06 Feb BPC Action-Supported Retirement Security Bills in the 118th Congress in Retirement and Social Security

The following bipartisan bills align with Bipartisan Policy Center retirement security recommendations and are endorsed by BPC Action. This list is continuously updated.  

H.R. 5408 and S. 2767, the SSI Savings Penalty Elimination Act 

  • Led in the House by Reps. Brian Higgins (D-NY) and Brian Fitzpatrick (R-PA) 
  • Led in the Senate by Sens. Sherrod Brown (D-OH), Bill Cassidy (R-LA), Ron Wyden (D-OR), Susan Collins (R-ME), Bob Casey (D-PA), and James Lankford (R-OK) 
  • Updates Supplemental Security Income’s (SSI) asset limits for the first time since 1984 to $10,000 for individuals and $20,000 for married couples, and indexes them to inflation moving forward. 

S. 3305, the Helping Young Americans Save for Retirement Act 

  • Led by Sens. Bill Cassidy (R-LA) and Tim Kaine (D-VA) 
  • Lowers the participation age of Employee Retirement Income Security Act (ERISA)-covered defined contribution plans from 21 years old to 18 years old under certain circumstances. 

S. 664, a bill to ensure that Social Security beneficiaries receive regular statements from the Social Security Administration, and for other purposes 

  • Led by Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME), and Tim Kaine (D-VA) 
  • Requires the Social Security Administration (SSA) to regularly mail paper copies of Social Security statements to each individual with a Social Security number, allowing individuals to opt out of receiving these paper statements. 

S. 692, a bill to require the Social Security Administration to make changes to the social security terminology used in the rules, regulation, guidance, or other materials of the Administration 

  • Led by Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME), and Tim Kaine (D-VA) 
  • Changes the Social Security Administration’s (SSA) terminology from “early eligibility age,” “full retirement age,” and “delayed retirement credits” to “minimum benefit age,” “standard benefit age,” and “maximum benefit age” to convey the effect of claiming age more clearly on monthly benefit amounts. 
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