Description of Proposed Provision:
B6.8: Starting in 2023, provide an additional monthly benefit equal to 1/12th of 2 percent of the AWI for the second prior year. This additional benefit would be available to those meeting any of the following four requirements: (a) Social Security beneficiaries who have attained age 82; (b) Social Security beneficiaries who have attained NRA and have both AIME at or below the first PIA bend point ($996 for 2021 initial eligibility) and at least 11 "years of coverage" as used for Windfall Elimination Provision purposes (earnings above $26,550 for 2021); (c) Individuals who have received Social Security benefits and/or SSI payments for at least 240 distinct months after attaining age 19; or (d) SSI recipients who have attained the Social Security NRA. This additional benefit would be paid out of the applicable Social Security OASI or DI Trust Fund for any month in which the individual is in receipt of a Social Security benefit; it would be paid out of the General Fund of the Treasury for any month in which the individual is in receipt of an SSI monthly payment but not a Social Security monthly benefit.