110 HR 4751 IH: More Transparent and Honest U.S. House of Representatives 2007-12-17 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 1st Session H. R. 4751 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.

1.

Short title

This Act may be cited as the More Transparent and Honest Communications with American Workers Reform Act of 2007.

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.