,,ii  #aac? ,,congress  #a/ ,session    
,s4 #ij  ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$
 ,,/ates  ,janu>y #bc 7legislative day1 
,janu>y #c71 #bjac ,mr4 ,vitt] introduc$
 ! foll[+ bill2 :i* 0 read twice &      
ref]r$ to ! ,committee on ,f9ance  ,a   
,,bill  ,to am5d title ,,ii ( ! ,social 
,security ,act to all[ work]s :o atta9  
age #fe aft] #aiha & be=e #aiib to *oose
 ei!r lump sum paym5ts ov] f\r ye>s     
total+ #e1jjj or an improv$ b5efit      
computation =mula "u a new #aj-ye> rule 
gov]n+ ! transition to ! *anges 9 b5efit
 computation rules enact$ 9 ! ,social   
,security ,am5dm5ts ( #aigg1 & = o!r    
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,not* ,fairness ,act (     
#bjac4  #b4 ,new gu>ante$ m9imum prim>y 
insurance am\nt :]e eligibility arises  
dur+ transitional p]iod  7a7 ,9 ,g5]al  
,section #bae7;a7 ( ! ,social ,security 
,act is am5d$--  7#a7 9 p>agraph        
7#d77;,b71 by ins]t+ 7) or )\t !        
application ( p>agraph 7#h77 aft] w\ld  
be made1 & by /rik+ #aihd 9 clause 7i7 &

 ins]t+ #aihi2 &  7#b7 by add+ at ! end 
! foll[+3  7#h7 7,a7 ,9 ! case ( an     
individual describ$ 9 p>agraph 7#d77;,b7
 7subject to subp>agraphs 7,f7 & 7,g7 ( 
?is p>agraph71 ! am\nt ( ! individual's 
prim>y insurance am\nt z comput$ or     
recomput$ "u p>agraph 7#a7 %all be deem$
 equal to ! sum (--  7i7 su* am\nt1 &   
7ii7 ! applicable transitional increase 
am\nt 7if any74  7,b7 ,= purposes (     
subp>agraph 7,a77ii71 ! t]m applicable  
transitional increase am\nt means1 9 !  
case ( any individual1 ! product d]iv$  
by multiply+--  7i7 ! excess "u =m] law1
 by  7ii7 ! applicable p]c5tage 9       
relation to ! ye> 9 :i* ! individual    
becomes eligible = old-age insurance    
b5efits1 z det]m9$ by ! foll[+ table3   
,if ! individual becomes,the applicable 
eligible = su* b5efits 93p]c5tage is3   
#aigiee  #aihjde  #aihace  #aihbcb      
#aihcbe  #aihdbj  #aiheaf  #aihfaj      
#aihgc  #aihhe4  7,c7 ,= purposes (     
subp>agraph 7,b71 ! t]m excess "u =m]   
law means1 9 ! case ( any individual1 ! 

excess (--  7i7 ! applicable =m] law    
prim>y insurance am\nt1 ov]  7ii7 !     
am\nt :i* w\ld be su* individual's      
prim>y insurance am\nt if comput$ or    
recomput$ "u ?is section )\t reg>d to   
?is p>agraph & p>agraphs 7#d71 7#e71 &  
7#f74  7,d7 ,= purposes ( subp>agraph   
7,c77i71 ! t]m applicable =m] law prim>y
 insurance am\nt means1 9 ! case ( any  
individual1 ! am\nt :i* w\ld be su*     
individual's prim>y insurance am\nt if x
 7--  7i7 comput$ or recomput$ 7pursuant
 to p>agraph 7#d77;,b77i77 "u section   
#bae7;a7 z 9 effect 9 ,decemb] #aigh1 or
  7ii7 comput$ or recomput$ 7pursuant to
 p>agraph 7#d77;,b77ii77 z provid$ by   
subsection 7d71  7z applicable7 &       
modifi$ z provid$ by subp>agraph 7,e74  
7,e7 ,9 det]m9+ ! am\nt :i* w\ld be an  
individual's prim>y insurance am\nt z   
provid$ 9 subp>agraph 7,d7--  7i7       
subsection 7b77#d7 %all n apply2  7ii7  
section #bae7;b7 z 9 effect 9 ,decemb]  
#aigh %all apply1 except t section      
#bae7;b77#b77;,c7 7z !n 9 effect7 %all  

be deem$ to provide t an individual's   
computation base ye>s may include only  
cal5d> ye>s 9 ! p]iod aft] #aiej 7or    
#aicf if applicable7 & end+ ) ! cal5d>  
ye> 9 :i* su* individual atta9s age #fa1
 plus ! #c cal5d> ye>s aft] su* p]iod = 
:i* ! total ( su* individual's wages &  
self-employm5t income is ! l>ge/2 &     
7iii7 subdivision 7,i7 9 ! la/ s5t5ce ( 
p>agraph 7#d7 %all be appli$ z ?\gh !   
words )\t reg>d to any increases 9 t    
table 9 su* subdivision read includ+ any
 increases 9 t table4  7,f7 ,?is        
p>agraph %all apply 9 ! case ( any      
individual only if su* application      
results 9 a prim>y insurance am\nt = su*
 individual t is great] ?an x w\ld be if
 comput$ or recomput$ "u p>agraph       
7#d77;,b7 )\t reg>d to ?is p>agraph4    
7,g7 7i7 ,?is p>agraph %all apply 9 !   
case ( any individual subject to any    
timely election to receive lump sum     
paym5ts "u ?is subp>agraph4  7ii7 ,a    
writt5 election to receive lump sum     
paym5ts "u ?is subp>agraph1 9 lieu ( !  

