Social Security 2100: A Sacred Trust

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For 87 years, the Federal Government has kept the promise to all Americans: if they contribute to Social Security with each and every paycheck, they would be able to retire with dignity. President Biden has called this promise a "sacred trust." 

It is Congress' responsibility to keep that promise and to safeguard Social Security for all Americans. Congress must also ensure the benefits keep up with Americans' expenses – today, tomorrow, and forever. 

That's why, as Chairman of the House Ways and Means Social Security Subcommittee, Rep. Larson authored the Social Security 2100: A Sacred Trust. 

Increases Benefits 

• Benefit bump for current and new Social Security beneficiaries – Provides an increase for all beneficiaries (receiving retirement, disability or dependent benefits) equivalent to an average of 2% of benefits to make up for inadequate Cost-of-Living Adjustments (COLA) since 1983. The US faces a retirement crisis and a modest boost in benefits strengthens the one leg of the retirement system that is universal and the most reliable: Social Security. 

• Protection against inflation – Improves the annual Cost-of-Living Adjustment (COLA) formula to better reflect the costs incurred by seniors through adopting what's called a "CPI-E formula." This provision will help seniors who spend a greater portion of their income on health care and other necessities. Improved inflation protection will especially help older retirees, people of color, and widows who are more likely to rely on Social Security benefits as they age. 

• Protects low-income workers – Five million seniors currently live in poverty. No one who paid into the system over a lifetime should retire into poverty. The new minimum benefit will be set at 25% above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind. 

• Provides a tax cut for 23 million lower- and middle-income Americans reducing their taxes on their Social Security benefits. 

• Improves Social Security benefits for widows and widowers in two income households so they are not penalized for having two incomes. 

• Repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that currently reduces Social Security benefits for many public servants, including teachers, police and firefighters. 

• Ends the 5-month waiting period to receive disability benefits, so those with  severe disabilities no longer have to wait. 

• Provides caregiver credits toward Social Security wages to ensure caregivers are not penalized in retirement for taking time out of the workforce to care for children or other dependents. 

• Extends Social Security dependent benefits for students to age 26 and for part-time students so they can continue their education. 

• Increases access to Social Security dependent benefits for children who live with grandparents or other relatives. 

• Requires SSA to mail annual statements to all workers showing the FICA contributions workers make and projections for their benefits in the future. This will help workers prepare for retirement, disability or in the event of an untimely death. Currently, SSA makes this information available only on its website mySSA.com for those under 60. 

• Prevents unwarranted closures of SSA field offices – The bill will improve customer service by making it more difficult to close field offices, which are used by many seniors to file claims and discuss questions about their benefits. 

• Improves access to legal representation for people seeking long term disability benefits. 

Strengthens the Trust Fund 

• Have millionaires and billionaires pay the same rate as everyone else – Presently, payroll taxes are not collected on an individual's wages over $147,000. This legislation would apply the payroll tax to wages above $400,000 so the wealthy pay the same rate as a waitress earning $30,000 a year. This provision would only affect the top 0.4% of wage earners. 

• Extends the solvency of Social Security – This bill makes a significant contribution toward the program's solvency, making up more than half the shortfall in the Social Security Trust Funds and extending the date at which benefits would be cut by 20% by nine more years from 2035 to 2044. 

To see a comparison of Social Security 2100: A Sacred Trust with Republican plans, click here.