Home > 106th Congressional Bills > H.R. 3178 (ih) To amend the Internal Revenue Code of 1986 to make the dependent care credit refundable and to provide for advance payments of such credit. [Introduced in House] ...H.R. 3178 (ih) To amend the Internal Revenue Code of 1986 to make the dependent care credit refundable and to provide for advance payments of such credit. [Introduced in House] ...
established under section 256.
``(4) Account.--The term `account' means an individual
social security account.
``(5) Account balance.--The term `account balance' means,
in connection with an individual social security account, the
amount in the Savings Fund credited to such account.
``(6) Savings fund.--The term `Savings Fund' means the
Social Security Personal Savings Fund established under section
252.
``(7) Executive director.--The term `Executive Director'
means the Executive Director appointed under section 253.
``(8) Board.--The term `Board' means the Personal Savings
Board established under section 252.
``(9) Distribution base.--The term `distribution base' has
the meaning provided such term under section 260(c).
``(10) Eligibility for monthly insurance benefits.--An
individual shall be deemed `eligible' for a benefit under
section 202 for a month if, upon filing application therefor in
such month, such individual would be entitled to such benefit
for such month.
``personal savings board
``Sec. 252. (a) Establishment.--There is established in the
executive branch of the Government a Personal Savings Board.
``(b) Composition.--The Board shall be composed of--
``(1) 3 members appointed by the President, of whom 1 shall
be designated by the President as Chairman; and
``(2) 2 members appointed by the President, of whom--
``(A) 1 shall be appointed by the President after
taking into consideration the recommendation made by
the Speaker of the House of Representatives in
consultation with the Minority Leader of the House of
Representatives; and
``(B) 1 shall be appointed by the President after
taking into consideration the recommendation made by
the Majority Leader of the Senate in consultation with
the Minority Leader of the Senate.
``(c) Advice and Consent.--Appointments under subsection (b) shall
be made by and with the advice and consent of the Senate.
``(d) Membership Requirements.--Members of the Board shall have
substantial experience, training, and expertise in the management of
financial investments and pension benefit plans.
``(e) Length of Appointments.--
``(1) Terms.--A member of the Board shall be appointed for
a term of 4 years, except that of the members first appointed
under subsection (b)--
``(A) the Chairman shall be appointed for a term of
4 years;
``(B) the members appointed under subsection (b)(2)
shall be appointed for terms of 3 years; and
``(C) the remaining members shall be appointed for
terms of 2 years.
``(2) Vacancies.--
``(A) In general.--A vacancy on the Board shall be
filled in the manner in which the original appointment
was made and shall be subject to any conditions that
applied with respect to the original appointment.
``(B) Completion of term.--An individual chosen to
fill a vacancy shall be appointed for the unexpired
term of the member replaced.
``(3) Expiration.--The term of any member shall not expire
before the date on which the member's successor takes office.
``(f) Duties.--The Board shall--
``(1) administer the program established under this part;
``(2) establish policies for the investment and management
of the Savings Fund, including policies applicable to the
outside entities and qualified professional asset managers with
responsibility for managing the investment of account balances
under section 258, that shall provide for--
``(A) prudent investments suitable for accumulating
funds for payment of retirement income; and
``(B) low administrative costs.
``(3) review the performance of investments made for the
Savings Fund;
``(4) review and approve the budget of the Board; and
``(5) comply with the provisions of section 263.
``(g) Administrative Provisions.--
``(1) In general.--The Board may--
``(A) adopt, alter, and use a seal;
``(B) except as provided in paragraph (2), direct
the Executive Director to take such action as the Board
considers appropriate to carry out the provisions of
this part and the policies of the Board;
``(C) upon the concurring votes of 4 members,
remove the Executive Director from office for good
cause shown;
``(D) provide to the Executive Director such
resources as are necessary to carry out the
requirements of section 253; and
``(E) take such other actions as may be necessary
to carry out the functions of the Board.
``(2) Meetings.--The Board shall meet--
``(A) not less than once during each month; and
``(B) at additional times at the call of the
Chairman.
``(3) Exercise of powers.--
``(A) In general.--Except as provided in paragraph
(1)(C) and section 253(a)(1), the Board shall perform
the functions and exercise the powers of the Board on a
majority vote of a quorum of the Board. Three members
of the Board shall constitute a quorum for the
transaction of business.
