The president on Sunday referred House Bill no. 7-147-22S, HD1, SD5 for additional review and action.
The bill is supposed to restore certain Social Security benefits but because of contentious issues in the bill, he referred back the measure.He said there was no actuary report made to the bill. The actuary report he said will determine the affects of this type of legislation.The president added that the timeframe given for the implementation of the Act is too restrictive and may cause losses to the retirement fund.The president is also concerned about requiring the Social Security Administration to pay which is over $550,000 to 154 recipients, within 60 days of enactment.He said the bill should make a cautious approach to the payout.In referring back the bill, the president recommended that the deadline for the payout be extended up to six months instead of 60 days to give the SSA time to plan for the reimbursements.The president also pointed out drafting issues in the bill which needs to be resolved.He said that the SSA should work closely with the OEK to work on the measure.“If we work all together on refinements to the bill after the actuary study is complete, the resulting legislation will improve the Social Security benefit system for our people,” Remengesau said.
