Washington, D.C. – Today, Senate Finance Committee Chairman Ron Wyden (D-OR), Finance Committee Member Senator Bill Cassidy (R-LA), House Ways and Means Social Security Subcommittee Chairman John B. Larson (D-CT) and Ways and Means Committee Member Vern Buchanan (R-FL) introduced the Know Your Social Security Act. This legislation will clarify the requirement for the Social Security Administration (SSA) to mail a yearly Social Security Statement to eligible workers. Since 2011, SSA has only mailed annual Statements to a limited group of workers: those who are age 60 years or older, are not receiving Social Security benefits, and have not registered for an online account with SSA.
“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 am going to keep pushing to get this done with our bipartisan, bicameral coalition so Americans know Social Security will be there for them.”
“Americans planning for retirement want to know how much they have in Social Security. This bill makes sure they know,” said Dr. Cassidy.
“Social Security is an earned benefit that workers contribute to with every paycheck and it’s something seniors can always rely on in retirement. It’s never missed a payment. All workers deserve to have a full understanding of what they’re contributing to Social Security and what they can expect to receive. This will help workers, and especially millennials plan for retirement. That’s why it’s vital we pass the Know Your Social Security Act to ensure every worker gets a Social Security Statement mailed to them,” said Larson.
“Social Security is often the primary source of income for many seniors, and too many hardworking Americans enter retirement without enough savings,” said Buchanan. “It’s imperative that our workforce has a full understanding of their earned Social Security benefits as they plan for retirement.”
Specifically, the bill clarifies the requirement for SSA to mail an annual Social Security Statement to all workers aged 25 and older with covered earnings who are not receiving Social Security benefits. Since 2011, SSA has failed to mail annual Statements to all workers, even though Congress enacted requirements in 1989 and 1990 for SSA to provide a Statement annually.
The Statement shows how much a worker has earned each year of their career; the worker’s contributions to both Social Security and Medicare; and the worker’s estimated Social Security retirement, disability and survivor benefits. The Statement also tells workers how to ensure the accuracy of their earnings record so that in the future they will receive the correct Social Security benefit amount.
In the prior Congress, the Know Your Social Security Act was unanimously approved by the House Committee on Ways and Means.
The bill has been endorsed by:
· Alliance for Retired Americans
· Consumer Action
· Envelope Manufacturers Association (EMA)
· Justice in Aging
· National Committee to Preserve Social Security and Medicare
· Paralyzed Veterans of America
· Social Security Works
· Strengthen Social Security Coalition
· The Arc of the United States
· The Senior Citizens League
The bill text can be found here.
A one-page summary can be found here.