Social Security Reform Act of 1981

[AI summary unavailable — showing source text] Social Security Reform Act of 1981 - Amends title II (Old Age, Survivors and Disability Insurance) and XVIII (Medicare) of the Social Security Act to permit the Trustees of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund to make loans to the other Funds, prior to fiscal year 1991, whenever one of the Funds falls below 25 percent of the amount of its disbursements for the 12 months preceding the borrowing. Provides for the repayment of such loans. Amends title XVIII of the Social Security Act and the Internal Revenue Code to finance the hospital insurance program partially through general revenues and to provide a corresponding decrease in the hospital insurance tax rates on employers, employees, and self-employment income. Requires that any change in the Consumer Price Index (used to determine cost-of-living increases under title II) be submitted for appropriate Congressional review. Provides from January 1, 2000, to January 1, 2012, a phased increase in the eligibility age for title II benefits. Sets forth interim rules for determining entitlement to and the amount of title II benefi…