Preamble: To ensure a sustainable, equitable, and just Social Security system, this Act addresses the need for progressive benefit adjustments, enhanced protections for low-income retirees, and fairness in access to early retirement benefits. By balancing fiscal responsibility with the needs of vulnerable populations, Congress enacts the Fair Retirement Reform Act of 2030.
Title I: Establishment of Minimum Monthly Benefits
Section 101. Guaranteed Minimum Benefit
1. Any retiree with 30 or more years of covered employment shall receive a minimum monthly Social Security benefit equal to 125% of the Federal Poverty Line, effective January 1, 2032.
2. This minimum benefit shall be indexed annually to inflation based on the Consumer Price Index for the Elderly (CPI-E).
3. The Social Security Administration (SSA) shall identify eligible beneficiaries automatically to ensure that all qualifying individuals receive the guaranteed minimum benefit.
Section 102. Protections for Partial Work Histories
1. Individuals with fewer than 30 years of covered employment but more than 20 years shall receive a prorated minimum benefit based on their years of work.
2. The prorated benefit formula shall be determined and published by the SSA by December 31, 2031.
Title II: Progressive Adjustment of Benefits for High Earners
Section 201. Revision of Benefit Formula for High Earners
1. For individuals in the top 20% of lifetime earnings, benefits shall be recalculated using a progressive formula that reduces benefits modestly while maintaining fairness.
o The reduction shall not exceed 5% of the original calculated benefit amount.
o This adjustment applies only to earnings above the 80th percentile of lifetime contributions.
2. The SSA shall implement this change for new retirees beginning January 1, 2033.
Section 202. Exemptions for High Earners with Low Supplemental Income
1. Retirees in the top 20% of lifetime earnings but with total annual income (from all sources) below 300% of the Federal Poverty Line shall be exempt from benefit reductions.
2. The SSA shall establish a verification process to identify and exempt qualifying individuals.
Title III: Safeguards for Early Retirement
Section 301. Preservation of Early Retirement for Physically Demanding Jobs
1. Workers in industries classified as physically demanding or hazardous shall retain access to early retirement benefits starting at age 62 without penalty.
2. The Department of Labor (DOL), in coordination with the SSA, shall publish a list of qualifying industries and occupations by January 1, 2031.
o The list shall be reviewed and updated every five years to account for changes in workforce conditions.
Section 302. Reduction of Early Retirement Penalties
1. For non-qualifying workers, the penalty for claiming Social Security benefits at age 62 shall be reduced from 30% to 20% by January 1, 2034.
2. This reduction aims to alleviate financial strain on retirees who need access to benefits earlier due to unforeseen circumstances.
Title IV: Incentives for Delayed Retirement
Section 401. Enhanced Delayed Retirement Credits
1. The delayed retirement credit for individuals who postpone claiming benefits beyond the Full Retirement Age (FRA) shall increase from 8% to 10% annually for each year of delay, up to age 70.
2. This change shall take effect for individuals reaching the FRA on or after January 1, 2033.
Section 402. Education Campaign on Delayed Retirement Benefits
1. The SSA shall launch a public education campaign to inform Americans about the financial advantages of delayed retirement.
o The campaign shall include advertisements, workshops, and online resources targeted at workers aged 50 and above.
Title V: Administrative and Implementation Measures
Section 501. Social Security Administration Reporting Requirements
1. The SSA shall submit annual reports to Congress detailing the impact of minimum benefit guarantees, progressive adjustments, and early retirement changes on trust fund solvency.
2. These reports shall include demographic analyses to ensure the reforms are equitable and effective.
Section 502. Public Transparency and Accountability
1. The SSA shall provide online tools for beneficiaries to estimate their future benefits under the updated rules.
2. Public hearings shall be held annually by the SSA Oversight Board to gather feedback on the implementation and impact of these reforms.
Title VI: Funding Provisions
Section 601. Supplemental Funding for Minimum Benefits
1. Additional revenue from the removal of the taxable earnings cap (as established in the Secure Social Security Act of 2028) shall be allocated to fund the minimum benefit guarantee.
