At the Bell; Social Security phase-ins proposed.(Late News)

Investment News, January, 2005

Changes to the Social Security system could be phased in over time so that "everybody will get more than they think they're going to get,'' Comptroller General David Walker told a gathering of employee benefits officials in Washington on Friday. Mr. Walker, who spoke at the conference sponsored by the American Benefits Council of Washington and MetLife Inc.

of New York, suggested that consideration be given to changing the retirement age, benefit replacement rates, cost-of-living indexing, and the tax base and rate. He said that because Social Security faces a $3.7 trillion gap between promised benefits and revenue, "there's absolutely no question, over time, that there are going to be additional revenues necessary in order to be able to solve that fiscal...

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