A bill to ensure that Social Security beneficiaries receive regular statements from the Social Security Administration, and for other purposes.
Impact
The implementation of SB664 will have significant ramifications for how Social Security beneficiaries interact with the SSA. By ensuring regular, mailed statements, the bill aims to improve beneficiary awareness regarding their benefits and entitlements. This is particularly crucial as many individuals may not create an online account to access their information. Such changes are expected to foster greater financial literacy among older adults and individuals nearing retirement, ensuring they have timely access to important information regarding their future financial security.
Summary
SB664 is a legislative proposal aimed at ensuring that all Social Security beneficiaries receive regular statements from the Social Security Administration (SSA). The bill mandates that individuals with Social Security account numbers will receive a paper statement whenever they enter the workforce or start a new job. Furthermore, the bill outlines a schedule for future statements: every five years starting at age 25, every two years starting at age 55, and annually beginning at age 60. This approach is intended to enhance transparency and keep beneficiaries informed about their Social Security entitlements and benefits.
Contention
Despite its intended benefits, there may be points of contention regarding the costs associated with increasing the frequency of mailed statements. Critics could argue that the added administrative expenses involved in implementing these changes might lead to budgetary pressures on the SSA. The bill provides for appropriating necessary funds to manage these administrative expenses, but this aspect could be a focal point for debates concerning governmental spending priorities and efficiency. Additionally, allowing individuals to opt out of receiving statements may raise questions about the effectiveness of this measure in reaching all beneficiaries.
A bill to require the Social Security Administration to make changes to the social security terminology used in the rules, regulation, guidance, or other materials of the Administration.
To amend title XVIII of the Social Security Act to ensure fair assessment of pharmacy performance and quality under Medicare part D, and for other purposes.
To amend title XIX of the Social Security Act to expand the application of Medicaid State programs to monitor antipsychotic medications to all Medicaid beneficiaries.