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Looking to Washington for a Retirement Lifeline

September 12, 2019
In The News

It is going to be a busy fall for legislators and regulators dealing with retirement policy.

Congress is to consider separate bills that reform the finances of both Social Security and struggling pension plans. Another bill that expands retirement saving options also will be on the legislative docket. Meanwhile, several states and professional groups will be working to toughen ethical standards for financial advisers.

Here’s a roundup of the central issues likely to make headlines during what remains of 2019.

In the Democratic-controlled House of Representatives, a bill that would restore Social Security’s financial solvency is likely to advance.

The proposed legislation addresses a looming shortfall that will force sharp future benefit cuts unless Congress takes action. The Social Security actuaries project that the program’s combined retirement and disability trust funds will be depleted in 2035, with payroll taxes coming in at that time sufficient to pay only 80 percent of promised benefits.

The legislation, the Social Security 2100 Act, is sponsored by Representative John B. Larson, Democrat of Connecticut, the chairman of the subcommittee on Social Security of the House Ways and Means Committee. His bill would restore the program’s financial solvency for the next 75 years.