An Act Concerning Social Security Offsets And Unemployment Compensation.
Impact
If enacted, HB 5467 would provide significant financial support to those who are unemployed but also receiving Social Security pension benefits. This change could enhance the economic stability of elderly residents who find themselves in need of additional financial assistance during periods of unemployment. By allowing these individuals to receive full unemployment benefits, the bill would help alleviate the financial strain they may face during job transitions, thereby promoting greater economic security for this demographic.
Summary
House Bill 5467, titled 'An Act Concerning Social Security Offsets And Unemployment Compensation,' seeks to amend section 31-227 of the general statutes. The bill aims to enable individuals receiving Social Security pension benefits to also collect the full amount of unemployment benefits without any offsets. This legislative change is driven by the recognition that many unemployed individuals who have contributed to Social Security should not be penalized by reductions in their unemployment compensation due to their pension income.
Contention
The introduction of HB 5467 may potentially lead to discussions surrounding its fiscal implications. Critics may raise concerns about the cost of providing full unemployment benefits to individuals receiving Social Security, suggesting that it could strain state unemployment insurance funds. Additionally, there may be debates about the fairness of providing full benefits to individuals who are already receiving pension income, with some arguing that resources should be allocated first to those without other sources of income. Nevertheless, supporters of the bill highlight the necessity of ensuring that individuals who have contributed to Social Security throughout their careers are not further penalized when facing unemployment.