Sec. 4. Increase in minimum benefit for lifetime low earners based on years in the workforce
457 words·~2 min read·
/bill/118/s/393/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 215(a)(1) of the Social Security Act ( 42 U.S.C. 415(a)(1) ) is amended— by redesignating subparagraph
(D)as subparagraph (E); and by inserting after subparagraph
(C)the following new subparagraph: Effective with respect to the benefits of individuals who become eligible for old-age insurance benefits or disability insurance benefits (or die before becoming so eligible) after 2023, no primary insurance amount computed under subparagraph
(A)may be less than the greater of— the minimum monthly amount computed under subparagraph (C); or in the case of an individual who has more than 10 years of work (as defined in clause (iv)(I)), the alternative minimum amount determined under clause (ii). The alternative minimum amount determined under this clause is the applicable percentage of 1/12 of the annual dollar amount determined under clause
(iii)for the year in which the amount is determined. For purposes of subclause (I), the applicable percentage is the percentage specified in connection with the number of years of work, as set forth in the following table: If the number of years The applicable of work is: percentage is: 11 6.25 percent 12 12.50 percent 13 18.75 percent 14 25.00 percent 15 31.25 percent 16 37.50 percent 17 43.75 percent 18 50.00 percent 19 56.25 percent 20 62.50 percent 21 68.75 percent 22 75.00 percent 23 81.25 percent 24 87.50 percent 25 93.75 percent 26 100.00 percent 27 106.25 percent 28 112.50 percent 29 118.75 percent 30 or more 125.00 percent. The annual dollar amount determined under this clause is— for calendar year 2024, the poverty guideline for 2023; and for any calendar year after 2024, the annual dollar amount for 2023 multiplied by the ratio of— the national average wage index (as defined in section 209(k)(1)) for the second calendar year preceding the calendar year for which the determination is made, to the national average wage index (as so defined) for 2022. For purposes of this subparagraph— the term year of work means, with respect to an individual, a year to which 4 quarters of coverage have been credited based on such individual’s wages and self-employment income; and the term poverty guideline for 2023 means the annual poverty guideline for 2023 (as updated annually in the Federal Register by the Department of Health and Human Services under the authority of section 673(2) of the Omnibus Budget Reconciliation Act of 1981) as applicable to a single individual. . Notwithstanding section 215(f)(1) of the Social Security Act, the Commissioner of Social Security shall recompute primary insurance amounts originally computed for months prior to November 2018 to the extent necessary to carry out the amendments made by this section. Section 209(k)(1) of such Act ( 42 U.S.C. 409(k)(1) ) is amended by inserting 215(a)(1)(E), after 215(a)(1)(D), .
Connectionstraces to 2
Traces to 2 documents
Citation graph
cites case law
Sec. 4
Increase in minimum benefit for lifetime low earners based on years in the workforce
Cites 2Cited by 0 across 0 sources