Legislation has been introduced in the House of Representatives that would require the Social Security Administration (SSA) to provide paper account statements.
Rep. John Larson (D-CT) introduced the Know Your Social Security Act (H.R. 5306), on Dec. 5. It is now before the House Ways & Means Committee awaiting its action.
The bill clarifies the requirement that the SSA mail an annual Social Security Statement to all workers ages 25 and older with covered earnings who are not receiving Social Security benefits. Larson’s office in a press release notes that the SSA has been obliged to send such statements annually since such requirements were enacted in 1989 and 1990, yet has not mailed such statements since fiscal year 2011. The SSA, according to the release, has cited limited operating budgets as the reason.
“Social Security is our nation’s foundation to a solid retirement. Americans who contribute to Social Security should receive an update every year so they know what benefits they are earning and can plan for their retirements. No matter what happens in the stock market, Social Security will always be there for them,” said Larson in the press release.
The bill has bipartisan support, with Rep. Vern Buchanan (R-FL) signing on as a cosponsor. While a Senate version has not yet been introduced, Sens. Bill Cassidy (R-LA) and Ron Wyden (D-OR) have expressed support for the House bill. Both are members of the Senate Finance Committee; Wyden is its Ranking Member.
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