legislation: 104-hr-2953
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| 104-hr-2953 | 104 | hr | 2953 | Personal Investment Plan Act of 1995 | Social Welfare | 1996-02-01 | 1996-02-20 | Referred to the Subcommittee on Employer-Employee Relations. | House | Rep. Porter, John Edward [R-IL-10] | IL | R | P000444 | 1 | Personal Investment Plan Act of 1995 - Amends the Internal Revenue Code and title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to require covered employers to have a plan for withholding certain contributions from the wages of their eligible employees electing to participate for investment according to the individual employee's personal investment plan. Defines personal investment plan as: (1) any personal investment retirement plan restricted to certain contribution deposits in the Personal Investment Fund, established in the Treasury by this Act; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank. Requires the Personal Investment Fund to be governed by a Personal Investment Fund Board under a system similar to the Thrift Savings Program for Federal employees. Covers self-employed individuals. Specifies reduced social security tax rates for participating employees and self-employed individuals. Sets forth civil penalties for employers who fail to establish a personal investment payroll deduction plan or observe certain requirements with respect to it. Provides for adjustments to primary insurance amounts under the OASDI program. | 2026-03-23T12:41:21Z |