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Mike Pence on Social Security
Official Website Statements
Protecting Social Security
I believe Social Security is a covenant between the American government and American retirees.
Our nation's senior citizens paid into the Social Security system their whole life with the promise that it would be there for them when they retire. I intend to keep this promise of financial security not only to our current seniors, but also to their children and grandchildren. I do not support privatizing Social Security.
Social Security is a cherished program that has kept millions of Americans out of poverty. With 77 million Americans set to retire as part of the baby boom generation, there simply aren't enough workers to support the growing number of retirees. We can and must do better for our nation's seniors. I have joined other Republicans in Congress in offering a number of personal account proposals that are completely voluntary and wholly safe.
These proposals will:
- Ensure that workers are allowed to earn higher benefits than under current law
- Give workers real ownership of their Social Security
- Enable younger workers to build wealth through voluntary accounts that they can pass along to their families
- Preserve the important disability and survivors components of the program
- Reduce the financial burden on our children and grandchildren
Voting Record
Comprehensive Retirement Security and Pension Reform Act of 2001
In 2001, the House voted on a bill that would raise the amount individuals may contribute to traditional and Roth Individual Retirement Accounts and to 401[k] plans and make pensions plans more portable. The bill passed the house in a 407-24 vote but was altered in the Senate. Mike Pence voted in favor of the Comprehensive Retirement Security and Pension Reform Act of 2001.
Mike Pence voted in favor of the Comprehensive Retirement Security and Pension Reform Act of 2001.
Sponsored and Cosponsored Legislation
The Social Security Personal Savings Guarantee and Prosperity Act of 2005 would have created private savings accounts for anyone born after 1950.
This legislation, proposed by Congressman Paul Ryan was an early precursor of the Social Security section of the Path to Prosperity - also known as the Paul Ryan Plan. This legislation allows for people under the age of 55 to place some of their funds into a private account system if they chose to do so. The system creates a tiered set of accounts and invests those accounts according to the age of the person, adjusting risk accordningly. It ensures that no funds paid into social security are used for other spending items.