HOUSE OF REPRESENTATIVES

H.C.R. NO.

31

TWENTY-SECOND LEGISLATURE, 2004

 

STATE OF HAWAII

 
   


HOUSE CONCURRENT

RESOLUTION

 

REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF hAWAII WORK TO PASS SOCIAL SECURITY PERSONAL RETIREMENT ACCOUNTS.

 

 

WHEREAS, demographic changes and cost increases will drain the existing Social Security system; and

WHEREAS, without significant changes to the system, costs will exceed revenues starting in 2018 and the system will not be able to pay any benefits by 2042; and

WHEREAS, not reforming the system will require a 50% tax increase on every working American or a 30% benefit cut; and

WHEREAS, allowing younger workers to invest a portion of their income in person retirement accounts will keep the Social Security system solvent; and

WHEREAS, allowing younger workers to invest a portion of their income in personal retirement accounts will avoid any benefits cut and/or tax increases; and

WHEREAS, allowing younger workers to invest a portion of their income in personal retirement accounts will provide additional savings to younger workers for greater retirement security; now, therefore,

BE IT RESOLVED by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2004, the Senate concurring, that the legislature of the State of Hawaii requests the Congressional delegation of the State of Hawaii to oppose payroll tax increases, cuts in Social Security benefits, and to support optional Social Security Personal Retirement Accounts; and

BE IT FURTHER RESOLVED that certified copies of this Concurrent Resolution be transmitted to each member of Hawaii's Congressional delegation.

 

 

 

OFFERED BY:

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Report Title:

Social Security Personal Retirement Accounts; support