Close Close
ThinkAdvisor

Retirement Planning > Social Security

Sen. Crapo to Yellen: Where's the Social Security Trustees Report?

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • Treasury should have released the report by April 1.
  • Crapo told Yellen to provide Congress and the American people with an expected delivery date.
  • Congress will consider additional legislation impacting mandatory programs during the remainder of this year.

Sen. Mike Crapo, R-Idaho, ranking member of the Senate Finance Committee, pressed Treasury Secretary Janet Yellen Friday to explain the “outsized delay” in the release of the trustees’ reports for Social Security and Medicare, which should have been issued on April 1.

“It is now early August, and Treasury officials have not yet contacted my staff regarding the anticipated release date for the reports,” Crapo told Yellen in his letter. “This lack of transparency and accountability over important federal programs like Social Security and Medicare to inquiries from a Committee of jurisdiction is concerning.”

According to a July 2019 report by the Government Accountability Office, 2008 was the last year in which the statutory deadline to release the reports had been met, Crapo said.

“The 2020 report was 21 days overdue, missing the deadline by fewer days than the past decade’s average, yet still late. The 2021 report has not yet been issued, and is 126 days overdue,” Crapo told Yellen.

Crapo said the delay is “especially troubling” considering Congress is expected to consider further legislation this year that will affect Social Security and Medicare. He also noted that he and House Ways and Means Ranking Member Kevin Brady, R-Texas, asked about the reports in late May and have received no response.

“Assessing the true nature of the trust funds’ current financial status is time sensitive,” Crapo said. “Reasons could always be concocted to explain away missing the statutory deadline. There are no repercussions to the Managing Trustee for failing to meet the statutory deadline. And, it appears that the reporting deadline has no operative meaning. I welcome any suggested legislative ideas from you to cure this problem.”

Crapo told Yellen that “either through reconciliation or regular order, there is every expectation that Congress will consider additional legislation impacting mandatory programs during the remainder of this year. Before Congress debates any further legislation, it is imperative that policymakers have accurate information explaining the status of the two trust funds.”

He added: “Please provide Congress and the American people with an expected delivery date of the overdue trustees’ reports.”