United States 112th Congress Status: Died 1 R cosponsors

HR 2889 — Save Social Security Act

Last action — 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.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

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Read HR 2889 on the official United States source →

Action History

  1. 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.

  2. Referred to the House Committee on Ways and Means.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance health-insurance
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Frequently asked questions

What does HR 2889 do?
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.
Who sponsors HR 2889?
HR 2889 is sponsored by Thaddeus McCotter (Republican).
What is the current status of HR 2889?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2889?
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