Notch Fairness Act of 2001

The Notch Fairness Act of 2001 was designed to increase Social Security benefits for a specific group of retirees known as "Notch babies," who were born between 1917 and 1926. These individuals received lower monthly payments than those born slightly earlier or later due to a change in the government’s benefit calculation formula enacted in 1977. Under this bill, eligible seniors could have chosen between receiving a series of annual benefit increases or a one-time lump sum payment of $5,000 to make up for the historical discrepancy in their retirement checks.