,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cbcd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #bh1 #bjbj,mr4 
,paul introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to adju/ ! normal &
 e>ly retirem5t ages = receipt ( b5efits
 "u ! ,social ,security program1        
increase ! maximum age = delay$         
retirem5t cr$it1 & provide = progressive
 price index+ ( b5efits4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,social 
,security ,solv5cy & ,su/a9ability ,act4
  #b4 ,adju/m5t to normal & e>ly        
retirem5t age ,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+ ! p]iod at ! end & ins]t+ 2 &2 
&  7,c7 by add+ at ! end ! foll[+ new   
subp>agraphs3  7,f7 ) respect to an     
individual :o--  7i7 atta9s #fb ye>s (  
age aft] ,decemb] #ca1 #bjbi1 & be=e    
,janu>y #a1 #bjcg1 su* individual's e>ly

 retirem5t age 7z det]m9$ "u p>agraph   
7#b77;,a77ii77 plus #fj mon?s2 or  7ii7 
receives a b5efit describ$ 9 p>agraph   
7#b77;,b7 & atta9s #fj ye>s ( age aft]  
,decemb] #ca1 #bjbi1 & be=e ,janu>y #a1 
#bjcg1 #fg ye>s plus ! numb] ( mon?s 9 !
 age increase factor 7z det]m9$ "u      
p>agraph 7#e77;,a77 = ! cal5d> ye> 9 :i*
 su* individual atta9s #fj ye>s ( age2  
7,g7 ) respect to an individual :o--    
7i7 atta9s #fb ye>s ( age aft] ,decemb] 
#ca1 #bjcf1 & be=e ,janu>y #a1 #bjch1   
#fi ye>s ( age2 or  7ii7 receives a     
b5efit describ$ 9 p>agraph 7#b77;,b7 &  
atta9s #fj ye>s ( age aft] ,decemb] #ca1
 #bjcf1 & be=e ,janu>y #a1 #bjch1 #fi   
ye>s ( age2  7,h7 ) respect to an       
individual :o--  7i7 atta9s #fb ye>s (  
age aft] ,decemb] #ca1 #bjcg1 & be=e    
,janu>y #a1 #bjda1 #fg ye>s ( age plus !
 numb] ( mon?s 9 ! age increase factor  
7z det]m9$ "u p>agraph 7#e77;,b772 or   
7ii7 receives a b5efit describ$ 9       
p>agraph 7#b77;,b7 & atta9s #fj ye>s (  
age aft] ,decemb] #ca1 #bjcg1 & be=e    

,janu>y #a1 #bjda1 #fg ye>s ( age plus !
 numb] ( mon?s 9 ! age increase factor  
7z det]m9$ "u p>agraph 7#e77;,a772  7,i7
 ) respect to an individual :o--  7i7   
atta9s #fb ye>s ( age aft] ,decemb] #ca1
 #bjdj1 & be=e ,janu>y #a1 #bjdb1 #gj   
ye>s ( age2 or  7ii7 receives a b5efit  
describ$ 9 p>agraph 7#b77;,b7 & atta9s  
#fj ye>s ( age aft] ,decemb] #ca1 #bjdj1
 & be=e ,janu>y #a1 #bjdb1 #gj ye>s (   
age2 &  7,j7 ) respect to an individual 
:o--  7i7 atta9s #fb ye>s ( age aft]    
,decemb] #ca1 #bjda1 #gj ye>s ( age plus
 ! numb] ( mon?s 9 ! age increase factor
 7z det]m9$ "u p>agraph 7#f772 or  7ii7 
receives a b5efit describ$ 9 p>agraph   
7#b77;,b7 & atta9s #fj ye>s ( age aft]  
,decemb] #ca1 #bjda1 #gj ye>s ( age plus
 ! numb] ( mon?s 9 ! age increase factor
 7z det]m9$ "u p>agraph 7#f774  2  7#b7 
by am5d+ p>agraph 7#b7 to read z foll[s3
  7#b7 ,! t]m e>ly retirem5t age means--
  7,a7 9 ! case ( an old-age1 wife's1 or
 husb&'s insurance b5efit--  7i7 #fb    
ye>s ( age ) respect to an individual :o

