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Strengthening Social Security for Long Career Workers Act
12/30/2022, 5:47 PM
Summary of Bill HR 3916
Bill 117 HR 3916, also known as the Strengthening Social Security for Long Career Workers Act, aims to provide additional support for individuals who have worked for many years and contributed to the Social Security system. The bill specifically targets those who have worked for at least 30 years and are at or near retirement age.
One of the key provisions of the bill is the implementation of a new benefit calculation method for long career workers. This method would take into account the individual's highest 30 years of earnings, rather than the current method which averages earnings over 35 years. This change is intended to provide a more accurate reflection of a long career worker's contributions to the Social Security system.
Additionally, the bill includes measures to increase the minimum benefit for long career workers who have worked for at least 30 years. This increase is designed to ensure that these individuals receive a more adequate level of support in retirement. Overall, the Strengthening Social Security for Long Career Workers Act seeks to address the unique needs of individuals who have dedicated many years to the workforce and the Social Security system. By implementing changes to benefit calculations and increasing minimum benefits, the bill aims to provide greater financial security for long career workers as they enter retirement.
One of the key provisions of the bill is the implementation of a new benefit calculation method for long career workers. This method would take into account the individual's highest 30 years of earnings, rather than the current method which averages earnings over 35 years. This change is intended to provide a more accurate reflection of a long career worker's contributions to the Social Security system.
Additionally, the bill includes measures to increase the minimum benefit for long career workers who have worked for at least 30 years. This increase is designed to ensure that these individuals receive a more adequate level of support in retirement. Overall, the Strengthening Social Security for Long Career Workers Act seeks to address the unique needs of individuals who have dedicated many years to the workforce and the Social Security system. By implementing changes to benefit calculations and increasing minimum benefits, the bill aims to provide greater financial security for long career workers as they enter retirement.
Congressional Summary of HR 3916
Strengthening Social Security for Long Career Workers Act
This bill increases Social Security benefits for certain lifetime low earners. Specifically, it establishes a new method to calculate the Special Minimum Primary Insurance Amount (PIA) for workers who become eligible for benefits after calendar year 2027.
The Special Minimum PIA is an alternative benefit formula that increases benefits paid to workers who earn low wages throughout their careers and, under current law, is adjusted annually based on price growth. This bill revises the method of calculating the Special Minimum PIA by tying it to the national average wage index, which generally grows faster than the price index currently being used.
Read the Full Bill
Current Status of Bill HR 3916
Bill HR 3916 is currently in the status of Bill Introduced since June 15, 2021. Bill HR 3916 was introduced during Congress 117 and was introduced to the House on June 15, 2021. Bill HR 3916's most recent activity was Referred to the Subcommittee on Social Security. as of June 15, 2021
Bipartisan Support of Bill HR 3916
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3916
Primary Policy Focus
Social WelfareAlternate Title(s) of Bill HR 3916
Strengthening Social Security for Long Career Workers Act
To amend title II of the Social Security Act to strengthen Social Security for long career workers, and for other purposes.
Strengthening Social Security for Long Career Workers Act
Comments
Sponsors and Cosponsors of HR 3916
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