2. Any surplus revenue from this allocation shall be directed to the Social Security Trust Fund.
Section 602. Administrative Funding
1. The SSA shall receive an additional $250 million annually from 2031 to 2035 to support the implementation of these reforms, including the development of automated systems for benefit recalculations.
Effective Dates
1. This Act shall take effect immediately upon enactment.
2. Specific provisions shall be phased in according to the timelines outlined in the respective sections.
Conclusion: The Fair Retirement Reform Act of 2030 ensures that Social Security remains fair, just, and sustainable for all Americans. By balancing progressive benefit adjustments, enhanced protections for vulnerable retirees, and incentives for delayed retirement, this Act protects the integrity of the Social Security program while addressing the diverse needs of the nation’s workforce and retirees.
SOCIAL SECURITY SOLVENCY ACT OF 2032
Preamble: To ensure the continued financial stability and sustainability of the Social Security Trust Fund, Congress enacts the Social Security Solvency Act of 2032. This Act introduces equitable revenue enhancements, long-term solvency measures, and supplemental retirement savings options to guarantee the program's resilience and fairness for current and future generations.
Title I: Removal of Taxable Earnings Cap
Section 101. Elimination of the Taxable Earnings Cap
1. Effective January 1, 2033, the limit on taxable earnings for Social Security payroll taxes shall be eliminated.
o All earnings shall be subject to the full Social Security payroll tax rate.
2. Additional revenue generated through this change shall be deposited directly into the Social Security Trust Fund and earmarked for benefit payments.
Section 102. Annual Reporting on Revenue from High Earners
1. The Social Security Administration (SSA) shall publish an annual report detailing revenue increases resulting from the elimination of the taxable earnings cap.
o The report shall include demographic data on contributors and an analysis of the impact on trust fund solvency.
Title II: Introduction of Supplemental Retirement Savings Accounts
1. All workers under the age of 30 as of January 1, 2034, shall be automatically enrolled in a Universal Supplemental Retirement Savings Account (USRA).
o Contributions of 2% of pre-tax earnings shall be made to USRAs, with an opt-out option available.
o Accounts shall be privately managed but regulated by the Department of Labor (DOL) to ensure fiduciary responsibility.
2. Workers with annual incomes below 250% of the Federal Poverty Line shall receive a 1% government match to incentivize participation.
Section 202. Portability and Accessibility of USRAs
1. USRAs shall be portable across jobs and remain under the individual’s ownership.
2. Withdrawals shall be restricted until the account holder reaches the Social Security Full Retirement Age (FRA), with exceptions for qualified emergencies or first-time home purchases.
Section 203. Public Awareness Campaign
1. The SSA and DOL shall jointly launch an education campaign to inform workers about the benefits and features of USRAs.
o Campaign materials shall be distributed through online resources, workplaces, and community centers.
Title III: Adjustments to Cost-of-Living Adjustments (COLAs)
Section 301. Revision of COLA Calculations
1. Starting January 1, 2033, Social Security Cost-of-Living Adjustments shall continue to be calculated using the Consumer Price Index for the Elderly (CPI-E).
2. To ensure long-term trust fund solvency, a temporary COLA reduction of 0.5% shall be applied to benefits exceeding 200% of the Federal Poverty Line, effective from 2033 to 2040.
o This adjustment excludes benefits for low- and middle-income retirees.
Section 302. Review of COLA Adjustments
1. The SSA Oversight Board shall conduct a review every five years to assess the impact of COLA adjustments on beneficiaries and trust fund solvency.
Title IV: Enhanced Incentives for Delayed Retirement
Section 401. Increased Delayed Retirement Credits
1. For workers who delay claiming Social Security benefits beyond the Full Retirement Age, the delayed retirement credit shall increase from 10% to 12% annually for each year of delay, up to age 70.
2. This incentive shall apply to individuals reaching the FRA on or after January 1, 2034.
Section 402. Targeted Outreach for Delayed Retirement Benefits
1. The SSA shall develop targeted communication efforts to encourage workers aged 50 and above to consider delayed retirement, highlighting financial advantages.
