Save Social Security Act
Latest action. Referred for a period ending not later than September 19, 2011, (or for a later time if the Chairman so designates) to the subcommitteeA smaller panel inside a standing committee with jurisdiction over a slice of its subject matter. Most hearings and the first markup usually happen here.Read the full definition (opens a new tab) on Social SecurityThe federal retirement, survivors, and disability insurance program, funded by payroll taxes and paid as an entitlement under permanent law.Read the full definition (opens a new tab), in each case for consideration of such provisions as fall within the jurisdictionA court's legal authority to hear a case: over the subject matter, the parties, and the territory.Read the full definition (opens a new tab) of the subcommittee concerned.
Save Social Security Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to establish a Personal Social Security Savings Fund consisting of Social Security contributions, increased by the total net earnings from investments, and reserves held in an Annuity Reserves Account.
Authorizes qualifying individuals to elect to participate in a program under which personal Social Security savings accounts are established for investment pursuant to various options.
Prescribes requirements for Tier I and Tier II Investment Funds for the investment of personal Social Security savings contributions calculated according to a specified formula. Specifies Tier I and Tier II investment options.
Prescribes requirements for: (1) distributions from personal Social Security savings accounts for purchase of annuities from an Annuity Issuance Authority, and (2) guaranteed Social Security benefits regardless of whether such an annuity is purchased.
Requires a reduction in monthly Social Security insurance benefits, according to a certain formula, for personal savings program participants.
Establishes a Personal Social Security Savings Board to administer the program and establish investment policies.
Amends the Internal Revenue Code to subject distributions from personal Social Security savings accounts to income tax.
Establishes in the Treasury a Personal Social Security Savings Program Spending Reduction Account to which the Secretary of the Treasury shall credit the amount of savings for a fiscal year derived from legislation reducing or terminating federal programs.
Requires the Managing Trustee of the OASDI Trust Funds, at the end of any reimbursement year for which for which there is a Savings Program excess balance in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, to transfer from them to the Spending Reduction Account sums necessary to reimburse it.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on September 12, 2011. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on September 19, 2011: Referred for a period ending not later than September 19, 2011, (or for a later time if the Chairman so designates) to the Subcommittee on Social Security, in each case for consideration of such provisions as fall within the jurisdiction of the subcommittee concerned.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 112th Congress (2011-12), 283 of the 10,618 bills and joint resolutions introduced became law, about 2.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Thaddeus McCotter (R-MI) introduced it on September 12, 2011. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on September 12, 2011, 5477 days ago. The most recent recorded action was 5470 days ago, on September 19, 2011.
Measures do not carry over. Anything the 112th Congress has not finished by January 3, 2013 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers