,i #aad? ,,congress #b;d ,session ,h4 ,r4 #egdg ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,july #ac1 #bjaf,mr4 ,ribble 7= himself1 ,mr4 ,coop]1 ,mr4 ,rigell1 ,mrs4 ,lummis1 ,mr4 ,rokita1 & ,mr4 ,b5i%ek7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,ways & ,means1 & 9 addition to ! ,committees on ,rules1 & ! ,budget1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to am5d title ,,ii ( ! ,social ,security ,act to improve solv5cy & /ability = future g5]ations4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,s4,o4,s4 ,act ( #bjaf4 #b4 ,increase 9 contribution & b5efit base 7a7 ,9 g5]al ,section #bcj ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dcj7 is am5d$-- 7#a7 9 subsection 7a71 by /rik+ subsection 7b7 or 7c7 & ins]t+ ?is section2 7#b7 9 subsection 7b71 by ins]t+ ) respect to remun]ation paid 7& taxable ye>s beg9n+7 9 ea* cal5d> ye> be=e #bjag be=e %all 7subject to subsection 7c772 7#c7 by r$esignat+ subsection 7d7 z subsection 7f72 & 7#d7 by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 7#a7 ,! am\nt ( su* contribution & b5efit base ) respect to remun]ation paid 7& taxable ye>s beg9n+7 9 ea* cal5d> ye> aft] #bjaf %all 7subject to subsection 7e77 be det]m9$ by ! ,commission] 7us+ projections made 9 advance ( su* ye> by ! ,*ief ,actu>y ( ! ,social ,security ,adm9i/ration bas$ on ! mo/ rec5t annual report ( ! ,bo>d ( ,tru/ees7 su* t ! p]c5tage ( ! total e>n+s = all work]s t are taxable "u sections #adja or #caja ( ! ,int]nal ,rev5ue ,code ( #aihf is equal to #ij p]c5t = ea* su* cal5d> ye>4 7#b7 ,9 mak+ ! det]m9ation "u p>agraph 7#a71 ! ,commission] may ent] into agreem5ts ) ! ,secret>y ( ,labor & ! ,commission] ( ,int]nal ,rev5ue to %>e any in=mation necess>y to c>ry out su* p>agraph4 7e7 ,= purposes ( ?is section1 & = purposes ( det]m9+ wages & self-employm5t income "u sections #bji1 #baa1 #bac1 & #bae ( ?is ,act & sections #adjb1 #caba1 #cabb1 #cabe1 #fdac1 & #ffed ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! contribution & b5efit base ) respect to remun]ation paid 7& taxable ye>s beg9n+7-- 7#a7 9 #bjag %all be #aef1eej2 7#b7 9 #bjah %all be #aid1fjj2 7#c7 9 #bjai %all be #bcb1fej2 7#d7 9 #bjbj %all be #bgj1gjj2 & 7#e7 9 #bjba %all be #cjh1gej4 ,= purposes ( det]m9+ "u subsection 7b7 ! contribution & b5efit base ) respect to remun]ation paid 7& taxable ye>s beg9n+7 9 #bjbb & subsequ5t ye>s1 ! doll> am\nts specifi$ 9 ! prec$+ s5t5ce %all be consid]$ to h result$ f ! application ( su* subsection 7b7 & to be ! am\nt det]m9$ 7) respect to ! ye>s involv$7 "u t subsection4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all apply to det]m9ations made ) respect to ! contribution & b5efit base = cal5d> ye>s aft] #bjaf4 #c4 ,modification ( prim>y insurance am\nt =mula2 inclusion ( surplus e>n+s 7a7 ,inclusion ( surplus av]age index$ mon?ly e>n+s 9 det]m9ation ( prim>y insurance am\nts 7#a7 ,9 g5]al ,section #bae7;a77#a77;,a7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dae7;a77#a77;,a77 is am5d$-- 7,a7 9 clauses 7i71 7ii71 & 7iii71 by ins]t+ basic be=e av]age index$ mon?ly e>n+s ea* place x appe>s2 7,b7 9 clause 7ii71 by /rik+ & at ! end2 7,c7 9 clause 7iii71 by ins]t+ & at ! end2 & 7,d7 by ins]t+ aft] clause 7iii7 ! foll[+3 7iv7 #b4e p]c5t ( ! individual's surplus av]age index$ mon?ly e>n+s4 4 7b7 ,basic ,,aime & surplus ,,aime 7#a7 ,basic ,,aime ,section #bae7;b77#a7 ( su* ,act 7#db ,u4,s4,c4 #dae7;b77#a77 is am5d$-- 7,a7 by ins]t+ basic be=e av]age2 & 7,b7 9 subp>agraph 7,a71 by /rik+ p>agraph 7#c7 & ins]t+ p>agraph 7#c77;,a7 & by ins]t+ be=e ! comma ! foll[+3 to ! ext5t su* total does n exce$ ! am\nt e/abli%$ = purposes ( ?is clause by p>agraph 7#d74 7#b7 ,surplus ,,aime 7,a7 ,9 g5]al ,section #bae7;b77#a7 ( su* ,act 7z am5d$ by p>agraph 7#a77 is am5d$-- 7i7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively2 7ii7 by ins]t+ 7,a7 aft] 7b77#a72 & 7iii7 by add+ at ! end ! foll[+ new subp>agraph3 7,b7 7i7 ,an individual's surplus av]age index$ mon?ly e>n+s %all be equal to ! quoti5t obta9$ by divid+-- 7,i7 ! total 7aft] adju/m5t "u p>agraph 7#c77;,b77 ( su* individual's surplus e>n+s 7det]m9$ "u clause 7ii77 = su* individual's b5efit computation ye>s 7det]m9$ "u p>agraph 7#b771 by 7,,ii7 ! numb] ( mon?s 9 ^? ye>s4 7ii7 ,= purposes ( clause 7i7 & p>agraph 7#c77;,b71 an individual's surplus e>n+s = a b5efit computation ye> are ! total ( su* individual's wages paid 9 & self-employm5t income cr$it$ to su* b5efit computation ye>1 to ! ext5t su* total 7be=e adju/m5t "u p>agraph 7#c77;,b77-- 7,i7 exce$s ! am\nt e/abli%$ = purposes ( subp>agraph 7,a77i7 by p>agraph 7#d71 & 7,,ii7 does n exce$ ! contribution & b5efit base = su* ye>4 4 7,b7 ,con=m+ am5dm5t ,! head+ = section #bae7;b7 ( su* ,act is am5d$ by /rik+ ,av]age ,index$ ,mon?ly ,e>n+s & ins]t+ ,basic ,av]age ,index$ ,mon?ly ,e>n+s2 ,surplus ,av]age ,index$ ,mon?ly ,e>n+s4 7#c7 ,adju/m5t ( surplus e>n+s = purposes ( det]m9+ surplus ,,aime ,section #bae7;b77#c7 ( su* ,act 7#db ,u4,s4,c4 #dae7;b77#c77 is am5d$-- 7,a7 9 subp>agraph 7,a71 by /rik+ subp>agraph 7,b7 & ins]t+ subp>agraph 7,c7 & by ins]t+ & det]m9ation ( basic av]age index$ mon?ly income aft] p>agraph 7#b72 7,b7 by r$esignat+ subp>agraph 7,b7 z subp>agraph 7,c72 & 7,c7 by ins]t+ aft] subp>agraph 7,a7 ! foll[+ new subp>agraph3 7,b7 ,= purposes ( det]m9+ "u p>agraph 7#a77;,b7 an individual's surplus av]age index$ mon?ly e>n+s1 ! individual's surplus e>n+s 7describ$ 9 p>agraph 7#b77;,b77ii77 = a b5efit computation ye> %all be deem$ to be equal to ! product (-- 7i7 ! individual's surplus e>n+s = su* ye> 7z det]m9$ )\t reg>d to ?is subp>agraph71 & 7ii7 ! quoti5t describ$ 9 subp>agraph 7,a77ii74 4 7#d7 ,wage index+ 9 det]m9ation ( surplus e>n+s ,section #bae7;b7 ( su* ,act 7#db ,u4,s4,c4 #dae7;b77 is am5d$-- 7,a7 by r$esignat+ p>agraph 7#d7 z p>agraph 7#e72 & 7,b7 by ins]t+ aft] p>agraph 7#c7 ! foll[+3 7#d7 ,! am\nt e/abli%$ = purposes ( p>agraph 7#a77;,a77i7 %all be-- 7,a7 = individuals :o initially become eligible = old-age or disability insurance b5efits1 or :o die 7be=e becom+ s eligible71 9 cal5d> ye> #bjag1 #aah1ejj1 & 7,b7 = individuals :o initially become eligible = old-age or disability insurance b5efits1 or :o die 7be=e becom+ s eligible71 9 any cal5d> ye> aft] #bjag1 ! product ( #aah1ejj & ! quoti5t obta9$ by divid+-- 7i7 ! national av]age wage index 7z def9$ 9 section #bji7k77#a77 = ! second cal5d> ye> prec$+ ! cal5d> ye> = :i* ! det]m9ation is made1 by 7ii7 ! national av]age wage index 7z s def9$7 = #bjae4 4 7c7 ,r$uction ( ?ird b5d po9t factor 7#a7 ,9 g5]al ,section #bae7;a77#a77;,a77iii7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dae7;a77#a77;,a77iii77 is am5d$ by /rik+ #ae p]c5t & ins]t+ #e p]c5t4 7#b7 ,effective date2 application rule ,! am5dm5t made by p>agraph 7#a7 %all apply ) respect to computations or recomputations ( prim>y insurance am\nts made on or aft] ,janu>y #a1 #bjag1 except t section #bae7;a77#a77;,a77iii7 ( ! ,social ,security ,act %all be appli$ by mak+ ! foll[+ sub/itutions = #e p]c5t = computations & recomputations made 9 ! foll[+ cal5d> ye>s3 7,a7 = cal5d> ye> #bjag1 by sub/itut+ #ac p]c5t2 7,b7 = cal5d> ye> #bjah1 by sub/itut+ #aa p]c5t2 7,c7 = cal5d> ye> #bjai1 by sub/itut+ #i p]c5t2 & 7,d7 = cal5d> ye> #bjbj1 by sub/itut+ #g p]c5t4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to individuals :o initially become eligible = old-age or disability insurance b5efits "u title ,,ii ( ! ,social ,security ,act1 or :o die 7be=e becom+ eligible = su* b5efits71 9 any cal5d> ye> aft] #bjaf4 #d4 ,increase 9 retirem5t age 7a7 ,9 g5]al ,section #baf7l7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #daf7l77 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 9 subp>agraph 7,d71 by /rik+ & at ! end2 7,b7 9 subp>agraph 7,e71 by /rik+ 1 #fg ye>s ( age4 & ins]t+ & be=e ,janu>y #a1 #bjbc1 #fg ye>s ( age22 & 7,c7 by add+ at ! end ! foll[+3 7,f7 ) respect to an individual :o atta9s e>ly retirem5t age aft] ,decemb] #ca1 #bjbb1 & be=e ,janu>y #a1 #bjce1 #fg ye>s ( age plus ! numb] ( mon?s 9 ! age increase factor 7z det]m9$ "u p>agraph 7#c77 = ! cal5d> ye> 9 :i* su* individual atta9s e>ly retirem5t age2 7,g7 ) respect to an individual :o atta9s e>ly retirem5t age 9 any cal5d> ye> aft] #bjcd1 ! longevity index$ retirem5t age applicable = individuals :o atta9 e>ly retirem5t age 9 su* cal5d> ye> 7z det]m9$ "u p>agraph 7#d774 2 & 7#b7 9 p>agraph 7#c7-- 7,a7 by /rik+ subp>agraph 7,b7 or 7,d7 & ins]t+ subp>agraph 7,b71 7,d71 or 7,f72 & 7,b7 by add+ at ! end ! foll[+3 7,c7 ,) respect to an individual :o atta9s e>ly retirem5t age 9 ! #ab-ye> p]iod consi/+ ( ! cal5d> ye>s #bjbc ?r\gh #bjcd1 ! age increase factor %all be equal to two-twelf?s ( ! numb] ( mon?s 9 ! p]iod beg9n+ ) ,janu>y #bjbc & end+ ) ,decemb] ( ! ye> 9 :i* ! individual atta9s e>ly retirem5t age4 2 7#c7 by add+ at ! end ! foll[+3 7#d7 7,a7 ,! longevity index$ retirem5t age applicable = individuals :o atta9 e>ly retirem5t age 9 a cal5d> ye> aft] #bjcd is-- 7i7 9 ! case ( cal5d> ye>s #bjce ?r\gh #bjdd1 #fi ye>s ( age plus "o tw5ty-f\r? ( ! numb] ( mon?s 9 ! p]iod beg9n+ ) ,janu>y #bjce & end+ ) ,decemb] ( ! ye> 9 :i* ! individual atta9s e>ly retirem5t age1 r\nd$ d[n to ! ne>e/ mon?2 & 7ii7 9 ! case ( a cal5d> ye> aft] #bjdd1 ! appropriate numb] ( ye>s ( age 7includ+ any fraction r\nd$ to ! ne>e/ mon?7 det]m9$ by ! ,commission] su* t ! ratio (-- 7,i7 ! numb] ( mon?s by :i* ! av]age numb] ( ye>s 7includ+ any fraction r\nd$ to ! ne>e/ mon?7 9 life expectancy = an individual atta9+ e>ly retirem5t age 9 su* cal5d> ye> 7z det]m9$ "u subp>agraph 7,c77 exce$s su* appropriate numb] ( ye>s ( age1 to 7,,ii7 ! numb] ( mon?s by :i* su* appropriate numb] ( ye>s ( age exce$s #bj ye>s ( age1 is equal to ! basel9e retirem5t-to-employm5t ratio 7describ$ 9 subp>agraph 7,b774 7,b7 ,= purposes ( subp>agraph 7,a71 ! basel9e retirem5t-to-employm5t ratio is equal to ! ratio (-- 7i7 ! numb] ( mon?s by :i* ! av]age numb] ( ye>s 7includ+ any fraction r\nd$ to ! ne>e/ mon?7 9 life expectancy = an individual atta9+ e>ly retirem5t age 9 #bjdd 7z det]m9$ "u subp>agraph 7,c77 exce$s #fi ye>s ( age & #e mon?s1 to 7ii7 #di ye>s ( age & #e mon?s4 7,c7 ,at ! beg9n+ ( ea* #aj-ye> p]iod beg9n+ ) ! #aj-ye> p]iod t beg9s on ,janu>y #a1 #bjdd1 ! ,commission] ( ,social ,security %all det]m9e 7us+ g5]ally accept$ actu>ial pr9ciples & bas$ on ! int]m$iate assumptions 9 ! mo/ rec5t ,tru/ees ,report & su* o!r data z ! ,commission] det]m9es appropriate7 & publi% 9 ! ,f$]al ,regi/]-- 7i7 an e/imate ( ! av]age