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106-19 March 29, 2000
The House Passed H.R. 5, the "Senior Citizens' Freedom to Work Act of
2000"
On March 28, 2000, the House of Representatives agreed to the Senate
amendment to H.R. 5, the "Senior Citizens' Freedom to Work Act of 2000,"
by a recorded vote of 419-0 and cleared the measure for transmission to
the President.
As passed, the bill:
- Would eliminate the Social Security retirement earnings test in and
after the month in which a person attains full retirement age--currently
age 65. Elimination of the retirement test would be effective with
respect to taxable years ending after December 31, 1999.
- Would, in the calendar year the beneficiary attains the full
retirement age, permanently apply the earnings limit for those at the
full retirement age through age 69 ($17,000 in 2000) and the
corresponding reduction rate ($1 for $3 offset) to all months prior to
attainment of the full retirement age. (In applying the earnings test
for this calendar year, only earnings before the month of attainment of
full retirement age are considered.) The earnings threshold would rise
to $25,000 in 2001, $30,000 in 2002, and then rise thereafter in
conjunction with increases in average wages. The earnings limit would
not apply beginning with the month the beneficiary reaches full
retirement age.
- Would, beginning with the month in which the beneficiary reaches
full retirement age and ending with the month prior to attainment of age
70, permit the retired worker to earn a delayed retirement credit for
any month for which the retired worker requests that benefits not be
paid even though he/she is already on the benefit rolls.
The House originally passed the bill on March 1, 2000. On March 22,
2000 the Senate passed an amended version of the bill.
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