Sec. 3107. Option to collect up to one-half of old-age insurance benefit at age 62
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Section 202 of the Social Security Act ( 42 U.S.C. 402 ) is amended by adding at the end the following: Not later than January 1, 2014, the Commissioner of Social Security shall establish an option, subject to such regulations as are prescribed by the Commissioner under paragraph (2), for a fully insured individual (as defined in section 214) to elect to receive a reduced monthly benefit after such individual attains 62 years of age, consisting of the following: Subject to paragraph (3), for months beginning with the month in which the individual attains age 62, a monthly benefit equal to such percentage as is elected by the individual, but which shall not be greater than 50 percent, of the primary insurance amount determined for the individual at age 62.
For months beginning with the month in which the individual attains early retirement age, a monthly benefit equal to the sum of— the monthly benefit payable to the individual under subparagraph (A); and the amount equal to the applicable percentage (as determined under subparagraph (C)) of primary insurance amount determined for the individual under section 215 for such month (determined without regard to any election under this subsection). For purposes of subparagraph (B)(ii), the applicable percentage shall be equal to the difference between— 100 percent; and the percentage elected by the individual under subparagraph (A).
An individual shall elect the option under this subsection in accordance with regulations prescribed by the Commissioner of Social Security. The monthly benefit payable to an individual under paragraph (1)(A) shall be subject to reduction as provided in subsection (q). . Section 202(a) of the Social Security Act (42 U.S.C. 402(a)) is amended in the last sentence, by striking subsection
(q)and subsection
(w)and inserting subsections (q), (w), and
(z).
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Sec. 3107
Option to collect up to one-half of old-age insurance benefit at age 62
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