Social Security Savings Act of 2003

H.R. 3177, the Social Security Savings Act of 2003, proposed creating a system of voluntary personal savings accounts for individuals eligible for Social Security. Under this plan, participating workers could redirect a portion of their payroll taxes into private investment accounts consisting of common stocks and government bonds, managed by a new federal Personal Savings Board. Upon retirement, these funds would be distributed as monthly payments or optional cash withdrawals to supplement traditional Social Security benefits.