``(B) Vacancies.--A vacancy on the Board shall not
impair the authority of a quorum of the Board to
perform the functions and exercise the powers of the
Board.
``(4) Limitation on investments.--Except in the case of
investments required by section 258 to be invested in special
Trust Fund obligations, the Board may not direct the Executive
Director or any account trustee to invest or to cause to be
invested any sums in the Savings Fund in a specific asset or to
dispose of or cause to be disposed of any specific asset of the Savings
Fund.
``(h) Compensation.--
``(1) In general.--Each member of the Board who is not an
officer or employee of the Federal Government shall be
compensated at the daily rate of basic pay for level IV of the
Executive Schedule for each day during which such member is
engaged in performing a function of the Board.
``(2) Expenses.--A member of the Board shall be paid
travel, per diem, and other necessary expenses under subchapter
I of chapter 57 of title 5, United States Code, while traveling
away from such member's home or regular place of business in
the performance of the duties of the Board.
``(3) Source of funds.--Payments authorized under this
subsection shall be paid from the Savings Fund.
``(i) Discharge of Responsibilities.--The members of the Board
shall discharge their responsibilities solely in the interest of
account owners and beneficiaries under this part.
``(j) Annual Independent Audit.--The Board shall annually engage an
independent qualified public accountant to audit the activities of the
Board.
``(k) Submission of Budget to Congress.--The Board shall prepare
and submit to the President, and, at the same time, to the appropriate
committees of Congress, an annual budget of the expenses and other
items relating to the Board which shall be included as a separate item
in the budget required to be transmitted to Congress under section 1105
of title 31, United States Code.
``(l) Submission of Legislative Recommendations.--The Board may
submit to the President, and, at the same time, shall submit to each
House of Congress, any legislative recommendations of the Board
relating to any of its functions under this part or any other provision
of law.
``executive director
``Sec 253. (a) Appointment of Executive Director.--
``(1) In general.--The Board shall appoint, without regard
to the provisions of law governing appointments in the
competitive service, an Executive Director by action agreed to
by a majority of the members of the Board.
``(2) Requirements.--The Executive Director shall have
substantial experience, training, and expertise in the
management of financial investments and pension benefit plans.
``(b) Duties.--The Executive Director shall--
``(1) carry out the policies established by the Board;
``(2) invest and manage the Savings Fund in accordance with
the investment policies and other policies established by the
Board;
``(3) provide for the distribution of individual social
security account balances in accordance with this part
(including the purchase of annuity contracts with assets of the
Savings Fund to the extent provided under section 260(b)(5));
``(4) administer the provisions of this part relating to
the Savings Fund; and
``(5) prescribe such regulations (other than regulations
relating to fiduciary responsibilities) as may be necessary for
the administration of this part relating to the Savings Fund.
``(c) Administrative Authority.--The Executive Director may--
``(1) appoint such personnel as may be necessary to carry
out the provisions of this part relating to the Savings Fund;
``(2) subject to approval by the Board, procure the
services of experts and consultants under section 3109 of title
5, United States Code;
``(3) secure directly from an Executive agency, the United
States Postal Service, or the Postal Rate Commission any
information necessary to carry out the provisions of this part
and the policies of the Board relating to the Savings Fund;
``(4) make such payments out of sums in the Savings Fund as
the Executive Director determines are necessary to carry out
the provisions of this part and the policies of the Board;
``(5) pay the compensation, per diem, and travel expenses
of individuals appointed under paragraphs (1), (2), and (6)
from the Savings Fund;
``(6) accept and use the services of individuals employed
intermittently in the Government service and reimburse such
individuals for travel expenses, authorized by section 5703 of
title 5, United States Code, including per diem as authorized
by section 5702 of such title;
``(7) except as otherwise expressly prohibited by law or
the policies of the Board, delegate any of the Executive
Director's functions to such employees under the Board as the
Executive Director may designate and authorize such successive
redelegations of such functions to such employees under the
Board as the Executive Director may consider to be necessary or
appropriate; and
``(8) take such other actions as are appropriate to carry
out the functions of the Executive Director.
