S.2455 - Retirement and Income Security Enhancements (RAISE) Act113th Congress (2013-2014)
|Sponsor:||Sen. Begich, Mark [D-AK] (Introduced 06/10/2014)|
|Committees:||Senate - Finance|
|Latest Action:||06/10/2014 Read twice and referred to the Committee on Finance.|
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Subject — Policy Area:
- Social Welfare
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Summary: S.2455 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (06/10/2014)
Retirement and Income Security Enhancements (RAISE) Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to entitle divorced spouses to OASDI benefits after 5 (currently 10) years of marriage. Makes the monthly divorced spouse's benefits equal to one-half of the former spouse's primary insurance amount, reduced 10% for each year less than 10 the individual was married to the former spouse.
Revises the widow's or widower's insurance benefit for any month to equal the greater of: (1) the primary insurance amount of a deceased individual (as under current law); or (2) in the case of a fully-insured widow or surviving divorced spouse, 75% of the sum of any old-age or disability insurance benefit to which the widow, widower, or surviving divorced spouse is entitled plus the primary insurance amount of the deceased individual.
Reduces a widow's or widower's insurance benefits for any month if that individual is also entitled to an old age or disability insurance benefit greater than the widow's or widower's insurance benefit. Sets the benefit in such a case at the level of the primary insurance amount of the deceased individual.
Amends SSA title II and the Railroad Retirement Act of 1974 to extend benefits for full-time students up to age 23 (currently age 19) who are enrolled at an educational institution.
Amends the Internal Revenue Code to impose an OASDI surtax of: (1) 2% on an employee's income over $400,000 and 2% on the employer, and (2) 4% on an individual's self-employment income over $400,000. Adjusts the $400,0000 threshold each year according to a specified indexing formula.
Amends the Railroad Retirement Act of 1974 to apply a similar 2% additional tier 1 tax on railroad employees earning over $400,000 as well as 2% on their railroad employers. Imposes a 4% additional tier 1 tax on representatives of railroad employees earning over $400,000. Specifies a formula to index the $400,000 annually after 2015.
Amends SSA title II to: (1) include 2% of the individual's surplus average indexed monthly earnings (AIME) in OASDI primary insurance amounts; and (2) prescribe a formula for computing an individual's surplus AIME that accounts for the total of the individual's additional wages paid in and additional self-employment income credited to the benefit computation year, up to $500,000, indexed after 2015 according to a specified formula.