H.R.148 - Notch Fairness Act of 1999106th Congress (1999-2000)
Summary: H.R.148 — 106th Congress (1999-2000)
Introduced in House (01/06/1999)
Notch Fairness Act of 1999 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to revise the formula for the computation of minimum Old Age Insurance benefits for individuals who reached age 65 in or after 1979 and to whom applies the 15-year transition period for the changes in benefit computation rules enacted in the Social Security Amendments of 1977.
Sets forth a schedule of additional benefit increases for such beneficiaries (and related beneficiaries), with percentages declining from 55 percent to five percent and keyed to the year an individual became eligible for such benefits between 1979 and 1988.
Allows such beneficiaries, in the alternative, to receive lump sum payments over four years totaling $5,000.
Specifies offsetting nondefense and discretionary spending reductions the Director of the Office of Management and Budget shall make over a four-year period for the increase in direct spending estimated to result from this Act.