Social Security Guarantee Act of 2022

Bill: 117-hr-7652
Sponsor: full_name: Rep. Mooney, Alexander X. [R-WV-2]
Introduced: 2022-05-03
Policy area: Social Welfare
Latest action: action_date: 2022-05-03
text: Referred to the Subcommittee on Social Security.

Summaries:
action_date: 2022-05-03
action_desc: Introduced in House
text: <p><strong>Social Security Guarantee Act of 2022</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 additional 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>

tv_txt: I 117th CONGRESS 2d Session H. R. 7652 IN THE HOUSE OF REPRESENTATIVES May 3, 2022 Mr. Mooney 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.

1. Short title This Act may be cited as the Social Security Guarantee Act of 2022 . 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).