[Nfbf-l] Fw: [fcb-l] FW: [leadership] [acb-hsp] Fwd: SSI Savers Act of 2010

Tue Apr 13 13:28:40 UTC 2010

Where does the NFB stand on this bill? RJ
----- Original Message ----- 
From: "Edwards, Paul" <pedwards at mdc.edu>
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Sent: Tuesday, April 13, 2010 8:48 AM
Subject: [fcb-l] FW: [leadership] [acb-hsp] Fwd: SSI Savers Act of 2010


>
>
> -----Original Message-----
> From: leadership-bounces at acb.org [mailto:leadership-bounces at acb.org] On 
> Behalf Of peter altschul
> Sent: Tuesday, April 13, 2010 12:55 AM
> To: Acblead
> Subject: [leadership] [acb-hsp] Fwd: SSI Savers Act of 2010
>
> WID Commends Congresswomen Tsongas&Petri Introducing the SSI
> Savers
> Posted by: "thomasefoley" tfoley.wid at gmail.com   thomasefoley
> Thu Apr 8, 2010 1:19 pm (PDT)
>
>
> Congresswoman Tsongas (D-MA), along with Congressman Petri
> (R-WI),
> introduced the SSI Savers Act of 2010 (H.R.  4937), proposing to
> reform the
> asset test in the Supplemental Security Income (SSI) program, the
> primary
> provider of subsistence cash to extremely low-income individuals,
> seniors
> and people with disabilities.
>
> In general, eligibility for SSI is limited to those who have no
> more than
> $2,000 in assets for an individual and $3,000 for a couple.  The
> SSI test
> also generally counts all resources deemed accessible to an
> individual,
> including defined-contribution retirement accounts, such as
> 401(k)s and
> IRAs, as subject to the asset limit.
>
> The current SSI asset test discourages many from working, saving
> and
> investing for fear of losing their benefits.  The outdated limits
> force some
> of the most vulnerable individuals to deplete or spend down their
> savings,
> thereby limiting their independence, economic security and
> financial
> self-sufficiency.
>
> H.R.  4937 proposes to remove savings disincentives in SSI by:
> .  Raising the asset limit to $5,000 for a single and $7,500 for
> joint filers
> and index these limits for inflation.
> .  For non-institutionalized individuals under the age of 65,
> excluding
> retirement savings from inclusion in the asset test.
> .  For non-institutionalized individuals age 65 or older,
> excluding savings
> in qualified retirement accounts below a specified ceiling of
> (indexed for
> inflation) $10,000 for an individual and $15,000 for a couple or
> household
> (indexed for inflation) and potentially treating excess savings
> in these
> accounts as an additional asset or alternatively as an imputed
> income
> stream.
> .  For non-institutionalized individuals age 65 or older,
> disregarding
> one-third of the funds drawn down from retirement accounts when
> calculating
> household income.
> .  Removing the requirement that SSI recipients, if eligible,
> must apply for
> periodic payments from their retirement savings.
> .  Excluding Education Savings Accounts and Individual
> Development Accounts
> funded all or in part with federal dollars or defined in federal
> programs
> for those under age 65.
>
> SSI asset limits are set by the federal government, which gives
> Congress the
> direct ability to reform the guidelines of the program's asset
> tests.
>
> The World Institute on Disability commends Congresswoman Tsongas
> (D-MA),
> along with Congressman Petri (R-WI), for introducing the SSI
> Savers Act of
> 2010 (H.R.  4937).  "This is a step in the right direction to
> reduce the
> punitive nature of asset limits in the Supplemental Social
> Security Income
> program and allow people with disabilities to work save and build
> a more
> financially secure future for them self's and their families, "
> said Anita
> Aaron, WID's Executive Director.
>
> "By addressing this single issue, congress will begin to change
> the economic
> expectation of millions of people with disabilities," said WID's
> Deputy
> Director, Thomas Foley.
>
> WID also thanks our partner, Corporation for Enterprise
> Development (CFED),
> for their continuing policy efforts to improve economic outcomes
> for people
> with disabilities.
>
> Please distribute CFED's action alert to all your networks.
>
> CFED Action Alert
> Legislation to reform asset limits in SSI program introduced!
>
> Take Action!
> Ask your legislator to cosponsor!
> http://capwiz.com/idanetwork/utr/1/GDXOMGSQVK/EVWZMGSTFR/49225856
> 81
>
> Take Action: Urge your Representative to support reforming the
> SSI asset
> test by cosponsoring H.R.  4937.
>
> The legislation will enable people with disabilities to invest in
> homeownership, education and small business and save for
> retirement and work
> without fear of losing their benefits in vulnerable financial
> times.
>
>
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