Current Status Bill Number:4407 Type of Legislation:Concurrent Resolution CR Introducing Body:House Introduced Date:19980114 Primary Sponsor:Stille All Sponsors:Stille, Campsen, Altman, Barfield, Rodgers, Canty, Cooper, Townsend, Cotty, Robinson, Cobb-Hunter, Simrill, Woodrum, Meacham, Maddox, Carnell, Miller, Allison, Gourdine, Hinson, Littlejohn, Bauer, Limehouse, Kelley, Barrett, Dantzler, T. Brown, Keegan, Young, Davenport, Mason, Moody-Lawrence, Edge and Witherspoon Drafted Document Number:psd\7008mm.98 Residing Body:House Current Committee:Invitations and Memorial Resolutions Committee 24 HIMR Subject:Social Security Act, Congress to allow issuance of waivers to states permitting retirement options; Federal Government
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19980401 Co-Sponsor removed (Rule 5.2) by Rep. Battle House 19980318 Co-Sponsor removed (Rule 5.2) by Rep. Knotts House 19980114 Introduced, referred to Committee 24 HIMRView additional legislative information at the LPITS web site.
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.