113 HR 5306 IH: Social Security 2100 Act
U.S. House of Representatives
2014-07-31
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.This Act may be cited as the Social Security 2100 Act
.
<enum>I</enum><header>Strengthening Benefits</header>
<section id="H2C65D5D0307041F399DCDD38F081819D"><enum>101.</enum><header>Across-the-board benefit increase</header>
<subsection id="H553EA3A53787469EBE76742856C1F89B"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 215(a)(1)(A)(i) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(a)(1)(A)(i)</external-xref>) is amended by
striking <quote>90 percent</quote> and inserting <quote>93 percent</quote>.</text>
</subsection><subsection id="HA5185075C36C4D78B71066B8C422069A"><enum>(b)</enum><header>Effective date</header>
<paragraph id="H415265F62D404D218D290DFC767FCB2C"><enum>(1)</enum><header>In general</header><text>The amendment made by subsection (a) shall apply with respect to monthly insurance benefits payable
for any month after December 2014.</text>
</paragraph><paragraph id="H9528A100056D4B1491F9CCF059014835"><enum>(2)</enum><header>Recomputation of primary insurance amounts</header><text display-inline="yes-display-inline">Notwithstanding section 215(f) of the Social Security Act, the Commissioner of Social Security
shall recompute primary insurance amounts originally computed for months
prior to January 2015 to the extent necessary to carry out the amendments
made by this section.</text>
</paragraph></subsection></section><section id="H9D7AA93766B9464A8979C809520C4CED"><enum>102.</enum><header>Computation of cost-of-living increases</header>
<subsection commented="no" id="HAE19EFAA13FA474B9A2F6CA6CD2C3397"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 215(i)(1) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(i)(1)</external-xref>) is amended by adding at the end
the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H8DF2AE1CC1434E808600CD28E8CBA2E6" style="OLC">
<subparagraph commented="no" id="HCFB85062F7724FB9A041C07B7EDE914C" indent="up1"><enum>(H)</enum><text display-inline="yes-display-inline">the term <quote>Consumer Price Index</quote> means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor
Statistics of the Department of Labor).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection commented="no" display-inline="no-display-inline" id="H3C8221DFBAC64409833D175B434AAC37"><enum>(b)</enum><header>Application to pre-1979 law</header>
<paragraph commented="no" id="HA54640D0C4184F989385C2A813A90EAF"><enum>(1)</enum><header>In general</header><text>Section 215(i)(1) of the Social Security Act as in effect in December 1978, and as applied in
certain cases under the provisions of such Act as in effect after December
1978, is amended by adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="H44BAACB398F94BFF8FEF35036C5E44F6" style="traditional">
<subparagraph commented="no" id="HF1827A4967DB4284BA5641D645A73F47" indent="up1"><enum>(D)</enum><text display-inline="yes-display-inline">the term <quote>Consumer Price Index</quote> means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor
Statistics of the Department of Labor).</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="HD66D9DBF28E443BA91B41C39DE900BAD"><enum>(2)</enum><header>Conforming change</header><text>Section 215(i)(4) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(i)(4)</external-xref>) is amended by inserting <quote>and by section 102 of the <short-title>Social Security 2100 Act</short-title></quote> after <quote>1986</quote>.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="H4D31B64871AA4B46B0E459610BD03AA6"><enum>(c)</enum><header>No effect on adjustments under other laws</header><text display-inline="yes-display-inline">Section 215(i) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(i)</external-xref>) is amended by adding at the end the
following:</text>
<quoted-block display-inline="no-display-inline" id="H5673D36A2A984E88AA6C99C7F31352BF" style="OLC">
<paragraph id="HF54FCFAFF60A4BD9B2A0AC8B4B64FDDF" indent="up1"><enum>(6)</enum><text display-inline="yes-display-inline">Any provision of law (other than in this title, title VIII, or title XVI) which provides for
adjustment of an amount based on a change in benefit amounts resulting
from a determination made under this subsection shall be applied and
administered without regard to the amendments made by section 102 of the <short-title>Social Security 2100 Act</short-title>.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HD4000279063D48B3BA6B7BF7C800C825"><enum>(d)</enum><header>Publication of Consumer Price Index for Elderly Consumers</header><text display-inline="yes-display-inline">The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the index
authorized by section 191 of the Older Americans Amendments Act of 1987
(<external-xref legal-doc="usc" parsable-cite="usc/29/2">29 U.S.C. 2</external-xref> note) for each calendar month, beginning with July of the
calendar year following the calendar year in which this Act is enacted,
and such index shall be known as the <quote>Consumer Price Index for Elderly
Consumers</quote>.</text>
</subsection><subsection id="HE4C83C1F88484BA6AA538B1F0DFC857D"><enum>(e)</enum><header>Effective date</header><text>The amendments made by subsection (a) shall apply to determinations made with respect to
cost-of-living computation quarters (as defined in section 215(i)(1)(B) of
the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(i)(1)(B)</external-xref>)) ending on or after
September 30 of the second calendar year following the calendar year in
which this Act is enacted.</text>
</subsection></section><section display-inline="no-display-inline" id="H1DE20CADF36C4ED4B28004C9781F9BEE" section-type="subsequent-section"><enum>103.</enum><header>Increase in minimum benefit for lifetime low earners based on years in the workforce</header>
<subsection id="H143AEF2159EC4BE6810340F7C0516609"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Section 215(a)(1) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(a)(1)</external-xref>) is amended—</text>
<paragraph id="H91BC94337D59406092D331FA15AA4C27"><enum>(1)</enum><text>by redesignating subparagraph (D) as subparagraph (E); and</text>
</paragraph><paragraph id="H9F09494C9FD34169B2B77631FBC74143"><enum>(2)</enum><text>by inserting after subparagraph (C) the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HAF502004FE584ACA9B98224A6DB3FCA4" style="traditional">
<subparagraph id="HA68D69C24D44458C89226B3488AEF11F" indent="up2"><enum>(D)</enum>
<clause commented="no" display-inline="yes-display-inline" id="HC62AD1F5E3774D538AF43F2CBE5AC1C2"><enum>(i)</enum><text>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 2014, no primary insurance amount computed under
subparagraph (A) may be less than the greater of—</text>
<subclause id="H90018A5506054B1A99DE25C2999A046E" indent="up1"><enum>(I)</enum><text>the minimum monthly amount computed under subparagraph (C); or</text>
</subclause><subclause id="H00315767F824423BB28BF4FFFF67DD56" indent="up1"><enum>(II)</enum><text>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).</text>
</subclause></clause><clause id="H32ED169B14CE4656A15210F1F8D231E2" indent="up1"><enum>(ii)</enum>
<subclause commented="no" display-inline="yes-display-inline" id="HF89B3DA5069841F69A6679CAEB9EA6A4"><enum>(I)</enum><text display-inline="yes-display-inline">The alternative minimum amount determined under this clause is the applicable percentage of <fraction>1/12</fraction> of the annual dollar amount determined under clause (iii) for the year in which the amount is
determined.</text>
</subclause><subclause id="H4354298028E4448AB6733BD1DB93A448" indent="up1"><enum>(II)</enum><text>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:</text>
