Social Security Amendments of 1977

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The Social Security Amendments of 1977 were U.S. federal legislation that overhauled the Social Security benefit formula and financing to correct prior calculation errors and improve the program’s long-term solvency.

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Label Occurrences
Social Security Amendments of 1977 canonical 1

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Statements (46)

Predicate Object
instanceOf United States federal statute
social security legislation
addressed projected exhaustion of Social Security Trust Funds
affects Social Security beneficiaries
workers covered by Social Security
affectsProgram Social Security
surface form: Old-Age, Survivors, and Disability Insurance

Social Security disability benefits
Social Security retirement benefits
Mother’s and Father’s Insurance Benefits
surface form: Social Security survivors benefits
aimedTo correct Social Security benefit calculation errors
improve long-term solvency of Social Security
stabilize Social Security Trust Funds
appliesToJurisdiction United States of America
surface form: United States
changed Social Security benefit formula
Social Security wage base limit
surface form: Social Security payroll tax schedule

Social Security wage base limit
surface form: Social Security taxable wage base
componentOf history of Social Security reform in the United States
corrected double-indexing problem in benefit calculations
overly generous automatic benefit increases created by 1972 amendments
country United States of America
surface form: United States
field public finance
retirement policy
social insurance
followedBy Social Security Amendments of 1983
follows Social Security Amendments of 1972
hasEffectOn Social Security replacement rates
Social Security trust fund balances
distribution of Social Security benefits across earnings levels
implementedBy Social Security Administration
introduced bend points in Social Security benefit formula
revised wage-indexed benefit formula
legalArea retirement income security law
social welfare law
legislativeBody United States Congress
objective reduce long-term Social Security financing shortfall
restore actuarial balance to Social Security
partOf United States Social Security program
precededBy Social Security Amendments of 1972
presidentAtEnactment Jimmy Carter
resultedIn higher maximum taxable earnings for Social Security
higher payroll tax rates over time
lower replacement rates for some future retirees compared with prior law
signedBy Jimmy Carter
topic Social Security financing crisis of the 1970s
usesIndexation price indexing for post-entitlement cost-of-living adjustments
wage indexing for initial benefit computation

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Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

Social Security Act amendments notableAmendment Social Security Amendments of 1977