Social Security Guarantee Act of 2023

Subjects: Social Welfare, Disability assistance, Inflation and prices, Social security and elderly assistance

Summary:  <p><strong>Social Security Guarantee Act of 2023</strong></p> <p>This bill requires the Department of the Treasury to issue certificates to Social Security beneficiaries that guarantee them the full monthly benefit amount to which they are entitled and at least an annual cost-of-living increase to their benefits. It also provides mandatory funding for those benefits.</p> <p>Currently, Social Security beneficiaries are entitled to their benefits, but benefits are primarily funded through a payroll tax (including assets derived from the tax held in reserve). Actuarial projections reported by the Social Security Board of Trustees indicate that in 2035 there will be insufficient tax revenue and reserved assets to cover the full amount of benefit payments.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 521 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 521

   To guarantee the right of individuals to receive Social Security 
  benefits under title II of the Social Security Act in full with an 
               accurate annual cost-of-living adjustment.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2023

Mr. Mooney (for himself and Mr. LaMalfa) introduced the following bill; 
         which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To guarantee the right of individuals to receive Social Security 
  benefits under title II of the Social Security Act in full with an 
               accurate annual cost-of-living adjustment.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Social Security Guarantee Act of 
2023''.

SEC. 2. GUARANTEE OF FULL SOCIAL SECURITY BENEFITS WITH ACCURATE ANNUAL 
              COST-OF-LIVING ADJUSTMENT.

    (a) In General.--On a date not later than 90 days after the date of 
the enactment of this Act, the Secretary of the Treasury shall issue a 
benefit guarantee certificate to each individual who is determined by 
the Commissioner of Social Security as of such date to be entitled to 
benefits under title II of the Social Security Act (42 U.S.C. 401 et 
seq.). The Secretary shall also issue such a certificate to any 
individual on the date such individual is determined thereafter to be 
entitled to benefits under such title.
    (b) Benefit Guarantee Certificate.--The benefit guarantee 
certificate issued pursuant to subsection (a) shall represent a legally 
enforceable guarantee--
            (1) of the monthly amount of benefits to which the 
        individual is entitled under title II of the Social Security 
        Act (as in effect on the date of the issuance of the 
        certificate); and
            (2) that the benefits will be adjusted--
                    (A) not less frequently than annually on the basis 
                of an accurate determination of the increase in the 
                cost-of-living of the individual; and
                    (B) in accordance with such title (as so in 
                effect), to reflect any future changes in the 
                eligibility status of the individual under such title.
    (c) Entitlement.--Any certificate issued under the authority of 
this section constitutes budget authority in advance of appropriations 
Acts and represents the obligation of the Federal Government to provide 
for the payment to the individual to whom the certificate is issued 
benefits under title II of the Social Security Act (42 U.S.C. 401 et 
seq.) in the amounts set forth in the certificate and adjusted 
thereafter as described in subsection (b)(2).
                                 &lt;all&gt;
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