Personal Retirement Accounts Act of 1998
Latest action (29 Jul 1998): Introduced
What this bill does
The Personal Retirement Accounts Act of 1998, introduced by Senator William Roth, would amend the Social Security Act to create a new, government-administered system of individual retirement accounts alongside the existing Social Security program. It would first set up a temporary "Save Social Security First Trust Fund," funded with $31.5 billion in fiscal year 1998 and $40 billion in fiscal year 1999, which would later be transferred into a new "Personal Retirement Savings Fund." Starting in fiscal year 2000, additional federal appropriations (ranging from $40 billion to $70 billion annually through 2003) would flow into this Fund. A newly created Personal Retirement Accounts Board, along with an Executive Director, would manage the Fund, set investment policy, and oversee individual accounts, including fiduciary duties, bonding, and audits.
The bill would affect workers who have earned at least four qualifying quarters of Social Security coverage in a calendar year; each would receive an individual personal retirement account funded partly by a flat $250 allocation and partly by a formula tied to the Social Security payroll taxes they paid. These accounts would be invested, protected from most creditors (with exceptions for child support, alimony, or certain court judgments), and eventually paid out as retirement benefits or annuities, with protections for spouses and beneficiaries.
The bill was introduced on July 29, 1998, in the 105th Congress and referred to the Senate Finance Committee. It did not receive a vote and did not become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill was introduced on July 29, 1998, in a previous session of Congress, but it did not receive a vote.
Common questions
- What does S. 2369 do?
- The Personal Retirement Accounts Act of 1998, introduced by Senator William Roth, would amend the Social Security Act to create a new, government-administered system of individual retirement accounts alongside the existing Social Security program. It would first set up a temporary "Save Social Security First Trust Fund," funded with $31.5 billion in fiscal year 1998 and $40 billion in fiscal year 1999, which would later be transferred into a new "Personal Retirement Savings Fund." Starting in fiscal year 2000, additional federal appropriations (ranging from $40 billion to $70 billion annually through 2003) would flow into this Fund. A newly created Personal Retirement Accounts Board, along with an Executive Director, would manage the Fund, set investment policy, and oversee individual accounts, including fiduciary duties, bonding, and audits. The bill would affect workers who have earned at least four qualifying quarters of Social Security coverage in a calendar year; each would receive an individual personal retirement account funded partly by a flat $250 allocation and partly by a formula tied to the Social Security payroll taxes they paid. These accounts would be invested, protected from most creditors (with exceptions for child support, alimony, or certain court judgments), and eventually paid out as retirement benefits or annuities, with protections for spouses and beneficiaries. The bill was introduced on July 29, 1998, in the 105th Congress and referred to the Senate Finance Committee. It did not receive a vote and did not become law.
- Has S. 2369 become law?
- Not yet. As of 29 Jul 1998, S. 2369 is introduced.
- Who sponsored S. 2369?
- S. 2369 was sponsored by Sen. William Roth [R-DE, 1971-2000] (Republican-DE), with 0 cosponsors.
- What's the latest action on S. 2369?
- Introduced (29 Jul 1998).
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