Sec. 3. Adjustments to bend points in determining primary insurance amount and 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: 5 percent of the individual’s surplus average indexed monthly earnings, . Section 215(a)(1)(B) of such Act (42 U.S.C. 415(a)(1)(B)) is amended— by redesignating clause
(iii)as clause (iv); and by inserting after clause
(ii)the following new clause: For individuals who initially become eligible for old-age or disability insurance benefits, or who die (before becoming eligible for such benefits) in any calendar year after 2018, the amount determined under clause
(i)of this subparagraph for purposes of subparagraph (A)(i) for such calendar year shall be increased by— for calendar year 2019, 1 percent; for each of calendar years 2020 through 2032, the percent determined under this clause for the preceding year increased by 1 percentage point; and for calendar year 2033 and each year thereafter, 15 percent. . Section 215(b)(1) of such Act ( 42 U.S.C. 415(b)(1) ) is amended— 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 Average Indexed Monthly Earnings and inserting 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 (described in paragraph (2)(B)(ii)) 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 without regard to this subparagraph), and the quotient described in subparagraph (A)(ii). . 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) 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 2018.
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Sec. 3
Adjustments to bend points in determining primary insurance amount and inclusion of surplus earnings for benefit determinations
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