Congressman Horsford Introduces Groundbreaking Legislation to Increase Social Security Benefits for Nevada Seniors | Congressman Steven Horsford
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Congressman Horsford Introduces Groundbreaking Legislation to Increase Social Security Benefits for Nevada Seniors

October 26, 2021

WASHINGTON, D.C. — Today, Congressman Steven Horsford (D-NV-04) joined House Ways and Means Social Security Subcommittee Chairman John B. Larson (D-CT-01) to introduce the Social Security 2100 Act, groundbreaking legislation that will increase Social Security benefits for seniors and keep the system strong for generations to come.

"Nevadans work hard and pay into Social Security for decades – but even with next year's benefit increase, many of our seniors will struggle to make ends meet. Today, 144,265 Social Security recipients in Nevada's Fourth District receive $203 million in benefits each month, averaging just over $1,400 per person. As the cost of living rises, that is barely enough to cover the rent, let alone other expenses," said Congressman Steven Horsford. "The Social Security 2100 Act would increase Social Security benefits, protect against inflation, and modernize Social Security to ensure that government employees, caregivers, people with disabilities, and surviving spouses and children receive the benefits they deserve. No senior should retire into poverty, and the Social Security 2100 Act will take common-sense steps to help Nevada seniors thrive."

"Social Security 2100: A Sacred Trust combines the best of the previous year's Social Security 2100 Act with President Biden's proposals to expand benefits and strengthen Social Security. The pandemic has only underscored what we already knew and has exacerbated systemic inequities -- current benefits are not enough! 5 million seniors are living in poverty due to longstanding discrimination in the labor force that affects mostly people of color and women. These are our mothers, fathers, aunts, uncles, and neighbors. For too long, Congress has forsaken its duty to enhance benefits. It's time that we act now," said House Ways and Means Social Security Subcommittee Chairman John B. Larson.

The Social Security 2100 Act:

  • Provides a benefit bump for current and new beneficiaries – Provides an increase for all beneficiaries that is the equivalent to about 2% of the average benefit. The US faces a retirement crisis and a modest boost in benefits strengthens the one leg of the retirement system that is universal and the most reliable.
  • Protects against inflation – Improves the annual cost-of-living adjustment (COLA) formula to better reflect the costs incurred by seniors through adopting a CPI-E formula. This provision will help seniors who spend a greater portion of their income on health care and other necessities. Improved inflation protection will especially help older retirees and widows who are more likely to rely on Social Security benefits as they age.
  • Protects low-income workers – No one who paid into the system over a lifetime should retire into poverty. The new minimum benefit will be set at 25% above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind.
  • Improves benefits for widows and widowers in two income households.
  • Repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that currently penalize many public servants.
  • Ends the 5-month waiting period to receive disability benefits.
  • Provides caregiver credits to ensure that caregivers are not penalized in retirement for taking time out of the workforce to care for children or other dependents.
  • Extends dependent benefits for students through age 26 and includes part-time students.
  • Increases access to benefits for children who live with grandparents or other relatives.

This legislation strengthens the Social Security trust fund by:

  • Having millionaires and billionaires pay the same rate as everyone else – Presently, payroll taxes are not collected on wages over $142,800. This legislation would apply the payroll tax to wages above $400,000. This provision would only affect the top 0.4% of wage earners.
  • Extending the depletion date (when a 20% cut to benefits would occur) to 2038 – Giving Congress more time to ensure long term solvency of the Trust Funds.

Social Security Trust Fund Established – Social Security provides all-in-one retirement, survivor, and disability benefits funded through the dedicated FICA contribution paid by workers. There are technically two trust funds, Old-Age and Survivors (OASI) and Disability Insurance (DI), that are usually referred to as the Social Security Trust Fund. This provision combines the OASI & DI trust funds into one Social Security Trust Fund, to ensure that all benefits will be paid.

Issues:Economy