Defend and Save Social Security Act of 2012 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to: (1) increase the normal retirement age by specified graduated stages to 67 by 2019 and to 70 after December 31, 2030, and the early retirement age to 63 by 2019 and to 64 after December 31, 2022; (2) revise requirements for computation of the age increase factor; and (3) modify the cost-of-living adjustment (COLA) to 1% below the general COLA.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3533 Introduced in Senate (IS)]
112th CONGRESS
2d Session
S. 3533
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.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 12, 2012
Mrs. Hutchison 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.
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
of 2012''.
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, 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)''.
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 provisions of law which operate by reference to
increases in benefits under this title.''.
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Introduced in Senate
Read twice and referred to the Committee on Finance.
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