H.R.3578 - Social Security Right To Know Act106th Congress (1999-2000)
|Sponsor:||Rep. Sununu, John E. [R-NH-1] (Introduced 02/03/2000)|
|Committees:||House - Ways and Means|
|Latest Action:||02/08/2000 Referred to the Subcommittee on Social Security. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3578 — 106th Congress (1999-2000)All Bill Information (Except Text)
Social Security Right To Know Act - Amends the Social Security Act to require a certain annual report by the Board of Trustees of the Federal Old-Age and Survivors and Disability Insurance Trust Funds on the operation and status of such Funds to include information on: (1) the unfunded long-term projected liability of the social security system and any change in such amount from the preceding year as well as the deficit or surplus that the system will run in the last year of the long-term projection period, with any aggregate assets or liabilities held by the Trust Funds in that final projected year; and (2) the economic model and relevant data used to make such projections.
Introduced in House (02/03/2000)
Requires social security account statements to contain: (1) a comparison of the annual social security tax inflows to the amount paid in benefits annually and a statement whether the ratio will result in a cash flow deficit and what year such deficit will commence as well as the first year in which funds in the Trust Funds will cease to be sufficient to cover the deficit and the percentage of benefits due at that time that could be paid from annual tax inflows; and (2) an explanation of the average rate of return that a taxpayer can expect to receive on old- age insurance benefits as compared to the total amount of social security taxes a taxpayer expects to pay.
Makes Social Security Administration Continuous Work History Sample data publicly available for statistical research purposes subject to certain limitations.