Sec. 2. Annual increase in contribution and benefit base
364 words·~2 min read·
/bill/114/hr/4529/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 230(a) of the Social Security Act ( 42 U.S.C. 430(a) ) is amended to read as follows: The Commissioner shall determine and publish in the Federal Register on or before November 1 of each calendar year the contribution and benefit base determined under subsection
(b)which shall be effective with respect to remuneration paid after such calendar year and taxable years beginning after such calendar year. . Section 230(b) of such Act ( 42 U.S.C. 430(b) ) is amended to read as follows: The amount of such contribution and benefit base determined under this subsection shall be the product of the contribution and benefit base in effect in the year in which the determination is made multiplied by the larger of— 1, plus the percentage that is equal to twice the annual national average wage increase; or 1.03, with such product, if not a multiple of $300, being rounded to the next higher multiple of $300 where such product is a multiple of $150 but not of $300 and to the nearest multiple of $300 in any other case. For purposes of this subsection, the term annual national average wage increase means the quotient (expressed as a percentage) of— the amount by which the national average wage index (as defined in section 209(k)(1)) for the calendar year before the calendar year in which the determination under subsection
(a)is made exceeds the national average wage index (as so defined) for the calendar year that is 2 years before the calendar year in which such determination is made, divided by the national average wage index (as so defined) for the calendar year that is 2 years before the calendar year in which such determination is made. . Section 230 of such Act ( 42 U.S.C. 430 ), as amended by subsections
(a)and (b), is further amended— by striking subsection (c); by redesignating subsection
(d)as subsection (c); and in subsection
(c)(as redesignated by paragraph (2)), by striking Public Law 93–406 and inserting the Employee Retirement Income Security Act of 1974 . The amendments made by this section shall apply with respect to renumeration paid, and taxable years beginning, after calendar year 2016.
Connectionstraces to 1
Traces to 1 document
1 reference not yet in our index
- Pub. L. 93-406
Citation graph
cites case law
Cites 2Cited by 0 across 0 sources