,,ii #aacth ,,congress #ast ,session ,s4 #ij ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bc 7legislative day1 ,january #c71 #bjac ,mr4 ,vitter introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend title ,,ii of the ,social ,security ,act to allow workers who attain age #fe after #aiha and before #aiib to choose either lump sum payments over four years totaling #e1jjj or an improved benefit computation formula under a new #aj-year rule governing the transition to the changes in benefit computation rules enacted in the ,social ,security ,amendments of #aigg1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,notch ,fairness ,act of #bjac4 #b4 ,new guaranteed minimum primary insurance amount where eligibility arises during transitional period 7a7 ,in ,general ,section #bae7;a7 of the ,social ,security ,act is amended-- 7#a7 in paragraph 7#d77;,b71 by inserting 7with or without the application of paragraph 7#h77 after would be made1 and by striking #aihd in clause 7i7 and inserting #aihi2 and 7#b7 by adding at the end the following3 7#h7 7,a7 ,in the case of an individual described in paragraph 7#d77;,b7 7subject to subparagraphs 7,f7 and 7,g7 of this paragraph71 the amount of the individual's primary insurance amount as computed or recomputed under paragraph 7#a7 shall be deemed equal to the sum of-- 7i7 such amount1 and 7ii7 the applicable transitional increase amount 7if any74 7,b7 ,for purposes of subparagraph 7,a77ii71 the term applicable transitional increase amount means1 in the case of any individual1 the product derived by multiplying-- 7i7 the excess under former law1 by 7ii7 the applicable percentage in relation to the year in which the individual becomes eligible for old-age insurance benefits1 as determined by the following table3 ,if the individual becomes,the applicable eligible for such benefits in3percentage is3 #aigiee #aihjde #aihace #aihbcb #aihcbe #aihdbj #aiheaf #aihfaj #aihgc #aihhe4 7,c7 ,for purposes of subparagraph 7,b71 the term excess under former law means1 in the case of any individual1 the excess of-- 7i7 the applicable former law primary insurance amount1 over 7ii7 the amount which would be such individual's primary insurance amount if computed or recomputed under this section without regard to this paragraph and paragraphs 7#d71 7#e71 and 7#f74 7,d7 ,for purposes of subparagraph 7,c77i71 the term applicable former law primary insurance amount means1 in the case of any individual1 the amount which would be such individual's primary insurance amount if it were-- 7i7 computed or recomputed 7pursuant to paragraph 7#d77;,b77i77 under section #bae7;a7 as in effect in ,december #aigh1 or 7ii7 computed or recomputed 7pursuant to paragraph 7#d77;,b77ii77 as provided by subsection 7d71 7as applicable7 and modified as provided by subparagraph 7,e74 7,e7 ,in determining the amount which would be an individual's primary insurance amount as provided in subparagraph 7,d7-- 7i7 subsection 7b77#d7 shall not apply2 7ii7 section #bae7;b7 as in effect in ,december #aigh shall apply1 except that section #bae7;b77#b77;,c7 7as then in effect7 shall be deemed to provide that an individual's computation base years may include only calendar years in the period after #aiej 7or #aicf if applicable7 and ending with the calendar year in which such individual attains age #fa1 plus the #c calendar years after such period for which the total of such individual's wages and self-employment income is the largest2 and 7iii7 subdivision 7,i7 in the last sentence of paragraph 7#d7 shall be applied as though the words without regard to any increases in that table in such subdivision read including any increases in that table4 7,f7 ,this paragraph shall apply in the case of any individual only if such application results in a primary insurance amount for such individual that is greater than it would be if computed or recomputed under paragraph 7#d77;,b7 without regard to this paragraph4 7,g7 7i7 ,this paragraph shall apply in the case of any individual subject to any timely election to receive lump sum payments under this subparagraph4 7ii7 ,a written election to receive lump sum payments under this subparagraph1 in lieu of the application of this paragraph to the computation of the primary insurance amount of an individual described in paragraph 7#d77;,b71 may be filed with the ,commissioner of ,social ,security in such form and manner as shall be prescribed in regulations of the ,commissioner4 ,any such election may be filed by such individual or1 in the event of such individual's death before any such election is filed by such individual1 by any other beneficiary entitled to benefits under section #bjb on the basis of such individual's wages and self-employment income4 ,any such election filed after ,december #ca1 #bjac1 shall be null and void and of no effect4 7iii7 ,upon receipt by the ,commissioner of a timely election filed by the individual described in paragraph 7#d77;,b7 in accordance with clause 7ii7-- 7,i7 the ,commissioner shall certify receipt of such election to the ,secretary of the ,treasury1 and the ,secretary of the ,treasury1 after receipt of such certification1 shall pay such individual1 from amounts in the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund1 a total amount equal to #e1jjj1 in #d annual lump sum installments of #a1bej1 the first of which shall be made during fiscal year #bjad not later than ,july #a1 #bjad1 and 7,,ii7 subparagraph 7,a7 shall not apply in determining such individual's primary insurance amount4 7iv7 ,upon receipt by the ,commissioner as of ,december #ca1 #bjac1 of a timely election filed in accordance with clause 7ii7 by at least one beneficiary entitled to benefits on the basis of the wages and self-employment income of a deceased individual described in paragraph 7#d77;,b71 if such deceased individual has filed no timely election in accordance with clause 7ii7-- 7,i7 the ,commissioner shall certify receipt of all such elections received as of such date to the ,secretary of the ,treasury1 and the ,secretary of the ,treasury1 after receipt of such certification1 shall pay each beneficiary filing such a timely election1 from amounts in the ,federal ,old-,age and ,survivors ,insurance ,trust ,fund1 a total amount equal to #e1jjj 7or1 in the case of two or more such beneficiaries1 such amount distributed evenly among such beneficiaries71 in four equal annual lump sum installments1 the first of which shall be made during fiscal year #bjad not later than ,july #a1 #bjad1 and 7,,ii7 solely for purposes of determining the amount of such beneficiary's benefits1 subparagraph 7,a7 shall be deemed not to apply in determining the deceased individual's primary insurance amount4 4 7b7 ,effective ,date and ,related ,rules 7#a7 ,applicability of amendments 7,a7 ,in general ,except as provided in paragraph 7#b71 the amendments made by this ,act shall be effective as though they had been included or reflected in section #bja of the ,social ,security ,amendments of #aigg4 7,b7 ,applicability ,no monthly benefit or primary insurance amount under title ,,ii of the ,social ,security ,act shall be increased by reason of such amendments for any month before ,july #bjad4 7#b7 ,recomputation to reflect benefit increases ,in any case in which an individual is entitled to monthly insurance benefits under title ,,ii of the ,social ,security ,act for ,june #bjad1 if such benefits are based on a primary insurance amount computed-- 7,a7 under section #bae of such ,act as in effect 7by reason of the ,social ,security ,amendments of #aigg7 after ,december #aigh1 or 7,b7 under section #bae of such ,act as in effect prior to ,january #aigi by reason of subsection 7a77#d77;,b7 of such section 7as amended by the ,social ,security ,amendments of #aigg71 the ,commissioner of ,social ,security 7notwithstanding section #bae7;f77#a7 of the ,social ,security ,act7 shall recompute such primary insurance amount so as to take into account the amendments made by this ,act4