Issue Position: Retirement Security

Issue Position

As millions of Americans enjoy their golden years and millions more approach their retirement, it is critical that Congress continue to address the most challenging issues facing retirees and senior citizens today.

I support reforms that strengthen pensions and retirement accounts that help workers plan for the future. In previous Congresses, I had the opportunity to vote in support of pension reforms that would strengthen single and multi-employer pension plans such as the Pension Protection Act. Such acts increased the funding requirements for defined pension benefit plans, shortened the period of time over which funding shortfalls must be eliminated, required sponsors to disclose more information about pension funding, restricted benefit payments and benefit accruals in underfunded plans, and increased the premiums that plan sponsors pay to the Pension Benefit Guarantee Corporation (PBGC). I supported these reforms because we need to ensure that American workers' pensions are protected.

I am a cosponsor of the Strengthening Social Security Act, H.R. 3118, which would increase benefits for Social Security beneficiaries while also further strengthening the financial standing of the program's trust fund. This bill would phase out the current taxable cap to ensure that resources are available for future generations to receive the benefits they earned. The legislation also changes the way cost of living adjustments (COLA) are calculated to better reflect the needs and increasing costs of healthcare for seniors. It makes these changes while also improving the long-term solvency of the program.

I believe Social Security is a critical program that must be preserved and protected especially at a time when all Americans, especially seniors, are feeling the pressure of a struggling economy. The program was originally designed to guarantee all retirees in our nation a basic, minimum income, and the need for such a social safety net is just as great today as it was during its conception.

Social Security is a "pay-as-you-go system" in which today's workers pay into a fund to cover the money paid to today's and future beneficiaries. Dealing with Social Security's long-term solvency problem now will be much easier while we have the time and flexibility to consider numerous options rather than waiting until later when our options for reform are limited. I support removing the so-called Social Security cap to require wealthier individuals higher-income earners to pay their fair share into the system. I do not support cutting benefits to people dependent on Social Security nor do I support privatizing our Social Security system because doing so would undermine the system and actually make the problem worse.

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