Social Security Financing, Benefit Indexing, and Equal Rights Amendments

Summary

Social Security Financing, Benefit Indexing, and Equal Rights Amendments - Title I: Provisions to Improve the Financing of the Old-Age, Survivors, and Disability Insurance Programs Financing Amendments - Amends Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act to direct the Secretary of the Treasury, for years in which the unemployment rate has exceeded six percent, to transfer from the General Fund of the Treasury to: (1) the Federal Old-Age, and Survivors Insurance Trust Fund; (2) the Federal Disability Insurance Trust Fund; and (3) the Federal Hospital Insurance Trust Fund, an amount computed in accordance with a formula set forth in this Act, and apportioned among such Funds in accordance with this Act. Increases to $23,400 and $37,500 for calendar years 1979 and 1980 respectively, the level of wages to which the employer excise tax for purposes of Title II and railroad retirement will be applied. Sets forth increases in specified amounts to such contribution and benefit base in calendar years 1979, 1981, 1983, and 1985. Amends the Internal Revenue Code of 1954 to increase the rate of tax on wages received by employees and paid by employers, and on the earnings of the self employed for the purposes of Title II, and of the hospital insurance program of Title XVIII (Medicare) of the Social Security Act. Increases to specified levels, the allocations of wages and self-employment income from the Treasury to the Federal Disability Insurance Trust Fund in accordance with Title II of the Social Security Act. Title II: Stabilization of Income Replacement Rates in the Old-Age, Survivors, and Disability Insurance Programs - Social Security Benefit Indexing Amendments - 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, 1979. Provides that the minimum monthly insurance benefit under such new formula shall be $120.60. 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 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 1977. Provides for the recomputation of the benefit amounts of beneficiaries to assure that no individual receive less under the current method of computing benefit 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, the paid in wages of a worker 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 earnings. Establishes new maximum limits on the amount of benefits which an individual may receive. Title III: Elimination of Gender-Based Differences in Statutory Provisions of the Old-Age, Survivors, and Disability Insurance Program - Social Security Equal Rights Amendments - Amends Title II to eliminate gender-based distinctions in awarding benefits under such Title. Equalizes treatment of fathers, husbands, divorced husbands, surviving divorced husbands, and widowers with the treatment of their female counterparts under the Old-Age, Survivors, and Disability Insurance Program. Sets forth conditions for determining whether a spouse is dependent for the purposes of determining dependency of a spouse.

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• Introduced in House

  summary · EN · 12 July 1977

  Open at official source

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