NARFE Chapter 073 (San Bernardino), proposes the following amendments to Section 230 of the Social Security Act (Title 42 U.S.C.), Section 202 of the Social Security Act, (Title 42 U.S.C.), Internal Revenue Code Section 3101(a), (Title 26 U.S.C.), and Internal Revenue Code Section 3111(a), (Title 26 U.S.C.) to address the looming funding crises facing the Social Security Trust Fund. (Please click on and open the attached PDF file for a background on Social Security, explaining how the Social Security Trust Fund is funded, how the benefits are calculated, and the funding crises facing the Social Security Trust Fund.)
According to the Social Security Administration Board of Trustees, and The Congressional Budget Office 2023 Report on the Social Security Trust Fund, payments to beneficiaries of the Social Security Trust Fund will exceed income at an approximate rate of $301,132,220,000.00, on an annual level amortized basis, (the actual Social Security Reserve depletion rate will start at a lower amount (approximately $100,000,000,000.00), and then accelerate into 2033). This will be repeated each year, until the Social Security Trust Fund Reserve Account is depleted in 2033, (an estimate based upon "The 2024 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Funds", and from the Congressional Budget Office: "The CBO's 2022 Long Term Projections for Social Security"). In 2034 all Social Security benefits will be required to be reduced by 21%, as the revenues into the Social Security Trust Fund will only provide for 79% of vested Social Security Benefits, that are accrued and owed to Social Security Beneficiaries, (See page 26 of "The 2024 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Funds").
The PDF file, at the top of this page, explains how the Social Security Trust Fund is funded, who the beneficiaries are, and how Social Security benefits are calculated. The PDF file also addresses and explains the underfunding of the Social Security Trust Fund, the depletion of the Social Security Trust Fund Reserve Account, and the looming crises in 2034, if nothing is done.
NARFE Chapter 073, San Bernardino, and a majority of the Officers of the California Federation Board of NARFE Chapters, has forwarded this proposal to National NARFE to advance this proposal with members of Congress and the Senate. We need all of our local NARFE chapters to support this proposal.
This Website has two (2) pages. The first page is: "Home", and the second page is: "Page Two, Click Here" (see both on the above toolbar and click on the desired page). Each page has unique PDF files covering different aspects of this proposal, as well as giving background on Social Security. Click on the PDF file to open the file.
Thank you for your time and interest.