S. 1302 · 109th Congress
Stop the Raid on Social Security Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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DeMintSponsor11 cosponsors · 11 R
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Brownback
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Enzi
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Graham
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Sununu11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Stop the Raid on Social Security Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Personal Retirement Accounts Program, to be administered by a Social Security Personal Savings Board established within the Social Security Administration.
What it does: CRS summary · Introduced in Senate · Jun 23, 2005
Stop the Raid on Social Security Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish a Social Security Personal Retirement Accounts Program, to be administered by a Social Security Personal Savings Board established within the Social Security Administration. Authorizes any individual credited with wages paid after December 31, 2005, or self-employment income derived in any taxable year ending after such date, who is born on or after January 1, 1950, and who has not filed an election to renounce such individual's status as a participating individual, to participate in the Program.
Directs the Board to establish a social security personal retirement account for each participating individual upon initial receipt of a transfer from amounts held in the Federal Old-Age and Survivors Insurance Trust Fund.
Requires the Secretary of the Treasury to make necessary transfers from the general fund of the Treasury to maintain a 100 percent ratio of assets of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to the annual amount required to pay the full amount of benefits payable for each year up to 2041.
Requires designation of a certified account manager by or on behalf of each participating individual to hold the individual's account assets for investment, including in broad-based index funds similar to the index fund investment options available within the Thrift Savings Fund.
Prescribes requirements for withdrawal from such accounts, annuitization, and related matters.
Amends the Internal Revenue Code to: (1) make all social security personal retirement accounts exempt from income taxation; but (2) subject distributions from closed accounts to taxation as social security benefits.
Exempts assets of Social Security Personal Retirement Accounts from the estate tax.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Stop the Raid on Social Security Act of 2005
Latest action (Nov 15, 2005): Sponsor introductory remarks on measure. (CR S12829-12830)
Policy area: Social Welfare · Origin: Senate · Introduced: Jun 23, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.