fund. ``Sec. 253. Participation in program and establishment of personal social security savings accounts. ``Sec. 254. Contributions to the Savings Fund. ``Sec. 255. Tier I Investment Fund. ``Sec. 256. Tier II Investment Options. ``Sec. 257. Personal social security savings annuity and other distributions. ``Sec. 258. Guarantee of promised social security benefits. ``Sec. 259. Personal Social Security Savings Board. ``Sec. 260. Executive Director. Sec. 3. Monthly insurance benefits in connection with participants in the Personal Social Security Savings Program. Sec. 4. Tax treatment of accounts. Sec. 5. Reimbursement of Spending Reduction Account from savings resulting from Personal Social Security Savings Program. Sec. 6. Funding of Personal Social Security Savings Program from Credits for Reductions in Federal Spending. Sec. 7. Interim financing of the Social Security Trust Funds.

SEC. 2. ESTABLISHMENT OF PERSONAL SOCIAL SECURITY SAVINGS PROGRAM.

Title II of the Social Security Act is amended-- (1) by inserting before section 201 the following:

``PART A--INSURANCE BENEFITS'';

and...

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Bill Summary

To reform Social Security by establishing a Personal Social Security Savings Program.

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