A bill to make more rational and equitable the method of computing benefits under the old-age, survivors, and disability insurance system established under the Social Security Act.
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.
Introduced in Senate
Referred to Senate Committee on Finance.
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