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