<table align-to-level="section" blank-lines-before="2" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Flush/hang, 1 text, 1 num, bold hds" table-type="Leaderwork"><tgroup cols="2" rowsep="0"><colspec coldef="txt" colname="column1" colwidth="204.19pt" min-data-value="70"></colspec><colspec coldef="fig" colname="column2" colwidth="358.88pt" min-data-value="12"></colspec><thead><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold>If the number of years</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>The applicable</bold></entry></row><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold> of work is:</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>percentage is:</bold></entry></row></thead><tbody><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">11</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">12</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">13</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">18.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">14</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">25.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">15</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">31.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">16</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">37.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">17</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">43.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">18</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">50.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">19</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">56.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">20</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">62.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">21</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">68.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">22</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">75.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">23</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">81.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">24</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">87.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">25</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">93.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">26</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">100.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">27</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">106.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">28</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">112.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">29</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">118.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">30 or more</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">125.00 percent.</entry></row></tbody></tgroup></table>
</subclause></clause><clause id="H43F363E6F1CE46659B0D340BCA42104E" indent="up1"><enum>(iii)</enum><text display-inline="yes-display-inline">The annual dollar amount determined under this clause is—</text>
<subclause id="H292C2C49E8754055925BE18B05628C24"><enum>(I)</enum><text>for calendar year 2015, the poverty guideline for 2014; and</text>
</subclause><subclause id="H595DF52F1177438987038DDB41F2ED5E"><enum>(II)</enum><text>for any calendar year after 2015, the annual dollar amount for 2015 multiplied by the ratio of—</text>
<item id="HAC0F1B49F8BC4DA0BF8C5B3467424C46"><enum>(aa)</enum><text>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</text>
</item><item id="HFF76685175C640088EE86C74A8F9DA0F"><enum>(bb)</enum><text>the national average wage index (as so defined) for 2013.</text>
</item></subclause></clause><clause id="H2C6730FA18ED451C9E44CE3B096D2DDF" indent="up1"><enum>(iv)</enum><text display-inline="yes-display-inline">For purposes of this subparagraph—</text>
<subclause id="H9051F908DD7942088FA9B787847F9B84"><enum>(I)</enum><text>the term <quote>year of work</quote> 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</text>
</subclause><subclause id="HF073EA18743C48D49F57234A8471D2C7"><enum>(II)</enum><text>the term <quote>poverty guideline for 2014</quote> means the annual poverty guideline for 2014 (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.</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection display-inline="no-display-inline" id="HFBF571480C1647139A96A7217B485BE9"><enum>(b)</enum><header>Recomputation</header><text>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 2014 to the extent necessary to carry out the amendments
made by this section.</text>
</subsection><subsection id="H2218C797D6D9483982CE454D4C84BA7A"><enum>(c)</enum><header>Conforming amendment</header><text>Section 209(k)(1) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/409">42 U.S.C. 409(k)(1)</external-xref>) is amended by inserting <quote>215(a)(1)(E), </quote> after <quote>215(a)(1)(D),</quote>.</text>
</subsection></section><section id="HDDCE15E913FE4BE4A0D0B6D41E45F98B"><enum>104.</enum><header>Increase in threshold amounts and rate for inclusion of social security benefits in income</header>
<subsection id="H83C4289AB7C24D81A50E0E7A9FD5209B"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Subsection (a) of <external-xref legal-doc="usc" parsable-cite="usc/26/86">section 86</external-xref> of the Internal Revenue Code of 1986 is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="HF2EADCE4008048DC9951C7523786E4BC" style="OLC">
<subsection id="HB61757F5635A4317A727AC14FEEDA540"><enum>(a)</enum><header>In general</header><text display-inline="yes-display-inline">Gross income for the taxable year of any taxpayer described in subsection (b) (notwithstanding
section 207 of the Social Security Act) includes social security benefits
in an amount equal to the lesser of—</text>
<paragraph id="H3181A0C97E5748028B803FADB0BADFD7"><enum>(1)</enum><text>85 percent of the social security benefits received during the taxable year, or</text>
</paragraph><paragraph id="HDAE2D8CE15C041CF857204C3C711378C"><enum>(2)</enum><text>one-half of the excess described in subsection (b)(1).</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H126C33C8D7F74BE8AE997902A6BF55A7"><enum>(b)</enum><header>Base amount</header><text>Subsection (c) of section 86 of such Code is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H5F983ED8BDEC495FAF1421EFEB7689CF" style="OLC">
<subsection id="H3D634BA29A334CBEAE7296876BD50791"><enum>(c)</enum><header>Base amount</header><text display-inline="yes-display-inline">For purposes of this section, the term <quote>base amount</quote> means—</text>
<paragraph id="H816DABE225104BA3928703D403A9ABA0"><enum>(1)</enum><text display-inline="yes-display-inline">except as otherwise provided in this paragraph, $50,000,</text>
</paragraph><paragraph id="H1681EBD5B26048AE858A2264878CB67A"><enum>(2)</enum><text>$100,000 in the case of a joint return, and</text>
</paragraph><paragraph id="HF7F0A95886074B38B47D28E9E0044161"><enum>(3)</enum><text>zero in the case of a taxpayer who—</text>
<subparagraph id="H780E7D5FF2764521A0E7A55BC659B7F0"><enum>(A)</enum><text>is married as of the close of the taxable year (within the meaning of section 7703) but does not
file a joint return for such year, and</text>
</subparagraph><subparagraph id="HBC1328F4F7F3407A9D6FE52C3AC5E961"><enum>(B)</enum><text>does not live apart from his spouse at all times during the taxable year.</text></subparagraph></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H60972A074C4E41A6BCF01D198E2BD0B3"><enum>(c)</enum><header>Hospital Insurance Trust Fund held harmless</header><text>Section 121(e)(1) of the Social Security Amendments of 1986 (<external-xref legal-doc="usc" parsable-cite="usc/42/401">42 U.S.C. 401</external-xref> note) is amended by
adding at the end the following new subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HE107532FCBE24E1C9D5C58E4D5D99445" style="traditional">
<subparagraph id="HCEAF6516B15D4DE493E1DDAE31F2D810" indent="up1"><enum>(C)</enum><text display-inline="yes-display-inline">The amounts appropriated to the hospital insurance trust fund by subparagraph (B) shall be
determined, and transferred from the general fund, at such times and in
such manner so as to replicate, to the extent possible, the appropriations
and transfers which would have occurred with respect to such trust fund
had subsections (a) and (b) of section 104 of the <short-title>Social Security 2100 Act</short-title> not been enacted.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H6B37E30E76164B84A5BEA40DBE3D8B82"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to taxable years beginning after December 31, 2014.</text>
</subsection></section><enum>II</enum><header>Strengthening the Trust Fund</header>
<section id="HB50A32CCB7DE4C96B08CC69C021133FA" section-type="subsequent-section"><enum>201.</enum><header>Determination of wages and self-employment income above contribution and benefit base after 2013</header>
<subsection id="HF8EF77016B08401A808CD073BC26D6DE"><enum>(a)</enum><header>Determination of wages above contribution and benefit base after 2014</header>
<paragraph id="H147345DF280B4FCBB4FD84DF281F1978"><enum>(1)</enum><header>Amendments to the Internal Revenue Code</header>
