More Transparent and Honest Communications with American Workers Reform Act of 2007

To amend title XI of the Social Security Act to provide that annual Social Security account statements indicate, in estimating the level of projected benefits of eligible individuals, the effect on such benefits levels of benefit reductions which may be necessary, in the absence of future legislative remedies, by reason of anticipated insolvency of the Social Security Trust Funds.

12/17/2007--Introduced.
More Transparent and Honest Communications with American Workers Reform Act of 2007 - Amends title XI of the Social Security Act to revise requirements for estimates of potential old-age insurance benefits in Social Security account statements eligible individuals may request. Directs the Commissioner of Social Security, in any case in which the projections of future levels of receipts and disbursements of the Social Security Trust Funds indicate that the balance in the Funds may become insufficient to pay benefits in full when due, to indicate in benefits estimates the percentage reduction in payment level that could result without intervening enactment of remedies by Congress. Requires Social Security account statements also to:
(1) estimate projected benefits for each eligible individual, assuming the current earnings rate and assuming, in the alternative, retirement at age 62, at the applicable normal retirement age, and at age 70; and
(2) set forth a separate schedule of such estimated projected benefits reflecting any percentage reduction in the case of each retirement alternative which would occur after the future date of Trust Fund insufficiency.


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Sponsor

• Rep. Kevin McCarthy [R, CA-22]

Committees

• House Ways and Means
• 1 more
  • House Ways and Means
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Amendments

This bill has no amendments.

Amendments to H.R.4751

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
December 17, 2007

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All Bill Actions

• Dec 20, 2007: Referred to the Subcommittee on Social Security.
• Dec 17, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Dec 17, 2007.

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Related Issue Areas:

• Social security finance
• Retirement age
• Old age, survivors and disability insurance
• Government trust funds
• 10 more
• Government spending reductions
• Government publicity
• Government information
• Financial statements
• Finance
• Budgets
• Budget deficits
• Aged
• Accounting
• Social security

Data from the Congressional Research Service

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Blog Coverage

April 29, 2008 Disparates

In October 2000, a few months before President Clinton established the Task Force, the House Committee on Resources held a hearing on a bill (HR 4751) incorporating a version of the “New Commonwealth” proposal. William Treanor, who held ...

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December 16, 2007 Bill Action: Introduced: HR 4751: To amend title XI of the Social ...

Kevin McCarthy [R-CA] introduced HR 4751: To amend title XI of the Social Security Act to provide that annual Social Security account statements indicate, in estimating the level of projected benefits of eligible individuals, ...

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December 16, 2007 HR 4751, To amend title XI of the Social Security Act to provide ...

HR 4751 would amend title XI of the Social Security Act to provide that annual Social Security account statements indicate, in estimating the level of projected benefits of eligible individuals, the effect on such benefits levels of ...

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