[Congressional Record Volume 157, Number 87 (Thursday, June 16, 2011)]
[Senate]
[Pages S3893-S3894]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By Mrs. HUTCHISON (for herself and Mr. Kyl):
S. 1213. 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; to the
Committee on Finance.
Mrs. HUTCHISON. Mr. President, I ask unanimous consent that the text
of the bill be printed in the Record.
There being no objection, the text of the bill was ordered to be
printed in the Record, as follows:
S. 1213
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 ``Defend and Save Social
Security Act''.
SEC. 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, 2027, 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, 2027, 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, 2026, 69
years of age; or
``(ii) receives a benefit described in paragraph (2)(B) and
attains 60 years of age after December 31, 2026, 69 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 paragraphs (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)''.
SEC. 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
[[Page S3894]]
provisions of law which operate by reference to increases in
benefits under this title.''.
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