<subparagraph id="H7DD82A343AE54239A573E9C7C293E897"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/3121">section 3121(a)</external-xref> of the Internal Revenue Code of 1986 is amended by inserting after <quote>such calendar year.</quote> the following: <quote>The preceding sentence shall apply only to calendar years for which the contribution and benefit
base (as so determined) is less than $400,000, and, for such calendar
years, only to the extent remuneration paid to such employee by such
employer with respect to employment does not exceed $400,000.</quote>.</text>
</subparagraph><subparagraph id="HCB7DDB2E61504DBCB056C2FCC11AA1AE"><enum>(B)</enum><header>Conforming amendment</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/3121">section 3121(a)</external-xref> of the Internal Revenue Code of 1986 is amended by striking <quote>Act) to</quote> and inserting <quote>Act), or in excess of $400,000, to</quote>.</text>
</subparagraph></paragraph><paragraph id="H6A0F9A1153D34102908CC283502C899F"><enum>(2)</enum><header>Amendment to the Social Security Act</header><text display-inline="yes-display-inline">Section 209(a)(1)(I) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/409">42 U.S.C. 409(a)(1)(I)</external-xref>) is amended by inserting
before the semicolon at the end the following: <quote>except that this subparagraph shall apply only to calendar years for which the contribution and
benefit base (as so determined) is less than $400,000, and, for such
calendar years, only to the extent remuneration paid to such employee by
such employer with respect to employment does not exceed $400,000</quote>.</text>
</paragraph><paragraph id="HD252830D6ABA4ED099772F3BB24275BE"><enum>(3)</enum><header>Effective date</header><text>The amendments made by this subsection shall apply with respect to remuneration paid in calendar
years after 2014.</text>
</paragraph></subsection><subsection id="H12EB477F30C146CBB37A0CDC7070E7FC"><enum>(b)</enum><header>Determination of self-Employment income above contribution and benefit base after 2014</header>
<paragraph id="H737A821311BC4BE991E21ED86C68152A"><enum>(1)</enum><header>Amendments to the Internal Revenue Code</header>
<subparagraph display-inline="no-display-inline" id="H12E61AC574A3448FB8B0BEEFF79DC45A"><enum>(A)</enum><header>In general</header><text>Paragraph (1) of <external-xref legal-doc="usc" parsable-cite="usc/26/1402">section 1402(b)</external-xref> of the Internal Revenue Code of 1986 is amended to read as
follows:</text>
<quoted-block display-inline="no-display-inline" id="H143A0839F6264988B78B134C2A52B00C" style="OLC">
<paragraph id="HA4BD1F7FE3F34A7FB2CB41EBC7F98C7D"><enum>(1)</enum><text display-inline="yes-display-inline">in the case of the tax imposed by section 1401(a), an amount equal to—</text>
<subparagraph id="HB34EA5F223F24E34B9D660449B3DEC78"><enum>(A)</enum><text>$400,000, reduced (but not below zero) by</text>
</subparagraph><subparagraph id="H8821A16245184177BA97875C7AB7D16E"><enum>(B)</enum><text>the sum of—</text>
<clause id="H6766AD834F934E2F8D3E6F9C68786574"><enum>(i)</enum><text>the part of the net earnings from self-employment (if any) which is not in excess of—</text>
<subclause id="HDFD04BC38AEE4C029EAB971EB19AFBF3"><enum>(I)</enum><text display-inline="yes-display-inline">the amount equal to the contribution and benefit base (as determined under section 230 of the
Social Security Act) which is effective for the calendar year in which
such taxable year begins, minus</text>
</subclause><subclause id="HBF9D82923E02438AB14544D8FCCC20B2"><enum>(II)</enum><text display-inline="yes-display-inline">the amount of the wages paid to such individual during such taxable year, plus</text>
</subclause></clause><clause id="H6FFED723D6A9477A965212245DA578E6"><enum>(ii)</enum><text>the amount of the wages paid to such individual during such taxable year which is in excess of the
amount in clause (i)(I); or</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HD56EAA6775FD44F28D1D700C91DC3CC2"><enum>(B)</enum><header>Phaseout</header><text>Subsection (b) of <external-xref legal-doc="usc" parsable-cite="usc/26/1402">section 1402</external-xref> of the Internal Revenue Code of 1986 is amended by adding at the end
the following: <quote>Paragraph (1) shall apply only to taxable years beginning in calendar years for which the
contribution and benefit base (as determined under section 230 of the
Social Security Act) is less than $400,000.</quote>.</text>
</subparagraph></paragraph><paragraph id="HF0012FDCE54445908DB6499C9E855ECA"><enum>(2)</enum><header>Amendments to the Social Security Act</header>
<subparagraph id="H75FF7E5563FB4788BADF5C402019F38A"><enum>(A)</enum><header>In general</header><text display-inline="yes-display-inline">Section 211(b)(1) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/411">42 U.S.C. 411(b)</external-xref>) is amended—</text>
<clause display-inline="no-display-inline" id="HE0ACCA617C3D4436A0226FA77AF0AB76"><enum>(i)</enum><text>in subparagraph (I)—</text>
<subclause id="H1B3A7D4687A24940B11D20947B173890"><enum>(I)</enum><text>by inserting <quote>and before 2014</quote> after <quote>1974</quote>; and</text>
</subclause><subclause id="H258A8547D0704A31A0F2505CBD0EC2AB"><enum>(II)</enum><text>by striking <quote>or</quote> at the end; and</text>
</subclause></clause><clause id="H36C46AFA08B94E26B714452A4C58DA1B"><enum>(ii)</enum><text display-inline="yes-display-inline">by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H66861D33943143FEBBB1644A7897F3FF" style="OLC">
<subparagraph id="H81C4CC8C013749BFA260118EDB263ABC"><enum>(J)</enum><text display-inline="yes-display-inline">For any taxable year beginning in any calendar year after 2014, an amount equal to—</text>
<clause id="H6F2FACF3C29C4B0A96754427AD3E2761"><enum>(i)</enum><text>$400,000, reduced (but not below zero) by</text>
</clause><clause display-inline="no-display-inline" id="H591654C84F27479A8BAEDCAEEC589169"><enum>(ii)</enum><text>the sum of—</text>
<subclause id="H784A6E8845AA4F52B10D668215E9F850"><enum>(I)</enum><text>the part of the net earnings from self-employment (if any) which is not in excess of—</text>
<item id="HBDC016E491EF47CEA90850786311437D"><enum>(aa)</enum><text display-inline="yes-display-inline">the amount equal to the contribution and benefit base (as determined under section 230) which is
effective for the calendar year in which such taxable year begins, minus</text>
</item><item id="HB812EE47D30E44849CD518A4B360733E"><enum>(bb)</enum><text display-inline="yes-display-inline">the amount of the wages paid to such individual during such taxable year, plus</text>
</item></subclause><subclause id="HF23E25EB2BF24895830E10D37F4350C7"><enum>(II)</enum><text>the amount of the wages paid to such individual during such taxable year which is in excess of the
amount in subclause (I)(aa); or</text></subclause></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HE31D6CE8EEBE4FFCADB4DD86E8431066"><enum>(B)</enum><header>Phaseout</header><text display-inline="yes-display-inline">Section 211(b) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/411">42 U.S.C. 411(b)</external-xref>) is amended by adding at the end the
following: <quote>Paragraph (1) shall apply only to taxable years beginning in calendar years for which the
contribution and benefit base (as determined under section 230) is less
than $400,000.</quote>.</text>
</subparagraph></paragraph><paragraph id="H500F8F7A36674AA59591DBAE60ECDA8C"><enum>(3)</enum><header>Effective date</header><text display-inline="yes-display-inline">The amendments made by this subsection shall apply to net earnings from self-employment derived,
and remuneration paid, in calendar years after 2014.</text>
</paragraph></subsection></section><section display-inline="no-display-inline" id="H56F5423D4ECD4DC9B1BCF5B62575F578" section-type="subsequent-section"><enum>202.</enum><header>Inclusion of earnings over $400,000 in social security benefit formula</header>
<subsection id="H95E91B5B19A241AC8FB1068D8E0D9054"><enum>(a)</enum><header>Inclusion of earnings over $400,000 in determination of primary insurance amounts</header><text>Section 215(a)(1)(A) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(a)(1)(A)</external-xref>) is amended—</text>
<paragraph id="HB70367CA66744096BD728BD814079F59"><enum>(1)</enum><text>in clause (ii), by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph id="H86BB9F1E1117414C966C0F545DBAFF41"><enum>(2)</enum><text>in clause (iii), by inserting <quote>and</quote> at the end; and</text>
</paragraph><paragraph id="HA079DA83C9BF48DDBBBFC78602F02F18"><enum>(3)</enum><text>by inserting after clause (iii) the following:</text>
<quoted-block display-inline="no-display-inline" id="H5ED2AFF00E4C4B8A9273F185A76FB77A" style="traditional">
