Text 782, 75 rader
Skriven 2005-04-15 23:33:02 av Whitehouse Press (1:3634/12.0)
Ärende: Press Release (0504154) for Fri, 2005 Apr 15
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Fact Sheet: Millions Enjoy Ownership and Control Outside Social Security
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For Immediate Release
April 15, 2005

Fact Sheet: Millions Enjoy Ownership and Control Outside Social Security



Today's Presidential Action
  þ Today, President Bush Visited Kirtland, Ohio To Meet With State And
    Local Public Employees Who Are Outside Of Social Security And Have The
    Option Of Investing In Voluntary Personal Accounts. The President has
    called for allowing younger Americans the option of safely investing a
    portion of their payroll taxes in voluntary personal accounts that they
    own and control within the Social Security system.

Background: Five Million People Nationwide Are Outside Of Social Security
  þ Nearly All Of Ohio's Public Employees Are Outside Of Social Security.
      þ State And Local Public Employees Welcome Choice. Ninety-seven
        percent of Ohio's public employees, or 846,000 workers, are exempt
        from Social Security. Millions of other state and local public
        employees nationwide participate in plans outside the system.
      þ Exempt Workers Have Flexibility. Public employees in Ohio have the
        option of choosing from several different retirement plans,
        including voluntary personal accounts. Right now, thousands of
        state employees elect voluntary personal accounts, and the
        percentage of people participating has been growing substantially
        since the accounts were introduced statewide in 2003.
      þ State And Local Public Employees Control Their Personal Accounts.
        Participants in voluntary personal accounts enjoy higher rates of
        return on their contributions and have ownership of their
        retirement income, which means they do not face the risk that the
        government will decide to cut their benefits. Ownership also means
        they can pass on their nest eggs to their children.
  þ Millions Of Americans Already Have Retirement Plans Outside Social
    Security.
      þ Many State And Local Public Employees Are Outside Of Social
        Security. There are approximately five million state and local
        public employees who are exempt from Social Security. They live in
        every state and participate in alternative retirement plans that
        offer additional opportunities to build savings for their
        retirement, including higher rates of return and greater
        flexibility.
      þ Federal Employees Were Exempt From Social Security Before Laws
        Changed. Prior to 1984, federal employees, including the President,
        Vice President, and members of Congress, were not required to pay
        Social Security payroll taxes.
      þ Federal Employees Already Have Voluntary Personal Accounts In
        Addition To Social Security. People who work for the federal
        government have the option of investing a portion of their income
        in a Thrift Savings Plan (TSP), which offers a conservative mix of
        stocks and bonds. The federal government offers this plan because
        it recognizes the benefits of voluntary personal accounts.
  þ The President Has Laid Out Basic Principles That Must Guide Reform.
      þ No Changes For Those Born Before 1950. Those who are at or nearing
        retirement will see no changes to their Social Security benefits,
        but they too want to see the system strengthened for their children
        and grandchildren. The President welcomes the wisdom of seniors and
        their input on how to save Social Security for future generations.
      þ We Must Fix Social Security Permanently. The President wants to fix
        Social Security once and for all, so that our children and
        grandchildren do not face these same problems.
      þ No Increase In Payroll Tax Rates. Increasing the payroll tax rate
        would burden workers and harm our economic strength.
      þ Voluntary Personal Retirement Accounts Are A Key Component Of
        Reform. They would provide a nest egg to supplement the traditional
        Social Security checks workers receive.
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http://www.whitehouse.gov/news/releases/2005/04/20050415-4.html

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