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WASHINGTON, D.C.-On, February 1, 2005, Congressman Allen Boyd (D-North Florida), along with Congressman Jim Kolbe (R-AZ), introduced the Bipartisan Retirement Security Act (HR 440) to preserve and sustain the Social Security system. This legislation is the only bipartisan bill in Congress and modernizes the Social Security program so that it can remain beneficial for future retirees.
"I look forward to working on this vital piece of legislation to save a program that has helped so many Americans," said Congressman Boyd. "In less than 15 years, Social Security will begin paying out more money in benefits than is being collected through payroll tax revenues. Our plan addresses the long term shortfalls of Social Security so that all Americans can have a safe and secure retirement."
The Bipartisan Retirement Security Act is a comprehensive plan that takes the best of both worlds by preserving the basic benefit while also encouraging individual responsibility. The plan provides a strong guaranteed benefit for low income retirees and protects women, minorities and the disabled from poverty.
The Bipartisan Retirement Security Act also:
- Preserves existing benefits for current and near-retirees.
- Strengthens the government safety net for low-income workers through a minimum benefit provision.
- Provides individuals with ownership of and control over part of their retirement assets through personal accounts.
- Does not increase payroll tax rates.
"Ignoring the problem is no longer an option if this invaluable program will continue to be beneficial for our children and grandchildren," Congressman Boyd stated. "Keeping Social Security intact, for those who depend on it today and in the future, is a commitment I will not ignore."
Cong. Boyd talks about the Bipartisan Retirement Security Act of 2005
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