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| Federal Update to NCTR Membership: President Proposes Benefit Cuts to Partially Offset SS Shortfall (PDF) National Council on Teacher Retirement  May 2, 2005 2 pages. Excerpt: In his April 28 news conference, the President proposed a reduction in Social Security (SS) benefits for higher income workers. The change would partially offset SS's funding shortfall. Called 'progressive indexing,' the proposal would substitute price indexing for the current wage indexing in the calculation of SS benefits for middle and upper income workers. The use of wage indexing would continue, however, in the calculation of benefits for lower income workers. |
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