Personal Investment Plan Act of 1996

[AI summary unavailable — showing source text] Personal Investment Plan Act of 1996 - 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, hereby established in the Treasury; or (2) any individual retirement plan restricted to certain contribution deposits and administered or issued by a bank or other specified person. Establishes in the Social Security Administration a Personal Investment Fund Board to govern the Personal Investment Fund 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 req…