U.S. Sen. Bill Cassidy (R-LA) and U.S. Rep. Vern Buchanan (R-FL) on Dec. 5 proposed a bipartisan, bicameral measure to clarify the mailing requirement related to Social Security account statements.
“Too many hard-working Americans enter retirement without enough savings,” Rep. 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.”
Sen. Cassidy cosponsored the Know Your Social Security Act, S. 2989, with bill sponsor U.S. Sen. Ron Wyden (D-OR) in his chamber, while Rep. Buchanan is the lead original cosponsor of the same-named H.R. 5306, which is sponsored by U.S. Rep. John Larson (D-CT) and six other cosponsors, including U.S. Reps. Tom Reed (R-NY) and Tom Rice (R-SC).
According to a bill summary provided by the lawmakers, the Social Security Administration (SSA) since fiscal year 2011 has failed to mail annual statements due to limited operating budgets, despite congressional mandates enacted in 1989 and 1990 that the SSA provide them on an annual basis.
If enacted, the Know Your Social Security Act would improve the mailings of yearly Social Security statements to American workers aged 25 and older with covered earnings who are not receiving Social Security benefits, according to the summary.
S. 2989 has been referred for consideration to the U.S. Senate Finance Committee while H.R. 5306 is under review by the U.S. House Ways and Means Committee.