Personal Retirement Accounts Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Contributions to Personal Retirement Accounts Title II: Personal Retirement Accounts Title III: Certification of Financial Institutions Other Than Insured Depository Institutions Title IV: Personal Retirement Account Insurance Title V: Enforcement Authority Title VI: Transition from Coverage for Old-Age and Survivors Insurance Benefits Under Title II of the Social Security Act Title VII: Provisions Relating to Federal Civilian and Military Personnel Title VIII: Social Security Transition Commission Personal Retirement Accounts Act of 1997 - Title I: Contributions to Personal Retirement Accounts - Requires employers to: (1) have personal retirement account payroll deduction programs in effect for their eligible employees; and (2) deduct and pay into such accounts the prescribed employee contribution, together with a prescribed employer contribution. Authorizes eligible individuals to elect to establish a personal retirement account. Requires self-employed individuals to establish and pay into such accounts. Establishes penalties for employers and self-employed individuals who fail to establish and make required deductions and contributions to such account…