The Coalition for Paper Options – an alliance of consumer organizations, labor unions, rural advocates, and print communications industry organizations which recognize the need to preserve access to important paper-based information and services for Americans who prefer them or depend on them – today applauded the introduction of the Know Your Social Security (KYSS) Act, new bipartisan legislation that would require the Social Security Administration (SSA) to reinstate the mailing of annual Statement of Earnings, which are currently only available online for workers under age 60. The bill was introduced in the U.S. House of Representatives by Reps. John Larson (D-CT) and Vern Buchanan (R-FL) and in the U.S. Senate by Senators Ron Wyden (D-OR) and Bill Cassidy (R-LA).
The annual Statement, which summarizes each wage earner’s recorded earnings and projects future retirement benefits, has been hailed as one of the most important financial planning tools that most Americans will ever see, yet the Social Security Administration stopped sending statements to workers in 2017 without any congressional oversight. A report released in February 2019 by the Social Security Administration’s Inspector General highlights a tremendous decline in overall access since the primarily online-only policy took place.
The legislation would reinstate the mailing of the Statements until a wage earner accesses their account through the my Social Security online portal. This would allow the Social Security Administration to economize as online participation grows, but it would not force citizens into online access before they are ready or able to manage it.
more at source: https://www.piworld.com/article/federal-legislation-reinstate-mailed-social-security-earnings-statements/#ne=d7f0e6e16b0d037f71fc050491da5623&utm_source=today-on-piworld&utm_medium=newsletter&utm_campaign=2019-12-06