Social Security Right to Know Act

Summary

Social Security Right to Know Act - Amends title XI of the Social Security Act (SSA) to require social security account statements to include information relating to: (1) projected deficits in the Old Age, Survivors and Disability (OASDI) Insurance program; and (2) the nature of the OASDI trust funds, describing them as claims on the Treasury that, when redeemed, will have to be financed by raising taxes, public borrowing, or reducing benefits or other expenditures. Amends title II (OASDI) of the SSA to require the annual report of the Board of the Trustees of the OASDI Trust Funds to include: (1) an estimate of the year in which annual outlays from such Funds are first projected to exceed the annual cash income (including payroll and benefit tax revenues); (2) the annual excess of such projected outlays over such income in each year extending through the year of projected program insolvency; (3) the aggregate amount of such excesses for the 75-year projection period and the change from the previous year; (4) the amount of deficit or surplus that the OASDI program will run in the last year of such period and the aggregate assets and unfunded obligations contained in the Funds in that final projected year; (5) the amount that payroll taxes would have to be raised or benefits be reduced in order to keep the OASDI program in annual financial balance after cumulative balances in the Funds are exhausted; (6) how the annual amounts identified in (2) above would change if either raising payroll taxes or reducing benefits to keep the program in financial balance is delayed for five, ten, 25, and 50 years; and (7) the nature of the OASDI Trust Funds as described in the social security account statements.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 April 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 April 2000

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• Introduced in Senate

  summary · EN · 5 April 2000

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