12/11/2019 | Press release | Distributed by Public on 12/11/2019 14:02
Washington, D.C. - Today, Chairman of the House Ways and Means Social Security Subcommittee John B. Larson (CT-01) released the following statement after the Know Your Social Security Act was reported favorably out of the Ways and Means Committee. Larson introduced the bipartisan, bicameral legislation alongside Ways and Means member Rep. Vern Buchanan (R-FL), Senate Finance Committee Ranking Member Ron Wyden (D-OR), and Senate Finance Committee member Bill Cassidy (R-LA).
'Social Security is our nation's most important retirement program. It is also our nation's number one anti-poverty program. No matter what happens in the stock market, Social Security will always be there for beneficiaries.
'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 and possible disability or death of a spouse or parent.
'The Social Security Statement informs workers about their projected Social Security benefits and past earnings. Since 2011, the Social Security Administration has not been mailing the statements to roughly 140 million workers. This bipartisan bill will clarify that the Social Security Administration must deliver these annual statements by mail.
'As a result, Americans will learn about their Social Security benefits and earnings, and that more must be done to strengthen Social Security in the future. For the first time, Social Security will begin paying out more in benefits than it receives in contributions. Congress needs to have a rendez-vous with reality, it needs to act to for the program to remain solvent. It's imperative that the House take up the Social Security 2100 Act to expand benefits and make Social Security solvent beyond this century.
'Today's Committee vote is a good step forward showing Americans that Congress can work together, Democrats and Republicans, House and Senate, but the longer we wait to address the Social Security shortfall, the harder it will be to address. Action is needed now.'
Larson is the author of the Social Security 2100 Act which expands benefits and makes the program sustainably solvent. The bill has over 200 cosponsors and has had six hearings this Congress.