The PROMISE Act, short for Protecting Retirement Opportunities and Maintaining Income Security for Everyone, would not immediately change Social Security benefits. Instead, it would create a legislative process for Congress to consider reforms after years of stalled efforts to address the program’s long-term finances, according to the legislative proposal released Wednesday, CNBC and The Associated Press reported.
The proposal comes after the Social Security Board of Trustees’ annual report in June projected the program’s retirement trust fund would face a shortfall in 2032, one year earlier than previously projected. If Congress does not act, the trust fund would only be able to pay about 78% of scheduled retirement benefits beginning that year.
The legislation is sponsored by Sens. Dick Durbin, D-Ill.; Bill Cassidy, R-La.; John Cornyn, R-Texas; Tim Kaine, D-Va.; Angus King, I-Maine; and Thom Tillis, R-N.C. Sens. Chris Coons, D-Del., and Markwayne Mullin, R-Okla., also signed on as co-sponsors before the bill was introduced, per CNBC and AP.
“Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work,” Durbin said in a statement obtained by CNBC. “But the longer Congress waits, the more difficult it will be to address the program’s financial shortfall.”
A bipartisan group of senators has introduced legislation to help push Social Security reforms through Congress before the program runs out of money.
The PROMISE Act, short for Protecting Retirement Opportunities and Maintaining Income Security for Everyone, would not immediately change Social Security benefits. Instead, it would create a legislative process for Congress to consider reforms after years of stalled efforts to address the program’s long-term finances, according to the legislative proposal released Wednesday, CNBC and The Associated Press reported.
The proposal comes after the Social Security Board of Trustees’ annual report in June projected the program’s retirement trust fund would face a shortfall in 2032, one year earlier than previously projected. If Congress does not act, the trust fund would only be able to pay about 78% of scheduled retirement benefits beginning that year.
The legislation is sponsored by Sens. Dick Durbin, D-Ill.; Bill Cassidy, R-La.; John Cornyn, R-Texas; Tim Kaine, D-Va.; Angus King, I-Maine; and Thom Tillis, R-N.C. Sens. Chris Coons, D-Del., and Markwayne Mullin, R-Okla., also signed on as co-sponsors before the bill was introduced, per CNBC and AP.
“Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work,” Durbin said in a statement obtained by CNBC. “But the longer Congress waits, the more difficult it will be to address the program’s financial shortfall.”
Source: Bipartisan Senators Unveil Plan To Rescue Social Security Before Funding Runs Short
Recent Comments