[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 2381 Introduced in Senate (IS)]

  2d Session
                                S. 2381

  To amend title XI of the Social Security Act to include additional 
           information in social security account statements.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 7, 2000

  Mr. McCain introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend title XI of the Social Security Act to include additional 
           information in social security account statements.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Straight Talk on Social Security 
Act''.

SEC. 2. MATERIAL TO BE INCLUDED IN SOCIAL SECURITY ACCOUNT STATEMENT.

    Section 1143(a)(2) of the Social Security Act (42 U.S.C. 1320b-
13(a)(2)) is amended--
            (1) in subparagraph (C) by striking ``and'';
            (2) in subparagraph (D) by striking the period and 
        inserting ``; and''; and
            (3) by adding at the end the following new subparagraph:
            ``(E)(i) as determined by the Chief Actuary of the Social 
        Security Administration--
                    ``(I) a comparison of the annual social security 
                tax inflows (including amounts appropriated under 
                subsections (a) and (b) of section 201 of this Act and 
                section 121(e) of the Social Security Amendments of 
                1983 (26 U.S.C. 401 note)) to the amount paid in 
                benefits annually; and
                    ``(II) a statement whether the ratio described in 
                subclause (I) will result in a cash flow deficit and 
                what year any such deficit will commence, as well as 
                the first year in which funds in the Federal Old-Age 
                and Survivors Insurance Trust Fund and the Federal 
                Disability Insurance Trust Fund will cease to be 
                sufficient to cover any such deficit and the percentage 
                of benefits due at that time that could be paid from 
                the annual social security tax inflows (as that term is 
                used in subclause (I));
            ``(ii) an explanation that states in substance that the 
        Trust Funds balances reflect resources authorized by Congress 
        to pay future social security benefits, but do not consist of 
        real economic assets that can be used in the future to fund 
        benefits, and that such balances are claims against the United 
        States Treasury that, when redeemed, must be financed through 
        increased taxes, public borrowing, benefit reduction, or 
        elimination of other Federal expenditures; and
            ``(iii) an explanation, in simple and easily understood 
        terms, 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, including the inflation-adjusted average rate of return 
        for workers born in every year beginning with 1900, set out in 
        chart or graph form, with an explanatory caption or legend, as 
        determined by the Chief Actuary of the Social Security 
        Administration.''.
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