Social Security Benefit Indexing Act

Summary

Social Security Benefit Indexing Act - Sets forth a new formula for the computation of the primary insurance amount of an individual who becomes eligible for old age insurance benefits or disability insurance benefits under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act after January, 1978. Provides that the minimum monthly insurance benefit under such new formula shall be $116.40. Establishes a method for determining annually the portion of an individual's average indexed monthly earnings upon which an individual's primary insurance amount is based. Bases such determination on a comparison of the average of the wages of all employees for the second calendar year preceding the calendar year for which the determination is made with the wages of all employees for the calendar year 1976. Provides for the recomputation of the benefit amounts of current beneficiaries to assure that no individual receives less under the current method of computing benefit amounts than the amount he would receive under this Act. Requires that, in determining the amount on which an individual's primary insurance amount will be based, a worker's paid in wages and self employment income be indexed to reflect the changes in such wages and income between the year in which such individual became eligible for benefits and each year in which the worker had earnings. Sets forth a formula to be used in indexing an individual's earning. Establishes new maximum limits on the amount of benefits which an individual may receive.

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1 official file

• Introduced in House

  summary · EN · 8 February 1977

  Open at official source

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