Schatz Introduces Legislation To Protect, Expand Social Security

WASHINGTON - U.S. Senator Brian Schatz (D-Hawai'i) introduced the Safeguarding American Families and Expanding Social Security (SAFE Social Security) Act, legislation to expand Social Security for seniors and families in Hawai'i and across the country. The bill will increase benefits on average by more than $150 per month, ensure the cost of living adjustments adequately reflect the living expenses of retirees, extend the life of the trust fund, and remove the wage cap to make sure all Americans contribute to the trust fund.

"Social Security is the most successful safety net program in American history," said Senator Schatz. "My bill will expand Social Security, put more money in the hands of seniors who rely on it, strengthen the program for the next generation of retirees, and make sure everyone pays into the system equally."

In Hawai'i, more than 280,000 people, or over 1 in 6 residents, rely on Social Security benefits. In 2040, the number of Hawai'i seniors is expected to grow and make up more than 20 percent of the population, making the need to expand the program even more critical.

Specifically, the SAFE Social Security Act will:

• Phase out the payroll tax cap so that payroll taxes apply fairly to every dollar of wages earned;
• Adjust current benefits calculations to increase average monthly benefits by over $150; and
• Update the annual cost of living adjustment to better reflect the real costs that seniors face through the use of the Consumer Price Index for the Elderly.

"Social Security is the cornerstone of a secure retirement for working families. The SAFE Social Security Act, which lifts the tax cap for high earners, is the fairest and most equitable way to extend the solvency of the program while also improving benefits for everyone who has spent years contributing to the economy. This is critical legislation that safeguards the future of a crucial program while also addressing the economic concerns of everyday voters," said Jody Calemine, Director of Government Affairs for AFL-CIO.

"We applaud Senator Schatz for introducing this important legislation, which will boost Social Security benefits for today's retirees while strengthening the program's long-term finances so future generations can count on it as well," said Richard Fiesta, Executive Director of the Alliance for Retired Americans. "The SAFE Social Security Act will ensure that all Americans, including the wealthy, pay their fair share into the system, and that workers who leave the workforce to care for loved ones are not penalized when they reach retirement."

The SAFE Social Security is supported by the AFL-CIO, National Committee to Preserve Social Security and Medicare, Social Security Works, Alliance for Retired Americans, and the American Federation of Teachers.

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