H 4407 Concurrent Resolution, By Stille, Allison, Altman, Barfield, Barrett, 
Bauer, T. Brown, Campsen, Canty, Carnell, Cobb-Hunter, Cooper, Cotty, Dantzler, 
Davenport, Edge, Gourdine, Hinson, Keegan, Kelley, Limehouse, Littlejohn, 
Maddox, Mason, Meacham, Miller, Moody-Lawrence, Robinson, Rodgers, Simrill, 
Townsend, Witherspoon, Woodrum and W.J. Young
 A CONCURRENT RESOLUTION MEMORIALIZING THE CONGRESS OF THE UNITED STATES OF
 AMERICA TO AMEND THE SOCIAL SECURITY ACT SO AS TO ALLOW THE ISSUANCE OF
 WAIVERS TO THE SEVERAL STATES PERMITTING THE DESIGN AND IMPLEMENTATION OF
 ALTERNATIVE RETIREMENT OPTIONS.

   01/14/98  House  Introduced HJ-30
   01/14/98  House  Referred to Committee on Invitations and Memorial
                     Resolutions HJ-31
   03/18/98  House  Member(s) request name removed as sponsor: Knotts HJ-27
   04/01/98  House  Member(s) request name removed as sponsor: Battle HJ-20

A CONCURRENT RESOLUTION

MEMORIALIZING THE CONGRESS OF THE UNITED STATES OF AMERICA TO AMEND THE SOCIAL SECURITY ACT SO AS TO ALLOW THE ISSUANCE OF WAIVERS TO THE SEVERAL STATES PERMITTING THE DESIGN AND IMPLEMENTATION OF ALTERNATIVE RETIREMENT OPTIONS.

Whereas, Social Security is a federal program that fails to recognize the individual retirement needs of many Americans; and

Whereas, Social Security tax revenues alone will be insufficient to pay current benefits as early as the year 2012; and

Whereas, the Social Security Trust Funds may be exhausted completely by the year 2029; and

Whereas, the investment return on Social Security contributions made by many workers today is significantly below that available from other sources; and

Whereas, workers deserve the opportunity to invest more productively for their own retirements; and

Whereas, more retirement investment alternatives might dramatically increase workers' savings rates and retain more young adults within the State who otherwise would leave the State for jobs elsewhere; and

Whereas, the federal government has recognized a state's ability to develop successful alternatives for managing programs at the state level through waivers and numerous federal-state partnerships such as welfare-to-work and job training; and

Whereas, three counties in Texas and three in Georgia have demonstrated great success in developing alternative retirement options for public employees after opting them out of the federal Social Security System; and

Whereas, several counties have privatized their public pension and social security systems successfully, avoiding many of the pitfalls being experienced by the United States Social Security System. Now, therefore,

Be it resolved by the House of Representatives of the State of South Carolina, the Senate concurring:

That the members of the General Assembly of the State of South Carolina hereby memorialize the Congress of the United States of America to amend the Social Security Act so as to allow the issuance of waivers to the several states permitting the design and implementation of alternative retirement options.

Be it further resolved that copies of this resolution be forwarded to the President of the United States, the United States Senate, the United States House of Representatives, and the members of South Carolina's Congressional delegation.