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S. 2775 (is) To foster innovation and technological advancement in the development of the Internet and electronic commerce, and to assist the States in simplifying their sales and use taxes. [Introduced in Senate] ...


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106th CONGRESS
  2d Session
                                S. 2774

To amend title II of the Social Security Act to provide for individual 
   savings accounts funded by employee and employer social security 
 payroll deductions, to extend the solvency of the old-age, survivors, 
       and disability insurance program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 22, 2000

   Mr. Gregg (for himself, Mr. Kerrey, Mr. Breaux, Mr. Grassley, Mr. 
  Thompson, Mr. Robb, and Mr. Thomas) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend title II of the Social Security Act to provide for individual 
   savings accounts funded by employee and employer social security 
 payroll deductions, to extend the solvency of the old-age, survivors, 
       and disability insurance program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Bipartisan Social 
Security Reform Act of 2000.''
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
                  TITLE I--INDIVIDUAL SAVINGS ACCOUNTS

Sec. 101. Individual savings accounts.
Sec. 102. Social security KidSave Accounts.
Sec. 103. Adjustments to primary insurance amounts under part A of 
                            title II of the Social Security Act.
              TITLE II--SOCIAL SECURITY SYSTEM ADJUSTMENTS

Sec. 201. Adjustments to bend points in determining primary insurance 
                            amounts.
Sec. 202. Adjustment of widows' and widowers' insurance benefits.
Sec. 203. Elimination of earnings test for individuals who have 
                            attained early retirement age.
Sec. 204. Gradual increase in number of benefit computation years; use 
                            of all years in computation.
Sec. 205. Maintenance of benefit and contribution base.
Sec. 206. Reduction in the amount of certain transfers to Medicare 
                            Trust Fund.
Sec. 207. Actuarial adjustment for retirement.
Sec. 208. Improvements in process for cost-of-living adjustments.
Sec. 209. Modification of PIA factors to reflect changes in life 
                            expectancy.
Sec. 210. Mechanism for remedying unforeseen deterioration in social 
                            security solvency.

                  TITLE I--INDIVIDUAL SAVINGS ACCOUNTS

SEC. 101. INDIVIDUAL SAVINGS ACCOUNTS.

    (a) Establishment and Maintenance of Individual Savings Accounts.--
Title II of the Social Security Act (42 U.S.C. 401 et seq.) is 
amended--
            (1) by inserting before section 201 the following:

                    ``Part A--Insurance Benefits'';

        and
            (2) by adding at the end the following:

                 ``Part B--Individual Savings Accounts

                     ``individual savings accounts

    ``Sec. 251. (a) Establishment.--
            ``(1) In general.--
                    ``(A) Establishment in absence of kidsave 
                account.--Except as provided in subparagraph (B), the 
                Commissioner of Social Security, within 30 days of the 
                receipt of the first contribution received pursuant to 
                subsection (b) with respect to an eligible individual, 
                shall establish in the name of such individual an 
                individual savings account. The individual savings 
                account shall be identified to the account holder by 
                means of the account holder's Social Security account 
                number.
                    ``(B) Use of kidsave account.--If a KidSave Account 
                has been established in the name of an eligible 
                individual under section 262(a) before the date of the 
                first contribution received by the Commissioner 
                pursuant to subsection (b) with respect to such 
                individual, the Commissioner shall redesignate the 
                KidSave Account as an individual savings account for 
                such individual.
            ``(2) Definition of eligible individual.--In this part, the 
        term `eligible individual' means any individual born after 
        December 31, 1937.
    ``(b) Contributions.--
            ``(1) Amounts transferred from the trust fund.--The 
        Secretary of the Treasury shall transfer from the Federal Old-
        Age and Survivors Insurance Trust Fund, for crediting by the 
        Commissioner of Social Security to an individual savings 
        account of an eligible individual, an amount equal to the sum 
        of any amount received by such Secretary on behalf of such 
        individual under section 3101(a)(2) or 1401(a)(2) of the 
        Internal Revenue Code of 1986.
            ``(2) Other contributions.--For provisions relating to 
        additional contributions credited to individual savings 
        accounts, see sections 531(c)(2) and 6402(l) of the Internal 
        Revenue Code of 1986.
    ``(c) Designation of Investment Type of Individual Savings 
Account.--
            ``(1) Designation.--Each eligible individual who is 
        employed or self-employed shall designate the investment type 
        of individual savings account to which the contributions 
        described in subsection (b) on behalf of such individual are to 
        be credited.
            ``(2) Form of designation.--The designation described in 
        paragraph (1) shall be made in such manner and at such 
        intervals as the Commissioner of Social Security may prescribe 
        in order to ensure ease of administration and reductions in 
        burdens on employers.
            ``(3) Special rule for 2001.--Not later than January 1, 
        2001, any eligible individual that is employed or self-employed 
        as of such date shall execute the designation required under 
        paragraph (1).
            ``(4) Designation in absence of designation by eligible 
        individual.--In any case in which no designation of the 
        individual savings account is made, the Commissioner of Social 
        Security shall make the designation of the individual savings 
        account in accordance with regulations that take into account 
        the competing objectives of maximizing returns on investments 
        and minimizing the risk involved with such investments.
    ``(d) Treatment of Incompetent Individuals.--Any designation under 
subsection (c)(1) to be made by an individual mentally incompetent or 
under other legal disability may be made by the person who is 
constituted guardian or other fiduciary by the law of the State of 
residence of the individual or is otherwise legally vested with the 
care of the individual or his estate. Payment under this part due an 
individual mentally incompetent or under other legal disability may be 
made to the person who is constituted guardian or other fiduciary by 
the law of the State of residence of the claimant or is otherwise 
legally vested with the care of the claimant or his estate. In any case 
in which a guardian or other fiduciary of the individual under legal 
disability has not been appointed under the law of the State of 
residence of the individual, if any other person, in the judgment of 
the Commissioner, is responsible for the care of such individual, any 
designation under subsection (c)(1) which may otherwise be made by such 
individual may be made by such person, any payment under this part 
which is otherwise payable to such individual may be made to such 
person, and the payment of an annuity payment under this part to such 
person bars recovery by any other person.

   ``definition of individual savings account; treatment of accounts

    ``Sec. 252. (a) Individual Savings Account.--In this part, the term 
`individual savings account' means any individual savings account in 
the Individual Savings Fund (established under section 254) which is 
administered by the Individual Savings Fund Board.
    ``(b) Treatment of Account.--Except as otherwise provided in this 
part and in section 531 of the Internal Revenue Code of 1986, any 
individual savings account described in subsection (a) shall be treated 
in the same manner as an individual account in the Thrift Savings Fund 
under subchapter III of chapter 84 of title 5, United States Code.

               ``individual savings account distributions

    ``Sec. 253. (a) Date of Initial Distribution.--Except as provided 
in subsection (c), distributions may only be made from an individual 
savings account of an eligible individual on and after the earliest 
of--
            ``(1) the date the eligible individual attains normal 
        retirement age, as determined under section 216 (or early 
        retirement age (as so determined) if elected by such 
        individual), or
            ``(2) the date on which funds in the eligible individual's 
        individual savings account are sufficient to provide a monthly 
        payment over the life expectancy of the eligible individual 
        (determined under reasonable actuarial assumptions) which, when 
        added to the eligible individual's monthly benefit under part A 
        (if any), is at least equal to an amount equal to \1/12\ of the 
        poverty line (as defined in section 673(2) of the Community 
        Services Block Grant Act (42 U.S.C. 9902(2) and determined on 
        such date for an individual) and adjusted annually thereafter 
        by the adjustment determined under section 215(i).
    ``(b) Forms of Distribution.--
            ``(1) Required monthly payments.--Except as provided in 
        paragraph (2), beginning with the date determined under 
        subsection (a), the balance in an individual savings account 
        available to provide monthly payments not in excess of the 
        amount described in subsection (a)(2) shall be paid, as elected 
        by the account holder (in such form and manner as shall be 
        prescribed in regulations of the Individual Savings Fund 
        Board), by means of the purchase of annuities or equal monthly 
        payments over the life expectancy of the eligible individual 
        (determined under reasonable actuarial assumptions) in 
        accordance with requirements (which shall be provided in 
        regulations of the Board) similar to the requirements 
        applicable to payments of benefits under subchapter III of 
        chapter 84 of title 5, United States Code, and providing for 
        indexing for inflation.
            ``(2) Payment of excess funds.--To the extent funds remain 
        in an eligible individual's individual savings account after 
        the application of paragraph (1), such funds shall be payable 
        to the eligible individual in such manner and in such amounts 
        as determined by the eligible individual, subject to the 
        provisions of subchapter III of chapter 84 of title 5, United 
        States Code.
    ``(c) Distribution in the Event of Death Before the Date of Initial 
Distribution.--If the eligible individual dies before the date 
determined under subsection (a), the balance in such individual's 
individual savings account shall be distributed in a lump sum, under 
rules established by the Individual Savings Fund Board, to the 
individual's heirs.