<clause id="H018FC0863DE94B998E8CA9D42E117142" indent="up2"><enum>(iv)</enum><text display-inline="yes-display-inline">2 percent of the individual’s excess average indexed monthly earnings (as defined in subsection
(b)(5)(A)).</text></clause><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HACA1424956C240B298DC06F20F1DA46F"><enum>(b)</enum><header>Definition of excess average indexed monthly earnings</header><text>Section 215(b) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(b)</external-xref>) is amended—</text>
<paragraph id="H0A7F4D770FBE40D6BADCC4EADDA45076"><enum>(1)</enum><text>by striking <quote>wages</quote> and <quote>self-employment income</quote> each place such terms appear and inserting <quote>basic wages</quote> and <quote>basic self-employment income</quote>, respectively; and</text>
</paragraph><paragraph id="H73060748C837419E947A9BF1F506D47E"><enum>(2)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H1DCA746B6C6A41C0ADC4D2D909C11A9C" style="traditional">
<paragraph id="HBAC55B42B1804D05801FACAAFFA452C1" indent="up1"><enum>(5)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H38EDAF48C57840C0BF7558F6D8246381"><enum>(A)</enum><text display-inline="yes-display-inline">An individual's excess average indexed monthly earnings shall be equal to the amount of the
individual's average indexed monthly earnings that would be determined
under this subsection by substituting <quote>excess wages</quote> for <quote>basic wages</quote> and <quote>excess self-employment income</quote> for <quote>basic self-employment income</quote> each place such terms appear in this subsection (except in this paragraph).</text>
</subparagraph><subparagraph id="H0EE8B34C182C4C83A60E33F9080C4773" indent="up1"><enum>(B)</enum><text display-inline="yes-display-inline">For purposes of this subsection—</text>
<clause id="HBB777B08C0A248A18CB89693939B559A"><enum>(i)</enum><text display-inline="yes-display-inline">the term <quote>basic wages</quote> means that portion of the wages of an individual paid in a year that does not exceed the
contribution and benefit base for the year;</text>
</clause><clause id="HE4809E1B2B9344488DCCC24B990B0FB7"><enum>(ii)</enum><text display-inline="yes-display-inline">the term <quote>basic self-employment income</quote> means that portion of the self-employment income of an individual credited to a year that does not
exceed an amount equal to the contribution and benefit base for the year
minus the amount of the wages paid to the individual in the year;</text>
</clause><clause id="H878FCDCB0F21446F82B2C7B03FA86453"><enum>(iii)</enum><text>the term <quote>excess wages</quote> means that portion of the wages of an individual paid in a year after 2013 in excess of the higher
of $400,000 or the contribution and benefit base for the year; and</text>
</clause><clause id="H41959FD3FF6A425EA47DD0522B9FD299"><enum>(iv)</enum><text>the term <quote>excess self-employment income</quote> means that portion of the self-employment income of an individual credited to a year after 2014 in
excess of the higher of $400,000 or such contribution and benefit base.</text></clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HCA6528C76C7D4BE2A389E5C9AB1EB316"><enum>(c)</enum><header>Conforming amendment</header><text display-inline="yes-display-inline">Section 215(e)(1) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/415">42 U.S.C. 415(e)(1)</external-xref>) is amended by inserting <quote>and before 2015</quote> after <quote>1974</quote>.</text>
</subsection><subsection display-inline="no-display-inline" id="H7F9490156C92432DB6DCCB3FCE9AD8BA"><enum>(d)</enum><header>Effective date</header><text display-inline="yes-display-inline">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 2014.</text>
</subsection></section><section id="HBD0C0E0642BE4D8494D607B4BF110A7D"><enum>203.</enum><header>Increase in Social Security tax rate</header>
<subsection id="H32BC7A04F4254303BA94C578FFBD63BB"><enum>(a)</enum><header>Tax on Employees</header><text display-inline="yes-display-inline">The table in subsection (a) of <external-xref legal-doc="usc" parsable-cite="usc/26/3101">section 3101</external-xref> of the Internal Revenue Code of 1986 is amended to read
as follows:</text>
<quoted-block display-inline="no-display-inline" id="H631BC5DDFF6E4C8685BB3D1ED19965CE" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Flush/hang, 1 text, 1 num, bold hds" table-type="Leaderwork"><tgroup cols="2" rowsep="0"><colspec coldef="txt" colname="column1" colwidth="258pts" min-data-value="70"></colspec><colspec coldef="fig" colname="column2" colwidth="67pts" min-data-value="12"></colspec><thead><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold>In cases of wages</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>The rate of tax</bold></entry></row><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold> received during:</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>shall be:</bold></entry></row></thead><tbody><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">1990 or any calendar year before 2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.20 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2019</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.30 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2020</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.35 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2021</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.40 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2022</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.45 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2023</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2024</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.55 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2025</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.60 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2026</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.65 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2027</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.70 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2028</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2029</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.80 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2030</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.85 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2031</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.90 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2032</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.95 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2033</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2034</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.05 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2035</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.10 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2036</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.15 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2037 or thereafter</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.20 percent.</entry></row></tbody></tgroup></table><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H483FEF8E888440C6A8DA532F98B7EDA5"><enum>(b)</enum><header>Tax on Employers</header><text display-inline="yes-display-inline">The table in subsection (a) of <external-xref legal-doc="usc" parsable-cite="usc/26/3111">section 3111</external-xref> of the Internal Revenue Code of 1986 is amended to read
as follows:</text>
