A bill to amend the Social Security Act to increase the amount of earnings exempt from reduction under the retirement test under title II of such Act.

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the amount of monthly income which an individual who has attained retirement age may earn in 1990 and 1991 without incurring a reduction in benefits.

Reduces the benefits of an older worker by 25 percent of the first $5,000 of his or her excess earnings and 33 1/3 percent of additional excess earnings. (Currently, a 33 1/3 percent benefit reduction is applied against all excess earnings.)

Includes certain deferred compensation in the computation of wage-based OASDI benefit adjustments.