Title V: Automatic Solvency Adjustments
Section 501. Implementation of Solvency Triggers
1. Starting January 1, 2035, automatic solvency triggers shall activate if the Social Security Trust Fund’s projected solvency falls below 15 years.
o Trigger 1: A temporary 0.2% increase in the payroll tax rate (shared by employers and employees).
o Trigger 2: A temporary 0.5% reduction in COLAs for benefits exceeding 150% of the median benefit.
Section 502. Oversight and Adjustment Review
1. The SSA Oversight Board shall review the effectiveness of solvency triggers and recommend modifications as needed.
Title VI: Fraud Prevention and Administrative Efficiency
Section 601. Enhanced Fraud Prevention Measures
1. The SSA shall receive an additional $400 million over five years (2033-2038) to expand its fraud detection and prevention capabilities.
o Investments shall focus on data analytics, machine learning tools, and increased staffing for fraud investigations.
Section 602. Reduction of Administrative Costs
1. The SSA shall implement efficiency measures to reduce administrative costs by 5% annually from 2033 to 2038.
o Progress reports shall be submitted to Congress.
Title VII: Public Transparency and Accountability
Section 701. Annual Solvency Report to the Public
1. The SSA shall publish a comprehensive annual solvency report outlining:
o Trust fund revenue and expenditures.
o Impact of reforms on long-term solvency.
o Demographic and economic trends affecting the program.
Section 702. Public Engagement Forums
1. The SSA Oversight Board shall host annual public forums to gather feedback on Social Security reforms and address concerns from beneficiaries.
Effective Dates
1. This Act shall take effect immediately upon enactment.
2. Specific provisions shall be implemented according to the timelines outlined in the respective sections.
Conclusion: The Social Security Solvency Act of 2032 ensures the long-term stability of the Social Security program by implementing equitable revenue enhancements, supplemental savings options, and solvency triggers. These reforms balance fairness, sustainability, and flexibility to adapt to future challenges, guaranteeing the program’s resilience for generations to come.
RETIREMENT EQUITY AND INVESTMENT ACT OF 2034
Preamble: To modernize the Social Security system, enhance the sustainability of the Social Security Trust Fund, and ensure equitable retirement outcomes for all Americans, Congress enacts the Retirement Equity and Investment Act of 2034. This Act introduces diversified investment strategies, ensures robust oversight, and provides expanded support for equitable retirement benefits.
Title I: Diversification of Social Security Trust Fund Investments
Section 101. Authorization of Diversified Investments
1. The Social Security Trust Fund is authorized to invest up to 20% of its reserves in a diversified portfolio of equities, corporate bonds, and other approved financial instruments, effective January 1, 2035.
2. Investments shall prioritize low-risk, long-term growth strategies to ensure stability while improving returns.
3. Treasury bonds shall continue to comprise at least 80% of the trust fund’s portfolio to maintain security and liquidity.
Section 102. Establishment of the Investment Oversight Board
1. A new Investment Oversight Board (IOB) shall be established to manage the diversified investment portfolio.
o The IOB shall include:
3 members appointed by the President, with Senate confirmation.
2 members appointed by the Speaker of the House, in consultation with the minority leader.
2 members appointed by the Senate majority leader, in consultation with the minority leader.
o Members shall include experts in finance, economics, and public policy, and at least two members shall represent beneficiary advocacy organizations.
2. The IOB shall:
o Develop and implement investment policies in compliance with fiduciary standards.
o Submit quarterly reports to Congress and the public on investment performance and risks.
Section 103. Restrictions and Safeguards on Investments
1. The Social Security Trust Fund is prohibited from investing in:
o High-risk speculative assets.
o Derivatives or leveraged financial instruments.
o Assets associated with conflicts of interest or ethical concerns, as determined by the IOB.
2. The IOB shall ensure all investments align with long-term solvency goals and maintain a balanced risk profile.
Title II: Equity in Retirement Benefits
Section 201. Enhancing Benefits for Low-Income Retirees
1. Effective January 1, 2036, retirees in the lowest 25% of lifetime earnings shall receive an additional 5% boost to their calculated Social Security benefits.
2. Eligibility for the benefit enhancement shall be determined automatically by the SSA based on lifetime earnings records.
