; and (C) by inserting after subparagraph (A) the following new subparagraph: (B) For purposes of determining under paragraph (1)(B) an individual’s surplus average indexed monthly earnings, the individual’s surplus earnings (described in paragraph (2)(B)(ii)) for a benefit computation year shall be deemed to be equal to the product of— (i) the individual’s surplus earnings for such year (as determined without regard to this subparagraph), and (ii) the quotient described in subparagraph (A)(ii). . (d) Effective date The amendments made by subsections (b) and (c) shall apply with respect to individuals who initially become eligible (within the meaning of section 215(a)(3)(B) of the Social Security Act) for old-age or disability insurance benefits under title II of the Social Security Act, or who die (before becoming eligible for such benefits), in any calendar year after 2023. 4. Consumer Price Index for Elderly Consumers (a) In general 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 early retirement age (as defined under section 216(l)(2) of the Social Security Act ( 42 U.S.C. 416(l)(2) ) for purposes of an old-age, wife's, or husband's insurance benefit). (b) Effective date Subsection (a) shall apply with respect to calendar months ending on or after June 30 of the calendar year in which this Act is enacted. (c) Authorization of appropriations There are authorized to be appropriated such sums as are necessary to carry out the provisions of this section. 5. Computation of cost-of-living increases for Social Security benefits (a) In general Section 215(i) of the Social Security Act ( 42 U.S.C. 415(i) ) is amended— (1) in paragraph (1)(G), by inserting before the period the following: , and, with respect to any monthly insurance benefit payable under