[Congressional Record (Bound Edition), Volume 146 (2000), Part 2]
[Senate]
[Pages 2486-2487]
[From the U.S. Government Publishing Office, www.gpo.gov]


[[Page 2486]]

                  UNANIMOUS-CONSENT AGREEMENT--H.R. 5

  Mr. GRAMS. Mr. President, I ask unanimous consent that on Tuesday, 
March 21, at 2:15 p.m., the Senate begin consideration of Calendar No. 
439, H.R. 5, and it be considered under the following time agreement:
  Two hours on the bill to be equally divided in the usual form between 
the two managers;
  One amendment to be offered by the chairman and ranking member of the 
Finance Committee making a correction to the House bill, limited to 10 
minutes of debate to be equally divided;
  One amendment to be offered by Senator Bob Kerrey of Nebraska 
regarding Social Security reform, and limited to 1 hour to be equally 
divided in the usual form;
  Also, one amendment to be offered by Senator Gregg regarding Social 
Security reform and limited to 1 hour to be equally divided in the 
usual form.
  I further ask unanimous consent that no other amendments or motions 
be in order, other than motions to table, and following the disposition 
of the above described amendments and the use or yielding back of time, 
the Senate proceed to vote on passage of the bill, as amended, if 
amended, without intervening action or debate.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  Mr. GRAMS. Mr. President, I ask unanimous consent that the two 
amendments described in the agreement be printed in the Record.
  There being no objection, the amendments were ordered to be printed 
in the Record, as follows:


                            amendment no.--

 (Purpose: To amend title II of the Social Security Act to improve the 
 annual report of the social security trustees, and for other purposes)

       At the appropriate place, insert the following:

     SEC. __. SOCIAL SECURITY REPORTING IMPROVEMENTS.

       (a) Findings.--Congress makes the following findings:
       (1) The Social Security Advisory Board, the Technical Panel 
     on Assumptions and Methods of the Social Security Advisory 
     Board (in this section referred to as the ``Panel''), and the 
     Office of the Chief Actuary of the Social Security 
     Administration should be commended for their professional, 
     nonpartisan work to project the future financial operations 
     of the social security program established under title II of 
     the Social Security Act.
       (2) The Panel reported its recommendations in November 
     1999.
       (3) The Panel recommended a series of changes to current 
     projections of the financial operations of the social 
     security program which would, if adopted, increase existing 
     estimates of the program's unfunded liabilities.
       (4) The Panel further recommended the use of standards of 
     comparison that emphasize program sustainability, such as 
     showing the program's projected annual income rates, cost 
     rates, and balances with an emphasis that is equal to 75-year 
     program solvency.
       (5) The Panel further recommended that reform proposals be 
     evaluated using standards of comparison that include the 
     proposal's impact on the Federal unified budget, as well as a 
     recognition of the funding shortfalls present under current 
     law.
       (6) The Panel made several other recommendations that are 
     worthy of consideration, involving issues that include, but 
     are not limited to, workforce participation, poverty rates 
     among the elderly, and assumptions regarding equity 
     investment returns.
       (7) Adoption of the Panel's recommendations would assist in 
     developing a fiscally responsible reform solution that avoids 
     passing hidden costs to future taxpayers.
       (b) Expansion of Annual Report of the Trustees of the 
     Social Security Trust Funds and Other Reporting 
     Requirements.--
       (1) In general.--Section 201(c) of the Social Security Act 
     (42 U.S.C. 401(c)) is amended by inserting before the 
     penultimate sentence the following: ``Such report also shall 
     include the information described in subsection (n).''.
       (2) Additional contents of board of trustees' report.--
     Section 201 of the Social Security Act (42 U.S.C. 401) is 
     amended by adding at the end the following:
       ``(n) For purposes of subsection (c), the information 
     described in this subsection is the information (including 
     changes to information that, as of the date of enactment of 
     this subsection, is required to be included in the report 
     required under subsection (c)), recommended in the November 
     1999 report of the Technical Panel on Assumptions and Methods 
     of the Social Security Advisory Board under the headings 
     `Presentation Issues' and `Methodology', that the Board of 
     Trustees determines is practicable and appropriate to the 
     purposes of such report. The presentational and informational 
     recommendations referred to in the preceding sentence 
     include, but are not limited to, the following:
       ``(1) Presenting measures of the long-term sustainability 
     of the old-age, survivors, and disability insurance program 
     established under this title with an emphasis equal to 
     actuarial solvency, by highlighting the program's projected 
     annual income rates, cost rates, and annual balances 
     throughout the 75-year valuation window used by the Board of 
     Trustees.
       ``(2) Presenting a clear and explicit projection of such 
     program's unfunded liabilities.
       ``(3) Presenting benefit levels and tax rates throughout 
     the long-range valuation period that reflect the estimates 
     included in the report of the Board of Trustees of the Trust 
     Funds regarding the percentage of benefits that can be funded 
     under currently projected program revenues, and the 
     percentage that taxes would need to be increased in order to 
     fund promised benefits.''.
       (3) Annual report from the commissioner of social 
     security.--Section 704 of the Social Security Act (42 U.S.C. 
     904) is amended by adding at the end the following new 
     subsection:

