[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 818 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                 S. 818

  To amend title II of the Social Security Act to increase the normal 
retirement age to age 70 by the year 2029 and the early retirement age 
    to age 65 by the year 2017, to provide for additional increases 
                  thereafter, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                 May 18 (legislative day, May 15), 1995

Mr. Kerrey (for himself and Mr. Simpson) introduced the following bill; 
     which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend title II of the Social Security Act to increase the normal 
retirement age to age 70 by the year 2029 and the early retirement age 
    to age 65 by the year 2017, to provide for additional increases 
                  thereafter, and for other purposes.
    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PHASED IN INCREASE IN SOCIAL SECURITY RETIREMENT AGES.

    (a) Normal Retirement Age.--Section 216(l) of the Social Security 
Act (42 U.S.C. 416(l) is amended--
            (1) by striking subparagraphs (B), (C), (D), and (E) of 
        paragraph (1) and inserting the following new subparagraphs:
            ``(B) with respect to an individual who attains early 
        retirement age (as determined under paragraph (2)) after 
        December 31, 1999, and before January 1, 2029, 65 years of age 
        plus two-twelfths of the number of months in the period 
        beginning with January 2000 and ending with December of the 
        year in which the individual attains early retirement age (as 
        so determined);
            ``(C) with respect to an individual who attains early 
        retirement age (as so determined) after December 31, 2028, 70 
        years of age; and
            ``(D) with respect to an individual who attains early 
        retirement age (as so determined) after December 31, 2029, 70 
        years of age plus one-twenty-fourths of the number of months in 
        the period beginning with January 2030 and ending with December 
        of the year in which the individual attains early retirement 
        age (as so determined).''; and
            (2) by striking paragraph (3).
    (b) Early Retirement Age.--Section 216(l)(2) of the Social Security 
Act (42 U.S.C. 416(l)(2)) is amended to read as follows:
    ``(2) The term `early retirement age' means--
            ``(A) except as otherwise provided in this paragraph, age 
        62 in the case of an old-age, wife's, or husband's insurance 
        benefit, and age 60 in the case of a widow's or widower's 
        insurance benefit;
            ``(B)(i)(I) except as provided in clause (ii), with respect 
        to an individual who attains early retirement age (as 
        determined under subparagraph (A)) after December 31, 1999, and 
        before January 1, 2017, 62 years of age plus two-twelfths of 
        the number of months in the period beginning with January 2000 
        and ending with December of the year in which the individual 
        attains early retirement age (as determined under subparagraph 
        (A)),
            ``(II) with respect to an individual who attains early 
        retirement age (as so determined) after December 31, 2016, 65 
        years of age, and
            ``(III) with respect to an individual who attains early 
        retirement age (as so determined) after December 31, 2029, 65 
        years of age plus one-twenty-fourths of the number of months in 
        the period beginning with January 2030 and ending with December 
        of the year in which the individual attains early retirement 
        age (as determined under subparagraph (A)); and
            ``(ii)(I) with respect to widow's and widower's insurance 
        benefits, 60 years of age plus two-twelfths of the number of 
        months in the period beginning with January 2000 and ending 
        with December of the year in which the individual attains early 
        retirement age (as determined under subparagraph (A)),
            ``(II) with respect to such an individual who attains early 
        retirement age (as so determined) after December 31, 2016, 63 
        years of age, and
            ``(III) with respect to such an individual who attains 
        early retirement age (as so determined) after December 31, 
        2029, 63 years of age plus one-twenty-fourths of the number of 
        months in the period beginning with January 2030 and ending 
        with December of the year in which the individual attains early 
        retirement age (as determined under subparagraph (A)).''.
    (c) Reduction in Benefits for Early Retirees Maintained at Current 
Level.--Section 202(q)(9)(A) of the Social Security Act (42 U.S.C. 
402(q)(9)(A)) is amended by inserting ``, but in no event shall be 
greater than 30 percent'' before the semicolon.
                                 <all>