Social Security Payment Equity Act of 1994

Summary

Social Security Payment Equity Act of 1994 - Amends title II (Old-Age, Survivors and Disability Insurance) (OASDI) to set limits on payment of OASDI benefits during any year, based on the work record of an individual with higher levels of income for such year, if total payments of such benefits have exceeded prior contributions plus interest. Specifies schedules of benefit reductions from ten percent to 100 percent for single and for married individuals. Requires the Commissioner of Social Security to provide annual social security account statements to eligible individuals with respect to such benefit limitations. Adjusts the gradual increase in retirement age from 65 to 68 so as to commence with calendar year 1996 and reach age 68 for those who would attain age 65 in or after calendar year 2031.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 November 1994

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• Introduced in House (PDF)

  Introduced in House · EN · 29 November 1994

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• Introduced in House

  summary · EN · 29 November 1994

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