ELIGIBILITY: People born before 1950 would not be affected.
INDIVIDUAL ACCOUNTS: People born in 1950 or later could divert up to 4 percent of income subject to Social Security taxes into individual accounts, up to $1,000 a year -- a cap that would be phased out.
WHEN: The accounts would be phased in between 2009 and 2011.
OPTIONS: Workers would be able to choose among several stock, bond and mixed-investment funds.
LIMITATIONS: Participants would have no access to the accounts before retirement and could not borrow against the balance.
AT RETIREMENT: Participants would be required to buy annuities to ensure steady payments out of the accounts over a lifetime.
OVERSIGHT: The federal government would administer accounts.