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.

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 provisions of law which operate by reference to 
increases in benefits under this title.''.

Summary: Defend and Save Social Security Act - Amends title II (OASDI) of the Social Security Act to: (1) increase the normal retirement age by specified graduated stages to 67 by 2019 and to 69 after December 31, 2026, 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.