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S 692 118th Congress Senate Social Welfare Administrative law and regulatory procedures Aging Social Security Administration Social security and elderly assistance

A bill to require the Social Security Administration to make changes to the social security terminology used in the rules, regulation, guidance, or other materials of the Administration.

Introduced: March 7, 2023 Introduced by: Cassidy, Bill Republican · Louisiana See on congress.gov
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 7, 2023
Read twice and referred to the Committee on Finance.
Mar 7, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

This bill changes certain terms that are used by the Social Security Administration (SSA) to describe the ages at which a worker may claim Social Security retirement benefits.

First, the SSA must use minimum benefit age instead of early eligibility age. This refers to the earliest age (62 under current law) at which a worker may claim benefits. (Currently, the benefit amount of a worker who claims benefits early is reduced to account for the longer period during which the worker is expected to receive benefits.)

Second, the SSA must use standard benefit age instead of full retirement age and normal retirement age. These terms refer to the age at which a worker may claim benefits without a reduction in the benefit amount. (Currently, this age ranges from 65 to 67, depending on the worker's year of birth.)

Last, the SSA must use the term maximum benefit age for any reference to age 70 as the maximum age at which a worker may receive delayed retirement credits. The SSA may not use the term delayed retirement credit. These terms refer to the mechanism that increases the benefit amount of a worker who delays claiming benefits after reaching the full retirement age. (Currently, a worker receives a credit for each month between the full retirement age and age 70 that the worker delays claiming benefits. Each credit increases the benefit amount that the worker will receive after claiming benefits by a specified percentage.)

What's happening now March 7, 2023

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1