Social Security Solvency Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Individual Retirement Security Program Title II: Social Security Benefit Reforms Social Security Solvency Act of 1997 - Title I: Individual Retirement Security Program - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to create a new Individual Retirement Security Program in which a covered employee or covered self-employed individual may designate one or more personal retirement savings accounts to which the Secretary of the Treasury shall make deposits with respect to the individual according to formulae based on the respective social security employment taxes paid with respect to such covered individuals and certain budget surpluses. (Sec. 102) Directs the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to publish in the Federal Register each year the reallocation percentage (calculated according to a specified formula) for amounts otherwise appropriated for the following fiscal year to the Federal Old-Age and Survivors Insurance Trust Fund from Federal Insurance Contributions Act taxes imposed with regard to wages and sel…