Mobile Menu - OpenMobile Menu - Closed

Connect

Social Security 2100: A Sacred Trust

For more than 86 years, the Federal Government has kept the promise to all Americans: if they contribute to Social Security with each and every paycheck, they would be able to retire with dignity. President Biden has called this promise a “sacred trust.”

It is Congress’ responsibility to keep that promise and to safeguard Social Security for all Americans. Congress must also ensure the benefits keep up with Americans’ expenses – today, tomorrow, and forever.

That’s why, as Chairman of the House Ways and Means Social Security Subcommittee, Rep. Larson authored the Social Security 2100: A Sacred Trust.

Increases Benefits

  • Benefit bump for current and new Social Security beneficiaries – Provides an increase for all beneficiaries (receiving retirement, disability or dependent benefits) equivalent to an average of 2% of benefits to make up for inadequate Cost-of-Living Adjustments (COLA) since 1983. The US faces a retirement crisis and a modest boost in benefits strengthens the one leg of the retirement system that is universal and the most reliable: Social Security.

  • Protection against inflation – Improves the annual Cost-of-Living Adjustment (COLA) formula to better reflect the costs incurred by seniors through adopting what’s called a “CPI-E formula.” This provision will help seniors who spend a greater portion of their income on health care and other necessities. Improved inflation protection will especially help older retirees, people of color, and widows who are more likely to rely on Social Security benefits as they age. 

  • Protects low-income workers – Five million seniors currently live in poverty. No one who paid into the system over a lifetime should retire into poverty. The new minimum benefit will be set at 25% above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind.

  • Improves Social Security benefits for widows and widowers in two income households so they are not penalized for having two incomes.

  • Repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that currently reduces Social Security benefits for many public servants, including teachers.

  • Ends the 5-month waiting period to receive disability benefits, so those with ALS or other severe disabilities no longer have to wait.

  • Provides caregiver credits toward Social Security wages to ensure caregivers are not penalized in retirement for taking time out of the workforce to care for children or other dependents.

  • Extends Social Security dependent benefits for students to age 26 and for part-time students.

  • Increases access to Social Security dependent benefits for children who live with grandparents or other relatives.

  • Requires SSA to mail annual statements to all workers – The bill requires SSA to mail annual statements showing the FICA contributions workers make and projections for their benefits in the future.  This will help workers prepare for retirement, disability or in the event of an untimely death. Currently, SSA makes this information available only on its website mySSA.com.

  • Prevents unwarranted closures of SSA field offices – The bill will improve customer service by making it more difficult to close field offices, which are used by many seniors to file claims and discuss questions about their benefits.

  • Improves access to legal representation for people seeking long term disability benefits.

 Strengthens the Trust Fund

  • Have millionaires and billionaires pay the same rate as everyone else – Presently, payroll taxes are not collected on an individual’s wages over $142,800. This legislation would apply the payroll tax to wages above $400,000 so the wealthy pay the same rate as someone earning $50,000 a year. This provision would only affect the top 0.4% of wage earners. 

  • Extends the solvency of Social Security – This bill makes a significant contribution toward the program’s solvency, making up more than half the shortfall in the Social Security Trust Funds.

  • Social Security Trust Fund Established – Social Security provides all-in-one retirement, survivor, and disability benefits funded through the dedicated FICA contribution paid by workers. There are technically two trust funds, Old-Age and Survivors (OASI) and Disability Insurance (DI), and that are usually referred to as the Social Security Trust Fund. This provision combines the OASI & DI trust funds into one Social Security Trust Fund, to ensure that all benefits will be paid.

 

More on Social Security 2100: A Sacred Trust

October 13, 2017 Press Release
Today, the Social Security Administration (SSA) announced that there will be a much-needed two percent increase in the Cost of Living Adjustment (COLA) for Social Security benefits beginning in January 2018.
October 3, 2017 Press Release
In response to the recently revealed Equifax data breach, Ways and Means Social Security Subcommittee Ranking Member John Larson (CT-01) and Chairman Sam Johnson (TX-03) held a bipartisan Member roundtable with senior Social Security Administration (SSA) officials. The roundtable focused on the agency’s cybersecurity response to the Equifax breach, anticipated risks as a result of the breach, and what the SSA is doing to mitigate those risks for both the agency and the public.
September 6, 2017 Press Release
Today, Rep. John B. Larson (CT-01) received the 2017 Financial Security & Life Insurance Caucuses’ Freedom & Dignity Award from the American Council of Life Insurers, alongside Senator Johnny Isakson (R-GA)
September 6, 2017 Press Release
Ranking Member Larson Opening Statement at Social Security Subcommittee Hearing on Eligibility for Social Security Disability Benefits
August 15, 2017 Press Release
Rep. John B. Larson (CT-01) released the following statement on the anniversary of Social Security.
July 28, 2017 Press Release

Washington, D.C. – Today, Reps. John B. Larson, (CT-01), Joe Courtney (CT-02), and Brian Higgins (NY-26) announced the “Medicare Buy-In and Health Care Stabilization Act”, a bill that improves on the successes of the Medicare program and provides Americans (ages 50-64) a new option for affordable, quality healthcare. The Act will offer people in this age group the new option to buy-in to Medicare thus avoiding the increase in premiums that older Americans often face.

July 24, 2017 Press Release

Washington, D.C. – Today, Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) warned of a new fraud scheme targeting Social Security beneficiaries.

July 14, 2017 Press Release
Today, Ways and Means Social Security Subcommittee Ranking Member Rep. John B. Larson (CT-01) released the following statement after a hearing on the 2017 Social Security Trustees Report with Chief Actuary, Steve Goss
July 14, 2017 Press Release
Ranking Member Larson Opening Statement at Social Security Subcommittee Hearing on Social Security Solvency
July 13, 2017 Press Release
Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement on the 2017 Social Security Trustees Report

Pages