A bill to amend the Social Security Act to increase the amount of earnings exempt from reduction under the retirement test under title II of such Act.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the amount of monthly income which an individual who has attained retirement age may earn in 1990 and 1991 without incurring a reduction in benefits. Reduces the benefits of an older worker by 25 percent of the first $5,000 of his or her excess earnings and 33 1/3 percent of additional excess earnings. (Currently, a 33 1/3 percent benefit reduction is applied against all excess earnings.) Includes certain deferred compensation in the computation of wage-based OASDI benefit adjustments.

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Timeline

1. 31 October 1989

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 31 October 1989

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 31 October 1989

  Open at official source

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Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Packwood, Bob [R-OR] · R · Sponsor
• Sen. Mitchell, George J. [D-ME] · D · Sponsor
• Sen. Moynihan, Daniel Patrick [D-NY] · D · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Cosponsor
• Sen. Exon, J. James [D-NE] · D · Cosponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• Sen. Shelby, Richard C. [R-AL] · D · Cosponsor
• Sen. Cohen, William S. [R-ME] · R · Cosponsor
• · ssfi00 · Standing

Related records

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