numb] ( ye>s 7includ+ any fraction r\nd$ to ! ne>e/ mon?7 9 life expectancy = an individual atta9+ e>ly retirem5t age 9 ea* ye> ( su* #aj-ye> p]iod2 & 7ii7 ! longevity index$ retirem5t age applicable = individuals :o atta9 e>ly retirem5t age 9 ea* ye> 7aft] #bjdd7 ( su* #aj-ye> p]iod 7z det]m9$ "u subp>agraph 7,a774 4 7b7 ,ext5sion ( maximum age = entitlem5t to delay$ retirem5t cr$it ,section #bjb7w77#b77;,a7 ( su* ,act 7#db ,u4,s4,c4 #djb7w77#b77;,a77 is am5d$-- 7#a7 by /rik+ prior to ! mon? 9 :i* su* individual atta9$ age #gj1 & & ins]t+ prior to ! lat] (--2 & 7#b7 by add+ at ! end ! foll[+3 7i7 ! mon? 9 :i* su* individual w\ld atta9 age #gj1 or 7ii7 ! mon? :i* ends #cf mon?s aft] ! end ( ! mon? 9 :i* su* individual atta9$ retirem5t age 7z def9$ 9 section #baf7l771 & 4 7c7 ,ext5sion ( maximum age = volunt>y susp5sion ( b5efits ,section #bjb7z77#a77;,a77ii7 ( su* ,act 7#db ,u4,s4,c4 #djb7z77#a77;,a77ii77 is am5d$ by /rik+ ! mon? 9 :i* ! individual atta9s ! age ( #gj & ins]t+ ! lat] ( ! mon? 9 :i* ! individual atta9s ! age ( #gj or ! mon? :i* ends #cf mon?s aft] ! end ( ! mon? 9 :i* su* individual atta9$ retirem5t age 7z def9$ 9 section #baf7l774 #e4 ,co/-(-liv+ adju/m5ts 7a7 ,*ange 9 consum] price index 7#a7 ,computation ( co/-(-liv+ adju/m5ts ,section #bae7;i77#a7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dae7;i77#a77 is am5d$-- 7,a7 9 subp>agraph 7,g71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,b7 by add+ at ! end ! foll[+ new subp>agraph3 7,h7 ! t]m ,consum] ,price ,index means ! ,*a9$ ,consum] ,price ,index = all ,urban ,consum]s 7,c-,,cpi-,u1 publi%$ by ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor74 4 7#b7 ,con=m+ am5dm5t ,section #bae7;i77#d7 ( su* ,act 7#db ,u4,s4,c4 #dae7;i77#d77 is am5d$ by ins]t+ & by section #d ( ! ,s4,o4,s4 ,act ( #bjaf aft] #aihf4 7#c7 ,application to pre-#aigi law ,section #bae7;i77#a7 ( ! ,social ,security ,act1 z 9 effect 9 ,decemb] #aigh & z appli$ 9 c]ta9 cases "u ! provisions ( su* ,act z 9 effect aft] ,decemb] #aigh1 is am5d$-- 7,a7 9 subp>agraph 7,b71 by /rik+ & at ! end2 7,b7 9 subp>agraph 7,c71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+ new subp>agraph3 7,d7 ! t]m ,consum] ,price ,index means ! ,*a9$ ,consum] ,price ,index = all ,urban ,consum]s 7,c-,,cpi-,u1 publi%$ by ! ,bureau ( ,labor ,/ati/ics ( ! ,dep>tm5t ( ,labor74 4 7b7 ,no effect on adju/m5ts "u o!r laws ,section #bae7;i7 ( su* ,act 7#db ,u4,s4,c4 #dae7;i771 z am5d$ by subsection 7b71 is fur!r am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#g7 ,any provision ( law 7o!r ?an 9 ?is title7 :i* provides = adju/m5t ( an am\nt bas$ on a *ange 9 b5efit am\nts result+ f a det]m9ation made "u ?is subsection %all be appli$ & adm9i/]$ )\t reg>d to ! am5dm5ts made by section #d ( ! ,s4,o4,s4 ,act ( #bjaf4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to det]m9ations made ) respect to co/-(-liv+ computation qu>t]s end+ on or aft] ,septemb] #cj1 #bjag4 #f4 ,m9imum social security b5efit 7a7 ,9 g5]al ,section #bae ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dae7 is am5d$ by add+ at ! end ! foll[+3 7j7 ,m9imum mon?ly insurance b5efit 7#a7 ,not)/&+ ! prec$+ provisions ( ?is section-- 7,a7 subject to p>agraphs 7#d71 7#h71 & 7#i71 ! prim>y insurance am\nt ( any individual :o is cr$it$ ) great] ?an #aj ye>s ( cov]age & :o initially becomes eligible = old-age or disability insurance b5efits or dies 7be=e becom+ eligible = su* b5efits7 = a mon? beg9n+ aft] ,decemb] #ca1 #bjaf 79 ?is subsection ref]r$ to