S. 3533 (112th): Defend and Save Social Security Act of 2012

112th Congress, 2011–2013. Text as of Sep 12, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

II

112th CONGRESS

2d Session

S. 3533

IN THE SENATE OF THE UNITED STATES

September 12, 2012

introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend title II of the Social Security Act to extend the solvency of the Social Security Trust Funds by increasing the normal and early retirement ages under the Social Security program and modifying the cost-of-living adjustments in benefits.

1.

Short title

This Act may be cited as the Defend and Save Social Security Act of 2012.

2.

Adjustment to normal and early retirement age

(a)

In general

Section 216(l) of the Social Security Act (42 U.S.C. 416(l)) is amended—

(1)

in paragraph (1)—

(A)

in subparagraph (C), by striking 2017 and inserting 2016; and

(B)

by striking subparagraphs (D) and (E) and inserting the following new subparagraphs:

(D)

with respect to an individual who—

(i)

attains 62 years of age after December 31, 2015, and before January 1, 2024, such individual's early retirement age (as determined under paragraph (2)(A)) plus 48 months; or

(ii)

receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2015, and before January 1, 2024, 66 years of age plus the number of months in the age increase factor (as determined under paragraph (4)(A)(i));

(E)

with respect to an individual who—

(i)

attains 62 years of age after December 31, 2023, and before January 1, 2031, 68 years of age plus the number of months in the age increase factor (as determined under paragraph (4)(B)(ii)); or

(ii)

receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2023, and before January 1, 2031, 68 years of age plus the number of months in the age increase factor (as determined under paragraph (4)(B)(i)); and

(F)

with respect to an individual who—

(i)

attains 62 years of age after December 31, 2030, 70 years of age; or

(ii)

receives a benefit described in paragraph (2)(B) and attains 60 years of age after December 31, 2030, 70 years of age.

;

(2)

by amending paragraph (2) to read as follows:

(2)

The term early retirement age means—

(A)

in the case of an old-age, wife's, or husband's insurance benefit—

(i)

62 years of age with respect to an individual who attains such age before January 1, 2016;

(ii)

with respect to an individual who attains 62 years of age after December 31, 2015, and before January 1, 2023, 62 years of age plus the number of months in the age increase factor (as determined under paragraph (4)(A)(ii)) for the calendar year in which such individual attains 62 years of age; and

(iii)

with respect to an individual who attains age 62 after December 31, 2022, 64 years of age; or

(B)

in the case of a widow's or widower's insurance benefit, 60 years of age.

;

(3)

by striking paragraph (3) and inserting the following:

(3)

With respect to an individual who attains early retirement age in the 5-year period consisting of the calendar years 2000 through 2004, the age increase factor shall be equal to two-twelfths of the number of months in the period beginning with January 2000 and ending with December of the year in which the individual attains early retirement age.

; and

(4)

by adding at the end the following new paragraph:

(4)

The age increase factor shall be equal to three-twelfths of the number of months in the period—

(A)

beginning with January 2016 and ending with December of the year in which—

(i)

for purposes of paragraph (1)(D)(ii), the individual attains 60 years of age; or

(ii)

for purposes of paragraph (2)(A)(ii), the individual attains 62 years of age; and

(B)

beginning with January 2024 and ending with December of the year in which—

(i)

for purposes of (1)(E)(ii), the individual attains 60 years of age; or

(ii)

for purposes of (1)(E)(i), the individual attains 62 years of age.

.

(b)

Conforming Increase in Number of Elapsed Years for Purposes of Determining Primary Insurance Amount

Section 215(b)(2)(B)(iii) of such Act (42 U.S.C. 415(b)(2)(B)(iii)) is amended by striking age 62 and inserting early retirement age (or, in the case of an individual who receives a benefit described in section 216(l)(2)(B), 62 years of age).

3.

Cost-of-Living Adjustment

Section 215(i) of the Social Security Act (42 U.S.C. 415(i)) is amended—

(1)

in paragraph (1)(D), by inserting subject to paragraph (6), before the term; and

(2)

by adding at the end the following new paragraph:

(6)
(A)

Subject to subparagraph (B), with respect to a base quarter or cost-of-living computation quarter in any calendar year after 2010, the term CPI increase percentage means the percentage determined under paragraph (1)(D) for the quarter reduced (but not below zero) by 1 percentage point.

(B)

The reduction under subparagraph (A) shall apply only for purposes of determining the amount of benefits under this title and not for purposes of determining the amount of, or any increases in, benefits under other provisions of law which operate by reference to increases in benefits under this title.

.