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Social Security Reform: Effect on Benefits and the Federal Budget of Plans Proposed by the President's Commission to Strengthen Social Security (CRS Report for Congress)

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Release Date July 15, 2003
Report Number RL32006
Report Type Report
Authors Dawn Nuschler and Geoffrey Kollmann, Domestic Social Policy Division
Source Agency Congressional Research Service
Summary:

In 2001, President Bush established the Presidents Commission to Strengthen Social Security to make recommendations on ways to modernize and restore fiscal soundness to the Social Security system in accordance with six principles, one of which mandated the creation of voluntary personal retirement accounts. The Commission proposed three alternative reform models. Under all three proposals, workers could choose to invest in personal accounts and have their traditional Social Security benefit reduced by some amount.