z a qualifi$ individual71 %all be equal to ! great] (-- 7i7 ! prim>y insurance am\nt det]m9$ "u ?is section 7)\t reg>d to ?is subsection71 or 7ii7 ! m9imum mon?ly insurance b5efit det]m9$ "u p>agraph 7#b71 & 7,b7 any recomputation ( ! prim>y insurance am\nt ( a qualifi$ individual %all n result 9 a prim>y insurance am\nt less ?an ! prim>y insurance am\nt z 9 effect imm$iately prior to su* recomputation4 7#b7 ,= purposes ( ?is subsection1 ! t]m m9imum mon?ly insurance b5efit means #a_/ab ( ! applicable p]c5tage ( ! adju/$ m9imum b5efit level 7z def9$ 9 p>agraph 7#f774 7#c7 ,= purposes ( ?is subsection1 subject to p>agraph 7#d71 ! applicable p]c5tage %all be equal to-- 7,a7 = a qualifi$ individual :o has #bj ye>s ( cov]age or less1 #ajj p]c5t r$uc$ by #aj p]c5tage po9ts = ea* ye> ( cov]age less ?an #bj2 7,b7 = a qualifi$ individual :o has m ?an #bj ye>s ( cov]age b less ?an #dj ye>s ( cov]age1 #abe p]c5t r$uc$ by #a4be p]c5tage po9ts = ea* ye> ( cov]age less ?an #dj2 & 7,c7 = a qualifi$ individual :o has #dj ye>s ( cov]age or great]1 #abe p]c5t4 7#d7 7,a7 ,9 ! case ( an individual :o initially becomes eligible = disability insurance b5efits "u section #bbc be=e atta9+ age #fb1 or :o dies be=e atta9+ age #fb1 9 a mon? beg9n+ aft] ,decemb] #ca1 #bjaf1 & :o is cr$it$ ) at lea/ #e ye>s ( cov]age1 ! individual %all be treat$ z a qualifi$ individual & ! applicable p]c5tage %all be #abe r$uc$ by ! numb] ( p]c5tage po9ts det]m9$ "u subp>agraph 7,b7 = ea* ye> ( cov]age ( ! qualifi$ individual less ?an ! numb] z det]m9$ "u subp>agraph 7,c74 7,b7 ,! numb] ( p]c5tage po9ts "u ?is subp>agraph %all be det]m9$ by-- 7i7 divid+ ! numb] ( ! qualify+ individual's elaps$ ye>s 7z def9$ 9 subsection 7b77#b77;,b77iii77 by #dj2 7ii7 multiply+ ! result "u clause 7i7 by #bj2 & 7iii7 divid+ #abe by ! result "u clause 7ii7 & r\nd+ to ! ne>e/ "o hundr$? ( #a p]c5tage po9t4 7,c7 ,! numb] ( ye>s ( cov]age "u ?is subp>agraph %all be det]m9$ by multiply+ ! ratio det]m9$ "u subp>agraph 7,b77i7 by #cj & r\nd+ to ! next l[] :ole numb]4 7#e7 ,= purposes ( ?is subsection1 a ye> ( cov]age is a cal5d> ye> = :i* an individual is cr$it$ ) #d qu>t]s ( cov]age4 7#f7 ,= purposes ( ?is subsection-- 7,a7 = individuals :o initially become eligible = old-age or disability insurance b5efits or die 7be=e becom+ eligible = su* b5efits7 9 ei!r #bjag or #bjah1 ! t]m adju/$ m9imum b5efit level means ! product (-- 7i7 ! weight$ av]age ( ! ,f$]al pov]ty ?re%old applicable to a family ( #a = ! ye> be=e su* ye> 7z det]m9$ by ! ,bureau ( ! ,c5sus72 & 7ii7 ! applicable phase-9 factor = su* cal5d> ye> 7z det]m9$ "u p>agraph 7#g772 & 7,b7 = individuals :o initially become eligible = old-age or disability insurance b5efits or die 7be=e becom+ eligible = su* b5efits7 9 a ye> aft] #bjah1 ! t]m adju/$ m9imum b5efit level means ! product (-- 7i7 ! am\nt det]m9$ "u subp>agraph 7,a7 = cal5d> ye> #bjah1 multipli$ by ! quoti5t describ$ 9 subsection 7b77#c77;,a77ii71 except t ! ref]5ce to ! computation base ye> = :i* ! det]m9ation is made 9 su* subsection %all be deem$ in/ead to be a ref]5ce to #bjaf2 & 7ii7 ! applicable phase-9 factor = su* cal5d> ye> 7z det]m9$ "u p>agraph 7#g774 7#g7 ,= purposes ( p>agraph 7#f71 ! applicable phase-9 factor %all be equal to-- 7,a7 = cal5d> ye> #bjag1 #dj p]c5t2 7,b7 = ea* cal5d> ye> dur+ ! p]iod betwe5 #bjah ?r\gh #bjbb1 ! applicable phase-9 factor "u ?is p>agraph = ! prec$+ ye> increas$ by #aj p]c5tage po9ts2 & 7,c7 = cal5d> ye> #bjbc & ea* succe$+ ye>1 #ajj p]c5t4 7#h7 ,! am\nt ( ! m9imum mon?ly insurance b5efit ( any individual "u ?is subsection %all be r$uc$ 7b n bel[ z]o7 by an am\nt equal to any p]iodic b5efit payable to su* individual = su* mon? "u a p5sion1 annuity1 retirem5t1 or simil> fund or sy/em :i* is bas$ ^u su* individual's e>n+s = any s]vice describ$ 9 p>agraphs 7#a7 ?r\gh 7#ba7 ( section #baj7;a74 7#i7 ,! provisions ( ?is subsection %all n apply 9 ! case ( an individual-- 7,a7 ^: prim>y insurance am\nt w\ld o!rwise be comput$ "u subsection 7a77#g72 or 7,b7 ^: wife's insurance b5efit or husb&'s insurance b5efit "u subsection 7b7 or 7c7 ( section #bjb is det]m9$ pursuant to subsection 7b77#b77;,a77i77,,ii7 or 7c77#b77;,a77i77,,ii7 ( su* section4 4 7b7 ,con=m+ am5dm5t ,section #bjb7;a7 ( su* ,act 7#db ,u4,s4,c4 #djb7;a77 is am5d$ 9 ! la/ s5t5ce by /rik+ section #bae7;a7 & ins]t+ section #bae4 #g4 ,e/abli%m5t ( an increas$ b5efit = b5efici>ies on acc\nt ( long-t]m eligibility 7a7 ,9 g5]al ,section #bjb ( ! ,social ,security ,act 7#db ,u4,s4,c4 #djb7 is am5d$ by add+ at ! end ! foll[+3 7z7 ,increase 9 b5efit am\nts on acc\nt ( long-,t]m eligibility 7#a7 ,9 ! case ( an individual :o is a qualifi$ b5efici>y = a cal5d> ye> aft] #bjaf1 ! am\nt ( any mon?ly insurance b5efit ( su* qualifi$ b5efici>y "u ?is section or section #bbc = any mon? 9 su* cal5d> ye> %all be increas$ 9 accordance ) p>agraph 7#c74 7#b7 7,a7 ,= purposes ( ?is subsection1 ! t]m qualifi$ b5efici>y = a cal5d> ye> means an individual 9 any case 9 :i* su* cal5d> ye> beg9s at lea/ #bj ye>s aft] ! applicable date ( eligibility = su* individual4 7,b7 ,= purposes ( ?is subsection1 ! applicable date ( eligibility = an individual is ! date on :i* ! individual initially became eligible = mon?ly insurance b5efits "u subsection 7a7 or section #bbc4 7#c7 7,a7 ,! increase requir$ "u p>agraph 7#a7 ) respect to ! mon?ly insurance b5efit ( an individual :o is a qualifi$ b5efici>y = a cal5d> ye> %all be equal to ! applicable p]c5tage 7specifi$ = su* b5efit 9 subp>agraph 7,b77 ( ! full increase am\nt = su* cal5d> ye> 7det]m9$ "u subp>agraph 7,c774 7,b7 ,! applicable p]c5tage specifi$ = a mon?ly insurance b5efit "u ?is subp>agraph = a cal5d> ye> is ! p]c5tage specifi$1 9 connection ) ! numb] ( ye>s end+ aft] ! applicable date ( eligibility = su* individual & be=e su* cal5d> ye>1 9 ! foll[+ table3 ,if ! numb] ( ye>s is3,! applicable p]c5tage is3 #bjbj p]c5t #badj p]c5t #bbfj p]c5t #bchj p]c5t #bd or m#ajj p]c5t4 7,c7 7i7 ,except z provid$ 9 clauses 7ii7 & 7iii71 ! full increase am\nt det]m9$ "u ?is subp>agraph = a cal5d> ye> 9 connection ) ! mon?ly insurance b5efit ( a qualifi$ b5efici>y is a doll> am\nt equal to #e p]c5t ( ! am\nt ( ! old-age insurance b5efit t w\ld apply to a hypo!tical individual if-- 7,i7 on ,janu>y #a ( ! cal5d> ye> 9 :i* occurr$ ! applicable eligibility date ) respect to su* individual1 su* hypo!tical individual 7 fully insur$1 atta9$ retirem5t age 7z def9$ 9 section #baf7l77#b77 & 7 o!rwise eligible =1 & appli$ =1 old-age insurance b5efits2 & 7,,ii7 su* hypo!tical individual _h e>n+s equal to ! national av]age wage index 7z describ$ 9 section #bji7k77#a77 = ea* ye> beg9n+ ) ! ye> 9 :i* ! individual atta9$ ! age ( #bb ?r\gh ! ye> 9 :i* ! individual atta9$ ! age ( #fb4 7ii7 7,i7 ,9 ! case ( a mon?ly insurance b5efit "u subsection 7b7 or 7c71 ! full increase am\nt det]m9$ "u ?is subp>agraph %all be "o-half ! am\nt det]m9$ "u clause 7i74 7,,ii7 ,9 ! case ( a mon?ly insurance b5efit "u subsection 7d71 7g71 or 7h71 ! full increase am\nt det]m9$ "u ?is subp>agraph %all be ! p]c5tage ( ! am\nt det]m9$ "u clause 7i7 equal to ! ratio :i* ! am\nt ( su* b5efit be>s to ! prim>y insurance am\nt 7be=e ! application ( section #bjc7;a77 ( ! individual on ^: wages & self-employm5t income ! mon?ly insurance b5efit is bas$4 7#d7 ,9 ! case ( a qualifi$ b5efici>y :o is entitl$ to two or m mon?ly insurance b5efits "u ?is title = ! same mon?