PUBLIC LAW 103-296—AUG. 15, 1994 108 STAT. 1543 reference to the contribution and benefit base in paragraph (1) of such subsection (b) shall be deemed a reference to an amount equal to $45,000, each reference in paragraph 5 (2) of such subsection (b) to the average of the wages of all employees as reported to the Secretary of the Treasury shall be deemed a reference to the national average wage index (as defined in section 209(k)(l)), the reference to a preceding calendar year in paragraph (2)(A) of such subsection (b) shall be deemed a reference to the calendar year before the calendar year in which the determination under subsection (a) of such section 230 is made, and the reference to a calendar year in paragraph (2)(B) of such subsection (b) shall be deemed a reference to 1992).". (C) ADJUSTMENT OF CONTRIBUTION AND BENEFIT BASE APPLICABLE IN DETERMINING YEARS OF COVERAGE FOR PUR- POSES OF SPECIAL MINIMUM PRIMARY INSURANCE AMOUNT.— Section 215(a)(l)(C)(ii) of such Act is amended by striking 42 USC 415. "(except that" and all that follows through the end and inserting "(except that, for purposes of subsection (b) of such section 230 as so in effect, the reference to the contribution and benefit base in paragraph (1) of such subsection (b) shall be deemed a reference to an amount equal to $45,000, each reference in paragraph (2) of such subsection (b) to the average of the wages of all employees as reported to the Secretary of the Treasury shall be deemed a reference to the national average wage index (as defined in section 209(k)(l)), the reference to a preceding calendar year in paragraph (2)(A) of such subsection (b) shall be deemed a reference to the calendar year before the calendar year in which the determination under subsection (a) of such section 230 is made, and the reference to a calendar year in paragraph (2)(B) of such subsection (b) shall be deemed a reference to 1992).". (2) ADJUSTMENT OF EARNINGS TEST EXEMPT AMOUNT. —Section 203(f)(8)(B)(ii) of the Social Security Act (42 U.S.C. 403(f)(8)(B)(ii)) is amended to read as follows: "(ii) the product of the corresponding exempt amount which is in effect with respect to months in the taxable year ending after 1993 and before 1995, and the ratio of— "(I) the national average wage index (as defined in section 209(k)(l)) for the calendar year before the calendar year in which the determination under subparagraph (A) is made, to "(II) the national average wage index (as so defined) for 1992, with such product, if not a multiple of $10, being rounded to the next higher multiple of $10 where such product is a multiple of $5 but not of $10 and to the nearest multiple of $10 in any other case.". (3) EFFECTIVE DATES. — (A) The amendments made by paragraph (1) shall be 42 USC 415 effective with respect to the determination of the contribu- "°*^ tion and benefit base for years after 1994. (B) The amendment made by paragraph (2) shall be 42 USC 403 effective with respect to the determination of the exempt ^°^- amounts applicable to any taxable year ending after 1994.
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