Text of Senate Amendment 3346

On 2024-12-19, Senator Rand Paul (R-KY) delivered a floor speech titled "Text Of Senate Amendment 3346" in the Senate. The speech addressed Social Security. It referenced legislation including HR82, S7243, S7244.

Text of Senate Amendment 3346

Congressional Record, Volume 170 Issue 189 (Thursday, December 19, 2024) [Congressional Record Volume 170, Number 189 (Thursday, December 19, 2024)] [Senate] [Pages S7243-S7244] From the Congressional Record Online through the Government Publishing Office [ www.gpo.gov ] SA 3346. Mr. PAUL submitted an amendment intended to be proposed by him to the bill H.R. 82, to amend title II of the Social Security Act to repeal the Government pension offset and windfall elimination provisions; which was ordered to lie on the table; as follows: At the appropriate place, insert the following: SEC. __. ADJUSTMENT TO NORMAL AND EARLY RETIREMENT AGE. Section 216(l) of the Social Security Act (42 U.S.C. 416(l)) is amended-- (1) in paragraph (1)-- (A) in subparagraph (D), by striking ``and'' at the end; (B) in subparagraph (E), by striking the period at the end and inserting ``; and''; and (C) by adding at the end the following new subparagraphs: ``(F) with respect to an individual who-- ``(i) attains 62 years of age after December 31, 2024, and before January 1, 2032, such individual's early retirement age (as determined under paragraph (2)(A)(ii)) plus 60 months; or ``(ii) receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2024, and before January 1, 2032, 67 years plus the number of months in the age increase factor (as determined under paragraph (5)(A)) for the calendar year in which such individual attains 60 years of age; ``(G) with respect to an individual who-- ``(i) attains 62 years of age after December 31, 2031, and before January 1, 2033, 69 years of age; or ``(ii) receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2031, and before January 1, 2033, 69 years of age; ``(H) with respect to an individual who-- ``(i) attains 62 years of age after December 31, 2032, and before January 1, 2036, 67 years of age plus the number of months in the age increase factor (as determined under paragraph (5)(B)); or ``(ii) receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2032, and before January 1, 2036, 67 years of age plus the number of months in the age increase factor (as determined under paragraph (5)(A)); ``(I) with respect to an individual who-- ``(i) attains 62 years of age after December 31, 2035, and before January 1, 2037, 70 years of age; or ``(ii) receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2035, and before January 1, 2037, 70 years of age; and ``(J) with respect to an individual who-- ``(i) attains 62 years of age after December 31, 2036, 70 years of age plus the number of months in the age increase factor (as determined under paragraph (6)); or ``(ii) receives a benefit described in paragraph (2)(B) and attains 60 years of age after [[Page S7244]] December 31, 2036, 70 years of age plus the number of months in the age increase factor (as determined under paragraph (6)).''; (2) by amending paragraph (2) to read as follows: ``(2) The term `early retirement age' means-- ``(A) in the case of an old-age, wife's, or husband's insurance benefit-- ``(i) 62 years of age with respect to an individual who attains such age before January 1, 2025; ``(ii) with respect to an individual who attains 62 years of age after December 31, 2024, and before January 1, 2032, 62 years of age plus the number of months in the age increase factor (as determined under paragraph (4)) for the calendar year in which such individual attains 62 years of age; and ``(iii) with respect to an individual who attains age 62 after December 31, 2031, 64 years of age; or ``(B) in the case of a widow's or widower's insurance benefit, 60 years of age.''; and (3) by adding at the end the following new paragraphs: ``(4) For purposes of paragraph (2)(A)(ii), the age increase factor shall be equal to three-twelfths of the number of months in the period beginning with January 2025 and ending with December of the year in which the individual attains 62 years of age. ``(5) The age increase factor shall be equal to three- twelfths of the number of months in the period beginning with January 2025 and ending with December of the year in which-- ``(A) for purposes of paragraphs (1)(F)(ii) and (1)(H)(ii), the individual attains 60 years of age; or ``(B) for purposes of paragraph (1)(H)(i), the individual attains 62 years of age. ``(6) The Commissioner of Social Security shall determine (using reasonable actuarial assumptions) and publish on or before November 1 of each calendar year after 2035 the number of months (rounded, if not a multiple of one month, to the next lower multiple of one month) by which life expectancy as of October 1 of such calendar year of an individual attaining early retirement age on such October 1 exceeds the life expectancy as of October 1, 2036, of an individual attaining early retirement age on October 1, 2036. With respect to an individual who attains early retirement in the calendar year following any calendar year in which a determination is made under this paragraph, the age increase factor shall be the number of months determined under this paragraph as of October 1 of such calendar year in which such determination is made.''. SEC. __. INCREASE IN MAXIMUM AGE FOR DELAYED RETIREMENT CREDIT. (a) In General.--Subsection (w) of section 202 of the Social Security Act (42 U.S.C. 402) is amended-- (1) in paragraphs (2)(A) and (3), by striking ``age 70'' each place it appears and inserting ``the maximum delayed retirement age (as determined pursuant to paragraph (7))''; (2) by adding at the end the following new paragraph: ``(7) For purposes of paragraphs (2)(A) and (3), the `maximum delayed retirement age' shall be equal to-- ``(A) during the period before January 1, 2025, 70 years of age for an individual who has attained early retirement age (as determined under section 216(l)(2)) during such period; and ``(B) during the period after December 31, 2024, the sum of-- ``(i) the retirement age for such calendar year, as determined under section 216(l)(1), for an individual who has attained age 62 (for purposes of section 216(l)(2)(A)) or who has attained age 60 (for purposes of section 216(l)(2)(B)) during such calendar year; and ``(ii) 3 years.''. (b) Effective Date.--The amendment made by subsection (a) shall take effect on January 1, 2025. ______