Social Security Proposals

NARFE Chapter 073 (San Bernardino), proposes the following amendments to Section 230 of the Social Security Act (Title 42 U.S.C.), Section 202 of the Social Security Act, (Title 42 U.S.C.), Internal Revenue Code Section 3101(a), (Title 26 U.S.C.), and Internal Revenue Code Section 3111(a), (Title 26 U.S.C.) to address the looming funding crises facing the Social Security Trust Fund.   (Please click on and open the attached PDF file for a background of the funding of the Social Security Trust Fund, determination of benefits, and the funding crises facing the Social Security Trust Fund.)

According to the Social Security Administration and the Congressional Budget Office 2023 Report on the Social Security Trust Fund, payments to beneficiaries of the Social Security Trust Fund will exceed income at an approximate of $254,000,000,000.00  per year, until the Social Security Trust Fund reserves are depleted in 2033, (an estimate based upon the Center on Budget and Policy Priorities article dated April 17, 2023, "What the 2023 Trustees' Report Shows about Social Security" by Kathleen Romig).  In 2034 all Social Security benefits will be required to be reduced by 20%, as the revenues into the Social Security Trust Fund will only provide for 80% of vested Social Security Benefits, that are owed to Social Security Beneficiaries.

The above PDF file memo explains how Social Security is funded, who the beneficiaries are, and how Social Security benefits are calculated.  The memo also addresses and explains the underfunding of the Social Security Trust Fund, the depletion of the Social Security Trust Fund reserves, and the looming crises in 2034, if nothing is done.    

NARFE Chapter 073, San Bernardino, membership endorsed these needed legislative changes.     If enough NARFE chapters endorse these legislative changes, National NARFE would be interested, and would focus legislative interest in pursuing these issues and legislative changes, but we need the local NARFE chapters to show an interest first.     

This Website has two (2) pages.  The first page is: "Home", and the second page is: "Proposed Social Security Amendments" (see both on the above toolbar and click on the desired page).   Each page has a unique PDF file covering different aspects of this proposal, as well as giving background on Social Security.