-- 7,a7 ! e>lie/ applicable date ( eligibility = su* b5efici>y ) respect to su* b5efits %all be treat$ z ! applicable date ( eligibility = su* b5efici>y = ! purposes ( ?is subsection2 & 7,b7 su* b5efici>y %all be entitl$ to an increase ) respect only to "o su* b5efit4 7#e7 ,?is subsection %all be appli$ to mon?ly insurance b5efits aft] any increase "u subsection 7w7 & any applicable r$uctions & d$uctions "u ?is title4 7#f7 ,= purposes ( ?is subsection1 9 ! case ( any individual :o w\ld o!rwise h atta9$ ! /atus ( a qualifi$ b5efici>y prior to ,janu>y #a1 #bjag1 su* individual %all be treat$ z hav+ atta9$ su* /atus on su* date4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to b5efits payable = mon?s beg9n+ aft] ,decemb] #ca1 #bjaf4 #h4 ,increase 9 b5efit computation ye>s 7a7 ,9 g5]al ,section #bae7;b77#b7 ( ! ,social ,security ,act 7#db ,u4,s4,c4 #dae7;b77#b77;,a77,i77 is am5d$-- 7#a7 9 subp>agraph 7,a77i71 by /rik+ #e ye>s & ins]t+ ! applicable numb] ( ye>s specifi$ 9 subp>agraph 7,c77i72 7#b7 9 subp>agraph 7,a77ii7-- 7,a7 by /rik+ "o-fif? & ins]t+ ! applicable fraction specifi$ 9 subp>agraph 7,c77ii72 7,b7 by /rik+ #e ye>s4 & ins]t+ ! applicable numb] ( ye>s specifi$ 9 subp>agraph 7,c77i742 & 7#c7 by add+ at ! end ( p>agraph 7#b7 ! foll[+ new subp>agraph3 7,c7 7i7 ,= purposes ( clauses 7i7 & 7ii7 ( subp>agraph 7,a71 ! applicable numb] ( ye>s is ! numb] ( ye>s set =? 9 ! foll[+ table3 ,if ! cal5d> ye> 9 :i* ! individual becomes eligible = ! b5efit involv$1 or dies 7be=e becom+ eligible = su* b5efit7 is3,! applicable numb] ( ye>s is3,be=e #bjagebjagdbjahc;,aft] #bjahb4 7ii7 ,= purposes ( clause 7ii7 ( subp>agraph 7,a71 ! applicable fraction is ! fraction set =? 9 ! foll[+ table3 ,if ! cal5d> ye> 9 :i* ! individual becomes eligible = disability insurance b5efits is3 ,! applicable fraction is3,be=e #bjaga_/ebjaga_/fbjaha_/h;,aft] #bjaha_/ab4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all apply ) respect to individuals :o become eligible = mon?ly insurance b5efits 7or :o die be=e becom+ s eligible7 9 any cal5d> ye> aft] #bjaf4 #i4 ,protection ( ,social ,security ,tru/ ,funds 7a7 ,protection ( ,social ,security ,title ,,iii ( ! ,congressional ,budget ,act ( #aigd is am5d$ by add+ at ! end ! foll[+ new section3 #caf4 ,lock-,box = ,social ,security 7a7 ,lock-,box = ,social ,security 7#a7 ,concurr5t resolutions on ! budget 7,a7 ,9 g5]al ,x %all n be 9 ord] 9 ! ,h\se ( ,repres5tatives or ! ,s5ate to consid] any concurr5t resolution on ! budget1 or an am5dm5t !reto or conf]5ce report !reon1 t w\ld set =? totals = any fiscal ye> ) respect to ! ,social ,security ,tru/ ,funds t are less ?an ! totals ( ! ,social ,security ,tru/ ,funds = t fiscal ye> z calculat$ 9 accordance ) a curr5t s]vices basel9e4 7,b7 ,exception 7i7 ,subp>agraph 7,a7 %all n apply to ! ext5t t a violation ( su* subp>agraph w\ld result f an assumption 9 ! resolution1 am5dm5t1 or conf]5ce report1 z applicable1 ( an increase 9 outlays or a decrease 9 rev5ues & disbursem5ts relative to ! basel9e und]ly+ t resolution = social security re=m legislation = any su* fiscal ye>4 7ii7 ,if a concurr5t