<quoted-block display-inline="no-display-inline" id="H5B0789359D154F618052F0016A75924A" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Flush/hang, 1 text, 1 num, bold hds" table-type="Leaderwork"><tgroup cols="2" rowsep="0"><colspec coldef="txt" colname="column1" colwidth="258pts" min-data-value="70"></colspec><colspec coldef="fig" colname="column2" colwidth="250.88pt" min-data-value="12"></colspec><thead><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold>In cases of wages</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>The rate of tax</bold></entry></row><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold> received during:</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>shall be:</bold></entry></row></thead><tbody><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">1990 or any calendar year before 2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.20 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.25 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2019</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.30 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2020</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.35 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2021</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.40 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2022</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.45 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2023</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2024</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.55 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2025</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.60 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2026</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.65 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2027</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.70 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2028</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.75 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2029</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.80 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2030</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.85 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2031</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.90 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2032</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">6.95 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2033</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2034</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.05 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2035</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.10 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2036</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.15 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2037 or thereafter</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">7.20 percent.</entry></row></tbody></tgroup></table><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB33DD068C3D947428BD959D6EA0643C4"><enum>(c)</enum><header>Self-Employment Income</header><text display-inline="yes-display-inline">The table in subsection (a) of <external-xref legal-doc="usc" parsable-cite="usc/26/1401">section 1401</external-xref> of the Internal Revenue Code of 1986 is amended to read
as follows:</text>
<quoted-block display-inline="no-display-inline" id="H8B72B0C0426449A5AF0C01DE90E799CB" style="OLC">
<table align-to-level="section" blank-lines-before="1" colsep="0" frame="none" line-rules="no-gen" rowsep="0" rule-weights="0.0.0.0.0.0" table-template-name="Flush/hang, 1 text, 1 num, bold hds" table-type="Leaderwork"><tgroup cols="2" rowsep="0"><colspec coldef="txt" colname="column1" colwidth="258pts" min-data-value="70"></colspec><colspec coldef="fig" colname="column2" colwidth="315.00pt" min-data-value="12"></colspec><thead><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold>In cases of wages</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>The rate of tax</bold></entry></row><row><entry align="left" colname="column1" morerows="0" namest="column1" rowsep="0"><bold> received during:</bold></entry><entry align="right" colname="column2" morerows="0" namest="column2" rowsep="0"><bold>shall be:</bold></entry></row></thead><tbody><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">1990 or any calendar year before 2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.40 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2018</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2019</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.60 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2020</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.70 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2021</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.80 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2022</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">12.90 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2023</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2024</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.10 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2025</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.20 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2026</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.30 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2027</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.40 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2028</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.50 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2029</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.60 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2030</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.70 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2031</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.80 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2032</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">13.90 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2033</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">14.00 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2034</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">14.10 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2035</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">14.20 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2036</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">14.30 percent</entry></row><row><entry align="left" colname="column1" rowsep="0" stub-definition="txt-ldr">2037 or thereafter</entry><entry align="right" colname="column2" leader-modify="clr-ldr" rowsep="0">14.40 percent.</entry></row></tbody></tgroup></table><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H49B145EF998D4A599F8DA8AE6E8A5090"><enum>(d)</enum><header>Effective date</header><text>The amendments made by this section shall apply to remuneration received, and taxable years
beginning, after December 31, 2014.</text>
</subsection></section><section id="H8D0F3ED81D6147E99ED05ABE8B707DD1"><enum>204.</enum><header>Investment of the Social Security trust funds</header>
<subsection id="H12888E6F068648FD82D06BCE6B3407E0"><enum>(a)</enum><header>In general</header><text>Section 201(d) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/401">42 U.S.C. 401(d)</external-xref>) is amended—</text>
<paragraph id="H8A2A1FBBA6EA48319C918F6E93E12722"><enum>(1)</enum><text>by striking <quote>It shall be the duty</quote> and inserting <quote>(1) It shall be the duty</quote>;</text>
</paragraph><paragraph id="HE563EECE26D049E18C47509D8DA98F48"><enum>(2)</enum><text>by striking <quote>Such investments may be made only</quote> and inserting <quote>Except as provided in paragraph (2), such investments may be made only</quote>; and</text>
</paragraph><paragraph id="H44ADB629D8814F179A70F6857E77710F"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H19D29C733BEC45A8B4563B28DCCD28C7" style="OLC">
<paragraph id="H78802B0B94A240929BAC19E98EFE36C3" indent="up1"><enum>(2)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H30E8676ADA3A4AADB2833EA55DF6645D"><enum>(A)</enum><text display-inline="yes-display-inline">The Independent Social Security Investment Oversight Board shall establish, as provided in section
235(a)—</text>
<clause id="H922042D3237144DEB8C49ADA88BD5980" indent="up1"><enum>(i)</enum><text display-inline="yes-display-inline">a Common Stock Old-Age Investment Fund in the Federal Old-Age and Survivors Insurance Trust Fund;
and</text>
</clause><clause id="HF32498175034451FB4F19AA196B465B2" indent="up1"><enum>(ii)</enum><text display-inline="yes-display-inline">a Common Stock Disability Investment Fund in the Federal Disability Insurance Trust Fund.</text>
</clause></subparagraph><subparagraph id="H1BC1DB98730A49A4AA2804CC86DA7208" indent="up1"><enum>(B)</enum>
<clause commented="no" display-inline="yes-display-inline" id="H35200FA023D640D1AFAEB05D48166D05"><enum>(i)</enum><text display-inline="yes-display-inline">In any calendar year after 2015 in which the OASDI trust fund ratio (as defined in subsection
(l)(3)(B)(iii)) is projected to be below 150 percent in the 75th year
after such year, the Managing Trustee shall transfer amounts from the
Federal Old-Age and Survivors Insurance Trust Fund or the Federal
Disability Insurance Trust Fund into the Common Stock Old-Age Investment
Fund or the Common Stock Disability Investment Fund, respectively, in
accordance with the policies and requirements set forth in section 714.
