Core Provisions: This bipartisan bill provides incentives to older Americans and employers to encourage the hiring and retention of workers 55 years of age or older. To combat the anticipated surge of baby boomer retirements which, according to the Senate Special Committee on Aging, could lead to a labor shortage of up to five million workers in a decade, the bill provides tax credits to employers hiring older workers and provides benefits to older workers opting for reduced hours rather than retirement. The bill mitigates reductions in pension and Social Security benefits for older workers who work reduced hours (as opposed to retiring completely).
S. 2933 would establish a new entity within the Labor Department - the National Resource Center on Aging and the Workforce - to cater to older workers. The bill also provides for representation of older workers on state and local workforce investment boards and mandates that states devote five percent of Workforce Investment Act funds to older workers.
Status: S. 2933 was introduced in the Senate by Sen. Smith (R-OR) on April 29, 2008, and was referred to the Senate Committee on Finance.