 atta9s su* age be=e ,janu>y #a1 #bjcj2 
7ii7 ) respect to an individual :o      
atta9s #fb ye>s ( age aft] ,decemb] #ca1
 #bjbi1 & be=e ,janu>y #a1 #bjcg1 #fb   
ye>s ( age plus ! numb] ( mon?s 9 ! age 
increase factor 7z det]m9$ "u p>agraph  
7#d77 = ! cal5d> ye> 9 :i* su*          
individual atta9s #fb ye>s ( age2 &     
7iii7 ) respect to an individual :o     
atta9s age #fb aft] ,decemb] #ca1 #bjcf1
 #fd ye>s ( age2 or  7,b7 9 ! case ( a  
wid['s or wid[]'s insurance b5efit1 #fj 
ye>s ( age4  2 &  7#c7 by add+ at ! end 
! foll[+ new p>agraphs3  7#d7 ,=        
purposes ( p>agraph 7#b77;,a77ii71 ! age
 increase factor %all be equal to       
?ree-twelf?s ( ! numb] ( mon?s 9 ! p]iod
 beg9n+ ) ,janu>y #bjcj & end+ )        
,decemb] ( ! ye> 9 :i* ! individual     
atta9s #fb ye>s ( age4  7#e7 ,! age     
increase factor %all be equal to        
?ree-twelf?s ( ! numb] ( mon?s 9 ! p]iod
 beg9n+ ) ,janu>y #bjcj & end+ )        
,decemb] ( ! ye> 9 :i*--  7,a7 =        
purposes ( p>agraphs 7#a77;,f77ii7 &    

7#a77;,h77ii71 ! individual atta9s #fj  
ye>s ( age2 or  7,b7 = purposes (       
p>agraph 7#a77;,h77i71 ! individual     
atta9s #fb ye>s ( age4  7#f7 ,!         
,commission] ( ,social ,security %all   
det]m9e 7us+ reasonable actu>ial        
assumptions7 & publi% on or be=e        
,novemb] #a ( ea* cal5d> ye> aft] #bjdj 
! numb] ( mon?s 7r\nd$1 if n a multiple 
( "o mon?1 to ! next l[] multiple ( "o  
mon?7 by :i* life expectancy z ( ,octob]
 #a ( su* cal5d> ye> ( an individual    
atta9+ e>ly retirem5t age on su* ,octob]
 #a exce$s ! life expectancy z ( ,octob]
 #a1 #bjda1 ( an individual atta9+ e>ly 
retirem5t age on ,octob] #a1 #bjda4 ,)  
respect to an individual :o atta9s e>ly 
retirem5t 9 ! cal5d> ye> foll[+ any     
cal5d> ye> 9 :i* a det]m9ation is made  
"u ?is p>agraph1 ! age increase factor  
%all be ! numb] ( mon?s det]m9$ "u ?is  
p>agraph z ( ,octob] #a ( su* cal5d> ye>
 9 :i* su* det]m9ation is made4  4  #c4 
,increase 9 ,maximum ,age = ,delay$     
,retirem5t ,cr$it  7a7 ,9 g5]al         

,subsection 7w7 ( section #bjb ( !      
,social ,security ,act 7#db ,u4,s4,c4   
#djb7 is am5d$--  7#a7 9 p>agraphs      
7#b77;,a7 & 7#c71 by /rik+ age #gj ea*  
place x appe>s & ins]t+ ! maximum delay$
 retirem5t age 7z det]m9$ pursuant to   
p>agraph 7#g772  7#b7 by add+ at ! end !
 foll[+ new p>agraph3  7#g7 ,= purposes 
( p>agraphs 7#b77;,a7 & 7#c71 ! maximum 
delay$ retirem5t age %all be equal to-- 
7,a7 dur+ ! p]iod be=e ,janu>y #a1      
#bjcj1 #gj ye>s ( age = an individual :o
 has atta9$ e>ly retirem5t age 7z       
det]m9$ "u section #baf7l77#b77 dur+ su*
 p]iod2 &  7,b7 dur+ ! p]iod aft]       
,decemb] #ca1 #bjbi1 ! sum (--  7i7 !   
retirem5t age = su* cal5d> ye>1 z       
det]m9$ "u section #baf7l77#a71 = an    
individual :o has atta9$ age #fb 7=     
purposes ( section #baf7l77#b77;,a77 or 
:o has atta9$ age #fj 7= purposes (     
section #baf7l77#b77;,b77 dur+ su*      
cal5d> ye>2 &  7ii7 #c ye>s4  4  7b7    
,effective date ,! am5dm5t made by      
subsection 7a7 %all take effect on      

