More accurate cost-of-living adjustment

(a) In general (1) In general Section 215(i)(1)(D) of the Social Security Act (42 U.S.C. 415(i)(1)(D)) is amended by striking Consumer Price Index and all that follows through such index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau) (whichever such index results in the higher percentage under this subparagraph) exceeds the same such index. (2) Conforming amendment Section 215(i)(1)(G) of the Social Security Act (42 U.S.C. 415(i)(1)(G)) is amended by inserting applicable for purposes of subparagraph (D) after Consumer Price Index. (b) Application to pre-1979 law (1) In general Section 215(i) 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— (A) in paragraph (1)(B), by striking Consumer Price Index and all that follows through such Index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau of such Department) (whichever such index results in the higher per centum under this subparagraph) exceeds, by not less than 3 per centum, the same such Index; and (B) in paragraph (2)— (i) in subparagraph (A)(ii), by striking Consumer Price Index for such cost-of-living computation quarter and inserting Consumer Price Index applicable for such year under paragraph (1)(B); and (ii) in subparagraph (C)(i), by striking Consumer Price Index as published for any month exceeds by 2.5 percent or more the level of such index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers or Consumer Price Index for Elderly Consumers as published for any month exceeds by 2.5 percent or more the level of such index. (2) Conforming changes Section 215(i)(4) of the Social Security Act (42 U.S.C. 415(i)(4)) is amended by inserting and by section 102 of the Social Security 2100 Act after 1986. (c) No effect on adjustments under other laws Section 215(i) of the Social Security Act (42 U.S.C. 415(i)) is amended by adding at the end the following: (6) With respect to any provision of law (other than in this title, title VIII, or title XVI) which provides for an adjustment of an amount under such provision of law in the same percentage as a cost-of-living adjustment applied to benefit amounts under this title, such provision of law shall be applied and administered as if the percentage of such cost-of-living adjustment applied to benefit amounts under this title were determined without regard to the amendments made by subsections (a) and (b) of section 102 of the Social Security 2100 Act.. (d) Publication of Consumer Price Index for Elderly Consumers 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 have attained age 62. (e) Transition rule Prior to the publication of the Consumer Price Index for Elderly Consumers (CPI–E) pursuant to subsection (d), the reference to such index made in each of the amendments made by subsections (a) and (b) shall be deemed to be a reference to the research price index prepared by the Bureau of Labor Statistics of the Department of Labor known as the Consumer Price Index for Americans 62 years of age and older (R–CPI–E). (f) Effective date (1) In general The amendments made by this section shall apply only 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))) ending on December 31 of calendar years 2027 through 2036. (2) Nonapplication after 2036 (A) COLA redeterminations For purposes of subparagraph (B) and determinations made with respect to cost-of-living computation quarters (as so defined) ending on September 30 of any calendar year after 2036, section 215(i) of the Social Security Act shall be applied as if the determinations described in paragraph (1) had been made without regard to the amendments made by this section. (B) Increases based on COLA determinations Notwithstanding section 215(f) of the Social Security Act, the Commissioner of Social Security shall, for benefits payable under title II for months after December 2036 and for benefits payable under title XVI for months after December 2036, recompute primary insurance amounts, dollar amounts adjusted under section 1617, and any other amounts subject to increase on the basis of a determination made with respect to cost-of-living computation quarters under section 215(i) of the Social Security Act to the extent necessary to apply the redeterminations made under subparagraph (A).