This bill provides funds for Social Security benefits payments in the event of the insolvency of one or both of the Social Security trust funds, and provides for the expedited consideration of legislation to address such insolvency in Congress.
Specifically, for any period in which the balance of the Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund is insufficient to cover monthly payments to beneficiaries, the bill provides funding in the amount necessary to make such payments.
Further, the bill requires the Social Security Administration (SSA) to notify Congress of the insolvency of either trust fund, and makes certain legislation to address the insolvency eligible for expedited consideration upon such a notification. The bill sets forth certain requirements for eligible legislation, including that it must ensure that individuals entitled to Social Security or disability benefits continue to receive payments in full. The bill also sets out procedures for the consideration of eligible legislation in each chamber of Congress, including through specified time limits for committee consideration and a prohibition on amendments.
Finally, the bill requires SSA to maintain a field office in every U.S. county with a population of more than 150,000.