,janu>y #a1 #bjcj4  #d4 ,progressive    
index+ ( b5efits = old-age1 wife's1 &   
husb&'s insurance b5efits  7a7 ,9 g5]al 
,section #bae7;a7 ( ! ,social ,security 
,act 7#db ,u4,s4,c4 #dae7;a77 is am5d$--
  7#a7 by /rik+ ,! 9 p>agraph 7#a77;,a7 
& ins]t+ ,9 ! case ( any b5efit o!r ?an 
an applicable b5efit to :i* p>agraph    
7#b7 applies1 !2 &  7#b7 by r$esignat+  
p>agraphs 7#b7 ?r\gh 7#g7 z p>agraphs   
7#c7 ?r\gh 7#h71 respectively1 & by     
ins]t+ aft] p>agraph 7#a7 ! foll[+ new  
p>agraph3  7#b7 7,a7 ,9 ! case ( an     
applicable b5efit ) respect to any      
individual :o initially becomes eligible
 = old-age insurance b5efits or :o dies 
7be=e becom+ eligible = su* b5efits7 9  
cal5d> ye> #bjbg or lat]1 ! prim>y      
insurance am\nt ( ! individual %all be  
equal to ! sum (--  7i7 #ij p]c5t ( !   
individual's av]age index$ mon?ly e>n+  
7det]m9$ "u subsection 7b77 to ! ext5t t
 su* e>n+s d n exce$ ! am\nt e/abli%$ = 
purposes ( p>agraph 7#a77;,a77i7 by     
p>agraph 7#a77;,b72  7ii7 #cb p]c5t ( ! 

individual's av]age index$ mon?ly e>n+s 
to ! ext5t t su* e>n+s exce$ ! am\nt    
e/abli%$ = purposes ( p>agraph          
7#a77;,a77i7 by p>agraph 7#a77;,b7 b d n
 exce$ ! am\nt e/abli%$ = purposes ( ?is
 clause by subp>agraph 7,b72  7iii7 #cb 
p]c5t 7r$uc$ z provid$ 9 subp>agraph    
7,c77 ( ! individual's av]age index$    
mon?ly e>n+s to ! ext5t t su* e>n+s     
exce$ ! am\nt e/abli%$ = purposes (     
clause 7ii7 b d n exce$ ! am\nt e/abli%$
 = purposes ( p>agraph 7#a77;,a77ii7 by 
p>agraph 7#a77;,b72 &  7iv7 #ae p]c5t   
7r$uc$ z provid$ 9 subp>agraph 7,c77 ( !
 individual's av]age index$ mon?ly e>n+s
 to ! ext5t t su* e>n+s exce$ ! am\nt   
e/abli%$ = purposes ( p>agraph          
7#a77;,a77ii7 by p>agraph 7#a77;,b74    
7,b7 7i7 ,= purposes ( subp>agraph      
7,a77ii71 ! am\nt e/abli%$ "u ?is       
subp>agraph = cal5d> ye> #bjbe %all be !
 level ( av]age index$ mon?ly e>n+s     
det]m9$ by ! ,*ief ,actu>y ( ! ,social  
,security ,adm9i/ration "u clause 7ii7 z
 be+ at ! #dj? p]c5tile = ! p]iod (     

