PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Social Security.
Congressional Research Service
Version 00 · Introduced in House · Jan 5, 2007
Social Security KidSave Accounts Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to create a new part B (KidSave Accounts). Directs the Commissioner of Social Security to establish in the name of each individual born on or after January 1, 2008, an individual retirement account in the Thrift Savings Fund known as a KidSave Account. Requires such Account to be treated in the same manner as an account maintained by a federal employee under the Federal Employees Retirement System (FERS) (into which contributions by or on behalf of the individual are deposited into one or more designated investment funds).
Requires the Secretary of the Treasury to transfer from the Federal Old-Age and Survivors Insurance Trust Fund to each account holder's KidSave Account: (1) $2,000, on the date such individual's KidSave Account is established; plus (2) other, including rollover, contributions, by or on behalf of the individual, the aggregate amount of which in the case of any individual below age 19 is capped at $500 for any taxable year. Provides for the treatment of distributions.
Amends the Internal Revenue Code to exclude from gross income any rollovers into a KidSave Account.
People & committees
Rep. Weller, Jerry [R-IL-11] · R–IL
Legislative record
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Referred to the Subcommittee on Social Security.
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR E26-27)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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