A bipartisan bill that would require the Social Security Administration to mail annual earnings statements to everyone who pays into the program passed the House Ways and Means Committee on Wednesday.
The Know Your Social Security Act, introduced by Reps. Vern Buchanan, R-Fla., and John Larson, D-Conn., would make it easier for 178 million American workers to access critical information about their Social Security earnings, contributions and future benefits, according to a news release.
"Too many hardworking Americans enter retirement without enough savings," Mr. Buchanan said in the news release. "Because Social Security is the primary source of income for a majority of seniors, it is imperative they have a full understanding of their benefits as they plan for retirement."
The Social Security Administration "abruptly" suspended mailing these statements to the vast majority of working Americans in 2010, despite a requirement to do so, according to the news release.
Social Security's annual mailed statements will include the information such as how much a worker has earned in a given year, a worker's contributions to both Social Security and Medicare, and an estimate of the worker's Social Security benefit at full retirement age.
"Americans who contribute to Social Security should receive an update every year so they know what benefits they are earning and can plan for their retirements," said Mr. Larson, chairman of the House Ways and Means Social Security Subcommittee. "No matter what happens in the stock market, Social Security will always be there for them."
The congressmen said in the release that they expect the bill to come up for a vote in the full House in the near future.
