FOR IMMEDIATE RELEASE, Contact (202) 225-9263
April 8, 1999
No. SS-6
Congressman E. Clay Shaw, Jr., (R-FL), Chairman, Subcommittee on Social Security of the Committee on Ways and Means, today announced that the Subcommittee will hold a hearing to examine the findings of the recently released 1999 Annual Report of the Board of Trustees on the financial status of the Federal Old-Age and Survivors Insurance (OASI) and the Federal Disability Insurance (DI) Trust Funds. The hearing will take place on Thursday, April 15, 1999, in room B-318 Rayburn House Office Building, beginning at 10:00 a.m.
Oral testimony at this hearing will be from invited witnesses only. Invited witnesses will include the Social Security Public Trustees. However, any individual or organization not scheduled for an oral appearance may submit a written statement for consideration by the Committee and for inclusion in the printed record of the hearing.
BACKGROUND:
On March 30, the Social Security Board of Trustees released its 1999 Annual Report on the financial status of the Trust Funds. The report's projections regarding the Old Age, Survivors and Disability Insurance (OASDI) Trust Funds are slightly improved from those reported in 1998. For example, spending out of the Trust Funds is projected to exceed tax income in the year 2014, and the Trust Funds will be depleted by the year 2034. In last year's report, those dates were 2013 and 2032, respectively.
As in prior years, however, the Trustees concluded that the OASDI program is not "in close actuarial balance" over the next 75 years, the traditional measure for the financial soundness of the system. Also as in prior years, the Trustees once again call for action to reform the Social Security program: "It is important to address the financing of both the OASI and DI programs soon to allow time for phasing in any necessary changes and for workers to adjust their retirement plans to take account of those changes."
In announcing the hearing, Chairman Shaw stated: "Once again, the Trustees' Report reminds us that the Social Security reform clock is ticking. The Trustees continue to call for reform, and no one should take the slight improvement noted in this year's report as an excuse for delay."
FOCUS OF THE HEARING:
The Subcommittee will examine the findings of the 1999 Annual Report of the Board of Trustees on the financial status of the Social Security Trust Funds.
DETAILS FOR SUBMISSION OF WRITTEN COMMENTS:
Any person or organization wishing to submit a written statement for the printed record of the hearing should submit six (6) single-spaced copies of their statement, along with an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, with their name, address, and hearing date noted on a label, by the close of business, Thursday, April 29, 1999, to A.L. Singleton, Chief of Staff, Committee on Ways and Means, U.S. House of Representatives, 1102 Longworth House Office Building, Washington, D.C. 20515. If those filing written statements wish to have their statements distributed to the press and interested public at the hearing, they may deliver 200 additional copies for this purpose to the Subcommittee on Social Security office, room B-316 Rayburn House Office Building, by close of business the day before the hearing.
FORMATTING REQUIREMENTS:
Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee.
1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record.
2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee.
3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee, must include on his statement or submission a list of all clients, persons, or organizations on whose behalf the witness appears.
4. A supplemental sheet must accompany each statement listing the name, company, address, telephone and fax numbers where the witness or the designated representative may be reached. This supplemental sheet will not be included in the printed record.
The above restrictions and limitations apply only to material being submitted for printing. Statements and exhibits or supplementary material submitted solely for distribution to the Members, the press, and the public during the course of a public hearing may be submitted in other forms.
The
Committee seeks to make its facilities accessible to persons with
disabilities. If you are in need of special accommodations, please
call 202-225-1721 or 202-226-3411 TTD/TTY in advance of the event
(four business days notice is requested). Questions with regard to
special accommodation needs in general (including availability of
Committee materials in alternative formats) may be directed to the
Committee as noted above.