Seniors' Security Act of 2016

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 2016 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 102 of the Seniors’ Security Act of 2016 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 before 2017, would reduce ; and (2) by striking the period at the end and inserting the following: ; and (2) for calendar years beginning with 2017, would exceed 30 percent of the difference between the amount of benefits payable to that individual for that December and the amount of benefits payable to that individual for that November (both amounts determined before the deduction of a premium under this section). .

Summary: Seniors Security Act of 2016 This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to require the computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers (CPI-E). The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the CPI-E for each calendar month. The CPI-E shall also be used for cost-of-living adjustments for federal civilian employee annuities and for the retired and retainer pay of members of the armed forces. SSAct title XVIII (Medicare) is amended to prohibit any increases in Medicare part B premiums for calendar years beginning with 2017 to the extent they would exceed 30% of the difference between the amount of benefits payable to an individual for that December and the amount of benefits payable for that November (both amounts determined before the deduction of a premium). This change shall allow premium increases of up to 30% of that difference.