WASHINGTON – Senate Finance Committee Member U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the “Know Your Social Security Act” along with Senate Finance Committee Ranking Member Ron Wyden (D-OR), House Ways and Means Social Security Subcommittee Chairman John Larson (D-CT) and Ways and Means Committee Member Vern Buchanan (R-FL).
The legislation will clarify the requirement for the Social Security Administration (SSA) to mail an annual Social Security Statement to all workers ages 25 and older with covered earnings, who are not receiving Social Security benefits. Since Fiscal Year 2011 SSA has failed to mail annual Statements to these Americans, citing limited operating budgets, even though in 1989 and 1990 Congress enacted requirements for SSA to provide a Statement annually.
“Social Security is our nation’s foundation to a solid retirement. 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. No matter what happens in the stock market, Social Security will always be there for them,” said Larson. “I’m proud to introduce this bipartisan, bicameral legislation alongside Ranking Member Wyden, Senator Cassidy and Congressman Buchanan.”
“Too many hardworking Americans enter retirement without enough savings,” Buchanan said. “Because Social Security is the primary source of income for a majority of seniors, it is imperative they have a full understanding of their benefits as they plan for retirement.”
“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’m pleased to introduce this bill on a bipartisan, bicameral basis with a view towards passing it into law swiftly.”