S. 4979: Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act of 2026

This bill would create a formal process for Congress to address the long-term finances of Social Security, specifically the two trust funds that pay retirement and disability benefits. It does not itself change Social Security benefits or taxes. Instead, it sets up deadlines, procedures, and voting rules intended to push Congress to consider a separate “Social Security bill” aimed at keeping the trust funds able to pay full scheduled benefits for at least 50 years.

What the bill requires the Social Security Advisory Board to do

• The Social Security Advisory Board would be tasked with developing recommendations and draft legislative language to help make the trust funds solvent for the long term.
• The Board would ask the public for ideas and hold listening sessions to gather testimony and evidence.
• Federal agencies would be required to provide technical help if requested, and certain administrative support and space could be provided for the Board’s work.
• The Board would have to submit a report to Congress and the public by September 14, 2026, with detailed recommendations and proposed legislative language.

What happens after the report is issued

• Once the report is received, the Senate and House would be required to reconvene within a short time if they were in recess longer than two days.
• The proposed legislation from the Board would have to be introduced by Senate and House leaders by September 17, 2026, or other members could introduce it afterward.
• If the Board does not submit language on time, members of Congress must instead introduce their own legislation by the same deadline, but it still must be aimed at Social Security solvency.
• The bill would be referred to the Committee on Finance in the Senate and the Committee on Ways and Means in the House.

Limits on what the follow-up bill can include

• Any resulting Social Security bill must be limited to changes affecting Social Security or related federal tax provisions.
• It cannot include unrelated policy provisions.
• Amendments are only allowed if they still achieve long-term solvency and stay within those subject limits.

Special fast-track procedures

• The bill sets up an expedited process for floor consideration in both chambers.
• Many procedural obstacles and points of order would be waived.
• Debate would be capped at 100 hours in each chamber.
• Amendments would generally be restricted, with only qualifying substitute amendments allowed.
• In the Senate, passage of the Social Security bill would require three-fifths of senators voting yes.
• In the House, passage would require a majority vote.
• The bill also sets deadlines for committee reporting and for certifying whether substitute amendments meet the solvency standard.

Ongoing review after enactment

• If the bill’s process leads to a Social Security law being enacted, the Social Security Trustees would continue to monitor the trust funds.
• If later trustee reports show that the trust funds are no longer projected to pay full scheduled benefits for 50 years, the Advisory Board would be notified.
• In 2037 and every 10 years after that, if needed, Congress would again be required to consider updated recommendations through the same process.

Relevant Companies

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