South Carolina General Assembly
115th Session, 2003-2004

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S. 928

STATUS INFORMATION

Concurrent Resolution
Sponsors: Senator Hawkins
Document Path: l:\council\bills\dka\3726dw04.doc

Introduced in the Senate on February 5, 2004
Introduced in the House on March 9, 2004
Adopted by the General Assembly on April 15, 2004

Summary: Social security personal retirement accounts

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/5/2004  Senate  Introduced SJ-6
    2/5/2004  Senate  Referred to Committee on General SJ-6
   2/26/2004  Senate  Committee report: Favorable General SJ-20
    3/4/2004  Senate  Adopted, sent to House SJ-17
    3/9/2004  House   Introduced HJ-11
    3/9/2004  House   Referred to Committee on Invitations and Memorial 
                        Resolutions HJ-12
   4/14/2004  House   Committee report: Favorable Invitations and Memorial 
                        Resolutions HJ-65
   4/15/2004  House   Adopted, returned to Senate with concurrence HJ-34

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/5/2004
2/26/2004
4/14/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

April 14, 2004

S. 928

Introduced by Senator Hawkins

S. Printed 4/14/04--H.

Read the first time March 9, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 928) to request that the Congressional Delegation of the State of South Carolina work to pass Social Security Personal Retirement, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

TO REQUEST THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF SOUTH CAROLINA WORK TO PASS SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

Whereas, demographic changes and cost increases will drain the existing Social Security system; and

Whereas, without significant changes to the system, costs will exceed revenues starting in 2018 and the system will not be able to pay any benefits by 2042; and

Whereas, not reforming the system will require a fifty percent tax increase on every working American or a thirty percent benefit cut; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts will keep the Social Security system solvent; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefits cut or tax increases, or both; and

Whereas, allowing younger workers to invest a portion of their income in personal retirement accounts will provide additional savings to younger workers for greater retirement security. Now, therefore,

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

That the members of the South Carolina General Assembly request that our elected representatives and senators in the United States Congress support no increases in payroll taxes, no cuts to Social Security benefits, and optional Social Security Personal Retirement Accounts.

Be it further resolved that a copy of this resolution be forwarded to the South Carolina Congressional Delegation.

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