Sen. William V. Roth Jr., chairman of the Senate Finance Committee, is drafting legislation that would divvy up the bulk of the federal budget surplus among all working Americans, creating personal investment accounts that would jump-start their ability to save for their old age.
Mr. Roth may introduce his proposal as early as tomorrow, said Ginny Flynn, a spokeswoman.
While his proposal is similar to other proposals aimed at shoring up the Social Security system, it has no link with Social Security, she said.
New York Common Retirement Fund, Albany, committed $45 million to the APA Excelsior V venture capital fund, said State Comptroller H. Carl McCall, the sole trustee.
He said the $105 billion pension fund has invested in previous APA Excelsior funds - $9.9 million in APA Excelsior II; $20 million in APA Excelsior III; and $25 million in APA IV.
The commitment will be funded from cash.