PHASEOUT OF REDUCTION IN WINDFALL BENEFITS.

SEC. 8003. PHASEOUT OF REDUCTION IN WINDFALL BENEFITS. (a) In General.—Section 215(a)(7)(D) of the Social Security Act (42 U.S.C. 415(a)(7)(D) is amended— (1) by striking “more than 25 years of coverage” in the second sentence and inserting “more than 20 years of coverage”; and (2) by striking “shall (if such percent is smaller than the percent specified in whichever of the following clauses applies) be deemed to be—” and inserting “shall (if such percent is smaller than the applicable percent specified in the following table) be deemed to be the applicable percent specified in the following table:”; and (3) by striking clauses (i) through (iv) and inserting the following table: “If the number of such individual’s years of coverage (as so defined) is: The applicable percent is: 29 85 percent 28 80 percent 27 75 percent 26 70 percent 25 65 percent 24 60 percent 23 55 percent 22 50 percent 21 45 percent.”. (b) Effective Date.—The amendments made by subsection (a) shall apply to benefits payable for months after December 1988.