                      ``Annual Report to Congress

       ``(f) The Commissioner shall submit an annual report to 
     Congress that includes the following:
       ``(1) An evaluation, determined in conjunction with the 
     Secretary, the Secretary of the Treasury, and the Director of 
     the Office of Management and Budget, on the effects upon 
     national savings levels and on the fiscal operations of the 
     Federal Government of enacted provisions of law relating to 
     the Federal old-age, survivors, and disability insurance 
     benefits program established under title II.
       ``(2) Estimates of average lifetime values of benefits for 
     different age, income, and gender cohorts, respectively, for 
     recipients of old-age, survivors, and disability insurance 
     benefits under such program, that are consistent with the 
     estimates of the Board of Trustees of the Federal Old-Age and 
     Survivors Insurance Trust Fund and Federal Disability 
     Insurance Trust Fund of the percentage of benefits that can 
     be funded under such enacted provisions of law.''.
       (4) Effective date.--The amendments made by this subsection 
     shall apply with respect to reports made for calendar years 
     beginning after the date of enactment of this Act.
       (c) Sense of Congress Regarding Social Security Reform 
     Legislation.--It is the sense of Congress that Congress and 
     the President should not miss a critical opportunity to enact 
     comprehensive bipartisan social security reform legislation 
     that meets the standard of 75-year actuarial solvency and 
     also addresses the following issues:
       (1) The permanent sustainability of the social security 
     program.
       (2) The long-term impact of reform upon the fiscal 
     operations of the Federal Government as a whole.
       (3) The need for a clear and explicit presentation of the 
     anticipated reduction in the social security program's 
     unfunded liabilities.
       (4) Ensured continued solvency under alternative 
     assumptions regarding mortality, fertility, rates of return, 
     and other appropriate economic and demographic assumptions.
       (5) The total amount of retirement income provided under 
     proposed reform in comparison to a standard that explicitly 
     recognizes the benefit reductions or tax increases that 
     enacted provisions of law relating to the social security 
     program would require, according to the estimates in the most 
     recent report of the Board of Trustees of the Federal Old-Age 
     and Survivors Insurance Trust Fund and Federal Disability 
     Insurance Trust Fund.
       (6) The long-term impact of the current projections of 
     insolvency and of alternative reform proposals upon workforce 
     participation, poverty among the elderly, national savings 
     levels, and other issues identified by the Panel.
       (d) Sense of Congress Regarding Implementation of 
     Recommendations.--It is the sense of Congress that the 
     recommendations of the Panel should be implemented to the 
     extent deemed reasonable by the Board of Trustees of the 
     Federal Old-Age and Survivors Insurance Trust Fund and the 
     Federal Disability Insurance Trust Fund, in consultation with 
     the agencies and offices that have research, estimating, and 
     reporting responsibilities pertinent to the social security 
     program.

[[Page 2487]]

     
                                  ____
                            amendment no.--

 (Purpose: To redesignate the term for the age at which an individuals 
                   is eligible for old-age benefits)

       At the end add the following:

     SEC. __. REDESIGNATION OF TERM FOR AGE AT WHICH AN INDIVIDUAL 
                   IS ELIGIBLE FOR OLD-AGE BENEFITS.

       (a) In General.--Title II of the Social Security Act (42 
     U.S.C. 401 et seq.) is amended--
       (1) by striking ``retirement age'' each place it appears 
     and inserting ``the age of eligibility for old-age 
     benefits'';
       (2) by striking ``early retirement age'' each place it 
     appears and inserting ``the age of early eligibility for old-
     age benefits''; and
       (3) by striking ``delayed retirement'' each place it 
     appears and inserting ``delayed exercise of eligibility for 
     old-age benefits''.
       (b) Conforming Amendment.--Section 202(q)(9) of the Social 
     Security Act (42 U.S.C. 402(q)(9)) is amended by striking 
     ``early retirement'' and inserting ``early eligibility for 
     old-age benefits''.
       (c) Effective Date.--The amendments made by this section 
     shall take effect on the date of enactment of this Act.

  Mr. GRAMS. Mr. President, it is the leader's understanding that these 
are the amendments that will be offered on Tuesday, unless technical 
changes are required which would be cleared by the Finance chairman and 
ranking member.

                          ____________________