To guarantee the right of individuals to receive full social security benefits under title II of the Social Security Act with an accurate annual cost-of-living adjustment.

May 1, 2001

Mr. HUTCHINSON introduced the following bill; which was read twice and referred to the Committee on Finance

To guarantee the right of individuals to receive full social security benefits under title II of the Social Security Act with an accurate annual cost-of-living adjustment.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Full Social Security Benefits Guarantee Act'.

SEC. 2. GUARANTEE OF FULL SOCIAL SECURITY BENEFITS WITH ACCURATE ANNUAL COST-OF-LIVING ADJUSTMENT.

(a) IN GENERAL- Not later than 90 days after the date of enactment of this Act, the Secretary of the Treasury shall issue to each individual who, as of such date, is receiving benefits under title II of the Social Security Act (42 U.S.C. 401 et seq.) and, thereafter, to each individual who applies for such benefits, a certificate representing a legally enforceable guarantee--

(1) of the monthly amount of benefits that the individual will receive under that title, as determined on the date of the issuance of the certificate; and

(2) that the benefits will be adjusted--

(A) not less frequently than annually on the basis of an accurate determination of the increase in the cost-of-living of the individual; and

(B) as a result in a change in the eligibility status of the individual under that title.

(b) ENTITLEMENT- 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 the amounts set forth in the certificate and adjusted thereafter as described in subsection (a)(2).

END