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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

September 21, 2016 Page
Learn about Congressman Larson's committee assignments.
August 25, 2016 Press Release
Rep. John B. Larson (CT-01) helped raise a flag over the A.J. DeLorenzo Towers.
June 2, 2016 Press Release
Washington – Yesterday, President Barack Obama addressed the need to strengthen Social Security and enhance benefits. Rep. John B. Larson (CT-01) released the following statement.
March 22, 2016 Press Release
​Washington – Today, Rep. John B. Larson (CT-01) served as the ranking member of the Ways and Means Committee Hearing on Social Security and Public Servants, where he reviewed testimony regarding the Equal Treatment of Public Servants Act (H.R. 711). This bill would adjust the Windfall Elimination Provision (WEP), which currently affects over 1.5 million people who see their Social Security benefits cut because they have worked in both the public and private sectors.
February 12, 2016 Press Release

Washington – Today, Rep. John B. Larson (CT-01) announced that the Congressional Progressive Caucus (CPC) endorsed his legislation to expand and strengthen Social Security. The Social Security 2100 Act would increase benefits for all current and future beneficiaries, institute an improved cost-of-living adjustment, cut taxes for millions of beneficiaries, and ensure Social Security remains solvent through the end of the century.

February 11, 2016 Press Release

Washington – At today’s Ways and Means Committee Hearing, Rep. John B. Larson (CT-01) spoke with Secretary Jack Lew of the U.S. Department of the Treasury about the need for Congress to take swift action to strengthen Social Security. Larson previously introduced the Social Security 2100 Act to cut taxes, increase benefits, safeguard against inflation, and ensure Social Security remains solvent through the end of the century.

January 26, 2016 Press Release

Hartford, CT – Today, Rep. John B. Larson (CT-01) released the following statement on President Barack Obama’s proposals to expand access to workplace retirement accounts and empower working Americans to keep track of their savings:

November 12, 2015 Press Release

GARFIELD, NJ – Today, U.S. Rep John B. Larson (CT-01) joined Rep. Bill Pascrell, Jr. (NJ-09) for a lunch meeting with 200 constituents at the Garfield Senior Center to discuss retirement security and their plan to expand and strengthen Social Security. The two members serve on the House Ways and Means Committee, which oversees Social Security and they were touting H.R. 1391, the Social Security 2100 Act, introduced by Rep.

October 15, 2015 Press Release

Hartford, CT - Today the Social Security Administration announced there will be no cost of living adjustment (COLA) for Social Security beneficiaries in 2016. Rep. John B. Larson (CT-01) released the following statement:

August 14, 2015 Press Release
Hartford, CT - Rep. John B. Larson (CT-01) reflects on the 80th anniversary of Social Security.

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