Page:United States Statutes at Large Volume 86.djvu/455

 86 STAT. ]

PUBLIC LAW 92-336-JULY 1, 1972

413

exceeds, by not less than 3 per centum, such Index in the later of (i) the last prior cost-ot-living computation quarter which was established under this subparagraph, or (ii) the most recent calendar quarter in which occurred the effective month of a general benefit increase under this title; except that there shall be no cost-of-living computation quarter in any calendar year in which a law has been enacted providing a general benefit increase under this title or in which such a benefit increase becomes effective; and " (C) the Consumer Price Index for a base quarter, a cost-ofliving computation quarter, or any other calendar quarter shall be the arithmetical mean of such index for the 3 months in such quarter. " (2)(A)(i) The Secretary shall determine each year beginning with 1974 (subject to the limitation in paragraph (1)(B) and to s u b p a r a ^ a p h (E) of this paragraph) whether the base quarter (as defined m paragraph (l)(A)(i)) in such year is a cost-of-living computation quarter. " (li) If the Secretary determines that such base quarter is a cost-ofliving computation quarter, he shall, effective with the month of January of the next calendar year (subject to subparagraph (E)) as provided in subparagraph (B), increase the benefit amount of each individual who for such month is entitled to benefits under section 227 or 228, and the primary insurance amount of each other individual Ante, p. 4iis under this title, by an amount derived by multiplying each such " • ' ' P - ' ^ ^ ^ amount (including each such individual's primary insurance amount or benefit amount under section 227 or 228 as previously increased under this subparagraph) by the same percentage (rounded to the nearest one-tenth of 1 percent) as the percentage by which the Consumer Price Index for such cost-of-living computation quarter exceeds such index for the most recent prior calendar quarter which was a base quarter under paragraph (l)(A) ( i i) or, if later, the most recent cost-of-living computation quarter under paragraph (1) (B). Any such increased amount which is not a multiple of $0.10 shall be increased to the next higher multiple of $0.10. " (B) The increase provided by subparagraph (A) with respect to a particular cost-of-living computation quarter shall apply (subject to subparagraph (E)) in the case of monthly benefits Under this title for months after December of the calendar year in which occurred such cost-of-living computation quarter, and in the case of lump-sum death payments with respect to deaths occurring after December of such calendar year. " (C)(i) Whenever the level of the Consumer Price Index as pub- Reports to conlished for any month exceeds by 2.5 percent or more the level of m?ttees?^^*^°'"' such index for the most recent base quarter (as defined in paragraph (1)(A) (ii)) or, if later, the most recent cost-of-living computation quarter, the Secretary shall (within 5 days after such publication) report the amount of such excess to the House Committee on Ways and Means and the Senate Committee on Finance. "(ii) Whenever the Secretary determines that a base quarter in a calendar year is also a cost-of-living computation quarter, he shall notify the House Committee on Ways and Means and the Senate Committee on Finance of such determination on or before August 15 of such calendar year, indicating the amount of the benefit increase to be provided, his estimate of the extent to which the cost of such increase would be met by an increase in the contribution and benefit

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