A bill to amend title II of the Social Security Act to increase the amount of earnings exempt from reduction under the retirement test, to eliminate such test in 1995, and for other purposes.

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. Eliminates, by 1996, the limitation on the amount of outside income which individuals who have attained retirement age may earn without incurring a reduction in OASDI 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 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. Accelerates the effective dates of increases in the delayed retirement credit rate for individuals who work beyond retirement age.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 22 November 1989

  Open at official source

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