Amounts so transferred shall be the minimum amounts which would result in
a common stock ratio for such year that is 2.5 percentage points greater
than the common stock ratio for the previous year, except that the common
stock ratio may not exceed 25 percent for any year.</text>
</clause><clause id="H886B96FDBD6342DD9C085078EAC47BE2" indent="up1"><enum>(ii)</enum><text display-inline="yes-display-inline">In any calendar year after 2015 in which the OASDI trust fund ratio (as defined in subsection
(l)(3)(B)(iii)) is projected to equal or exceed 150 percent in the 75th
year after such year, the Managing Trustee shall take appropriate actions
to reduce the common stock ratio for such year by the lesser of—</text>
<subclause id="HC82DA3AC93BC42C4A326340283239FA2"><enum>(I)</enum><text display-inline="yes-display-inline">the minimum reduction necessary to result in an OASDI trust fund ratio (as so defined) for such
year that does not exceed 150 percent in the 75th year after such year; or</text>
</subclause><subclause id="H05DA9643663145BD8D09F76CCCBD6322"><enum>(II)</enum><text>2.5 percentage points.</text>
</subclause></clause><clause id="H24E4A560EE344182B6A063D611E009C0" indent="up1"><enum>(iii)</enum><text>For purposes of this subparagraph, the term <quote>common stock ratio</quote> means, with respect to a calendar year, the aggregate percentage of the total amounts at the end
of such calendar year within each of the Federal Old-Age and Survivors
Insurance Trust Fund and the Federal Disability Insurance Trust Fund that
is maintained in the Common Stock Old-Age Investment Fund or the Common
Stock Disability Investment Fund, respectively.</text>
</clause></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HF671030D7A8142B3A629156093043832"><enum>(b)</enum><header>Effective date</header><text>The amendment made by subsection (a) shall apply with respect to fiscal years beginning on or after
October 1, 2015.</text>
</subsection></section><section id="H48D5AD7EE3C046BB915BEA564715477D"><enum>205.</enum><header>Rules governing investment of Trust Funds in common stock</header><text display-inline="no-display-inline">Title II of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/401">42 U.S.C. 401 et seq.</external-xref>) is amended by adding at the end the
following new section:</text>
<quoted-block id="H01418060775341A5A641895A47010F81" style="traditional">
<section id="HDD92AD9161EA4B0B949DC282A81E5FC9"><enum>235.</enum><header>Investment of Trust Funds in common stock</header><subsection commented="no" display-inline="yes-display-inline" id="H56DF541D31CB4EC28373AB2998ED806B"><enum>(a)</enum><header>Common stock investment funds</header>
<paragraph id="H4A057E7A18B84833A71303190068709F"><enum>(1)</enum><header>Selection of index</header><text display-inline="yes-display-inline">The Independent Social Security Investment Oversight Board shall select, for purposes of investment
of amounts held in a Common Stock Investment Fund, an index which is a
commonly recognized index comprised of common stock the aggregate market
value of which is a reasonably complete representation of the United
States equity markets.</text>
</paragraph><paragraph id="H89889C13E2F5440AB11741934D96CFAE"><enum>(2)</enum><header>Portfolio design</header><text>Amounts held in a Common Stock Investment Fund shall be invested in a portfolio designed to
replicate the performance of the index selected under paragraph (1). The
portfolio shall be designed such that, to the extent practicable, the
percentage of the balance in such Account that is invested in each stock
is the same as the percentage determined by dividing the aggregate market
value of all shares of that stock by the aggregate market value of all
shares of all stocks included in such index.</text>
</paragraph></subsection><subsection id="HBF49669D29584792AD68B96F25DC1018"><enum>(b)</enum><header>No voting rights in securities</header><text>The Independent Social Security Investment Oversight Board and the Managing Trustee of the Trust
Funds may not exercise voting rights associated with the ownership of
securities by the Trust Funds.</text>
</subsection><subsection id="HF6F391B4D682402B8521970E42FE2D81"><enum>(c)</enum><header>Engagement of qualified public accountant</header>
<paragraph id="H63062CA358AB42C789993887EAEC4009"><enum>(1)</enum><header>In general</header><text>The Independent Social Security Investment Oversight Board shall annually engage, on behalf of the
Trust Funds, an independent qualified public accountant, who shall conduct
an examination of all accounts and other books and records maintained in
the administration of this section as the public accountant considers
necessary to enable the public accountant to make the determination
required by paragraph (2). The examination shall be conducted in
accordance with generally accepted auditing standards and shall involve
such tests of the accounts, books, and records as the public accountant
considers necessary.</text>
</paragraph><paragraph id="H3E978BBFC6554E19A63AEF6173C888C2"><enum>(2)</enum><header>Examination and report</header><text>The public accountant conducting an examination under paragraph (1) shall determine whether the
accounts, books, and records referred to in paragraph (1) have been
maintained in conformity with generally accepted accounting principles
applied on a basis consistent with the manner in which such principles
were applied during the examination conducted under paragraph (1) during
each preceding year. The public accountant shall transmit to the Board,
the Comptroller General of the United States, and each House of the
Congress a report on his examination, including his determination under
this paragraph. The Board shall make publicly available, by posting on the
Internet and such other means as the Board may determine, each report
received under the preceding sentence.</text>
</paragraph><paragraph id="H72A5A2C9B79F44E285ED2DC49E5078DA"><enum>(3)</enum><header>Definition</header><text>For the purposes of this subsection, the term <quote>qualified public accountant</quote> shall have the same meaning as is provided in section 103(a)(3)(D) of the Employee Retirement
Income Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1023">29 U.S.C. 1023(a)(3)(D)</external-xref>).</text>
</paragraph></subsection><subsection id="H5EBB9E52086C4D089F03B58AE92CB730"><enum>(d)</enum><header>Fiduciary responsibilities</header>
<paragraph id="HF87C9089951D49EEAF4FB909E8650659"><enum>(1)</enum><header>In general</header><text>Under regulations of the Secretary of Labor, the provisions of sections <external-xref legal-doc="usc" parsable-cite="usc/5/8477">8477</external-xref> and <external-xref legal-doc="usc" parsable-cite="usc/5/8478">8478</external-xref> of title 5,
United States Code, shall apply in connection with the amounts maintained
in a Common Stock Investment Fund in the same manner and to the same
extent as such provisions apply in connection with the Thrift Savings
Fund.</text>
</paragraph><paragraph id="H315E95628597442D8B5E21DF017D621D"><enum>(2)</enum><header>Investigative authority</header><text>Any authority available to the Secretary of Labor under section 504 of the Employee Retirement
Income Security Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/29/1134">29 U.S.C. 1134</external-xref>) is hereby made available to
the Secretary of Labor, and any officer designated by the Secretary of
Labor, to determine whether any person has violated, or is about to
violate, any provision applicable under paragraph (1).</text>
</paragraph><paragraph id="H2D1919D6E02F42039AE98E5A5F1AD4EA"><enum>(3)</enum><header>Exculpatory provisions; insurance</header>
<subparagraph id="H95B8ABB7905B43109776E7D9D2757687"><enum>(A)</enum><header>In general</header><text>Any provision in an agreement or instrument which purports to relieve a fiduciary from
