THE TEXT OF HRC 12 ...

Here is the text of House Concurrent Resolution No. 12 in the Missouri House of Representatives:

To the Senate and House of Representatives of the United States of America, in Congress assembled:

We, the 89th General Assembly of the state of Missouri, in legislative session assembled, respectfully represent as follows:

WHEREAS, Social Security is a federal program intended to assist the individual retirement needs of many Americans; and

WHEREAS, Social Security tax revenue alone will be insufficient to pay current benefits as early as the year 2012; and

WHEREAS, the Social Security Trust Fund will be completely exhausted by the year 2029; and

WHEREAS, the investment return on Social Security contributions made by workers today is significantly below that available from other investments; and

WHEREAS, Missouri teachers are exempt from Social Security and the Missouri State Teachers Retirement System has covered 90,000 persons and has earned a one-year return of 19.6 percent and a five-year return of 12.5 percent; and

WHEREAS, all Missouri workers deserve the opportunity to invest more productively for their own retirements:

NOW, THEREFORE, BE IT RESOLVED that the members of the Missouri House of Representatives of the 89th General Assembly, Second Regular Session, the Senate concurring therein, hereby urge the Congress of the United States to enact legislation amending the Social Security Act to permit the design and implementation of alternatives within the Social Security System; and

BE IT FURTHER RESOLVED that the chief clerk of the House be instructed to prepare properly inscribed copies of this resolution for each member of the Missouri congressional delegation.

Offered by Representative Roy W. Holand