About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

HEHS-94-226R 1 (1994-08-12)

handle is hein.gao/gaobackqs0001 and id is 1 raw text is: I~zslq United States GAO General Accounting Office Washington, D.C. 20548 Health, Education and Human Services Division B-257207 August 12, 1994 The Honorable John E. Porter Ranking Minority Member Subcommittee on Labor, Health and Human Services, and Education Committee on Appropriations U.S. House of Representatives Dear Mr. Porter: This letter provides, at your request, an update of our 1990 report on your proposal to create a system of Individual Social Security Retirement Accounts (ISSRAs), Social Security: Analysis of a Proposal to Privatize Trust Fund Reserves (GAO/HRD-91-22, Dec. 12, 1990). Enclosures I through III summarize our updated calculations based on our 1990 work and the most recent assumptions and projections for the Social Security program provided by the Board of Trustees, Federal Old Age and Survivors Insurance and Disability Insurance Trust Funds (OASDI). Under your proposal, a portion of the accumulating reserves of the Social Security Trust Funds would be returned to workers and placed in ISSRAs, where they would be invested in the private sector. This would provide workers a private source of retirement income in addition to Social Security benefits. In our 1990 report, we analyzed your proposal and its implications for the federal deficit, national savings, and the retirement income of individuals. The analysis provided here relates only to the last of these topics, and, in general, our findings are consistent with those in our 1990 report. At that time we found that ISSRAs could be integrated with the progressive benefit structure of Social Security and, given favorable market conditions, could improve retirement incomes (see enclosure I). The version of your ISSRA proposal that we analyzed in 1990 differs in several ways, however, from the proposal that you have sponsored in H.R. 306. Also, the 1994 OASDI Trustees' projections of the program's financial status differ from those in 1990. Because of this, we performed additional computations that incorporate key features of the current Trustees' projections (see enclosure II) and GAO/HEHS-94-226R Social Security Retirement Accounts

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most