H.R. 2889: Save Social Security Act

112th Congress · introduced 2011-09-12 · Social Welfare · Latest: 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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Follow this bill, step by step

Where it came from: introduced 2011-09-12 · official record
Who proposed it: Rep. McCotter, Thaddeus G. [R-MI-11] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: 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. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Save Social Security Act

Plain 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Save Social Security Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. McCotter, Thaddeus G. [R-MI-11] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Fiscal year: The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-112hr2889.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/112/hr>

Record fed-us-cong112-hr2889 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112