1ST CONGRESS

1ST SESSION

H.R. 7
_____________________

2 10 11 12 13 14 15 16 17 18 19 20 21 22
(a) Persons who attain EEA, defer benefits, and continue working in the labor force, shall no longer be required to pay OASDI payroll taxes. Employers of said persons also shall no longer have to pay matching OASDI payroll taxes. SEC. 3. ELIMINATE OASDI PAYROLL TAX FOR CERTAIN (a) Increase the full retirement age by three months each year, beginning with persons who attain age 62 in 2016, until the FRA reaches age 70 for persons who attain age 62 in 2031 or later. The earliest eligibility age would be increased from age 62 to age 64. The EEA would be increased by three months each year, beginning with persons who attain age 62 in 2016, until the EEA reaches age 64 for persons who attain age 62 in 2023 or later.

To amend title II of the Social Security Act to extend the solvency of the Social Security Trust Funds by increasing the normal and early retirement ages under the Social Security program and eliminating OASDI payroll tax for certain groups, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

DECEMBER, 27, 2012 Mr. GRESS introduced the following bill; which was referred to the Committee on Appropriations for a period to be subsequently determined by the Speaker, for consideration of such provisions as fall within the jurisdiction of the committee concerned.

GROUPS.

_____________________

A BILL
To amend title II of the Social Security Act to extend the solvency of the Social Security Trust Funds by increasing the normal and early retirement ages under the Social Security program and eliminating OASDI payroll tax for certain groups, and for other purposes.

23 24 25 26 27 28 29 30 31 32 33 34 35 36

SEC. 4. APPLY REFINED COST OF LIVING MEASURE (CHAINEDCPI) TO COLA

1 2 3 4 5 6 7 8 9

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Save Social Security Act of 2013". SEC. 2. ADJUST FULL RETIREMENT AGE (FRA) AND EARLIEST ELIGIBILITY AGE (EEA).

(a) Cost-of-living adjustments (COLAs) shall be calculated using the chained consumer price index (CPI).

(b) Persons receiving disability benefits who convert to retired workers at the FRA shall not be subject the Chained-CPI.

SEC. 5. COVER NEWLY HIRED STATE AND LOCAL WORKERS

3 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63
(a) Full-career (30-year) minimum wage workers shall be eligible for a special minimum benefit equivalent to 125 percent SEC. 7. PROVIDE AN ENHANCED MINIMUM BENEFIT FOR LOWWAGE WORKERS (b) This section de-links increases in the taxable maximum from increases in the Cost of Living Adjustment (COLA), allowing the taxable maximum to increase even in zero-COLA years. (a) The taxable maximum will be increased .14% per year to include 90 percent of all covered earnings, and count additional earnings toward benefits. SEC. 6. GRADUALLY INCREASE THE TAXABLE MAXIMUM TO COVER 90 PERCENT OF WAGES BY 2050 (b) This section removes the Social Security payment (a) Beginning in 2020, all newly hired state and local workers and their employers will be subject to the Social Security portion of Federal Insurances Contributions Act (FICA) tax.

4 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 89 88
(a) Any Social Security or Disability beneficiary 85 or older at the beginning of 2013 shall receive a 5-percent increase to the benefit level of any beneficiary or who reaches their 85th birthday after the beginning of 2013. SEC. 8. ENHANCE BENEFITS FOR THE VERY OLD AND THE LONG-TIME DISABLED (b) When determining Social Security benefit levels, men or women with children under the age of six shall be entitled to earnings credit of up to 50% of the average wage for five years (or seven years total if one has more than one child). (a) Effective for those becoming entitled in 2022, spousal benefits shall be reduced from 50% of PIA under current law (PIA is the sum of three separate percentages of portions of average indexed monthly earnings) to 12.5%. SEC. 8. REDUCE SPOUSAL BENEFIT AND ADD CAREGIVER CREDIT of the poverty line in 2017 and wage-indexed thereafter. The minimum benefit would phase down proportionally for workers with less than 30 but more than 10 years of earnings.

exemption for state and local employers in the following states: Alaska, California, Colorado, Illinois, Louisiana, Maine,

Massachusetts, Nevada, Ohio and Texas.