Washington, D.C. – Today, Ways and Means Committee Member Vern Buchanan (R-FL), House Ways and Means Social Security Subcommittee Chairman John Larson (D-CT), Senate Finance Committee Member Bill Cassidy, M.D. (R-LA), Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced the Know Your Social Security Act.
The legislation will clarify the requirement for the Social Security Administration (SSA) to mail an annual Social Security Statement to all workers ages 25 and older with covered earnings, who are not receiving Social Security benefits. Since Fiscal Year 2011 SSA has failed to mail annual Statements to these Americans, citing limited operating budgets, even though in 1989 and 1990 Congress enacted requirements for SSA to provide a Statement annually.
“Too many hardworking Americans enter retirement without enough savings,” Buchanan said. “Because Social Security is the primary source of income for a majority of seniors, it is imperative they have a full understanding of their benefits as they plan for retirement.”
“Social Security is our nation’s foundation to a solid retirement. Americans who contribute to Social Security should receive an update every year so they know what benefits they are earning and can plan for their retirements. No matter what happens in the stock market, Social Security will always be there for them,” said Larson. “I’m proud to introduce this bipartisan, bicameral legislation alongside Ranking Member Wyden, Senator Cassidy and Congressman Buchanan.”
“Making Social Security sustainable begins with making it transparent,” said Cassidy. “This legislation gives Americans information they need to plan for their future.”
“Americans pay into Social Security out of every paycheck in exchange for a guaranteed benefit in their old age. As younger Americans grow more doubtful about their chances for a secure retirement, this bill will provide them clear view of what their earned benefits will be,” said Wyden. “I’m pleased to introduce this bill on a bipartisan, bicameral basis with a view towards passing it into law swiftly.”
“On behalf of our nearly 38 million members and all older Americans nationwide, AARP is pleased to endorse the Know Your Social Security Act. This bipartisan bill would once again place vital, paper Social Security statements in the hands of millions of Americans, to help them more effectively plan for retirement, identify fraud and correct earnings records, and better understand their stake in Social Security,” said Cristina Martin Firvida, Vice President, Government Affairs, AARP.
The bill has been endorsed by:
Association of Mature American Citizens (AMAC)