cal5d> ye>s #bjaf ?r\gh #bjah4  7ii7 ,= 
purposes ( clause 7i71 ! av]age index$  
mon?ly e>n+s = ! p]iod ( cal5d> ye>s    
#bjaf ?r\gh #bjah %all be det]m9$ by--  
7,i7 det]m9+ ! av]age index$ mon?ly     
e>n+s = ea* individual :o initially     
became eligible = old-age insurance     
b5efits or :o di$ 7be=e becom+ eligible 
= su* b5efits7 dur+ su* p]iod1 except t 
9 det]m9+ su* av]age index$ mon?ly e>n+s
 "u subsection 7b71 subsection          
7b77#c77;,a77ii77,i7 %all be appli$ by  
sub/itut+ cal5d> ye> #bjac = ! second   
cal5d> ye> describ$ 9 su* subsection2 & 
7,,ii7 multiply+ ! am\nt det]m9$ = ea*  
individual "u subclause 7,i7 by !       
quoti5t obta9$ by divid+ ! national     
av]age wage index 7z def9$ 9 section    
#bji7k77#a77 = ! cal5d> ye> #bjbe by su*
 index = ! cal5d> ye> #bjac4  7iii7 ,=  
purposes ( subp>agraph 7,a77ii71 ! am\nt
 e/abli%$ "u ?is subp>agraph = any      
cal5d> ye> aft] #bjbg %all be equal to !
 product ( ! am\nt 9 effect "u clause   
7i7 ) respect to cal5d> ye> #bjbg & !   

quoti5t obta9$ by divid+--  7,i7 !      
national av]age wage index 7z def9$ 9   
section #bji7k77#a77 = ! second cal5d>  
ye> prec$+ ! cal5d> ye> = :i* !         
det]m9ation is be+ made2 by  7,,ii7 !   
national av]age wage index 7z s def9$7 =
 #bjbe4  7iv7 ,! am\nt e/abli%$ "u ?is  
subp>agraph = any cal5d> ye> %all be    
r\nd$ to ! ne>e/ #a1 except t any am\nt 
s e/abli%$ :i* is a multiple ( #j4ej b n
 ( #a %all be r\nd$ to ! next high] #a4 
7,c7 7i7 ,except z provid$ 9 clause     
7ii71 9 ! case ( any cal5d> ye> aft]    
#bjbf1 ea* ( ! p]c5tages to :i* ?is     
subp>agraph applies by reason ( clauses 
7iii7 or 7iv7 ( subp>agraph 7,a7 %all be
 a p]c5tage equal to su* p]c5tage       
multipli$ by ! quoti5t obta9$ by        
divid+--  7,i7 ! diff]5ce ( ! maximum   
,,cpi-index$ b5efit am\nt = su* ye> ov] 
! am\nt det]m9$ "u ?is p>agraph = an    
individual ^: av]age index$ mon?ly e>n+s
 are equal to ! am\nt e/abli%$ =        
purposes ( subp>agraph 7,a77ii7 = su*   
ye>2 by  7,,ii7 ! diff]5ce ( ! maximum  

wage-index$ b5efit am\nt = su* ye> ov] !
 am\nt det]m9$ "u ?is p>agraph = an     
individual ^: av]age index$ mon?ly e>n+s
 are equal to ! am\nt e/abli%$ =        
purposes ( subp>agraph 7,a77ii7 = su*   
ye>4  7ii7 ,9 ! case ( any cal5d> ye>   
aft] #bjfd1 clause 7i7 %all n apply &   
ea* ( ! p]c5tages to :i* ?is subp>agraph
 applies by reason ( clause 7iii7 or    
7iv7 ( subp>agraph 7,a7 %all be a       
p]c5tage equal to ! p]c5tage det]m9$ "u 
?is subp>agraph = ! prec$+ ye> 7det]m9$ 
aft] ! application ( ?is subp>agraph74  
7iii7 ,= purposes ( clause 7i71 !       
maximum wage-index$ b5efit am\nt = any  
cal5d> ye> %all be equal to ! am\nt     
det]m9$ "u ?is p>agraph 7det]m9$ )\t    
reg>d to any r$uction "u ?is            
subp>agraph7 = an individual ) wages    
paid 9 & self-employm5t income cr$it$ to
 ea* computation base ye> 9 an am\nt    
equal to ! contribution & b5efit base = 
ea* cal5d> ye>4  7iv7 ,= purposes (     
clause 7i71 ! maximum ,,cpi-index$      
b5efit am\nt = any cal5d> ye> %all be an

