Senior Citizens' Freedom to Work Act

Summary

Senior Citizens' Freedom to Work Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the monthly exempt amount, under the earnings test, for individuals who have attained retirement age. Sets forth the schedule of monthly adjustments increasing from $1,208 for taxable year 1996 to $2,500 for taxable year 2002. Subjects such increased amounts to current law cost-of-living adjustments after 2002. Requires the Managing Trustee of the Federal Old-Age and Survivors Insurance Trust Fund to increase by a specified percentage per year the rate of interest borne by public-debt obligations issued for purchase by the OASDI trust funds between September 30, 1995, and October 1, 2002. Provides that each nonexempt account within the discretionary spending category for each of FY 1996 through 2002 shall be reduced, if necessary, by the uniform percentage necessary to offset the Federal Old-Age and Survivors Insurance Trust Fund shortfall resulting from the amendments of this Act increasing the monthly exempt amount. Directs the Comptroller General to analyze and report to the Congress on the dynamic effect of the revision of the social security earnings limit made by this Act and a calculation of its true effect on the Federal budget.

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Documents

5 official files

• Referred to Committee Senate (text)

  Referred to Committee Senate · EN · 2 November 1995

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• Referred to Committee Senate (PDF)

  Referred to Committee Senate · EN · 2 November 1995

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• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 1 November 1995

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 1 November 1995

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• Introduced in Senate

  summary · EN · 31 October 1995

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