A bill to provide an opportunity for States to modify agreements under title II of the Social Security Act with respect to student wages.

Provides that any agreement with a State (or any modification thereof) entered into for coverage of State and local government employees under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act may, at the State's option, be modified at any time before January 1, 2000, to exclude service performed in the employ of a school, college, or university by a student enrolled and regularly attending classes at such institution. Makes any such modification irrevocable.