[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4751 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 4751

  To amend title XI of the Social Security Act to provide that annual 
Social Security account statements indicate, in estimating the level of 
projected benefits of eligible individuals, the effect on such benefits 
levels of benefit reductions which may be necessary, in the absence of 
future legislative remedies, by reason of anticipated insolvency of the 
                      Social Security Trust Funds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 17, 2007

  Mr. McCarthy of California introduced the following bill; which was 
              referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
  To amend title XI of the Social Security Act to provide that annual 
Social Security account statements indicate, in estimating the level of 
projected benefits of eligible individuals, the effect on such benefits 
levels of benefit reductions which may be necessary, in the absence of 
future legislative remedies, by reason of anticipated insolvency of the 
                      Social Security Trust Funds.

    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 ``More Transparent and Honest 
Communications with American Workers Reform Act of 2007''.

SEC. 2. NOTICE OF EFFECT ON PROJECTED BENEFIT LEVELS OF ANTICIPATED 
              INSOLVENCY OF THE SOCIAL SECURITY TRUST FUNDS.

    (a) In General.--Section 1143(a) of the Social Security Act (42 
U.S.C. 1320b-13(a)) is amended by adding at the end the following new 
paragraph:
    ``(4) In making estimates of potential old-age insurance benefits 
pursuant to paragraph (2)(D), the Commissioner shall--
            ``(A) estimate projected benefits for each eligible 
        individual, assuming the current earnings rate and assuming, in 
        the alternative, retirement at age 62, at the applicable normal 
        retirement age, and at age 70,
            ``(B) in any case in which the projections in the latest 
        report of the Board of Trustees under section 201(c) regarding 
        future levels of receipts and disbursements of the Trust Funds 
        indicate, using intermediate assumptions, that the balance in 
        the Trust Funds may become by any specified future date 
        insufficient to pay benefits in full when due, indicate the 
        percentage reduction in the level of benefit payments that 
        could result, without intervening enactment of remedies by the 
        Congress, from such an insufficient balance in the Trust Funds, 
        and
            ``(C) set forth a separate schedule of such estimated 
        projected benefits of such eligible individual which reflects 
        any such percentage reduction in the case of each retirement 
        alternative described in subparagraph (A) which would occur 
        after the future date referred to in subparagraph (B).''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to social security account statements issued after 
December 31, 2007.
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