To amend title II of the Social Security Act to eliminate the retirement earnings test at ages above retirement age, to increase accordingly the delayed retirement credit rate, to exclude from benefit computations post-entitlement earnings in years following retirement age, to provide for annual adjustments in the adjustment factor for early retirement, and to authorize for five years appropriations of resulting revenue increases to the Federal Old-Age and Survivors Insurance Trust Fund.
Worker's Option Act of 1991 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to eliminate the limitation on the amount of outside income which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits. Increases the delayed retirement credit rate for individuals who work beyond retirement age. Eliminates the recomputation of an individual's primary insurance amount when such individual has wages or self-employment income after the initial year of entitlement to old-age or disability insurance benefits. Revises the calculation of benefits for workers who retire between the ages of 62 and 65 and then return to work. Authorizes the appropriation of revenues received by reason of this Act's amendments to the Federal Old-Age and Survivors Insurance Trust Fund from 1992 through 1996.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
Referred to the Subcommittee on Social Security.
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