Section 202. Expansion of Survivor Benefits
1. Survivor benefits shall increase by 10% for widowed beneficiaries who earned less than 200% of the Federal Poverty Line in the year preceding their spouse’s death.
2. The SSA shall implement this adjustment for new and existing beneficiaries starting January 1, 2036.
Section 203. Incentives for Caregivers
1. Caregivers who leave the workforce for at least two years to provide unpaid care for dependents or elderly family members shall receive up to five years of caregiving credits toward their Social Security earnings record.
2. Eligibility shall require:
o Certification of caregiving responsibilities by a healthcare provider or social services agency.
o Proof of loss of employment income during the caregiving period.
Title III: Strengthening Oversight and Public Accountability
1. The IOB shall submit detailed annual reports to Congress and the public on:
o Portfolio performance.
o Risk assessments.
o Compliance with fiduciary and ethical standards.
2. Reports shall include projected impacts of investment returns on trust fund solvency.
Section 302. Public Transparency and Accessibility
1. The SSA shall maintain an online portal with real-time updates on trust fund investments, performance metrics, and solvency projections.
2. Beneficiaries shall have access to tools that explain how investment returns impact their future benefits.
Section 303. Independent Audits
1. The Government Accountability Office (GAO) shall conduct independent audits of the trust fund’s investment activities every two years.
2. Audit findings shall be published and made publicly accessible within 90 days of completion.
Title IV: Administrative and Implementation Provisions
Section 401. Funding for Implementation
1. An initial allocation of $500 million is authorized for FY 2035 to establish the Investment Oversight Board, develop systems for managing diversified investments, and enhance SSA administrative capabilities.
2. Subsequent funding shall be included in the SSA’s annual budget requests.
Section 402. Timeline for Implementation
1. The IOB shall be operational by July 1, 2035.
2. Diversified investments shall commence no later than January 1, 2036, following the development of investment policies and safeguards.
Section 403. Evaluation and Adjustments
1. The SSA Oversight Board, in coordination with the IOB, shall review the effectiveness of diversified investments every five years.
2. Recommendations for adjustments to the investment cap or policies shall be submitted to Congress as needed.
Title V: Effective Dates
1. This Act shall take effect immediately upon enactment.
2. Specific provisions shall be implemented according to the timelines outlined in the respective sections.
Conclusion: The Retirement Equity and Investment Act of 2034 strengthens the Social Security Trust Fund by responsibly introducing diversified investments, enhancing benefits for low-income retirees, and expanding survivor and caregiver support. These reforms ensure fairness, stability, and accountability, securing the program for future generations.
COMPREHENSIVE RETIREMENT SECURITY ACT OF 2036
Preamble: To strengthen the long-term sustainability of the Social Security program, promote equitable retirement outcomes, and modernize the system to reflect demographic and economic realities, Congress enacts the Comprehensive Retirement Security Act of 2036. This Act introduces phased adjustments to retirement age, enhanced protections for vulnerable workers, and streamlined administrative efficiency to ensure fairness and solvency.
Title I: Gradual Increase in Full Retirement Age (FRA)
Section 101. Adjustment to the Full Retirement Age
1. The Full Retirement Age (FRA) for Social Security benefits shall increase incrementally from 67 to 69 by 2045.
o Beginning January 1, 2038, the FRA shall increase by two months annually until the FRA reaches 69.
o Workers born before January 1, 1975, will not be affected by this change.
Section 102. Early Retirement Age Protections
1. The Early Retirement Age (ERA) of 62 shall remain unchanged.
2. Penalties for early retirement shall be reduced from 6.67% per year to 5% per year, effective January 1, 2038.
3. Workers in physically demanding or hazardous occupations shall qualify for penalty-free early retirement at age 60.
o The Department of Labor (DOL) shall publish and update a list of qualifying occupations every five years.
Title II: Enhanced Benefits for Vulnerable Populations
Section 201. Minimum Benefit Guarantee
1. Effective January 1, 2037, the minimum monthly benefit for retirees with 30 or more years of covered employment shall be set at 135% of the Federal Poverty Line.
o This minimum benefit shall be adjusted annually using the Consumer Price Index for the Elderly (CPI-E).
