[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1558 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1558

    To provide for the issuance of certificates to social security 
   beneficiaries guaranteeing their right to receive social security 
  benefits under title II of the Social Security Act in full with an 
               accurate annual cost-of-living adjustment.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 16, 2001

 Mr. Santorum (for himself and Mr. Voinovich) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    To provide for the issuance of certificates to social security 
   beneficiaries guaranteeing their right to receive social security 
  benefits under title II of the Social Security Act in full with an 
               accurate annual cost-of-living adjustment.

    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 Social Security Benefits Guarantee 
Act of 2001''.

SEC. 2. GUARANTEE OF FULL SOCIAL SECURITY BENEFITS WITH ACCURATE ANNUAL 
              COST-OF-LIVING ADJUSTMENT.

    (a) In General.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall issue a 
benefit guarantee certificate to each individual who is determined by 
the Commissioner of Social Security as of the date of the issuance of 
the certificate to be entitled to benefits under title II of the Social 
Security Act (42 U.S.C. 401 et seq.). The Secretary shall also issue 
such a certificate to any individual on the date such individual is 
determined thereafter to be entitled to benefits under such title.
    (b) Benefit Guarantee Certificate.--The benefit guarantee 
certificate issued pursuant to subsection (a) shall represent a legally 
enforceable guarantee--
            (1) of the timely payment of the full amount of future 
        benefit payments to which the individual is entitled under 
        title II of the Social Security Act (as determined under such 
        title as in effect on the date of the issuance of the 
        certificate); and
            (2) that the benefits will be adjusted thereafter not less 
        frequently than annually to the extent prescribed in provisions 
        of such title (as in effect on the date of the issuance of the 
        certificate) providing for accurate adjustments based on 
        indices reflecting changes in consumer prices as determined by 
        the Bureau of Labor Statistics or changes in wages as 
        determined by the Commissioner of Social Security.
    (c) Obligation To Provide Payments as Guaranteed.--Any certificate 
issued under the authority of this section constitutes budget authority 
in advance of appropriations Acts and represents the obligation of the 
Federal Government to provide for the payment to the individual to whom 
the certificate is issued benefits under title II of the Social 
Security Act (42 U.S.C. 401 et seq.) in amounts in accordance with the 
guarantee set forth in the certificate.
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