Description of Proposed Provision:
B5.4: Beginning for those newly eligible in 2031, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,519 in 2023). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,519/20 = $75.95. (c) From 2023 to the year of implementation, 2031, index the PIA per year of coverage using the chain-CPI index. Then, for later years, index the PIA per year of coverage by wage growth for successive cohorts. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.