Section 202. Caregiver Credits Expansion
1. Caregivers who leave the workforce for at least two years to provide unpaid care for dependents or elderly family members shall receive up to five years of caregiving credits toward their Social Security earnings record.
2. Eligibility shall require:
o Certification of caregiving responsibilities by a healthcare provider or social services agency.
o Documentation of reduced or lost income during the caregiving period.
Section 203. Increased Survivor Benefits
1. Survivor benefits shall be increased by 15% for widowed individuals whose income falls below 250% of the Federal Poverty Line.
2. The adjustment shall take effect for new and existing beneficiaries starting January 1, 2037.
Title III: Strengthened Incentives for Delayed Retirement
Section 301. Enhanced Delayed Retirement Credits
1. For individuals who delay claiming Social Security benefits beyond the FRA, the delayed retirement credit shall increase from 10% to 12% annually for each year of delay, up to age 70.
2. This adjustment shall apply to individuals reaching the FRA on or after January 1, 2038.
Section 302. Public Education Campaign on Delayed Retirement
1. The Social Security Administration (SSA) shall launch a nationwide public education campaign to highlight the financial benefits of delayed retirement.
o Materials shall be distributed through employers, community organizations, and digital platforms.
Title IV: Administrative Efficiency and Fraud Prevention
Section 401. Modernization of SSA Technology
1. The SSA shall receive $1 billion over five years (2037-2042) to modernize its technology infrastructure.
o Investments shall focus on enhancing data security, streamlining benefits processing, and improving accessibility for beneficiaries.
Section 402. Expansion of Fraud Detection Programs
1. An additional $300 million shall be allocated to expand the SSA’s fraud detection and prevention capabilities.
o Funds shall support advanced analytics, machine learning tools, and increased staffing for fraud investigations.
Section 403. Administrative Cost Reductions
1. The SSA shall implement efficiency measures to reduce administrative costs by 3% annually from 2037 to 2042.
o Progress shall be reported to Congress annually.
Title V: Automatic Solvency Mechanisms
Section 501. Implementation of Automatic Adjustments
1. Beginning January 1, 2040, automatic solvency mechanisms shall activate if the Social Security Trust Fund’s projected solvency falls below 15 years.
o Trigger 1: A temporary 0.1% payroll tax increase (shared by employers and employees).
o Trigger 2: A temporary 0.5% reduction in COLAs for benefits exceeding 200% of the Federal Poverty Line.
Section 502. Periodic Review of Solvency Mechanisms
1. The SSA Oversight Board shall review the effectiveness of automatic solvency mechanisms every five years and recommend adjustments as necessary.
Title VI: Public Transparency and Accountability
Section 601. Annual Solvency and Reform Reports
1. The SSA shall publish an annual report detailing:
o Trust fund revenue and expenditures.
o Demographic and economic trends impacting solvency.
o Progress on implementing reforms introduced by this Act.
Section 602. Public Engagement Forums
1. The SSA Oversight Board shall host annual public forums to gather feedback on Social Security reforms and address beneficiary concerns.
2. Forums shall be accessible both in-person and online to maximize participation.
Effective Dates
1. This Act shall take effect immediately upon enactment.
2. Specific provisions shall be implemented according to the timelines outlined in the respective sections.
Conclusion: The Comprehensive Retirement Security Act of 2036 provides a balanced, forward-looking approach to ensure the long-term stability and equity of the Social Security system. By addressing retirement age adjustments, enhancing benefits for vulnerable populations, and improving administrative efficiency, this Act secures the program’s future for all Americans.
GENERATIONAL FAIRNESS ACT OF 2038
Preamble: To ensure the sustainability of the Social Security system for all generations while addressing the unique needs of workers and retirees, Congress enacts the Generational Fairness Act of 2038. This Act introduces automatic solvency triggers, strengthens incentives for delayed retirement, and ensures equitable contributions and benefits for future generations.
