Social Security's Goals and Criteria for Assessing Reforms: Hearing Before the Subcommittee on Social Security of the Committee on Ways and Means, House of Representatives, One Hundred Sixth Congress, First Session, March 25, 1999, Volume 4U.S. Government Printing Office, 1999 - 84 pages |
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actuarial balance additional administrative costs analysis assessing reform assumptions basic benefit structure billion bonds budget resolutions Chairman SHAW changes Chart Chief Actuary choices cliff effect Committee Congress contributions deficit disability discretionary spending EBRI economic elderly employee employer plan ENOFF evaluating Federal Feldstein plan FICA tax financing fiscal future goals going Goss HCEs hearing impact implementation important increase individual accounts individual equity investment J.D. HAYWORTH look match MATSUI MCCRERY Medicare ment NHCE non-Social Security on-budget options participants payroll tax pension percent percentage posal PRIMUS problem projected publicly held debt rate of return reduce reform proposals retirement income revenues risk rity Secu Security Trust Fund Senate Social Security Administration Social Security benefits Social Security program Social Security reform Social Security system Social Security Trust Social Security's statement Subcommittee sustainable solvency tax cuts taxable Thank tion WALKER workers
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Page 4 - I know also, that laws and institutions must go hand in hand with the progress of the human mind. As that becomes more developed, more enlightened, as new discoveries are made, new truths disclosed, and manners and opinions change with the change of circumstances, institutions must advance also, and keep pace with the times.
Page 40 - ... shall include a statement of the assets of, and the disbursements made from, the Trust Fund during the preceding fiscal year, an estimate of the expected...
Page 14 - While 75-year actuarial balance is generally used in evaluating the longterm financial outlook of the Social Security program and reform proposals, it is not sufficient in gauging the program's solvency after the 75th year. For example, under the Trustees' intermediate assumptions, each year the 75-year actuarial period changes, and a year with a surplus is replaced by a new 75th year that has a significant deficit. As a result, changes made to restore trust fund solvency only for the 75-year period...
Page 40 - Congress on the financial operations of the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds...
Page 3 - Word format, typed in single space and may not exceed a total of 10 pages including attachments. Witnesses are advised that the Committee will rely on electronic submissions for printing the official hearing record. 2. Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased.
Page 3 - Copies of whole documents submitted as exhibit material will not be accepted for printing. Instead, exhibit material should be referenced and quoted or paraphrased. All exhibit material not meeting these specifications will be maintained in the Committee files for review and use by the Committee. 3. A witness appearing at a public hearing, or submitting a statement for the record of a public hearing, or submitting written comments in response to a published request for comments by the Committee,...
Page 3 - Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee. 1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments.
Page 11 - To address the program's long-term financing shortfall, a variety of proposals have been offered. In choosing among proposals, we have suggested that policymakers should consider three basic criteria: the extent to which the proposal achieves sustainable solvency and how the proposal would affect the economy and the federal budget; the balance struck between the twin goals of individual equity...
Page 41 - ... of the following year's estimated expenditures, and including an offset to cost due to the beginning trust fund balance. 3 Difference between the summarized tax rate (as scheduled under present law) and the summarized cost rate. 4 Expenditures for benefit payments and administrative costs...
Page 12 - The shift from positive to negative cash flow, however, will place increased pressure on the federal budget to raise the resources necessary to meet the program's ongoing costs. Separately, the Disability Insurance (DI) fund is projected to be exhausted in 2029 and the Old-Age and Survivors' Insurance (OASI) fund in 2044.