application ( ?is p>agraph to !         
computation ( ! prim>y insurance am\nt (
 an individual describ$ 9 p>agraph      
7#d77;,b71 may be fil$ ) ! ,commission] 
( ,social ,security 9 su* =m & mann] z  
%all be prescrib$ 9 regulations ( !     
,commission]4 ,any su* election may be  
fil$ by su* individual or1 9 ! ev5t (   
su* individual's dea? be=e any su*      
election is fil$ by su* individual1 by  
any o!r b5efici>y entitl$ to b5efits "u 
section #bjb on ! basis ( su*           
individual's wages & self-employm5t     
income4 ,any su* election fil$ aft]     
,decemb] #ca1 #bjac1 %all be null & void
 & ( no effect4  7iii7 ,^u receipt by ! 
,commission] ( a timely election fil$ by
 ! individual describ$ 9 p>agraph       
7#d77;,b7 9 accordance ) clause 7ii7--  
7,i7 ! ,commission] %all c]tify receipt 
( su* election to ! ,secret>y ( !       
,treasury1 & ! ,secret>y ( ! ,treasury1 
aft] receipt ( su* c]tification1 %all   
pay su* individual1 f am\nts 9 ! ,f$]al 
,old-,age & ,survivors ,insurance ,tru/ 

,fund1 a total am\nt equal to #e1jjj1 9 
#d annual lump sum in/allm5ts ( #a1bej1 
! fir/ ( :i* %all be made dur+ fiscal   
ye> #bjad n lat] ?an ,july #a1 #bjad1 & 
7,,ii7 subp>agraph 7,a7 %all n apply 9  
det]m9+ su* individual's prim>y         
insurance am\nt4  7iv7 ,^u receipt by ! 
,commission] z ( ,decemb] #ca1 #bjac1 ( 
a timely election fil$ 9 accordance )   
clause 7ii7 by at lea/ "o b5efici>y     
entitl$ to b5efits on ! basis ( ! wages 
& self-employm5t income ( a deceas$     
individual describ$ 9 p>agraph          
7#d77;,b71 if su* deceas$ individual has
 fil$ no timely election 9 accordance ) 
clause 7ii7--  7,i7 ! ,commission] %all 
c]tify receipt ( all su* elections      
receiv$ z ( su* date to ! ,secret>y ( ! 
,treasury1 & ! ,secret>y ( ! ,treasury1 
aft] receipt ( su* c]tification1 %all   
pay ea* b5efici>y fil+ su* a timely     
election1 f am\nts 9 ! ,f$]al ,old-,age 
& ,survivors ,insurance ,tru/ ,fund1 a  
total am\nt equal to #e1jjj 7or1 9 !    
case ( two or m su* b5efici>ies1 su*    

am\nt di/ribut$ ev5ly among su*         
b5efici>ies71 9 f\r equal annual lump   
sum in/allm5ts1 ! fir/ ( :i* %all be    
made dur+ fiscal ye> #bjad n lat] ?an   
,july #a1 #bjad1 &  7,,ii7 solely =     
purposes ( det]m9+ ! am\nt ( su*        
b5efici>y's b5efits1 subp>agraph 7,a7   
%all be deem$ n to apply 9 det]m9+ !    
deceas$ individual's prim>y insurance   
am\nt4  4  7b7 ,effective ,date &       
,relat$ ,rules  7#a7 ,applicability (   
am5dm5ts  7,a7 ,9 g5]al ,except z       
provid$ 9 p>agraph 7#b71 ! am5dm5ts made
 by ?is ,act %all be effective z ?\gh !y
 _h be5 includ$ or reflect$ 9 section   
#bja ( ! ,social ,security ,am5dm5ts (  
#aigg4  7,b7 ,applicability ,no mon?ly  
b5efit or prim>y insurance am\nt "u     
title ,,ii ( ! ,social ,security ,act   
%all be increas$ by reason ( su*        
am5dm5ts = any mon? be=e ,july #bjad4   
7#b7 ,recomputation to reflect b5efit   
increases ,9 any case 9 :i* an          
individual is entitl$ to mon?ly         
insurance b5efits "u title ,,ii ( !     

,social ,security ,act = ,june #bjad1 if
 su* b5efits are bas$ on a prim>y       
insurance am\nt comput$--  7,a7 "u      
section #bae ( su* ,act z 9 effect 7by  
reason ( ! ,social ,security ,am5dm5ts (
 #aigg7 aft] ,decemb] #aigh1 or  7,b7 "u
 section #bae ( su* ,act z 9 effect     
prior to ,janu>y #aigi by reason (      
subsection 7a77#d77;,b7 ( su* section 7z
 am5d$ by ! ,social ,security ,am5dm5ts 
( #aigg71  ! ,commission] ( ,social     
,security 7not)/&+ section #bae7;f77#a7 
( ! ,social ,security ,act7 %all        
recompute su* prim>y insurance am\nt s z
 to take into acc\nt ! am5dm5ts made by 
?is ,act4