SB 113-44: Strengthening Social Security Act (Passed)

[Mr. Reactionary]

Amendment adopted. I move for a final vote. 24 hrs to object.

[Mr. Reactionary]

A final vote is now open until Wednesday noon eastern.

STRENGTHENING SOCIAL SECURITY ACT

TITLE I: REVENUE ADJUSTMENTS

1. The cap on wages subject to payroll taxation under the social security program is hereby eliminated.

2. The value of cafeteria plan contributions shall not be deducted from income when determining the taxable wages subject to payroll tax.

TITLE II: BENEFIT ADJUSTMENTS

1. Any social security beneficiary with 30 eligible working years shall be entitled to a minimum social security benefit amount equaling 125% of the federal poverty line, indexed to wage growth over time.

2. The initial benefit formula of social security benefits are hereby increased by 15% of the wage formula.

3. The social security benefit formula shall be based on the top 38 years of earning.

4. The social security benefit award shall be calculated by applying the benefit formula individually to each of the top 38 years of earning, adding the values, then dividing by 38.

5. The initial social security benefit amount shall grow with the federal rate of wage growth for the lowest 30% of earners and shall grow with the federal rate of prices as determined by a chained-CPI formula for the highest 70% of earners.

6. The amount of annual Cost of Living Adjustments (COLAs) shall grow with the federal rate of prices as determined by a chained-CPI formula.

7. No COLA shall be provided to beneficiaries earning more than $100,000 annually or married couples making more than $200,000 annually.

8. The amount of survivor benefits a surviving spouse shall be eligible to receive shall be capped for the highest 25% of earners at the amount that pushes them into the top 25% of earners and indexed thereafter with the federal rate of prices as determined by a chained-CPI formula.

TITLE III: PROGRAM ADMINISTRATION

1. No State or local government employees shall be exempt from participating in the social security program.

2. Any participant in the social security program may voluntarily opt to pay up to an additional 2% of withheld wages to be invested in an add-on account in the same manner and with the same fiduciary duties and disclosure rules as assets invested by the Federal Employee Retirement System (FERS) and other federal law, including but not limited to the Bullmoose Act.

3. The Social Security Administration shall be located within the Department of Internal Affairs.

TITLE IV: ENACTMENT

1. This act shall take effect July 1, 2023.

[West_Midlander]

Aye

[Enduro]

Abstain

[At-Large Senator LouisvilleThunder]

Aye

[Liminal Trans Girl]

Nay

[LAKISYLVANIA]

Aye

I would have not supported the act in its original form, but after all the amendments i can support this. Good work.

[Liminal Trans Girl]

Switching from Nay to Aye

[GM Team Member and Senator WB]

Aye

[OSR stands with Israel]

Aye

[fhtagn]

aye

[FT-02 Senator A.F.E. 🇵🇸🤝🇺🇸🤝🇺🇦]

Aye

[Mr. Reactionary]

Aye

[Utah Neolib]

Aye

[PPT Spiral]

Aye

[Mr. Reactionary]

Bill passes 11-0-1-6

[Mr. Reactionary]

STRENGTHENING SOCIAL SECURITY ACT

TITLE I: REVENUE ADJUSTMENTS

1. The cap on wages subject to payroll taxation under the social security program is hereby eliminated.

2. The value of cafeteria plan contributions shall not be deducted from income when determining the taxable wages subject to payroll tax.

TITLE II: BENEFIT ADJUSTMENTS

1. Any social security beneficiary with 30 eligible working years shall be entitled to a minimum social security benefit amount equaling 125% of the federal poverty line, indexed to wage growth over time.

2. The initial benefit formula of social security benefits are hereby increased by 15% of the wage formula.

3. The social security benefit formula shall be based on the top 38 years of earning.

4. The social security benefit award shall be calculated by applying the benefit formula individually to each of the top 38 years of earning, adding the values, then dividing by 38.

5. The initial social security benefit amount shall grow with the federal rate of wage growth for the lowest 30% of earners and shall grow with the federal rate of prices as determined by a chained-CPI formula for the highest 70% of earners.

6. The amount of annual Cost of Living Adjustments (COLAs) shall grow with the federal rate of prices as determined by a chained-CPI formula.

7. No COLA shall be provided to beneficiaries earning more than $100,000 annually or married couples making more than $200,000 annually.

8. The amount of survivor benefits a surviving spouse shall be eligible to receive shall be capped for the highest 25% of earners at the amount that pushes them into the top 25% of earners and indexed thereafter with the federal rate of prices as determined by a chained-CPI formula.

TITLE III: PROGRAM ADMINISTRATION

1. No State or local government employees shall be exempt from participating in the social security program.

2. Any participant in the social security program may voluntarily opt to pay up to an additional 2% of withheld wages to be invested in an add-on account in the same manner and with the same fiduciary duties and disclosure rules as assets invested by the Federal Employee Retirement System (FERS) and other federal law, including but not limited to the Bullmoose Act.

3. The Social Security Administration shall be located within the Department of Internal Affairs.

TITLE IV: ENACTMENT

1. This act shall take effect July 1, 2023.

Passed 11-0-1-6 in the Atlasian Senate assembled.

- R, PPT