H.R. 107 · 111th Congress
Securing Medicare and Retirement for Tomorrow Act of 2009
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FlakeSponsor2 cosponsors · 1 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Securing Medicare and Retirement for Tomorrow Act of 2009 or SMART Act of 2009 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Personal Social Security Savings Program) under which each employer shall establish and maintain for each participating employee a personal Social…
What it does: CRS summary · Introduced in House · Jan 6, 2009
Securing Medicare and Retirement for Tomorrow Act of 2009 or SMART Act of 2009 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Personal Social Security Savings Program) under which each employer shall establish and maintain for each participating employee a personal Social Security account under a Social Security payroll deduction plan. Provides for the participation by self-employed individuals and the investment of personal Social Security account funds in one qualified Social Security mutual fund designated by the participating individual.
Establishes the Personal Accounts Management and Review Board, and requires it to establish a program for designating qualified Social Security mutual funds.
Provides for election of SSA title II part A (Insurance Benefits) in lieu of part B benefits at retirement.
Establishes in the Treasury the Social Security Escrow Fund and provides for investment of its holdings.
Amends SSA title XVIII (Medicare) with respect to personal Social Security accounts.
Amends the Internal Revenue Code to impose a tax on the failure of Medicare retirees to obtain qualified health insurance coverage.
Provides for a reduction in rate of the Federal Insurance Contributions Act (FICA) tax on employers if the Fund is ever projected to have excess funds during the ensuing calendar year, and will have no need to borrow funds for the next 10 calendar years.
Prohibits collection of the FICA tax with respect to individuals who have attained retirement age.
Excludes from an individual's gross income any distributions from a personal Social Security account or any amount received under a qualified Social Security annuity.
Provides for budget reform transfers from the general fund of the Treasury to the Social Security Escrow Fund of any tax revenues in excess of specified target revenue amounts (if any) for the fiscal year.
Amends the Congressional Budget Act of 1974 to provide for dedication of Social Security surpluses to reduction in the public debt.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Securing Medicare and Retirement for Tomorrow Act of 2009
Also known as: SMART Act of 2009
Latest action (Mar 16, 2009): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Policy area: Social Welfare · Origin: House · Introduced: Jan 6, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.