H.R.3177 - Social Security Savings Act of 2003108th Congress (2003-2004)
Summary: H.R.3177 — 108th Congress (2003-2004)
Introduced in House (09/25/2003)
Social Security Savings Act of 2003 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to establish in the executive branch a Personal Savings Board, headed by an Executive Director, to administer the individual social security account program created by this Act. Establishes in the Treasury a Social Security Personal Savings Fund. Directs the Executive Director to establish in the Savings Fund an individual social security account for each eligible individual who elects to participate. Prescribes social security deposits for investments in common stock and government obligations. Provides for distribution of Savings Fund amounts in monthly annuity payments, with optional cash distribution, along with cost-of-living adjustments. Ensures maintenance of adequate balances in the social security trust funds.
Amends the Internal Revenue Code to: (1) exempt the Savings Fund, and each individual social security account, from income taxation; and (2) tax distributions as social security benefits.
Directs the Social Security Advisory Board to study the manner and extent to which, upon attainment of balances in individual social security accounts sufficient to minimize the administrative costs involved, investment of amounts held in such accounts may be managed in the private sector by approved account managers.