A bill to amend title II of the Social Security Act to provide for progressive indexing and longevity indexing of social security old-age insurance benefits for newly retired and aged surviving spouses to ensure the future solvency of the social security program, and for other purposes.
Sustainable Solvency First for Social Security Act of 2006 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to provide for progressive indexing of old age insurance benefits with respect to any individual who initially becomes eligible for them or who dies (before becoming eligible for them) in calendar year 2012 or later.
Provides for: (1) modification of primary insurance amount (PIA) factors to reflect changes in life expectancy; (2) computation of the PIA for an individual who has or has had a period of disability and who initially becomes eligible for such benefits in or after 2012; (3) acceleration of the increase in retirement age to 67; and (4) automatic appropriations to maintain the balance ratio of the Social Security Trust Funds at not less than 100% for the calendar year commencing during each fiscal year.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2317-2320)
Read twice and referred to the Committee on Finance.
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