resolution on ! budget1 or an am5dm5t !reto or conf]5ce report !reon1 w\ld be 9 violation ( subp>agraph 7,a7 because ( an assumption ( an increase 9 outlays or a decrease 9 rev5ue relative to ! basel9e und]ly+ t resolution = social security re=m legislation = any su* fiscal ye>1 !n t resolution %all include a /atem5t id5tify+ any su* increase 9 outlays or decrease 9 rev5ues & disbursem5ts4 7#b7 ,sp5d+ & tax legislation 7,a7 ,9 g5]al ,x %all n be 9 ord] 9 ! ,h\se ( ,repres5tatives or ! ,s5ate to consid] any bill1 jo9t resolution1 am5dm5t1 motion1 or conf]5ce report if-- 7i7 ! enactm5t ( t bill or resolution1 z report$2 7ii7 ! adoption & enactm5t ( t am5dm5t2 or 7iii7 ! enactm5t ( t bill or resolution 9 ! =m recomm5d$ 9 t conf]5ce report1 w\ld cause ! totals = any fiscal ye> cov]$ by ! mo/ rec5tly agre$ to concurr5t resolution on ! budget ) respect to ! ,social ,security ,tru/ ,funds to be less ?an ! totals ( ! ,social ,security ,tru/ ,funds = t fiscal ye> z calculat$ 9 accordance ) ! curr5t s]vices basel9e4 7,b7 ,exception ,subp>agraph 7,a7 %all n apply to social security re=m legislation4 7b7 ,en=cem5t ,= purposes ( en=c+ any po9t ( ord] "u subsection 7a71 ! totals ( ! ,social ,security ,tru/ ,funds = a fiscal ye> %all be ! levels set =? 9 ! lat] ( ! report accompany+ ! concurr5t resolution on ! budget 7or1 9 ! abs5ce ( su* a report1 plac$ 9 ! ,congressional ,record prior to ! consid]ation ( su* resolution7 or 9 ! jo9t explanatory /atem5t ( manag]s accompany+ su* resolution4 7c7 ,additional ,cont5t ( ,reports ,accompany+ ,budget ,resolutions & ( ,jo9t ,explanatory ,/atem5ts ,! report accompany+ any concurr5t resolution on ! budget & ! jo9t explanatory /atem5t accompany+ ! conf]5ce report on ea* su* resolution %all include ! levels ( ! totals 9 ! budget = ea* fiscal ye> set =? 9 su* resolution & ( ! rev5ues & disbursem5ts 9 ! ,social ,security ,tru/ ,funds4 7d7 ,def9itions ,z us$ 9 ?is section1 ! t]m social security re=m legislation means a bill or a jo9t resolution to save social security t includes a provision /at+ ! foll[+3 ,= purposes ( section #caf7;a7 ( ! ,congressional ,budget ,act ( #aigd1 ?is ,act con/itutes social security re=m legislation44 7e7 ,waiv] & ,appeal ,subsection 7a7 may be waiv$ or susp5d$ 9 ! ,s5ate only by an affirmative vote ( ?ree-fif?s ( ! ,memb]s1 duly *os5 & sworn4 ,an affirmative vote ( ?ree-fif?s ( ! ,memb]s ( ! ,s5ate1 duly *os5 & sworn1 %all be requir$ 9 ! ,s5ate to su/a9 an appeal ( ! rul+ ( ! ,*air on a po9t ( ord] rais$ "u ?is section4 7f7 ,effective ,date ,?is section %all cease to h any =ce or effect ^u ! enactm5t ( social security re=m legislation4 4 7b7 ,presid5t's budget 7#a7 ,protection ( ,social ,security ,if ! budget ( ! ,unit$ ,/ates ,gov]nm5t submitt$ by ! ,presid5t "u section #aaje7;a7 ( title #ca1 ,unit$ ,/ates ,code1 recomm5ds totals = any fiscal ye> ) respect to ! ,social ,security ,tru/ ,funds t are less ?an ! totals ( ! ,social ,security ,tru/ ,funds = t fiscal ye> z calculat$ 9 accordance ) curr5t s]vices basel9e1 !n x %all include a detail$ proposal = social security re=m legislation4 7#b7 ,effective ,date ,subsection 7a7 %all cease to h any =ce or effect ^u ! enactm5t ( social security re=m legislation z def9$ by section #caf7;d7 ( ! ,congressional ,budget ,act ( #aigd4 7c7 ,con=m+ ,am5dm5t ,! table ( cont5ts set =? 9 section #a7;b7 ( ! ,congressional ,budget & ,imp\ndm5t ,control ,act ( #aigd is am5d$ by add+ aft] ! item = section #cae ! foll[+3 ,sec4 #caf4 ,lock-box = social security4 4