WASHINGTON (AP) — With Social Security’s looming insolvency date roughly six years away, a bipartisan group of lawmakers is announcing plans to introduce a proposal to grapple with one of the most consequential financial challenges facing the federal government.
The Protecting Retirement Opportunities and Maintaining Income Security for Everyone, or PROMISE Act, being unveiled Tuesday, comes on the heels of the latest Social Security Board of Trustees’ annual report, which found that Social Security’s retirement trust fund is projected to face a funding shortfall in 2032, a year earlier than last year’s projections.
