S.O.S. Act of 2016

S.O.S. Act of 2016

This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the contribution and benefit base for 2017 through 2019.

The bill revises the computation of primary insurance amounts to include surplus average indexed monthly earnings (AIME) in determining them, adjust surplus earnings for purposes of determining the surplus AIME, and reduce the third bend point factor.

The retirement age shall increase past 67 years by certain formulae.

Cost-of-living adjustments shall involve the Chained Consumer Price Index for all Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.

The bill formulates a minimum monthly insurance benefit, and establishes an increased benefit for beneficiaries on account of long-term eligibility, starting 20 years after they become eligible for monthly OASDI benefits.

The bill revises a certain formula to increase benefit computation years for purposes of calculating primary OASDI insurance amounts.

This bill amends the Congressional Budget Act of 1974 to make it out of order in the House of Representatives or the Senate to consider any:

• budget resolution that sets forth totals for any fiscal year regarding the Social Security Trust Funds that are less than the totals of the Social Security Trust Funds for that fiscal year as calculated in accordance with a current services baseline, or
• spending or tax legislation that would cause any totals to be less than the Funds totals for the covered fiscal year.

The bill declares that this latter point of order shall not apply to Social Security reform legislation.