Title I: Automatic Solvency Triggers
Section 101. Establishment of Solvency Triggers
1. Starting January 1, 2040, the following solvency triggers shall automatically activate if the Social Security Trust Fund’s projected solvency falls below 15 years:
o Trigger 1: Payroll Tax Adjustment
A temporary payroll tax increase of 0.1% (shared equally between employers and employees) shall be implemented annually until solvency projections exceed 15 years.
o Trigger 2: High-Income COLA Adjustment
A temporary 0.5% reduction in Cost-of-Living Adjustments (COLAs) shall apply to benefits exceeding 200% of the Federal Poverty Line.
o Trigger 3: Delayed Retirement Credit Adjustment
The delayed retirement credit shall increase from 12% to 14% annually for beneficiaries who delay retirement beyond the Full Retirement Age (FRA).
Section 102. Oversight and Review
1. The Social Security Administration (SSA) Oversight Board shall review the activation of solvency triggers annually.
2. Triggers shall deactivate automatically when trust fund solvency exceeds 20 years.
Title II: Intergenerational Equity in Contributions
Section 201. Modernization of the Payroll Tax Structure
1. Effective January 1, 2040, the Social Security payroll tax rate shall be revised to include a tiered structure:
o First $150,000 of Income: Current payroll tax rate applies.
o Income Above $150,000: An additional 1% payroll tax shall apply to earnings above $150,000, with no cap.
2. Revenue from the additional tax shall be earmarked for bolstering the trust fund and funding targeted benefit enhancements for low-income retirees.
Section 202. Youth Savings Incentive Program
1. Workers aged 18-30 shall be eligible for a government-matched savings program:
o Contributions of up to $2,000 annually to a retirement savings account shall be matched at 50% by the federal government.
o Funds in these accounts shall be portable and privately managed.
2. The Department of Labor (DOL) shall oversee the administration and regulation of these accounts.
Title III: Adjustments to Benefits for Equity Across Generations
Section 301. Enhanced Minimum Benefits
1. Beginning January 1, 2041, the minimum monthly Social Security benefit for retirees with 30 or more years of covered employment shall increase to 140% of the Federal Poverty Line.
2. Benefits for retirees with fewer than 30 years of covered employment shall be prorated accordingly.
Section 302. Survivor Benefit Adjustments
1. Survivor benefits shall be increased by 20% for individuals earning less than 250% of the Federal Poverty Line.
2. The adjustment shall take effect for new and existing beneficiaries starting January 1, 2041.
Section 303. Caregiver Recognition Credits
1. Caregivers providing unpaid care for dependents or elderly family members shall receive up to five years of caregiving credits toward their Social Security earnings record.
2. Eligibility shall require verification of caregiving responsibilities and certification of income loss during the caregiving period.
Title IV: Strengthening the Social Security System
Section 401. Diversified Investments
1. The Social Security Trust Fund may allocate up to 25% of its reserves to diversified, low-risk investments, building on the reforms introduced in the Retirement Equity and Investment Act of 2034.
2. The Investment Oversight Board (IOB) shall ensure compliance with fiduciary and ethical standards.
1. The SSA shall receive $800 million over five years (2040-2045) to:
o Modernize technology systems.
o Improve fraud detection and prevention capabilities.
o Enhance beneficiary communication tools, including multilingual support.
Title V: Public Engagement and Transparency
Section 501. Solvency and Reform Annual Reports
1. The SSA shall publish an annual report detailing:
o Trust fund revenue and expenditures.
o Demographic and economic trends impacting solvency.
o Activation and deactivation of solvency triggers.
2. Reports shall be made accessible to the public via the SSA’s website and community outreach programs.
Section 502. Generational Equity Hearings
1. Congress shall hold biennial hearings on the state of Social Security, focusing on:
o The program’s impact on different generations.
o Recommendations for ensuring fairness and sustainability.
2. These hearings shall incorporate testimony from economists, beneficiary advocacy groups, and representatives from diverse demographic groups.
Title VI: Effective Dates
1. This Act shall take effect immediately upon enactment.
2. Specific provisions shall be implemented according to the timelines outlined in the respective sections.
Conclusion: The Generational Fairness Act of 2038 ensures the long-term sustainability of the Social Security system while promoting equity for all generations. By incorporating automatic solvency triggers, modernizing contributions, and enhancing benefits for vulnerable populations, this Act provides a balanced and forward-looking framework to secure the program for future generations.