Retirement Security
As millions of Americans enjoy their golden years and millions more approach their retirement, it is critical that Congress continue to address the most challenging issues facing retirees and senior citizens today.
I support reforms that strengthen pensions and retirement accounts that help workers plan for the future. In previous Congresses, I had the opportunity to vote in support of pension reforms that would strengthen single and multi-employer pension plans such as the Pension Protection Act. Such acts increased the funding requirements for defined pension benefit plans, shortened the period of time over which funding shortfalls must be eliminated, required sponsors to disclose more information about pension funding, restricted benefit payments and benefit accruals in underfunded plans, and increased the premiums that plan sponsors pay to the Pension Benefit Guarantee Corporation (PBGC). I supported these reforms because we need to ensure that American workers’ pensions are protected.
I am a cosponsor of the Strengthening Social Security Act, H.R. 3118, which would increase benefits for Social Security beneficiaries while also further strengthening the financial standing of the program's trust fund. This bill would phase out the current taxable cap to ensure that resources are available for future generations to receive the benefits they earned. The legislation also changes the way cost of living adjustments (COLA) are calculated to better reflect the needs and increasing costs of healthcare for seniors. It makes these changes while also improving the long-term solvency of the program.
I believe Social Security is a critical program that must be preserved and protected especially at a time when all Americans, especially seniors, are feeling the pressure of a struggling economy. The program was originally designed to guarantee all retirees in our nation a basic, minimum income, and the need for such a social safety net is just as great today as it was during its conception.
Social Security is a “pay-as-you-go system” in which today’s workers pay into a fund to cover the money paid to today’s and future beneficiaries. Dealing with Social Security's long-term solvency problem now will be much easier while we have the time and flexibility to consider numerous options rather than waiting until later when our options for reform are limited. I support removing the so-called Social Security cap to require wealthier individuals higher-income earners to pay their fair share into the system. I do not support cutting benefits to people dependent on Social Security nor do I support privatizing our Social Security system because doing so would undermine the system and actually make the problem worse.
For more information on this issue, sign up to receive Congressman Smith’s email updates.
More on Retirement Security
Congressman Adam Smith released the following statement after Representative Paul Ryan released his budget proposal for FY2015:
“There are a number of serious problems with this legislation. This bill has profound implications in a number of different areas, and yet we did not have time to consider the legislation adequately to figure out the long-term impacts it will have.
“Instead of finding a balanced, comprehensive approach to dealing with our deficit right now, the Republican budget introduced today radically reforms Medicare by cutting benefits and turning the system into a voucher program, slashes investments in education and worker training programs for working class families, and fails to raise a penny of revenue. It is intolerable to make these severe cuts without raising any revenues.
Congressman Adam Smith (WA-9), Ranking Member of the House Armed Services Committee, released the following statement following President Obama’s presentation of a new budget framework:
"America must prioritize deficit reduction and get back on the road to responsible spending. To achieve this, we need to start an honest conversation about the stark numbers we face in tackling our massive debt and deficits.
Congressman Adam Smith (WA-9), Ranking Member of the House Armed Services Committee, released the following statement on House Budget Committee Chairman Paul Ryan’s “Path to Prosperity” budget proposal:
“America’s growing deficit is unacceptable and unsustainable. Reigning in spending and finding ways to make due with less funding will mean a certain degree of shared sacrifice at all levels of society as we put our fiscal house in order.
Today, U.S. Representative Adam Smith (D-Tacoma) voted for H.R. 2830, the Pension Protection Act of 2005.
Congressman Adam Smith (D-WA) introduced the “Enhancing America’s Guard and Reserve” (EAGR) Act, H.R. 4468. This bill is a comprehensive package of benefits aimed at increasing the quality-of-life of members of America’s National Guard and Reserve and their families. The bill would provide universal access to military health care (TRICARE) for all drilling reservists, enhanced education benefits through the Montgomery G.I. Bill, retirement age reductions, tax breaks for employers who hire reservists, and other beneficial provisions.
Congressman Adam Smith (D-WA) and Congresswoman Cathy McMorris (WA-05) today introduced the Medicaid Access Project through Information Technology (MAP IT). The bill will allow for the creation of a demonstration project that will provide a more efficient and effective system for managing chronic disease by using health information technology on disease management for the Medicaid population.
Today, U.S. Rep. Adam Smith (D-Tacoma) appointed Norma Kelsey as his delegate to the White House Conference on Aging, to be held in Washington, DC from October 23 – 26, 2005. The White House Conference on Aging occurs once a decade to make policy recommendations to the President and Congress, and to assist the public and private sectors in promoting dignity, health, independence and economic security for current and future generations of older Americans.