Social Security Solvency Pilot Program Act of 1998

[AI summary unavailable — showing source text] Social Security Solvency Pilot Program Act of 1998 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to add a new part B (Individual Retirement Security Program). Establishes a system of personal retirement savings accounts which covered employees and self-employed individuals between the ages of 16 and 21 may elect, between November 30, 1998, and February 1, 1999, to open. Requires the Secretary of the Treasury to deposit into such an account (including any designated account of a covered employee or self-employed individual who is the spouse of another electing employee or individual) the equivalent of 2.5 percent of the wages or self-employed income with respect to which social security taxes were determined. Sets forth a formula for restricting the number of electing employees or individuals so that projected deposits do not exceed the surplus in the FY 1998 Federal budget. Requires periodic reports by account trustees to account holders. Makes the surplus in the FY 1998 Federal budget available for account deposits. Authorizes additional appropriations as necessary. (Sec. 4) Requires a 20 percent reduction in appropriation…