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. Eliminates, by 1996, the limitation on the amount of outside income which individuals who have attained retirement age may earn without incurring a reduction in OASDI 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 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.
Accelerates the effective dates of increases in the delayed retirement credit rate for individuals who work beyond retirement age.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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