PlainBillCongress, translated.Legislation. Context. Public interest.Sponsor introductory remarks on measure. (CR E1799-1800)
Congressional Research Service
Version 00 · Introduced in House · Sep 26, 1996
Retirement Security Act of 1996 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA) to add a new part B (Individual Retirement Investment Program) (IRIP) under which a personal social security investment account (PSSIA) is established with an initial balance of $1,000 financed from the sale Federal assets for eligible individuals with social security account numbers for investment, according to a variety of electable options (including a Government Securities Investment Fund, a Fixed Income Investment Fund, and a Common Stock Index Investment Fund) similar to those under the Thrift Savings Plan for Federal employees. Prescribes rules for the transfer and distribution of account funds. Limits to $7,000 the total amount of annual PSSIA contributions per PSSIA. Establishes in the Treasury the Social Security Investment Trust Fund, consisting of all contributions to all IRIP PSSIAs. Makes the Federal Retirement Thrift Investment Board the Board of Trustees of such Trust Fund. Amends the Internal Revenue Code to provide for the tax treatment of amounts contributed to, and distributed from, PSSIAs. Allows, in the case of an individual, a deduction from gross income of the amount contributed in cash during the taxable year to an eligible individual's PSSIA, up to a maximum $2,000 per year. Includes, generally, any PSSIA distribution in the gross income of the person to whom it is distributed.
People & committees
Rep. Petri, Thomas E. [R-WI-6] · R–WI
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Sponsor introductory remarks on measure. (CR E1799-1800)
Referred to the Committee on Ways and Means, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committees on Government Reform and Oversight, and Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.4215 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.4215 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.4215 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.4215 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.