A bipartisan group of senators has introduced legislation to help push Social Security reforms through Congress before the program runs out of money.

The PROMISE Act, short for Protecting Retirement Opportunities and Maintaining Income Security for Everyone, would not immediately change Social Security benefits. Instead, it would create a legislative process for Congress to consider reforms after years of stalled efforts to address the program’s long-term finances, according to the legislative proposal released Wednesday, CNBC and The Associated Press reported.

The proposal comes after the Social Security Board of Trustees’ annual report in June projected the program’s retirement trust fund would face a shortfall in 2032, one year earlier than previously projected. If Congress does not act, the trust fund would only be able to pay about 78% of scheduled retirement benefits beginning that year.

The legislation is sponsored by Sens. Dick Durbin, D-Ill.; Bill Cassidy, R-La.; John Cornyn, R-Texas; Tim Kaine, D-Va.; Angus King, I-Maine; and Thom Tillis, R-N.C. Sens. Chris Coons, D-Del., and Markwayne Mullin, R-Okla., also signed on as co-sponsors before the bill was introduced, per CNBC and AP.

“Social Security is the bedrock promise of a secure retirement, earned after a lifetime of hard work,” Durbin said in a statement obtained by CNBC. “But the longer Congress waits, the more difficult it will be to address the program’s financial shortfall.”

How would the bill strengthen the Social Security program?

The bill would require Congress to vote on a plan to strengthen Social Security’s long-term finances. Under the proposal, the independent Social Security Advisory Board would gather public input before sending Congress a base bill with recommendations designed to keep the program solvent for at least 50 years. The legislation would then move through committee review before receiving floor debate and a final Senate vote, which would require 60 votes for passage, CNBC reported.

Possible solutions have included raising the retirement age, increasing taxes on higher-income earners and creating new investment strategies for the trust fund. Last month, Sens. Elizabeth Warren, D-Mass., and Bernie Moreno, R-Ohio, called for eliminating the Social Security payroll tax cap, currently set at $184,500. In June, Cassidy also proposed creating a separate investment fund modeled after reforms made to the federal Railroad Retirement system under former President George W. Bush.

The 2026 trustees report projects the retirement trust fund could be depleted in late 2032, three months earlier than previously expected. Combining the retirement and disability trust funds could extend full benefits until 2034, though the report found the program’s long-term financial outlook has worsened.

In June, Durbin, Cassidy, Kaine and Tillis released a joint statement about preserving the future of the Social Security program.

“We say to our colleagues: join us in doing what we were elected to do—legislate on hard issues and protect this lifeline program for our kids and grandkids,” the senators said in a news release.