President's Commission To Strengthen Social Security
Creates Commission to Strengthen Social Security and Recommend Personal Accounts
What it does
Agencies must support and staff a presidential commission to recommend ways to modernize Social Security, including voluntary personal retirement accounts.
Real-world impact
- Creates a 16-member panel to propose changes to Social Security.
- May produce recommendations for voluntary personal retirement accounts for workers.
- Requires the Social Security Administration to fund and provide administrative support.
Topics
Summary
This order creates the President's Commission to Strengthen Social Security to develop bipartisan recommendations to modernize the system and restore its fiscal soundness.
The commission will have sixteen members with two co-chairs from different political parties and must follow principles such as not reducing benefits for retirees, dedicating the Social Security surplus to the program, not raising payroll taxes, avoiding stock market investment of funds, preserving disability and survivors benefits, and including voluntary personal retirement accounts.
The Social Security Administration will provide support, and the commission must deliver interim and final reports, with termination 30 days after the final report.
Questions, answered
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