[Congressional Record Volume 147, Number 57 (Tuesday, May 1, 2001)]
[Senate]
[Page S4116]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. HUTCHINSON:
  S. 806. A bill to guarantee the right of individuals to receive full 
social security benefits under title II of the Social Security Act with 
an accurate annual cost-of-living adjustment; to the Committee on 
Finance.
  Mr. HUTCHINSON. Mr. President, I ask unanimous consent that the text 
of Full Social Security Benefits Guarantee Act be printed in the 
Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                 S. 806

       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 ``Full Social Security 
     Benefits Guarantee Act''.

     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 
     enactment of this Act, the Secretary of the Treasury shall 
     issue to each individual who, as of such date, is receiving 
     benefits under title II of the Social Security Act (42 U.S.C. 
     401 et seq.) and, thereafter, to each individual who applies 
     for such benefits, a certificate representing a legally 
     enforceable guarantee--
       (1) of the monthly amount of benefits that the individual 
     will receive under that title, as determined on the date of 
     the issuance of the certificate; and
       (2) that the benefits will be adjusted--
       (A) not less frequently than annually on the basis of an 
     accurate determination of the increase in the cost-of-living 
     of the individual; and
       (B) as a result in a change in the eligibility status of 
     the individual under that title.
       (b) Entitlement.--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 the amounts set forth in the certificate and adjusted 
     thereafter as described in subsection (a)(2).
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