Social Security Long-Range Solvency Act of 1994

TABLE OF CONTENTS:

Title I: Provisions Relating to Future Entitlements

Title II: Provisions Relating to Current and Future

Entitlements

Title III: Coverage of Newly Hired State and Local Employees

Title IV: Social Security Payroll Tax

Social Security Long-Range Solvency Act of 1994 - Title I: Provisions Relating to Future Entitlements - Amends title II (Old-Age, Survivors and Disability Insurance) of the Social Security Act with respect to persons who initially become eligible for benefits between the years 2001 through 2051 to adjust the earnings bracket and bend point formula used to determine the primary insurance amount for individuals.

Provides for a graduated increase in the "normal" statutory retirement age from age 65 to 67 by the year 2011.

Title II: Provisions Relating to Current and Future Entitlements - Reduces the 1995 cost-of-living adjustment.

Amends the Internal Revenue Code relating to social security and tier 1 railroad retirement benefits to lower the income thresholds at which 85 percent of social security benefits are subject to income taxation.

Title III: Coverage of Newly Hired State and Local Employees - Amends the Social Security Act and the Internal Revenue Code to mandate social security coverage of all State and local government employees hired after January 1, 1995.

Title IV: Social Security Payroll Tax - Increases the social security payroll tax over a five-year phase-in period beginning in the year 2020.