 am\nt equal to ! am\nt det]m9$ "u      
clause 7iii7 = su* ye> multipli$ by a   
fraction--  7,i7 ! num]ator ( :i* is !  
ratio 7r\nd$ to ! ne>e/ "o-?\s&? ( #a   
p]c5t7 ( ! ,consum] ,price ,index = !   
second prec$+ ye> to su* index = #bjbd2 
&  7,,ii7 ! d5om9ator ( :i* is ! ratio  
7r\nd$ to ! ne>e/ "o-?\s&? ( #a p]c5t7 (
 ! national wage index 7z def9$ 9       
section #bji7k77#a77 = ! second ye>     
prec$+ su* ye> to su* index = #bjbd4    
7,d7 ,= purposes ( ?is p>agraph1 rules  
simil> to ! rules ( subp>agraphs 7,c7 & 
7,d7 ( p>agraph 7#a7 %all apply4  7,e7  
,= purposes ( ?is p>agraph1 ! t]m       
applicable b5efit means any b5efit "u   
section #bjb o!r ?an--  7i7 a *ild's    
insurance b5efit "u section #bjb7;d7 )  
respect to a *ild ( an individual :o has
 di$2 &  7ii7 a "m's & fa!r's insurance 
b5efit "u section #bjb7;g74  4  7b7     
,treatm5t ( disabl$ b5efici>ies ,section
 #bae7;a7 ( su* ,act 7z am5d$ by        
subsection 7a77 is am5d$ fur!r by add+  
at ! end ! foll[+ new p>agraph3  7#i7   

7,a7 ,not)/&+ ! prec$+ provisions ( ?is 
subsection1 9 ! case ( an individual :o 
has or has _h a p]iod ( disability & :o 
initially becomes eligible = old-age    
insurance b5efits or :o dies 7be=e      
becom+ eligible = su* b5efits7 9 any    
cal5d> ye> 9 or aft] #bjbg1 ! prim>y    
insurance am\nt ( su* individual %all be
 ! sum (--  7i7 ! am\nt det]m9$ "u      
subp>agraph 7,b72 &  7ii7 ! product     
d]iv$ by multiply+--  7,i7 ! excess ( ! 
am\nt det]m9$ "u subp>agraph 7,c7 ov] ! 
am\nt det]m9$ "u subp>agraph 7,b72 by   
7,,ii7 ! adju/m5t factor = su*          
individual det]m9$ "u subp>agraph 7,d74 
7,b7 ,! am\nt det]m9$ "u ?is subp>agraph
 is ! am\nt ( su* individual's prim>y   
insurance am\nt z det]m9$ "u ?is section
 )\t reg>d to ?is p>agraph4  7,c7 ,!    
am\nt det]m9$ "u ?is subp>agraph is !   
am\nt ( su* individual's prim>y         
insurance am\nt z det]m9$ "u ?is section
 z 9 effect ) respect to individuals    
becom+ eligible = old-age or disability 
insurance b5efits "u section #bjb7;a7 on

 ! date ( ! enactm5t ( ! ,social        
,security ,solv5cy & ,su/a9ability ,act4
  7,d7 ,! adju/m5t factor det]m9$ "u ?is
 subp>agraph = any individual is ! ratio
 7n great] ?an #a7 (--  7i7 ! total     
numb] ( mon?s dur+ :i* su* individual is
 "u a disability 7z def9$ 9 section     
#bbc7;d77 dur+ ! p]iod beg9n+ on ! date 
! individual atta9s age #bb & end+ on ! 
fir/ day ( su* individual's fir/ mon? ( 
eligibility = old-age insurance b5efits 
"u section #bjb7;a7 7or1 if e>li]1 !    
mon? ( su* individual's dea?72 to  7ii7 
! numb] ( mon?s dur+ ! p]iod beg9n+ on !
 date ! individual atta9s age #bb & end+
 on ! fir/ day ( su* individual's fir/  
mon? ( eligibility = old-age insurance  
b5efits "u section #bjb7;a7 7or1 if     
e>li]1 ! mon? ( su* individual's dea?74 
4  7c7 ,con=m+ am5dm5ts  7#a7           
,subsections 7e77#b77;,b77i77,i7 &      
7f77#b77;,b77i77,i7 ( section #bjb ( !  
,social ,security ,act are ea* am5d$ by 
ins]t+ or section #bae7;a77#b77;,b77iii7
 aft] section #bae7;a77#a77;,b77i7 &    

