Social Security Entitlement Reform Amendments of 1994

Social Security Entitlement Reform Amendments of 1994 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to phase in an increase in the retirement age to age 70 by 2029. Alters the formula for reducing monthly benefit amounts for certain beneficiaries because of early retirement. Revises the formula for determining the amount of monthly mother's and father's insurance benefits. Revises the schedule under which increases in old age benefit amounts on account of delayed retirement shall take effect, ending certain increases for persons who first became eligible after 1986, reducing scheduled increases for individuals first eligible for such a benefit after 2004. Modifies disability benefit provisions, limiting disability payments, and establishing 65 permanently as the age for conversion of entitlement to disability benefits to entitlement to old-age retirement benefits. Mandates a phased reduction in spousal benefits other than survivor's benefits from 50 percent to 33 percent of the primary insurance amount. Provides for coverage of State and local government employees hired after December 31, 1999. Repeals the limitation on drop out years for disabled workers and the limitation on widow's and widower's insurance benefits arising from the early retirement of the deceased spouse. Provides for biennial cost-of-living adjustments (COLAs) in OASDI benefits except when the applicable increase percentage exceeds four percent a year, with COLAs being made in July instead of January. Specifies adjustments after 2019 in the reduction of widow's and widower's insurance benefits upon attainment of age 85. Provides for a general increase in OASDI benefits for recipients attaining age 85 after 2019. Schedules increases in surviving child's insurance benefits. Amends title XVI (Supplemental Security Income) (SSI) to phase in a reduction in the age at which SSI aged benefits may be paid.