``social security personal savings fund
``Sec. 254. (a) Establishment of Savings Fund.--There is
established in the Treasury of the United States a Social Security
Personal Savings Fund, consisting of all amounts transferred to or
deposited in the Savings Fund in accordance with section 257, increased
by the total net earnings from investments of sums in the Savings Fund
or reduced by the total net losses from investments of the Savings
Fund, and reduced by the total amount of payments made from the Savings
Fund (including payments for administrative expenses).
``(b) Availability.--The sums in the Savings Fund are appropriated
and shall remain available without fiscal year limitation--
``(1) to invest under section 258;
``(2) to make distributions in accordance with sections 260
and 261;
``(3) to pay the administrative expenses of the Board; and
``(4) to purchase insurance as provided in section 263(c).
``(c) Limitations on Use of Funds.--
``(1) In general.--Sums in the Savings Fund credited to an
individual social security account in the Savings Fund may not
be used for, or diverted to, purposes other than for the
exclusive benefit of the account owner or the account owner's
beneficiaries under this part.
``(2) Assignments.--Except as provided in paragraph (3),
sums in the Savings Fund may not be assigned or alienated and
are not subject to execution, levy, attachment, garnishment, or
other legal process.
``(3) Support obligations.--Moneys due or payable from the
Savings Fund to any account owner shall be subject to legal
process for the enforcement of the account owner's legal
obligations to provide child support or make alimony payments
as provided in section 459 or for the enforcement of a court
order or other similar process in the nature of a garnishment
for the enforcement of a judgment rendered against the account
owner for physically, sexually, or emotionally abusing a child.
``(d) Payment of Administrative Expenses.--Administrative expenses
incurred to carry out this part shall be paid out of net earnings in
the Savings Fund in conjunction with the allocation of investment
earnings and losses under section 256(c).
``(e) Limitation.--The sums in the Savings Fund shall not be
appropriated for any purpose other than the purposes specified in this
section and may not be used for any other purpose.
``eligible individuals
``Sec. 255. (a) Status as Eligible Individual.--Except as otherwise
provided in this section, any individual who--
``(1) was born on or after January 1, 1950,
``(2) has attained age 18, and
``(3) has been assigned a social security account number
under section 205(c),
shall be an eligible individual under this part.
``(b) Renunciation of Status as Eligible Individual.--
``(1) In general.--Within 540 days after the later of
January 1, 2005, or the date on which an eligible individual
first meets all requirements of subsection (a), such individual
may elect to renounce such individual's status under this part
as an `eligible individual' by filing an election under this
subsection.
``(2) Requirements.--An election under this subsection must
be filed with the Commissioner, in such form and manner as
shall be prescribed in regulations of the Commissioner, and
shall consist of a written and signed declaration of such
individual's intention to renounce such individual's status as
an eligible individual under this part. The Commissioner shall
provide for immediate notification to the Board and the
Executive Director of such election.
``(3) Termination of status.--An election under this
subsection shall be effective with respect to wages earned, and
self-employment income derived, on or after January 1 following
the date of the filing of the election. On and after the
effective date of the election the individual filing the
election shall cease to be an eligible individual under this
part, any individual social security account established for
such individual shall be closed, and any balance in such
account shall be paid into the Federal Old-Age and Survivor's
Insurance Trust Fund as general receipts.
``(c) Reinstatement.--
``(1) In general.--Any individual who has filed an election
under subsection (b) to renounce such individual's status as an
eligible individual under this part may elect under this
subsection to reinstate such individual's status as an eligible
individual.
``(2) Requirements.--An election by an individual under
this subsection must be filed with the Commissioner, in such
form and manner as shall be prescribed in regulations of the
Commissioner, consisting of a written and signed declaration of
such individual's intention to reinstate such individual's
status as an eligible individual under this part. Such
regulations shall provide for regular, periodic opportunities
for the filing of such an election. The Commissioner shall
provide for immediate notification to the Board and the
Executive Director of such election.
``(3) Termination of status.--An election under this
subsection shall be effective with respect to wages earned, and
self-employment income derived, on or after January 1 following
the date of the filing of the election. The individual filing
the election shall be treated as becoming an eligible
individual under this part on the effective date of the
election as if such individual first met the requirements of
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