April 09, 2019
NYSARA Recommends to Senator Schumer that NYSARA Member Eric Kingson, of Syracuse University, be recommended to the Vacant Social Security Public Trustee Position
On March 26th NYSARA President Barry A. Kaufmann sent a letter to Senator Chuck Schumer, US Senate Minority leader (D/NYS), asking him to nominate Eric Kingson to the vacant Social Security Public Trustee position. Traditionally, the Senate Leader from the opposite party sends one or two names to the president and the president appoints one of them. The Social Security Trustee position is extremely important. Responsibilities of the Board of Trustees are to hold the trust funds garnered from FICA taxes, report to Congress each year on past and future status, report to Congress immediately if the amount of either the old age or disability trust is too small and to review policies followed in managing trust funds and recommend changes. Key policies that are set by law are that: all revenue to the trust funds are allocated among funds in the statute and that income not currently needed to pay benefits and expenses MUST be invested in interest bearing obligations of the U.S. or in obligations guaranteed as both principal and interest by the U.S.
President Kaufmann wrote:
Good Morning to you. The NYS Alliance for Retired Americans would like to ask that you take a look at, and consider recommending a fellow New Yorker and Social Security and Senior expert, Eric Kingson, to the vacant Public Trustee for the Social Security Board of Trustees. Eric has a broad knowledge and expertise (especially of program financing) in the trust in which he is held in high esteem by many state and national organizations on Social Securities operation. This position is of critical interest the the 500,000 members of the NYS Alliance for Retired Americans as the recommendations and actions of this Trust are critical for the day to day lives of seniors in general and our members specifically.
To date, President Trump has not nominated the 2 Public Trustees for the Social Security Board of Trustees. He has considered the Republican, Jim Lockhart, but not the Democrat. Traditionally, the Senate Leader from the opposite party sends one or two names to the president and the president appoints one of them.
To that end, I am attaching for the you, information about the Board of Trustees and back up information on Eric Kingson to support his recommendation by Senator Schumer. Mr. Kingston has had a plethora of experience on Social Security and its workings. He was the co founder of social security works and has co authored the definitive book on it “Social Security Works! Why Social Security Isn’t Going broke and how expanding it will help us all”. He has served on more than 6 national committees on social security and social insurance and financing. He is a Retirement income, health security, older worker, retirement decision and disability policy researcher. If there is anything further that I can be of assistance on this matter don’thesitate to call on me. With the President’s and the Republican Congress’ clamor to diminish this program it is essential to have credible strong members of the Social Security Trust to counteract their skewed perspectives.
Thanking you in Advance,
Barry A. Kaufmann
President NYS Alliance for Retired Americans