[Congressional Record Volume 170, Number 190 (Friday, December 20, 2024)]
[Senate]
[Page S7344]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 3354. Mr. PAUL submitted an amendment intended to be proposed by
him to the bill H.R. 10545, Official Title Not Available; which was
ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. ADJUSTMENT TO NORMAL AND EARLY RETIREMENT AGE.
Section 216(l) of the Social Security Act (42 U.S.C.
416(l)) is amended--
(1) in paragraph (1)--
(A) in subparagraph (D), by striking ``and'' at the end;
(B) in subparagraph (E), by striking the period at the end
and inserting ``; and''; and
(C) by adding at the end the following new subparagraphs:
``(F) with respect to an individual who--
``(i) attains 62 years of age after December 31, 2024, and
before January 1, 2032, such individual's early retirement
age (as determined under paragraph (2)(A)(ii)) plus 60
months; or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2024, and before
January 1, 2032, 67 years plus the number of months in the
age increase factor (as determined under paragraph (5)(A))
for the calendar year in which such individual attains 60
years of age;
``(G) with respect to an individual who--
``(i) attains 62 years of age after December 31, 2031, and
before January 1, 2033, 69 years of age; or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2031, and before
January 1, 2033, 69 years of age;
``(H) with respect to an individual who--
``(i) attains 62 years of age after December 31, 2032, and
before January 1, 2036, 67 years of age plus the number of
months in the age increase factor (as determined under
paragraph (5)(B)); or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2032, and before
January 1, 2036, 67 years of age plus the number of months in
the age increase factor (as determined under paragraph
(5)(A));
``(I) with respect to an individual who--
``(i) attains 62 years of age after December 31, 2035, and
before January 1, 2037, 70 years of age; or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2035, and before
January 1, 2037, 70 years of age; and
``(J) with respect to an individual who--
``(i) attains 62 years of age after December 31, 2036, 70
years of age plus the number of months in the age increase
factor (as determined under paragraph (6)); or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2036, 70 years of
age plus the number of months in the age increase factor (as
determined under paragraph (6)).'';
(2) by amending paragraph (2) to read as follows:
``(2) The term `early retirement age' means--
``(A) in the case of an old-age, wife's, or husband's
insurance benefit--
``(i) 62 years of age with respect to an individual who
attains such age before January 1, 2025;
``(ii) with respect to an individual who attains 62 years
of age after December 31, 2024, and before January 1, 2032,
62 years of age plus the number of months in the age increase
factor (as determined under paragraph (4)) for the calendar
year in which such individual attains 62 years of age; and
``(iii) with respect to an individual who attains age 62
after December 31, 2031, 64 years of age; or
``(B) in the case of a widow's or widower's insurance
benefit, 60 years of age.''; and
(3) by adding at the end the following new paragraphs:
``(4) For purposes of paragraph (2)(A)(ii), the age
increase factor shall be equal to three-twelfths of the
number of months in the period beginning with January 2025
and ending with December of the year in which the individual
attains 62 years of age.
``(5) The age increase factor shall be equal to three-
twelfths of the number of months in the period beginning with
January 2025 and ending with December of the year in which--
``(A) for purposes of paragraphs (1)(F)(ii) and (1)(H)(ii),
the individual attains 60 years of age; or
``(B) for purposes of paragraph (1)(H)(i), the individual
attains 62 years of age.
``(6) The Commissioner of Social Security shall determine
(using reasonable actuarial assumptions) and publish on or
before November 1 of each calendar year after 2035 the number
of months (rounded, if not a multiple of one month, to the
next lower multiple of one month) by which life expectancy as
of October 1 of such calendar year of an individual attaining
early retirement age on such October 1 exceeds the life
expectancy as of October 1, 2036, of an individual attaining
early retirement age on October 1, 2036. With respect to an
individual who attains early retirement in the calendar year
following any calendar year in which a determination is made
under this paragraph, the age increase factor shall be the
number of months determined under this paragraph as of
October 1 of such calendar year in which such determination
is made.''.
SEC. __. INCREASE IN MAXIMUM AGE FOR DELAYED RETIREMENT
CREDIT.
(a) In General.--Subsection (w) of section 202 of the
Social Security Act (42 U.S.C. 402) is amended--
(1) in paragraphs (2)(A) and (3), by striking ``age 70''
each place it appears and inserting ``the maximum delayed
retirement age (as determined pursuant to paragraph (7))'';
(2) by adding at the end the following new paragraph:
``(7) For purposes of paragraphs (2)(A) and (3), the
`maximum delayed retirement age' shall be equal to--
``(A) during the period before January 1, 2025, 70 years of
age for an individual who has attained early retirement age
(as determined under section 216(l)(2)) during such period;
and
``(B) during the period after December 31, 2024, the sum
of--
``(i) the retirement age for such calendar year, as
determined under section 216(l)(1), for an individual who has
attained age 62 (for purposes of section 216(l)(2)(A)) or who
has attained age 60 (for purposes of section 216(l)(2)(B))
during such calendar year; and
``(ii) 3 years.''.
(b) Effective Date.--The amendment made by subsection (a)
shall take effect on January 1, 2025.
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