Guaranteed 3 Percent COLA for Seniors Act of 2015

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Guaranteed 3 Percent COLA for 
Seniors Act of 2015''.

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.

    (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 the Consumer Price 
        Index for Elderly Consumers and such primary insurance amount 
        shall be adjusted under this subsection using such Index'';
            (2) in paragraph (2)(A)(ii), by adding at the end the 
        following: ``In the case of individuals referred to in 
        subdivision (I) or (II) who have attained age 62, irrespective 
        of whether the Commissioner makes a determination described in 
        the first sentence of this clause with respect to the base 
        quarter in any year, effective for adjustments under this 
        subsection to the primary insurance amount on which such 
        individual's monthly insurance benefit is based occurring after 
        such individual attains such age (or to any such benefit under 
        section 227 or 228), the Commissioner shall, effective with the 
        month of December of such year, increase benefit amounts and 
        primary insurance amounts of such individuals under this clause 
        as if such base quarter were a cost of living computation 
        quarter and the applicable increase percentage with respect to 
        such base quarter were equal to the greater of 3 percent or the 
        applicable increase percentage (if any) with respect to such 
        base quarter.''; and
            (3) 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 of the Guaranteed 3 
        Percent COLA for Seniors Act of 2015,''.
    (b) Conforming Amendments in Applicable Former Law.--Section 215(i) 
of such 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--
            (1) in paragraph (1)(C), 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 the Consumer Price 
        Index for Elderly Consumers and such primary insurance amount 
        shall be adjusted under this subsection using such Index''; and
            (2) by adding at the end of paragraph (2)(A)(ii) the 
        following: ``In the case of individuals referred to in the 
        first sentence of this clause who have attained age 62, 
        irrespective of whether the Commissioner makes a determination 
        described in the first sentence of this clause with respect to 
        the base quarter in any year, effective for adjustments under 
        this subsection to the primary insurance amount on which such 
        individual's monthly insurance benefit is based occurring after 
        such individual attains such age (or to any such benefit under 
        section 227 or 228), the Commissioner shall, effective with the 
        month of December of such year, increase benefit amounts and 
        primary insurance amounts of such individuals under this clause 
        as if such base quarter were a cost of living computation 
        quarter and the percentage referred to in the first sentence of 
        this clause with respect to such base quarter were equal to the 
        greater of 3 percent or the percentage (if any) otherwise 
        referred to in the first sentence of this clause with respect 
        to such base quarter.''.
    (c) Protection of Benefits Subject to the Family Maximum.--Section 
203(a) of the Social Security Act (42 U.S.C. 403(a)) is amended by 
adding at the end the following new paragraph:
    ``(11) In determining whether total monthly benefits based on any 
primary insurance amount exceed the amount permitted under this 
subsection, the Commissioner shall disregard the portion of any benefit 
otherwise payable to any beneficiary under this title which is 
attributable to so much of any increases in benefits which would not 
have occurred but for the application of the last sentence of section 
215(i)(2)(A)(ii) (or the last sentence of section 215(i)(2)(A)(ii) as 
in effect in December 1978 (as amended) and applied in certain cases 
under the provisions of such Act in effect after December 1978).''.
    (d) Rule of Construction.--This section and the amendments made 
thereby shall not be construed as a general benefit increase for 
purposes of section 215(i) of the Social Security Act (and section 
215(i) of such Act as in effect in December 1978 and applied in certain 
cases under the provisions of such Act in effect after December 1978).
    (e) Effective Date.--The amendments made by this section shall 
apply to determinations made with respect to base quarters ending on or 
after September 30 of the second calendar year following the calendar 
year in which this Act is enacted.

Summary: Guaranteed 3 Percent COLA for Seniors Act of 2015 Directs the Bureau of Labor Statistics of the Department of Labor to prepare and publish a monthly Consumer Price Index for Elderly Consumers that indicates changes over time in expenditures for consumption which are typical for individuals in the United States age 62 or older. Amends title II (OASDI) of the Social Security Act to: (1) require the use of such index to compute cost-of-living increases for Social Security benefits. And (2) provide, in the case of individuals who have attained age 62, for an annual cost-of-living increase of at least 3.