responsibility or liability for any responsibility, obligation, or duty
under this section shall be void.</text>
</subparagraph><subparagraph id="H4428EE56C40D4021B15C4299DC33F84C"><enum>(B)</enum><header>Insurance</header><text>Amounts held in the Trust Funds available for administrative expenses shall be available and may be
used at the discretion of the Independent Social Security Investment
Oversight Board to purchase insurance to cover potential liability of
persons who serve in a fiduciary capacity with respect to amounts
maintained in a Common Stock Investment Fund, without regard to whether a
policy of insurance permits recourse by the insurer against the fiduciary
in the case of a breach of a fiduciary obligation.</text>
</subparagraph></paragraph></subsection><subsection id="HECE71BBC328B42A0983AC89A26A9306E"><enum>(e)</enum><header>Definition of Common Stock Investment Fund</header><text display-inline="yes-display-inline">In this section, the term <quote>Common Stock Investment Fund</quote> means the Common Stock Old-Age Investment Fund of the Federal Old-Age and Survivors Insurance
Trust Fund and the Common Stock Disability Investment Fund of the Federal
Disability Insurance Trust Fund.</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H5221EADC988842E2939B0FF2EA4077D8"><enum>206.</enum><header>Establishment of Independent Social Security Investment Oversight Board</header><text display-inline="no-display-inline">Title VII of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/901">42 U.S.C. 901 et seq.</external-xref>) is amended by adding at the end the
following:</text>
<quoted-block id="H28C85B712C3A4F3F843EAF593676ED3F" style="traditional">
<section id="HA87ACEAD7F0D48DEB429E4D88B54B65F"><enum>714.</enum><header>Independent Social Security Investment Oversight Board</header><subsection commented="no" display-inline="yes-display-inline" id="HBCF869567A674806906DDEB28D47A1A1"><enum>(a)</enum><text display-inline="yes-display-inline">There is established in the Social Security Administration an Independent Social Security
Investment Oversight Board.</text>
</subsection><subsection id="H11DC97337DC34DD79AB7604910C4AC64"><enum>(b)</enum><text>The Board shall be composed of a Chairman and four additional members. The Chairman and each
additional member shall be appointed by the President, by and with the
advice and consent of the Senate.</text>
</subsection><subsection id="HF0209F9BE1E4453791BECF912779328A"><enum>(c)</enum><text>Members of the Board shall have substantial experience, training, and expertise in the management
of financial investments and service in a fiduciary capacity.</text>
</subsection><subsection id="H0A2B20E67D9440F0A0D68A4206F2DA7A"><enum>(d)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HD55F845D08E34FB78DB52F822BA0F9C7"><enum>(1)</enum><text>A member of the Board shall be appointed for a term of 10 years, except that of the members first
appointed—</text>
<subparagraph id="H2A0080D33A8F4492BD120B1F68A2CFE4" indent="up1"><enum>(A)</enum><text>the member appointed as Chairman shall be appointed for a term of 10 years;</text>
</subparagraph><subparagraph id="HC16A1C78114747B7B2499BDF7DDC5465" indent="up1"><enum>(B)</enum><text>one member shall be appointed for a term of 8 years;</text>
</subparagraph><subparagraph id="HD33A5ED0C2F648DCB5E5E65D2352227F" indent="up1"><enum>(C)</enum><text>one member shall be appointed for a term of 6 years;</text>
</subparagraph><subparagraph id="HD7AECC1EBE0147E8AE217B11BFD15CE0" indent="up1"><enum>(D)</enum><text>one member shall be appointed for a term of 4 years; and</text>
</subparagraph><subparagraph id="HE716385151584C7FB2C08A2E6CFDA49E" indent="up1"><enum>(E)</enum><text>one member shall be appointed for a term of 2 years, as designated by the President at the time of
appointment.</text>
</subparagraph></paragraph><paragraph id="H069CD723D8584CF9AFDC308E2467DCE3" indent="up1"><enum>(2)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="HE8268BC6B8604E89B56893702B89FB03"><enum>(A)</enum><text>A vacancy on the Board shall be filled in the manner in which the original appointment was made and
shall be subject to any conditions which applied with respect to the
original appointment.</text>
</subparagraph><subparagraph id="H5F79FC5236AA452EA79161599C96E24B" indent="up1"><enum>(B)</enum><text>An individual chosen to fill a vacancy shall be appointed for the unexpired term of the member
replaced.</text>
</subparagraph><subparagraph id="H7EADDA341F254F659CCAC8AB7A83D865" indent="up1"><enum>(C)</enum><text>The term of any member shall not expire before the date on which the member’s successor takes
office.</text>
</subparagraph></paragraph><paragraph id="H6B5C0A75865A40AD830F935B3B6D057F" indent="up1"><enum>(3)</enum><text>An individual appointed as a member of the Board may be removed from office only pursuant to a
finding by the President of neglect of duty or malfeasance in office.</text>
</paragraph></subsection><subsection id="HB84619C4C2B44AC99FA4CA1DAA7DB953"><enum>(e)</enum><text>The member of the Board designated by the President as Chairman shall serve as Chairman for a term
of 4 years (or until the expiration of his term as member of the Board, if
earlier). A member serving as Chairman may be reappointed as Chairman.</text>
</subsection><subsection id="HD8D4745D917B492895103A6178AEB6B3"><enum>(f)</enum><text>The Board shall—</text>
<paragraph id="HB921D8C7C252494F9ED59C97F2BA541C"><enum>(1)</enum><text display-inline="yes-display-inline">establish policies for the investment and management of the Common Stock Old-Age Investment Fund
and the Common Stock Disability Investment Fund described in section
201(d)(2), including policies to provide for—</text>
<subparagraph id="H925AD299AFAD4F9FAE56B83B0D66BC26"><enum>(A)</enum><text>prudent investments suitable for accumulating funds for payment of monthly insurance benefits under
title II; and</text>
</subparagraph><subparagraph id="H7B2A954FF9264059BB30045126CA194E"><enum>(B)</enum><text>low administrative costs;</text>
</subparagraph></paragraph><paragraph id="H31FBD900F0BE411581E9D82003269FF8"><enum>(2)</enum><text display-inline="yes-display-inline">review bids relating to, and hire managers for, each such Fund;</text>
</paragraph><paragraph id="HB30B0DF75CEC44A98071C70838A66304"><enum>(3)</enum><text display-inline="yes-display-inline">annually review the performance of each such Fund;</text>
</paragraph><paragraph id="HE0CC2F8088B04A53BCD47952C0101F19"><enum>(4)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H75E58346B9CB48019B78D26EE922BF47"><enum>(A)</enum><text>report annually to the House of Representatives and the Senate and to the President regarding the
earnings on such investments; and</text>
</subparagraph><subparagraph id="HAFF9640E1513437F8A20601B162A21A4" indent="up1"><enum>(B)</enum><text>make each such report publicly available by publication in the Federal Register, posting on the
Internet, and such other means as the Board may determine; and</text>
</subparagraph></paragraph><paragraph id="HFA927B71885344DEA264D954153C526F"><enum>(5)</enum><text>review and approve the budget of the Board.</text>
</paragraph></subsection><subsection id="H0595CDFC119343079BFD1517DE5B28D5"><enum>(g)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="HCC16B9CDEEA547AD9F52F9BF042D5F44"><enum>(1)</enum><text>The Board may—</text>
<subparagraph id="H0DA8C98E1A514C9B9A374B1342800C06" indent="up1"><enum>(A)</enum><text>adopt, alter, and use a seal;</text>
</subparagraph><subparagraph id="H5A320FF52E5E430FBE04BD82F529AE80" indent="up1"><enum>(B)</enum><text>establish policies with which the Managing Trustee of the Trust Funds is required to comply under
section 201(d)(2); and</text>
</subparagraph><subparagraph id="H365E57180531454B8FFE9167D1A9E310" indent="up1"><enum>(C)</enum><text>take such other actions as may be necessary to carry out the functions of the Board.</text>
