Page:United States Statutes at Large Volume 86.djvu/1383

 86

STAT.]

PUBLIC LAW 92-603-OCT. 30, 1972

(g) Sections 20i)(i) and 216(1)(3)(A), of such Act are amended by striking o u t " (if a woman) or age 65 (if a man) '\ (h) Section 303(g)(1) of the Social Security Amendments of 1960 is amended— (1) by striking out "Amendments of 1965 and 1967" and inserting in lieu thereof "Amendments of 1965, 1967, 1969, and 1972 (and by Public Law 92-5)"; and (2) by striking out "Amendments of 1967" wdierever it appears and inserting in lieu thereof "Amendments of 1972". (i) Paragraph (9) of section 3121(a) of the Internal Revenue Code of 1954 (relating to definition of wages) is amended to read as follows: "(9) any payment (other than vacation or sick pay) made to an employee after the month in which he attains age 62, if such employee did not work for the employer in the period for which such payment is made;". (j)(1) The amendments made by this section (except the amendinent made by subsection (i), and the amendment made by subsection (g) to section 209(i) of the Social Security Act) shall apply only in Mie case of a man who attains (or would attain) age 62 after December 1974. The amendment made by subsection (i), and the amendment made by subsection (g) to section 209(i) of the Social Security Act, shall apply only with respect to payments after 1974. (2) In the case of a man who attains age 62 prior to 1975, the numbev of his elapsed years for purposes of section 215(b) ( 3; of the Social Security Act shall be equal to (A) the number determined under such section as in effect on September 1, 1972, or (B) if less, the number determined as though he attained age 65 in 1975, except that monthly benefits under title II of the Social Security Act for months prior to January 1973 payable on the basis of his wages and self-employment income shall be determined as though this section had not been enacted. (3)(A) In the case of a man who attains or will attain age 62 in 1973, the figure "65" in sections 214(a)(1), 223(c)(1)(A), and 216(i) (3)(A) of the Social Security Act shall be deemed to read "64". (B) In the case of a man who attains or will attain age 62 in 1974, the figure "65" in sections 214(a)(1), 223(c)(1)(A), and 216(i)(3) (A) of the Social Security Act shall be deemed to read "63".

1341 42 USC 409, 416. 42 USC 415 note.

70 Stat. 839. 26 USC 3121.

Effective dates^

Ante, p. 1340.

53 Stat. 1362. 42 USC 401.

Ante, p. Supra.

1340;

LIBERALIZATIOX AXI) AUTOMATIC ADJUSTMENT OF EARXIXGS TEST

SEC. 105. (a)(1) Paragraphs (1) and (4)(B) of section 203(f) of the Social Security Act are each amended by striking out "$140" and inserting in lieu thereof "$175 or the exempt amount as determined under paragraph (8)". (2) Paragraph (1)(A) of section 203(h) of such Act is amended by striking out "$140" and inserting in lieu thereof "$175 or the exempt amount as determined under subsection (f)(8)". (3) Paragraph (3) of section 203(f) of such Act is amended to read as follows: "(3) For purposes of paragraph (1) and subsection (h), an individual's excess earnings for a taxable year shall be 50 per centum of his earnings for such year in excess of the product of $175 or the exempt amount as determined under paragraph (8), multiplied by the number of months in such year. The excess earnings as derived under the preceding sentence, if not a multiple of $1, shall be reduced to the next lower multiple of $1." (b) Section 203(f) of such Act is amended by adding at the end thereof the following new paragraph:

42 USC 403.

Post, p. 1342.

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