The Social Security Amendments of 1977 substantially altered the formula for computing Social Security benefits. These changes affected people who became eligible for Social Security benefits in 1979. Individuals born between 1916 and 1927, referred to as "notch babies," saw their benefits decrease compared to those who were born before and after them. Congressman Schiff believes this was unfair, and has cosponsored legislation to correct this arbitrary change. Under the Notch Fairness Act of 2012, workers who turned 65 between 1981 and 1992 could choose either a lump sum payment over four years of $5,000 or a higher monthly payment over a 10-year period.
Source: http://schiff.house.gov/social-security/
