Table 1: Comparison of Benefit Formula Scheduled under Present Law to Benefit Formula Proposed for
Retired Workers with no Disability Period under H.R. 27711
Bend Points for worker turning age 62 in 2001:
 
First Bend Point
New Middle Bend Point2
Last Bend Point
 
 
561
1,100
3,381
 

 

Formula Factors Applying to Worker Turning Age 62 in Indicated Year:
 
Year Worker
Turns Age 62
Under
First Bend Point
Between
First Bend Point
and
New Middle Bend Point
Between
New Middle Bend Point
and
Last Bend Point
Above
Last Bend Point
Present Law
90%
32%
32%
15%

H.R. 2771
 
2010
90%
51%
26%
13%
 
2020
88%
55%
16%
8%
 
2030
86%
41%
12%
6%
 
2040
72%
35%
10%
5%
 
2050
60%
29%
8%
4%
 
2060
50%
24%
7%
3%
 
2070
49%
24%
7%
3%

1 For details of the provision of H.R. 2771, refer to the memorandum dated August 24, 2001.
2 Under H.R. 2771, the new bend point is set at 196 percent of the first bend point.

Office of the Chief Actuary
Social Security Administration
9/18/01


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