Sec. 6. Inclusion of surplus earnings for benefit determinations
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Section 215(a)(1)(A) of the Social Security Act (42 U.S.C. 415(a)(1)(A)) is amended— in clauses (i), (ii), and (iii), by inserting basic before average indexed monthly earnings each place it appears; in clause (ii), by striking and at the end; in clause (iii), by adding and at the end; and by inserting after clause
(iii)the following new clause: 1 percent or $1000 (whichever is less) of the individual’s surplus average indexed monthly earnings (determined under subsection (b)(1)(B)), . Section 215(b)(1) of such Act ( 42 U.S.C. 415(b)(1) ) is amended— in the matter preceding subparagraph (A), by inserting basic before average ; and in subparagraph (A), by striking paragraph
(3)and inserting paragraph (3)(A) and by inserting before the comma the following: to the extent such total does not exceed the contribution and benefit base for the applicable year . Section 215(b)(1) of such Act (as amended by paragraph (1)) is amended— by redesignating subparagraphs
(A)and
(B)as clauses
(i)and (ii), respectively; by inserting
(A)after (b)(1) ; and by adding at the end the following new subparagraph: An individual’s surplus average indexed monthly earnings shall be equal to the quotient obtained by dividing— the total (after adjustment under paragraph (3)(B)) of such individual’s surplus earnings (determined under clause (ii)) for such individual’s benefit computation years (determined under paragraph (2)), by the number of months in those years. For purposes of clause
(i)and paragraph (3)(B), an individual’s surplus earnings for a benefit computation year are the total of such individual’s wages paid in and self-employment income credited to such benefit computation year, to the extent such total (before adjustment under paragraph (3)(B)) exceeds the contribution and benefit base for such year. . The heading for section 215(b) of such Act is amended by striking and inserting Average Indexed Monthly Earnings . Basic Average Indexed Monthly Earnings; Surplus Average Indexed Monthly Earnings Section 215(b)(3) of such Act ( 42 U.S.C. 415(b)(3) ) is amended— in subparagraph (A), by striking subparagraph
(B)and inserting subparagraph
(C)and by inserting and determination of basic average indexed monthly income after paragraph
(2); by redesignating subparagraph
(B)as subparagraph (C); and by inserting after subparagraph
(A)the following new subparagraph: For purposes of determining under paragraph (1)(B) an individual’s surplus average indexed monthly earnings, the individual’s surplus earnings for a benefit computation year shall be deemed to be equal to the product of— the individual’s surplus earnings for such year (as determined under clause
(ii)of paragraph (1)(B) without regard to this subparagraph), and the quotient described in subparagraph (A)(ii). . Paragraphs (3)(A)(ii) and (6)(A) of section 203(a) of such Act ( 42 U.S.C. 403(a) ) are each amended by inserting basic before average indexed monthly earnings . Subsections
(b)and
(c)of section 212 of such Act ( 42 U.S.C. 412 ) are each amended by striking average indexed monthly earnings and inserting basic average indexed monthly earnings, surplus average indexed monthly earnings . The amendments made by this section shall apply with respect to individuals who initially become eligible (within the meaning of section 215(a)(3)(B) of the Social Security Act ( 42 U.S.C. 415(a)(3)(B) ) for old-age or disability insurance benefits under title II of the Social Security Act, or who die (before becoming eligible for such benefits), in any calendar year after 2014.
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