Notch Fairness Act of 2005 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act with respect to the benefit computation formula for individuals affected by the changes in benefit computation rules enacted in the Social Security Amendments of 1977 who reached age 65 after 1979 and before 1989.
Sets forth a schedule of additional benefit increases for such beneficiaries (and related beneficiaries), with percentages declining from 55 percent to five percent keyed to the year an individual became eligible for such benefits between 1979 and 1989.
Provides for an election to receive such payments in a lump sum.
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