Newspaper article St Louis Post-Dispatch (MO)

Retirement Overhaul Proposed Bill Steers toward Private Investment

Newspaper article St Louis Post-Dispatch (MO)

Retirement Overhaul Proposed Bill Steers toward Private Investment

Article excerpt

Workers could invest part of their Social Security taxes in private accounts under a bill proposed Tuesday to overhaul the huge, troubled retirement system.

The bill, offered by Rep. Nick Smith, R-Mich., with the endorsement of some seniors groups, also would delay the retirement age, gradually reduce pensions for future retirees, cut the additional benefit for married couples and require all newly hired state and local government workers to join Social Security.

"Social Security as operating today is not solvent," Smith told a news conference. "The latest Social Security Administration report shows that Social Security will be paying out more than it is taking in from tax revenues by the year 2012."

Sen. Alan Simpson, R-Wyo., a frequent critic of the retirement system, said "anyone in this room under 40 is doomed" unless the system undergoes radical overhaul.

At a separate news conference, House Majority Leader Dick Armey, R-Texas, indicated that changing Social Security would be on the table "after liberals have taken their beating" in the November elections. …

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