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Old 02-12-2020, 09:48 AM
ACTEX_Pubs ACTEX_Pubs is offline
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Default Actuarial solutions for Social Security’s financial problems



The U.S. Social Security program is expected to experience serious financial problems beginning around 2035. Learn about various potential solutions to those problems, with a focus on the actuarial implications and likelihood of enactment.

Date: February 25, 2020
Time:
1:00 - 2:15 PM EST
Credits/Training Hours: 1.5 SOA CPD, CAS CE | Potential 1.25 CIA CPD

Description:

For more than three decades, Social Security’s Board of Trustees has been reporting – annually and consistently – that the program is out of close actuarial balance. The trust fund depletion date projected in the 2019 Trustees Report, issued last year on April 22, is in 2035. Congress once had plenty of time to consider this situation before acting, but time is running out, and as the critical date approaches, the list of viable policy solutions keeps shrinking. The Trustees have always urged Congress to act sooner rather than later. They have many options available to solve the program’s financial problems.

Choosing among the many viable policy solutions is a purely political matter. No complete solution is inherently superior to any other. Some people would prefer to raise taxes, while others would prefer to reduce the growth of future benefits. The last major Social Security reform legislation, the Social Security Amendments of 1983 (Public Law 98-21), contained a nearly equal mix of tax increases and benefit reductions. That fine balance was necessary for the legislation to pass both houses of Congress and be signed into law by President Reagan. Any bill that leaned too far in either direction probably could not have been enacted into law at that time. What solutions could work in today’s environment?

Learning objectives:
  • Understand the timing and magnitude of Social Security’s financial problems
  • Learn about potential solutions
  • Understand which solutions have significant financial effects and which don’t
  • Understand the political implications of various solutions and their likelihood of being enacted into law
Learn more.
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