South Carolina General Assembly
116th Session, 2005-2006

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H. 3982

STATUS INFORMATION

House Resolution
Sponsors: Rep. Viers
Document Path: l:\council\bills\dka\3383dw05.doc

Introduced in the House on April 26, 2005
Currently residing in the House Committee on Invitations and Memorial Resolutions

Summary: Social Security Personal Retirement Accounts

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/26/2005  House   Introduced HJ-16
   4/26/2005  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-16

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VERSIONS OF THIS BILL

4/26/2005

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A HOUSE RESOLUTION

TO MEMORIALIZE THE SOUTH CAROLINA CONGRESSIONAL DELEGATION TO PASS SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

Whereas, demographic changes and cost increases will drain the existing Social Security System; and

Whereas, without significant changes to the system, costs will exceed revenues starting in 2018 and the trust fund will be completely exhausted by 2042; and

Whereas, not reforming the system will require a 50 percent tax increase on each working American or a 30 percent benefit cut; and

Whereas, Social Security provides a below market average rate of return of 1.5 percent which further contributes to the system's financing problem; and

Whereas, allowing younger workers to divert a portion of their payroll taxes into Personal Retirement Accounts will ensure a higher retirement benefit without the need to raise taxes or cut benefits, or both; and

Whereas, allowing younger workers to invest a portion of their payroll taxes into Personal Retirement Accounts will eventually eliminate the $10 trillion in unfunded Social Security liabilities. Now, therefore,

Be it resolved by the House of Representatives:

That the members of the House of Representatives of the State of South Carolina request our elected Representatives and Senators in the United States Congress to support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts.

Be it further resolved that a copy of this resolution be forwarded to the South Carolina Congressional Delegation.

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