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Disability
News
Social Security Trustees Release Annual Report to Congress
WASHINGTON, D.C – The Social Security Board of Trustees, a six member bipartisan panel that oversees the financial operations of the Social Security Trust Funds Administration, released their 2006 Trustees Report Monday, reinforcing predictions that Social Security cannot pay full promised benefits to future generations, due to our country’s changing demographics.
“Today’s report reminds us of why Social Security reform and overall entitlement reform is so important,” said U.S. Rep. Ron Lewis (KY-02), a member of the Ways and Means Social Security Subcommittee. “The facts of this report are undeniable. Millions of baby boomers are nearing retirement while the costs necessary to sustain Social Security and Medicare are growing exponentially. This report should refocus our concern and reinvigorate our efforts to address the serious challenges these programs face.”
The Trustees report warns that Social Security tax revenue will fall short of benefit costs beginning in 2017. By 2040, with trust fund revenue exhausted, Social Security will be sufficient enough to finance only 74 percent of promised benefits. The Trustees project that benefits will have to be cut 27%, or the payroll tax will have to be increased by 50%, to pay full promised benefits.Read more at house.gov
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Did You Know?
Adult Care Home is also called board and care home or group home
Residence which offers housing and personal care services for 3 to 16 residents. Services (such as meals, supervision, and transportation) are usually provided by the owner or manager. May be single family home. (Licensed as adult family home or adult group home.)
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Latest news about Disability cases in Rockford and nationwide:
Definition:
Disabled Widows (Widowers) Benefits. Title II benefit category for widows or widowers based on a deceased spouse's social security payments.
Conversion Privilege
Definition:
If included, this option allows employees who are terminating employment to continue some or all of their LTD coverage at their own expense without submitting evidence of insurability.
Windfall Offset
Definition:
A provision to prevent a person from receiving monthly SSI and OASDI benefits in excess of the total amount which would have been paid if the OASDI benefits had been paid when they were due rather than retroactively.
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