A bill to institute a true index for all automatic cost-of-living increases under the Social Security Act, and under all Federal retirement programs to 85 percent of the increases in the lower of Consumer Price Index or Wage Index.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act, the Railroad Retirement Act of 1974, the Central Intelligence Agency Retirement Act of 1964 for certain employees, and Federal law governing civil service employees to decrease the automatic cost-of-living adjustments in social security and Federal retirement benefits after December 31, 1981.