Republican Party on Social Security

	Republican Party on Social Security Party Platform

Make retirement saving options voluntary, portable, & secure

Case Study: Restricting Access to Affordable Retirement Advice

More than 64 million workers now hold $4.6 trillion in 401(k) savings, and $7.4 trillion in Individual Retirement Accounts. Despite this significant investment in retirement savings, far too many Americans still retire without financial security.

Task Force Solution: Advance responsible policies to strengthen retirement security.

House Republicans will continue to advocate for policies that ensure workers and retirees have access to savings options that are voluntary, portable, and secure. As part of that effort, Congress will work to eliminate unnecessary federal regulations that add to the cost of providing workers opportunities to save for retirement, such as legal restrictions that hamper the ability of employers to provide information about retirement benefits electronically and impede individuals from receiving affordable investment advice.

Source: A Better Way: Our Vision for the Economy (GOP Blueprint) , Jun 14, 2016

Let employers to band together to offer 401(k)s

Private-sector workers save for retirement in a number of different ways, including through Individual Retirement Accounts (IRAs) and employer-provided 401(k) pension plans. Participants and sponsors of pension plans and other retirement savings plans receive tax preferences to encourage retirement savings opportunities.

Ensure plans are well-funded and employers remain in the system. Congress should make sure benefits are secure for workers and retirees and that employers are not discouraged from voluntarily offering these plans.
Make it easier for employers to band together to offer 401(k)s. Under current law, certain businesses can join together to offer a retirement plan to their employees, but only under strict circumstances. Congress should eliminate these bureaucratic restrictions.
Reduce costly red-tape, needless federal regulations, and mandates.

Source: A Better Way: Our Vision for Upward Mobility (GOP Blueprint) , Jun 7, 2016

Give workers control over their retirement investments

While no changes should adversely affect any current or near-retiree, comprehensive reform should address our society's remarkable medical advances in longevity and allow younger workers the option of creating their own personal investment accounts as supplements to the system. Younger Americans have lost all faith in the Social Security system, which is understandable when they read the non- partisan actuary's reports about its future funding status. Born in an old industrial era beyond the memory of most Americans, it is long overdue for major change, not just another legislative stopgap that postpones a day of reckoning. To restore public trust in the system, Republicans are committed to setting it on a sound fiscal basis that will give workers control over, and a sound return on, their investments. The sooner we act, the sooner those close to retirement can be reassured of their benefits and younger workers can take responsibility for planning their own retirement decades from now. Source: 2012 Republican Party Platform , Aug 27, 2012

Workers will have choice to invest their payroll taxes

Anyone currently receiving Social Security, or close to it, will not be impacted by any changes.
Key changes should merit bipartisan agreement.
Real reform will not include tax increases.
Today’s workers should be free to direct a portion of their payroll taxes to personal investments for their retirement future.
Any new options for retirement security should be voluntary, so workers can choose to remain in the current system or opt for something different.

Source: Republican Platform adopted at GOP National Convention , Aug 12, 2000

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Page last updated: Feb 24, 2022