Social Security Reform Act of 2016

[AI summary unavailable — showing source text] Social Security Reform Act of 2016 This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to: phase in (from 2023 to 2032) a new benefit formula for retired and disabled worker beneficiaries becoming eligible in 2023 and later; repeal the windfall elimination provision; raise the full retirement age; extend the maximum age for entitlement to delayed retirement credit; limit eligibility for the cost-of-living adjustment and tie increases in benefits to the Chained Consumer Price Index for All Urban Consumers; cap the nonworking spouse benefit and the child's benefit; lower the age requirement in or after 2019 for school attendance by child beneficiaries; provide a new minimum benefit for workers with more than 10 years of covered earnings; repeal the retirement earnings test; provide an option to split the delayed retirement credit to offer a lump sum benefit at initial entitlement for workers attaining age 62 in 2023 and later; increase after 2022 the monthly benefit of beneficiaries who have been eligible for at least 20 years; eliminate the seven year limitation on widow's and widower's benefits for disabled surviving sp…