</subparagraph></paragraph><paragraph id="H4F05AC4C0F5B437EBF3B0EA6B6D10433" indent="up1"><enum>(2)</enum><text display-inline="yes-display-inline">The policies of the Board may not require the Managing Trustee of the Trust Funds to invest or to
cause to be invested any sums in such Trust Funds in a specific asset or
to dispose of or cause to be disposed of any specific asset of such Trust
Funds.</text>
</paragraph></subsection><subsection id="HA4E009EA42D743D7A9364B36EA87F765"><enum>(h)</enum>
<paragraph commented="no" display-inline="yes-display-inline" id="H63D9CB5924DB4EBA903C0E75300BFC87"><enum>(1)</enum><text>The Board shall meet—</text>
<subparagraph id="H51BC0E4A95854E31BA11AE08D8C577F7" indent="up1"><enum>(A)</enum><text>not less than once during each month; and</text>
</subparagraph><subparagraph id="H630AEC9FFDA746E9876567139A827F68" indent="up1"><enum>(B)</enum><text>at additional times at the call of the Chairman.</text>
</subparagraph></paragraph><paragraph id="HDAD8C7DB91AF43328E30C4D4C0219402" indent="up1"><enum>(2)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="H5C3DD392B5F84854B87E43609DDC5E55"><enum>(A)</enum><text>The Board shall perform the functions and exercise the powers of the Board on a majority vote of a
quorum of the Board.</text>
</subparagraph><subparagraph id="H5A9346E03E89478EA53660CB26545333" indent="up1"><enum>(B)</enum><text>A vacancy on the Board shall not impair the authority of a quorum of the Board to perform the
functions and exercise the powers of the Board.</text>
</subparagraph></paragraph><paragraph id="HA3B389BB55FC4A13B0C8FEA6D4EE54EE" indent="up1"><enum>(3)</enum><text>Three members of the Board shall constitute a quorum for the transaction of business.</text>
</paragraph><paragraph id="HA4C5A96466804D1FAF42A6CE9B111AC6" indent="up1"><enum>(4)</enum>
<subparagraph commented="no" display-inline="yes-display-inline" id="HAB73375AA2B043C1BB11B3A6EAF8B249"><enum>(A)</enum><text>Each member of the Board who is not an officer or employee of the Federal Government shall be
compensated at the daily rate of basic pay payable for level IV of the
Executive Schedule for each day during which such member is engaged in
performing a function of the Board.</text>
</subparagraph><subparagraph id="HCEDFEA103F864705ACC296BE06CAEF0F" indent="up1"><enum>(B)</enum><text>A member of the Board shall be paid travel, per diem, and other necessary expenses under subchapter
I of <external-xref legal-doc="usc-chapter" parsable-cite="usc-chapter/5/57">chapter 57</external-xref> of title 5, United States Code, while traveling away from
such member’s home or regular place of business in the performance of the
duties of the Board.</text>
</subparagraph></paragraph><paragraph id="HBD2A3210FF7A47629CBE4987C2AE17E2" indent="up1"><enum>(5)</enum><text>The accrued annual leave of any officer or employee of the Federal Government who is a member of
the Board shall not be charged for any time used in performing services
for the Board.</text>
</paragraph></subsection><subsection id="HB122D85D0FBF4CADAFC0BC661D92BD49"><enum>(i)</enum><text>The members of the Board shall discharge their responsibilities solely in the interest of the Trust
Funds in connection with investments of amounts in funds under section
201(d)(2).</text>
</subsection><subsection id="HFF34A29E82F14E72B49C4AAF9D3A57AF"><enum>(j)</enum><text>The Board shall prepare and submit to the President, and, at the same time, to the appropriate
committees of Congress, an annual budget of the expenses and other items
relating to the Board which shall be included as a separate item in the
budget required to be transmitted to the Congress under section 1105 of
title 31, United States Code.</text>
</subsection><subsection id="HF103F748BF974E62A09451F67A74F77A"><enum>(k)</enum><text>The Board may submit to the President, and, at the same time, shall submit to each House of
Congress, any legislative recommendations of the Board relating to any of
its functions under this section.</text>
</subsection><subsection id="HB3AC3FB6D66E4A7E9FE5221B9984BA24"><enum>(l)</enum><text>There are hereby made available from each of the Trust Funds such sums as are necessary to carry
out the provisions of this section and to administer the provisions of
section 235, in accordance with certifications which shall be made from
time to time by the Board to the Secretary of the Treasury.</text>
</subsection><subsection id="HDD2D11B69637438493F963A0B15A7720"><enum>(m)</enum><text>In this section, the term <quote>Trust Funds</quote> has the meaning given such term in section 201(c).</text></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section display-inline="no-display-inline" id="H95EEA32A98E04C74974108BC751DA6D1" section-type="subsequent-section"><enum>207.</enum><header>Reallocation of payroll tax revenue from the Old-Age and Survivors Insurance Trust Fund to the
Federal Disability Insurance Trust Fund</header>
<paragraph id="HDB572A4D9AC746F29BF4061ECA180FF4"><enum>(1)</enum><header>Wages</header><text display-inline="yes-display-inline">Section 201(b)(1) of the Social Security Act (<external-xref legal-doc="usc" parsable-cite="usc/42/401">42 U.S.C. 401(b)(1)</external-xref>) is amended by striking <quote>and (R) 1.80 per centum of the wages (as so defined) paid after December 31, 1999, and so reported</quote> and inserting <quote>(R) 1.80 per centum of the wages (as so defined) paid after December 31, 1999, and before January
1, 2015, and so reported, (S) 2.8 per centum of the wages (as so defined)
paid after December 31, 2014, and before January 1, 2016, and so reported,
(T) 2.4 per centum of the wages (as so defined) paid after December 31,
2015, and before January 1, 2017, and so reported, (U) 2.2 per centum of
the wages (as so defined) paid after December 31, 2016, and before January
1, 2020, and so reported, (V) 2.0 per centum of the wages (as so defined)
paid after December 31, 2019, and before January 1, 2026, and so reported,
and (W) 1.8 per centum of the wages (as so defined) paid after December
31, 2025, and so reported</quote>.</text>
</paragraph><paragraph id="H8CA55D44D1B94936AAC3F832CA0B941A"><enum>(2)</enum><header>Self-employment income</header><text display-inline="yes-display-inline">Section 201(b)(2) of such Act (<external-xref legal-doc="usc" parsable-cite="usc/42/401">42 U.S.C. 401(b)(2)</external-xref>) is amended by striking <quote>and (R) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any
taxable year beginning after December 31, 1999</quote> and inserting <quote>(R) 1.80 per centum of the amount of self-employment income (as so defined) so reported for any
taxable year beginning after December 31, 1999, and before January 1,
2015, (S) 2.8 per centum of the amount of self-employment income (as so
defined) so reported for any taxable year beginning after December 31,
2014, and before January 1, 2016, (T) 2.4 per centum of the amount of
self-employment income (as so defined) so reported for any taxable year
beginning after December 31, 2015, and before January 1, 2017, (U) 2.2 per
centum of the amount of self-employment income (as so defined) so reported
for any taxable year beginning after December 31, 2016, and before January
1, 2020, (V) 2.0 per centum of the amount of self-employment income (as so
defined) so reported for any taxable year beginning after December 31,
2019, and before January 1, 2026, and (W) 1.8 per centum of the amount of
self-employment income (as so defined) so reported for any taxable year
beginning after December 31, 2025</quote>.</text>
</paragraph><paragraph id="HE7074FA1C39B4F1C850B6D1637E8B16D"><enum>(3)</enum><header>Effective date</header><text>The amendments made by this section shall apply with respect to wages paid after December 31, 2014,
and self-employment income for taxable years beginning after such date.</text>
</paragraph></section>