Social Security Work Incentives and SSI Benefits Improvement Act

Social Security Work Incentives and SSI Benefits Improvement Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the amount of income an individual who has attained retirement age may earn without incurring a reduction in OASDI benefits.

Accelerates the increase in the OASDI delayed retirement credit so that it reaches eight percent by 1995, rather than 2004. (Currently, such credit represents a three percent increase in benefits for each year retirement is delayed.)

Eliminates an option that allows workers who retire retroactively to receive the benefits they would have been entitled to had they in fact retired earlier in exchange for lower future benefits.

Authorizes the collection of OASDI overpayments by the withholding of tax refunds owed to persons to whom such overpayments were made.

Extends OASDI and Medicare (title XVIII of the Social Security Act) coverage to State and local employees who are not covered by a State or local retirement system.

Amends title XVI (Supplemental Security Income) (SSI) of the Social Security Act to increase SSI benefits.

Directs the Secretary of Health and Human Services to notify SSI and OASDI beneficiaries of the benefit changes made by this Act.