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Bill 3622

                    Current Status

Bill Number:                      3622
Type of Legislation:              Concurrent Resolution CR
Introducing Body:                 House
Introduced Date:                  19990302
Primary Sponsor:                  Stille
All Sponsors:                     Stille, Barfield, Leach, Walker, Keegan, 
                                  Sandifer, Chellis, Rodgers, Klauber and Gilham
Drafted Document Number:          l:\council\bills\dka\3134mm99.doc
Residing Body:                    House
Current Committee:                Invitations and Memorial Resolutions 
                                  Committee 24 HIMR
Subject:                          Social Security Act, Congress requests 
                                  issuance of waivers to states permitting 
                                  design of alternative retirement plan


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990302  Introduced, referred to Committee      24 HIMR


                             Versions of This Bill

MEMORIALIZING THE CONGRESS OF THE UNITED STATES OF AMERICA TO AMEND THE SOCIAL SECURITY ACT SO AS TO ALLOW THE ISSUANCE OF WAIVERS TO THE SEVERAL STATES PERMITTING THE DESIGN AND IMPLEMENTATION OF ALTERNATIVE RETIREMENT OPTIONS.

Whereas, Social Security is a federal program that fails to recognize the individual retirement needs of many Americans; and

Whereas, Social Security tax revenues alone will be insufficient to pay current benefits as early as the year 2012; and

Whereas, the Social Security Trust Funds may be exhausted completely by the year 2029; and

Whereas, the investment return on Social Security contributions made by many workers today is significantly below that available from other sources; and

Whereas, workers deserve the opportunity to invest more productively for their own retirements; and

Whereas, more retirement investment alternatives might dramatically increase workers' savings rates and retain more young adults within the State who otherwise would leave the State for jobs elsewhere; and

Whereas, the federal government has recognized a state's ability to develop successful alternatives for managing programs at the state level through waivers and numerous federal-state partnerships such as welfare-to-work and job training; and

Whereas, three counties in Texas and three in Georgia have demonstrated great success in developing alternative retirement options for public employees after opting them out of the federal Social Security System; and

Whereas, several counties have privatized their public pension and social security systems successfully, avoiding many of the pitfalls being experienced by the United States Social Security System. Now, therefore,

Be it resolved by the House of Representatives of the State of South Carolina, the Senate concurring:

That the members of the General Assembly of the State of South Carolina hereby memorialize the Congress of the United States of America to amend the Social Security Act so as to allow the issuance of waivers to the several states permitting the design and implementation of alternative retirement options.

Be it further resolved that copies of this resolution be forwarded to the President of the United States, the United States Senate, the United States House of Representatives, and the members of South Carolina's Congressional delegation.

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