Description of Proposed Provision:
B6.3: Provide an increase in the benefit level of any beneficiary who is 85 or older at the beginning of 2022 or who reaches their 85th birthday after the beginning of 2022. Increase the beneficiary's PIA based on an amount equal to the average retired-worker PIA at the end of 2021, or at the end of the year age 80 if later. Increase the beneficiary's PIA by 5 percent of this amount for those older than 85 at the beginning of 2022 and by 5 percent of this amount at age 85 for others, phased in at 1 percent per year for ages 81-85.