Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, July 30 -- The House Ways and Means Committee issued the following news release:
Today, Ways and Means Subcommittee on Social Security Chairman Sam Johnson (R-TX) introduced H.R. 5260, the Stop Disability Fraud Act of 2014, to combat fraud in the Social Security Disability Insurance (DI) program and better protect taxpayers and beneficiaries.
Upon introducing the bill, Chairman Johnson gave the following remarks on the House floor:
"Every worker in America pays a portion of their hard-earned wages into the Social Security Disability Insurance program for promised benefits if he or she becomes too disabled to work.
"While providing a vital safety net, the disability program is plagued by major fraud.
"This fraud reveals significant weaknesses in the program that put at risk not only billions of taxpayer dollars, but also the benefits on which millions of disabled Americans rely.
"At a time when the program revenues will cover only 81 percent of benefits in 2016, not one dime should be lost to fraud, waste, or abuse.
"That's why, as Chairman of the Social Security Subcommittee, I'm introducing the Stop Disability Fraud Act which makes fair, commonsense changes to combat fraud and better protect taxpayers and beneficiaries. Americans want, need, and deserve no less.
"I urge my colleagues to support this effort."
Every worker in America pays a portion of their hard-earned wages to the Social Security DI program for promised benefits if he or she becomes too disabled to work. Unfortunately, recent DI fraud scandals have revealed significant vulnerabilities in the program that have resulted in lost taxpayer dollars. Due to poor oversight, badly outdated rules and the DI program's "pay first" culture, Social Security has awarded benefits to those who are not truly disabled. Additionally, Social Security's complex application and disability determination process makes it nearly impossible for many claimants to apply without paid professional help. Through common sense and fair changes, the Stop Disability Fraud Act of 2014 seeks to combat fraud and better protect taxpayers and beneficiaries.
Bill text can be found here (http://waysandmeans.house.gov/uploadedfiles/stop_disability_fraud_act_bill_text.pdf).
Background on the Stop Disability Fraud Act of 2014 can be found here (http://waysandmeans.house.gov/uploadedfiles/stop_disability_fraud_act_of_2014_summary.pdf).
A bill summary can be found here (http://waysandmeans.house.gov/socialsecurity/stop-disability-fraud-act-of-2014.htm).
More information on the Social Security Subcommittee's efforts on DI can be found here (http://waysandmeans.house.gov/socialsecurity/stop-disability-fraud-act-of-2014.htm).
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