To amend title II of the Social Security Act to allow workers who attain age 65 after 1981 and before 1992 to choose either lump sum payments over four years totalling $5,000 or an improved benefit computation formula under a new 10-year rule governing the transition to the changes in benefit computation rules enacted in the Social Security Amendments of 1977, and for other purposes.
Notch Fairness Act of 2007 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act with respect to the benefit computation formula for individuals affected by the changes in benefit computation rules enacted in the Social Security Amendments of 1977 who became eligible (at age 62) for (early retirement) old-age insurance benefits after 1978 and before 1989 (and reached age 65 for full-retirement benefits after 1981 and before 1992).
Sets forth a schedule of additional benefit increases for such beneficiaries (and related beneficiaries), with percentages declining from 55% to 5% keyed to the year an individual became eligible for (early retirement) benefits between 1978 and 1989.
Provides for an election to receive such payments in a lump sum.
Referred to the Subcommittee on Social Security.
Read twice and referred to the Committee on Finance.
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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