HR 874 IH

106th CONGRESS

1st Session

H. R. 874

To reform Social Security by creating individual Social Security retirement accounts.

IN THE HOUSE OF REPRESENTATIVES

February 25, 1999

Mr. PORTER (for himself, Mr. BACHUS, Mr. SANFORD, Mr. ISTOOK, Mr. SHAYS, and Mr. SMITH of Michigan) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To reform Social Security by creating individual Social Security retirement accounts.

SECTION 1. SHORT TITLE.

SEC. 2. REDUCTION AND ELIMINATION OF SOCIAL SECURITY TAXES ON INDIVIDUALS ELECTING TO PARTICIPATE IN INDIVIDUAL RETIREMENT PROGRAM.

calendar year for which such individual is a part B eligible individual.'

SEC. 3. INDIVIDUAL SOCIAL SECURITY RETIREMENT ACCOUNTS FUNDED BY SOCIAL SECURITY PAYROLL DEDUCTION PLANS AND CONTRIBUTIONS BY SELF-EMPLOYED INDIVIDUALS.

`Part A--Insurance Benefits';

`Part B--Individual Retirement Program

`SOCIAL SECURITY PAYROLL DEDUCTION PLANS

`DESIGNATION OF INDIVIDUAL SOCIAL SECURITY RETIREMENT ACCOUNTS

`SELF-EMPLOYED INDIVIDUALS

`ELECTION TO BECOME AN ELIGIBLE INDIVIDUAL

`DISABILITY INSURANCE AND PRERETIREMENT SURVIVOR BENEFITS

`ENTITLEMENT TO SUPPLEMENTAL MINIMUM BENEFIT PAYMENT TO ACCOUNT

`DEFINITIONS

`PENALTIES

SEC. 4. TAX TREATMENT OF INDIVIDUAL SOCIAL SECURITY RETIREMENT ACCOUNTS.

`SEC. 408B. INDIVIDUAL SOCIAL SECURITY RETIREMENT ACCOUNTS.

amount would be less than the early distribution annuity amount (as defined in subsection (c)(2)).

`Sec. 408B. Individual social security retirement accounts.'.

SEC. 5. NO COVERAGE UNDER OASDI UPON ELECTION TO BE ELIGIBLE INDIVIDUAL UNDER PART B.

SEC. 6. CONTRIBUTION RECOGNITION BONDS.

SEC. 7. PHASED IN INCREASE IN SOCIAL SECURITY RETIREMENT AGE.

SEC. 8. ADJUSTED PERCENTAGES APPLIED TO AVERAGE INDEXED MONTHLY EARNINGS IN DETERMINING PRIMARY INSURANCE AMOUNTS.

SEC. 9. OFF-BUDGET TREATMENT FOR SOCIAL SECURITY REFORMS.

SEC. 10. STUDY RELATING TO FEDERAL CIVILIAN AND MILITARY PERSONNEL.

END