1.This Act may be cited as the
Defend and Save Social Security Act of
2012
.
2.Adjustment to
normal and early retirement age
(a)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 AmountSection 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
AdjustmentSection 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.
.