Don Nickles: “The amendment that we passed requires the Social Security Administration to include the employee contributions as well…”

“The amendment that we passed requires the Social Security Administration to include the employee contributions as well as employer contributions on the PEBES. Right now, when those statements are compiled, they show employee contributions but not employer contributions. Due to the support of the chairman of the Finance Committee and Senator Moynihan, these statements in the future will show not only what the individual contributed but also what the company contributed and what their future anticipated benefits will be. I think it is a good amendment. It is a disclosure amendment. A lot of people are not aware of the fact that not only do they contribute 7.65 percent of their payroll for Social Security and Medicare, but their employer matches it, for a total of 15.3 percent of payroll. This personal benefit statement will be sent to every eligible working American from Social Security beginning in fiscal year 2000.”