67th Girls Nation Congress
To reform the current Social Security program, and provide a modified safety net for the younger generation.
IN THE SENATE OF GIRLS NATION
Senators Garrett and Jeffcoat of South Carolina introduced the following bill; which was referred to Committee .
BE IT ENACTED BY THE SENATE OF GIRLS NATION ASSEMBLED.
SECTION 1. TITLE
This act may be cited as the "Social Security Reform Act".
SECTION 2. PURPOSE
The "Social Security Reform Act" will prevent massive deficits and deprivation of benefits and present a more realistic Social Security program that will provide our future generations with better opportunities.
SECTION 3. DEFINITIONS
For the purpose of this bill, personal retirement accounts (PRA'S) will be defined as a citizen's responsibility rather than the government to have an option to form a personal account that will invest via Social Security.
SECTION 4. Social Security Reform Act
"Social Security Reform Act" entails that:
(A) In order to be eligible for Social Security (OASI) benefits, an individual must have reached his or her 67th birthday.
(B) Eligible beneficiaries whose Adjusted Gross Income (AGI) is $800,000 to $999,999 shall receive a maximum lifetime benefit of the total funds withheld including accumulated interest at 2% per annum compounded.
(C) Eligible beneficiaries whose Adjusted Gross Income (AGI) is $1,000,000 or greater shall receive a maximum lifetime benefit of the total funds withheld with no accumulated interest.
(1) In order to sustain the system, these individuals will not receive interest accumulated on their investments.
(D) Those who receive transfer payments may not receive interest from their Social Security investments so long as they are receiving transfer payments.
(E) Those born before January 1,1980 will continue to receive current Social Security benefits.
(F) Beneficiaries born on or after January 1, 1980 will have the option to create Personal Retirement Accounts (PRA's) managed by private brokers in cooperation with the federal government.
(1) PRAs in lieu of traditional Social Security would be optional for each individual.
SECTION 5. EFFECTIVE DATE
This act shall be effective for all citizens of the United States involved in Social Security on or after August 1, 2013.
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