7ii74  7#b7 ,section #bjc7;a77#aj7 ( su*
 ,act is am5d$--  7,a7 9 subp>agraph    
7,a77i71 by /rik+ #bae7;a77#b77;,b77i7 &
 ins]t+ #bae7;a77#c77;,b77i72  7,b7 9   
subp>agraph 7,a77ii71 by /rik+          
#bae7;a77#b77;,c7 & ins]t+              
#bae7;a77#c77;,c72 &  7,c7 9 subp>agraph
 7,b77ii71 by /rik+ #bae7;a77#b7 &      
ins]t+ #bae7;a77#c74  7#c7 ,section     
#bji7k77#a7 ( su* ,act is am5d$ by      
ins]t+ #bae7;a77#b77;,b71               
#bae7;a77#b77;,c71 aft]                 
#bae7;a77#a77;,d714  7#d7 ,section      
#bae7;a7 ( su* ,act is am5d$--  7,a7 9  
p>agraph 7#d77;,a71 z r$esignat$ by     
subsection 7a77#b71 by /rik+ p>agraph   
7#d7 & ins]t+ p>agraph 7#e72  7,b7 9    
p>agraph 7#d77;,b71 z r$esignat$ by     
subsection 7a77#b71 by /rik+ p>agraph   
7#b77;,a7 & ins]t+ p>agraph 7#c77;,a72  
7,c7 9 p>agraph 7#e71 z r$esignat$ by   
subsection 7a77#b71 by /rik+ p>agraph   
7#c77;,a7 & ins]t+ p>agraph 7#d77;,a72  
7,d7 9 p>agraph 7#f77;,a71 z r$esignat$ 
by subsection 7a77#b71 by /rik+ p>agraph

 7#d77;,b7 & ins]t+ p>agraph 7#e77;,b72 
&  7,e7 9 p>agraph 7#h77;,b77ii77,i71 z 
r$esignat$ by subsection 7a77#b71 by    
/rik+ p>agraph 7#c77;,b7 & ins]t+       
p>agraph 7#d77;,b74  7#e7 ,section      
#bae7;d77#c7 ( su* ,act is am5d$--  7,a7
 by /rik+ p>agraph 7#d77;,b77ii7 &      
ins]t+ p>agraph 7#e77;,b77ii72 &  7,b7  
by /rik+ subsection 7a77#g77;,c7 &      
ins]t+ subsection 7a77#h77;,c74  7#f7   
,subsection #bae7;f7 ( su* ,act is      
am5d$--  7,a7 9 p>agraph 7#b77;,b71 by  
/rik+ subsection 7a77#d77;,b7 & ins]t+  
subsection 7a77#e77;,b72  7,b7 9        
p>agraph 7#g71 by /rik+ subsection      
7a77#d77;,b7 & ins]t+ subsection        
7a77#e77;,b71 & by /rik+ subsection     
7a77#f7 & ins]t+ subsection 7a77#g72    
7,c7 9 p>agraph 7#i77;,a7--  7i7 by     
/rik+ subsection 7a77#g77;,a7 & ins]t+  
subsection 7a77#h77;,a72 &  7ii7 by     
/rik+ subsection 7a77#g77;,c7 & ins]t+  
subsection 7a77#h77;,c72 &  7,d7 9      
p>agraph 7#i77;,b71 by /rik+ subsection 
7a77#g7 ea* place x appe>s & ins]t+     

subsection 7a77#h74