A bill to amend title II of the Social Security Act to make more rational and equitable the method of computing social security benefits, to liberalize the earnings test and to provide that an individual's actual benefit level shall be appropriately taken into account in applying such test and to compensate the social security trust funds for past losses resulting from low-interest investments.
Social Security Amendments - Revises the method of determining the initial primary insurance amount of an insured individual under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Requires that, in determining the amount on which an individual's benefits will be based, a worker's earnings be indexed to reflect the cost-of-living increases between the year in which the worker began to work and the year of retirement. Sets forth the formula to be used in indexing an individual's earnings.
Sets forth a new formula to be applied to the average of such indexed wages in determining the initial primary insurance amount.
Stipulates that if an individual's benefits computed according to the method set forth in this Act should be lower than benefits computed under the previous law, the higher benefit will be paid.
Revises the method of calculating the monthly earnings limitation which is used in determining the amount of the deduction from an individual's benefits based on such individual's monthly earnings.
Authorizes the appropriation to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund of such funds as are required to make up for interest losses from such funds from investments made between 1945 and 1960.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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