II

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.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. PHASED IN INCREASE IN SOCIAL SECURITY RE4 TIREMENT AGES.

5 (a) NORMAL RETIREMENT AGE.—Section 216(l) of

6 the Social Security Act (42 U.S.C. 416(l) is amended—
2

•S 818 IS

1 (1) by striking subparagraphs (B), (C), (D),

2 and (E) of paragraph (1) and inserting the following

3 new subparagraphs:

4 ‘‘(B) with respect to an individual who attains

5 early retirement age (as determined under para6 graph (2)) after December 31, 1999, and before

7 January 1, 2029, 65 years of age plus two-twelfths

8 of the number of months in the period beginning

9 with January 2000 and ending with December of

10 the year in which the individual attains early retire11 ment age (as so determined);

12 ‘‘(C) with respect to an individual who attains

13 early retirement age (as so determined) after De14 cember 31, 2028, 70 years of age; and

15 ‘‘(D) with respect to an individual who attains

16 early retirement age (as so determined) after De17 cember 31, 2029, 70 years of age plus one-twenty18 fourths of the number of months in the period be19 ginning with January 2030 and ending with Decem20 ber of the year in which the individual attains early

21 retirement age (as so determined).’’; and

22 (2) by striking paragraph (3).

23 (b) EARLY RETIREMENT AGE.—Section 216(l)(2) of

24 the Social Security Act (42 U.S.C. 416(l)(2)) is amended

25 to read as follows:
3

•S 818 IS

1 ‘‘(2) The term ‘early retirement age’ means—

2 ‘‘(A) except as otherwise provided in this para3 graph, age 62 in the case of an old-age, wife’s, or

4 husband’s insurance benefit, and age 60 in the case

5 of a widow’s or widower’s insurance benefit;

6 ‘‘(B)(i)(I) except as provided in clause (ii), with

7 respect to an individual who attains early retirement

8 age (as determined under subparagraph (A)) after

9 December 31, 1999, and before January 1, 2017, 62

10 years of age plus two-twelfths of the number of

11 months in the period beginning with January 2000

12 and ending with December of the year in which the

13 individual attains early retirement age (as deter14 mined under subparagraph (A)),

15 ‘‘(II) with respect to an individual who attains

16 early retirement age (as so determined) after De17 cember 31, 2016, 65 years of age, and

18 ‘‘(III) with respect to an individual who attains

19 early retirement age (as so determined) after De20 cember 31, 2029, 65 years of age plus one-twenty21 fourths of the number of months in the period be22 ginning with January 2030 and ending with Decem23 ber of the year in which the individual attains early

24 retirement age (as determined under subparagraph

25 (A)); and
4

•S 818 IS

1 ‘‘(ii)(I) with respect to widow’s and widower’s

2 insurance benefits, 60 years of age plus two-twelfths

3 of the number of months in the period beginning

4 with January 2000 and ending with December of

5 the year in which the individual attains early retire6 ment age (as determined under subparagraph (A)),

7 ‘‘(II) with respect to such an individual who at8 tains early retirement age (as so determined) after

9 December 31, 2016, 63 years of age, and

10 ‘‘(III) with respect to such an individual who

11 attains early retirement age (as so determined) after

12 December 31, 2029, 63 years of age plus one-twen13 ty-fourths of the number of months in the period be14 ginning with January 2030 and ending with Decem15 ber of the year in which the individual attains early

16 retirement age (as determined under subparagraph

17 (A)).’’.

18 (c) REDUCTION IN BENEFITS FOR EARLY RETIREES

19 MAINTAINED AT CURRENT LEVEL.—Section

20 202(q)(9)(A) of the Social Security Act (42 U.S.C.

21 402(q)(9)(A)) is amended by inserting ‘‘, but in no event

22 shall be greater than 30 percent’’ before the semicolon.

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