Seniors' Security Act of 2017

To amend title II of the Social Security Act to provide for cost-of-living adjustments indexed to the Consumer Price Index for the Elderly, and for other purposes. 1. Short title This Act may be cited as the Seniors’ Security Act of 2017 2. Use of Consumer Price Index for the Elderly for cost-of-living adjustments of social security benefits (a) In general Section 215(i)(1) of the Social Security Act ( 42 U.S.C. 415(i)(1) (H) the term Consumer Price Index . (b) Application to pre-1979 law (1) In general Section 215(i)(1) of the Social Security Act as in effect in December 1978, and as applied in certain cases under the provisions of such Act as in effect after December 1978, is amended by adding at the end the following new subparagraph: (D) the term Consumer Price Index . (2) Conforming change Section 215(i)(4) of the Social Security Act ( 42 U.S.C. 415(i)(4) and by section 2 of the Seniors’ Security Act of 2017 1986 (c) Publication of Consumer Price Index for Elderly Consumers The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the index authorized by section 191 of the Older Americans Amendments Act of 1987 ( 29 U.S.C. 2 Consumer Price Index for Elderly Consumers (d) Effective date The amendments made by this section shall apply to determinations made with respect to cost-of-living computation quarters (as defined in section 215(i)(1)(B) of the Social Security Act ( 42 U.S.C. 415(i)(1)(B) 3. Use of Consumer Price Index for the Elderly for cost-of-living adjustments of Federal annuities (a) CSRS and FERS Section 8331(15) of title 5, United States Code, is amended to read as follows: (15) price index . (b) Applicability The amendments made by this section shall apply to determinations made with respect to cost-of-living computation quarters ending on or after September 30 of the second calendar year following the calendar year in which this Act is enacted. 4. Use of Consumer Price Index for the Elderly for cost-of-living adjustments of retired pay and retainer pay of members of the Armed Forces (a) In general Section 1401a(g)(1) of title 10, United States Code, is amended by striking Consumer Price Index (all items, United States city average) Consumer Price Index for the Elderly (b) Application of amendment The amendment made by subsection (a) shall apply only to adjustments of retired and retainer pay of members of the Armed Forces effective after the date of the enactment of this Act. 5. Limitation on certain increases in Medicare part B premiums Section 1839(f) of the Social Security Act ( 42 U.S.C. 1395r(f) (1) by striking such increase would reduce such increase— (1) for calendar years beginning before the date of the enactment of section 5 of the Seniors’ Security Act of 2017 ; and (2) by striking the period at the end and inserting the following: ; and (2) for calendar years beginning on or after the date of the enactment of section 5 of the Seniors’ Security Act of 2017 .

Summary: Seniors' Security Act of 2017 This bill requires the use of a Consumer Price Index for Elderly Consumers (CPI-E) to calculate certain cost-of-living adjustments with respect to the Old Age, Survivors, and Disability Insurance benefits program and certain other federal retirement benefits. The Department of Labor must prepare and publish the CPI-E for each calendar month. The bill also limits certain increases in Medicare premiums.