2020 Trustees Report Incorporates Recommendations to Improve Presentation from the Board-Commissioned 2019 Technical Panel
April 30, 2020
Washington, DC – Released last week, the 2020 Annual Report of the Social Security Board of Trustees is the first report since the 2019 Social Security Advisory Board-commissioned Technical Panel on Assumptions and Methods issued its recommendations. Social Security Trustees made changes consistent with the Panel’s recommendations to clearly and effectively communicate the program’s financial status to the public as highlighted below:
- The Trustees’ updated “Message to the Public” in the report’s summary, which focuses on key findings and material changes since last year’s report, addresses the Panel’s recommendation to prioritize communication of facts that the public should understand.
- Although not part of the report, SSA created an infographic to illustrate more clearly the relationship between the program’s annual income and cost and the projected depletion of trust fund reserves.
Board Chair Kim Hildred said:
“The Board chartered the 2019 Technical Panel on Assumptions and Methods, in part, to improve the presentation of key concepts in the Trustees’ report. The Board strives to increase public understanding of the Social Security system. I commend the Panel for its hard work and extensive deliberations to help the Trustees’ annual report be more meaningful to policymakers, the media and public.”
Although the Board takes no position on the merits of the independent panel’s recommendations, we note that the changes in assumptions adopted by the Trustees were consistent with several of the Panel’s recommendations.
The Board’s mission is to provide the President, Congress and Commissioner of Social Security with bipartisan advice and guidance with respect to how the Social Security and Supplemental Security Income programs, supported by other public and private systems, can most effectively assure economic security.