Sponsor/s: Rep. Cynthia Lummis, R-Wyo.
What it does: Amends title II of the Social Security Act to set the retirement benefits age for today's four-year-olds at age 70.
Introduced: March 14, 2011
Last Action: On March 14, 2011, referred to House Committee on Ways and Means, then to Subcommittee on Social Security

Sponsor/s: Sens. Herb Kohl, D-Wis., and Mike Enzi, R-Wyo.
What it does: Amend the Internal Revenue Code of 1986 to modify the rules relating to loans made from a qualified employer plan, and for other purposes. The bill would provide flexibility to loan repayment hardship tax rules and limit most 401(k) loan practices that provide easy access to retirement funds but adds costs and fees to pension plans.
Introduced: May 18, 2011
Last action: On May 18, 2011, read twice and referred to the Committee on Finance

Sponsor/s: Congressman Devin Nunes, R-Calif., Sen. Richard Burr, R-N.C., Sen. John Thune, R-S.D., and House Budget Committee Chair Paul Ryan, R-Wis.
What it does: According to the National Association of Bond Lawyers, the law will require state and local pensions to report pension liabilities to the U.S. Department of Treasury with two separate methodologies, one using uniform guidelines, requiring what the sponsors call a "more realistic discount rate." State and local governments that fail to report in this manner will be denied the ability to issue federal tax-exempt bonds. Sponsors say the law is needed to expose the true level of unfunded liabilities associated with pensions.
Introduced: (reintroduced after initial offering in December 2010) Feb. 9, 2011
Last action: On Feb. 9, 2011, referred to the House Committee on Ways and Means.

Sponsor/s: Rep. Pete Sessions, R-Texas
What it does: According to The Hill, "workers would immediately have 6.2 percent of their wages sent to a 'SAFE' account each year. That would take the place of the 6.2 percent the workers now contributed to Social Security. Another 6.2 percent is sent to Social Security by employers. Under the Sessions bill, employers would continue to make this matching contribution to Social Security, but after 15 years, employers could also send that amount to the employee's SAFE account."
Introduced: June 3, 2011
Last action: On June 20, 2011, referred to Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy

Sponsor/s: Rep. Tim Griffin, R-Ark.
What it does: Under current law, at the age of retirement members of the House and Senate who serve for at least five years receive a pension. This pension provides them with an annual payment of 1.7 percent of their salary multiplied by the number of years they served in Congress. The EPIC Act would end the Congressional pension plan for recently elected and future members of the House and Senate who have not yet qualified for pension benefits. The EPIC Act would also end the pension plan for members of the House and Senate who have served for five or more years but do not opt in to continue the pension plan within 90 days.
Introduced: Nov. 18, 2011
Last Action: On Nov. 18, 2011, referred to House Oversight and Government Reform

Instant Insights /

In memoriam: Retirement legislation of 2011