Description of Proposed Provision:
B6.6: Starting in 2024, provide a uniform PIA increase 23 years after benefit eligibility. Phase in the PIA increase at 0.5 percent per year from the 14th through the 23rd years after eligibility. The full PIA increase is equal to 5 percent of the average retired worker PIA in December of the 12th year after benefit eligibility. A similar additional PIA increase applies 42 years after benefit eligibility (age 104), phased in from the 33rd through the 42nd years after eligibility. For those past the 14th year of eligibility in 2024 (over age 76 for retirees), phase in the PIA enhancement over 10 years starting in 2024. Auxiliary beneficiaries receive benefit enhancement based on the PIA of the governing worker.
Estimates based on the intermediate assumptions
of the 2017 Trustees Report