[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2930 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2930

  To require the establishment of a Consumer Price Index for Elderly 
   Consumers to compute cost-of-living increases for Social Security 
          benefits under title II of the Social Security Act.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 7, 2004

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

_______________________________________________________________________

                                 A BILL


 
  To require the establishment of a Consumer Price Index for Elderly 
   Consumers to compute cost-of-living increases for Social Security 
          benefits under title II of the Social Security Act.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Price Index for Elderly 
Consumers Act''.

SEC. 2. CONSUMER PRICE INDEX FOR ELDERLY CONSUMERS.

    (a) In General.--The Bureau of Labor Statistics of the Department 
of Labor shall prepare and publish an index for each calendar month to 
be known as the ``Consumer Price Index for Elderly Consumers'' that 
indicates changes over time in expenditures for consumption which are 
typical for individuals in the United States who are 62 years of age or 
older.
    (b) Effective Date.--Subsection (a) shall apply with respect to 
calendar months ending on or after July 31 of the calendar year 
following the calendar year in which this Act is enacted.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as are necessary to carry out the provisions of 
this section.

SEC. 3. COMPUTATION OF COST-OF-LIVING INCREASES FOR SOCIAL SECURITY 
              BENEFITS.

    (a) In General.--Section 215(i) of the Social Security Act (42 
U.S.C. 415(i)) is amended--
            (1) in paragraph (1)(G), by inserting before the period the 
        following: ``, and, solely with respect to any monthly 
        insurance benefit payable under this title to an individual who 
        has attained age 62, effective for adjustments under this 
        subsection to the primary insurance amount on which such 
        benefit is based (or to any such benefit under section 227 or 
        228) occurring after such individual attains such age, the 
        applicable Consumer Price Index shall be deemed to be the 
        Consumer Price Index for Elderly Consumers and such primary 
        insurance amount shall be deemed adjusted under this subsection 
        using such Index''; and
            (2) in paragraph (4), by striking ``and by section 9001'' 
        and inserting ``, by section 9001'', and by inserting after 
        ``1986,'' the following: ``and by section 3(a) of the Consumer 
        Price Index for Elderly Consumers Act,''.
    (b) Conforming Amendments in Applicable Former Law.--Section 
215(i)(1)(C) of the Social Security Act, as in effect in December 1978 
and applied in certain cases under the provisions of such Act in effect 
after December 1978, is amended by inserting before the period the 
following: ``, and, solely with respect to any monthly insurance 
benefit payable under this title to an individual who has attained age 
62, effective for adjustments under this subsection to the primary 
insurance amount on which such benefit is based (or to any such benefit 
under section 227 or 228) occurring after such individual attains such 
age, the applicable Consumer Price Index shall be deemed to be the 
Consumer Price Index for Elderly Consumers and such primary insurance 
amount shall be deemed adjusted under this subsection using such 
Index''.
    (c) Effective Date.--The amendments made by this section shall 
apply to determinations made by the Commissioner of Social Security 
under section 215(i)(2) of the Social Security Act (42 U.S.C. 
415(i)(2)) with respect to cost-of-living computation quarters ending 
on or after September 30 of the second calendar year following the 
calendar year in which this Act is enacted.
                                 <all>