Sec. 4. Income rules applicable to certain deferred compensation arrangements
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Section 1612 of the Social Security Act ( 42 U.S.C. 1382a ) is amended by adding at the end the following: If the aggregate value of the assets described in section 1613(a)(18) of an eligible individual who has attained 65 years of age and is not described in section 1611(e)(1)(B) exceeds— $10,750 (or, if greater, the amount determined under paragraph
(2)of this subsection) if the individual does not have an eligible spouse; or $16,250 (or, if greater, the amount determined under such paragraph (2)) if the individual has an eligible spouse, but does not exceed the dollar amount in effect with respect to the individual under section 1613(a)(18), the assets shall be considered income in an amount equal to the annuity value of the assets (as determined under regulations of the Commissioner of Social Security). Whenever dollar amounts in effect under paragraphs (1)(A) and (2)(A) of section 1611(a) are increased by a percentage under section 1617, each of the dollar amounts in effect under paragraph
(1)of this subsection shall be increased by the same percentage, and rounded to the closest multiple of $100. Each adjustment under paragraph
(1)shall be based on the unrounded amount for the prior 12-month period. . Section 1612(b) of such Act ( 42 U.S.C. 1382a(b) ) is amended— by striking and at the end of paragraph (25); by striking the period at the end of paragraph
(26)and inserting ; and ; and by adding at the end the following: one-third of the value of any assets described in section 1613(a)(18) distributed to such individual (or such spouse). .
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Sec. 4
Income rules applicable to certain deferred compensation arrangements
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