HBA-RBT H.C.R. 125 76(R) BILL ANALYSIS Office of House Bill AnalysisH.C.R. 125 By: Isett Pensions and Investments 3/31/1999 Introduced BACKGROUND AND PURPOSE Some analysts believe that Social Security may not survive in its present form. The White House has estimated that the Social Security Trust Fund will be exhausted in the year 2029, and that payroll contributions will only cover 75 percent of benefits at that time. Some feel that individuals may be forced to contribute more money and work more years in an attempt to correct the problem. H.C.R. 124 petitions the United States Congress to allow Texas to opt out of the Social Security system and implement an alternative retirement program. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS H.C.R. 125 respectfully requests the Congress of the United States to amend federal law to allow Texas and other states to obtain waivers to permit their implementation of alternatives to Social Security. Provides that the Texas secretary of state forward official copies of this resolution to the president of the United States, to the speaker of the house of representatives and the president of the senate of the United States Congress, and to all the members of the Texas delegation to the congress with the request that this resolution be officially entered in the Congressional Record as a memorial to the Congress of the United States of America.