II
109th CONGRESS
1st Session
S. 1750
IN THE SENATE OF THE UNITED STATES
September 22, 2005
Mr. Santorum (for himself and Mr. DeMint) introduced the following bill; which was read twice and referred to the Committee on Finance
A BILL
To provide for the issuance of certificates to Social Security beneficiaries who are born before 1950 guaranteeing their right to receive Social Security benefits under title II of the Social Security Act in full with an accurate annual cost-of-living adjustment.
Short title
This Act may be cited as
the Social Security Guarantee Act of
2005
.
Guarantee of full Social Security benefits with accurate annual cost-of-living adjustment
In general
Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall issue a benefit guarantee certificate to each individual born before 1950 who is determined by the Commissioner of Social Security as of the date of the issuance of the certificate to be entitled to benefits under title II of the Social Security Act (42 U.S.C. 401 et seq.). The Secretary shall also issue such a certificate to any such individual on the date such individual is determined thereafter to be entitled to benefits under such title.
Benefit guarantee certificate
The benefit guarantee certificate issued pursuant to subsection (a) shall represent a legally enforceable guarantee—
of the timely payment of the full amount of future benefit payments to which the individual is entitled under title II of the Social Security Act (as determined under such title as in effect on the date of the issuance of the certificate); and
that the benefits will be adjusted thereafter not less frequently than annually to the extent prescribed in provisions of such title (as in effect on the date of the issuance of the certificate) providing for accurate adjustments based on indices reflecting changes in consumer prices as determined by the Bureau of Labor Statistics or changes in wages as determined by the Commissioner of Social Security.
Obligation to provide payments as guaranteed
Any certificate issued under the authority of this section constitutes budget authority in advance of appropriations Acts and represents the obligation of the Federal Government to provide for the payment to the individual to whom the certificate is issued benefits under title II of the Social Security Act (42 U.S.C. 401 et seq.) in amounts in accordance with the guarantee set forth in the certificate.