                       ``individual savings fund

    ``Sec. 254. (a) Establishment.--There is established and maintained 
in the Treasury of the United States an Individual Savings Fund in the 
same manner as the Thrift Savings Fund under sections 8437, 8438, and 
8439 (but not section 8440) of title 5, United States Code.
    ``(b) Individual Savings Fund Board.--
            ``(1) In general.--There is established and operated in the 
        Social Security Administration an Individual Savings Fund Board 
        in the same manner as the Federal Retirement Thrift Investment 
        Board under subchapter VII of chapter 84 of title 5, United 
        States Code.
            ``(2) Specific investment and reporting duties.--
                    ``(A) In general.--The Individual Savings Fund 
                Board shall manage and report on the activities of the 
                Individual Savings Fund and the individual savings 
                accounts of such Fund in the same manner as the Federal 
                Retirement Thrift Investment Board manages and reports 
                on the Thrift Savings Fund and the individual accounts 
                of such Fund under subchapter VII of chapter 84 of 
                title 5, United States Code.
                    ``(B) Study and report on increased investment 
                options.--
                            ``(i) Study.--The Individual Savings Fund 
                        Board shall conduct a study regarding ways to 
                        increase an eligible individual's investment 
                        options with respect to such individual's 
                        individual savings account and with respect to 
                        rollovers or distributions from such account.
                            ``(ii) Report.--Not later than 2 years 
                        after the date of enactment of the Bipartisan 
                        Social Security Reform Act of 2000, the 
                        Individual Savings Fund Board shall submit a 
                        report to the President and Congress that 
                        contains a detailed statement of the results of 
                        the study conducted pursuant to clause (i), 
                        together with the Board's recommendations for 
                        such legislative actions as the Board considers 
                        appropriate.

     ``budgetary treatment of individual savings fund and accounts

    ``Sec. 255. The receipts and disbursements of the Individual 
Savings Fund and any accounts within such fund shall not be included in 
the totals of the budget of the United States Government as submitted 
by the President or of the congressional budget and shall be exempt 
from any general budget limitation imposed by statute on expenditures 
and net lending (budget outlays) of the United States Government.''.
    (b) Modification of FICA Rates.--
            (1) Employees.--Section 3101(a) of the Internal Revenue 
        Code of 1986 (relating to tax on employees) is amended to read 
        as follows:
    ``(a) Old-Age, Survivors, and Disability Insurance.--
            ``(1) In general.--
                    ``(A) Individuals covered under part a of title ii 
                of the social security act.--In addition to other 
                taxes, there is hereby imposed on the income of every 
                individual who is not a part B eligible individual a 
                tax equal to 6.2 percent of the wages (as defined in 
                section 3121(a)) received by him with respect to 
                employment (as defined in section 3121(b)).
                    ``(B) Individuals covered under part b of title ii 
                of the social security act.--In addition to other 
                taxes, there is hereby imposed on the income of every 
                part B eligible individual a tax equal to 4.2 percent 
                of the wages (as defined in section 3121(a)) received 

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