Social Security Amendments

Summary

Social Security Amendments - Revises the method of determining the initial primary insurance amount of an insured individual under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Requires that, in determining the amount on which an individual's benefits will be based, a worker's earnings be indexed to reflect the cost-of-living increases between the year in which the worker began to work and the year of retirement. Sets forth the formula to be used in indexing an individual's earnings. Sets forth a new formula to be applied to the average of such indexed wages in determining the initial primary insurance amount. Stipulates that if an individual's benefits computed according to the method set forth in this Act should be lower than benefits computed under the previous law, the higher benefit will be paid.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 February 1977

  Open at official source

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