1. Short title This Act may be cited as the Guaranteed 3 Percent COLA for Seniors Act of 2017 . 2. 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 are 62 years of age or older. (b) Effective date Subsection (a) shall apply with respect to calendar months ending on or after July 31 of the calendar year following 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. 3. Computation of cost-of-living increases (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, solely with respect to any monthly insurance benefit payable under this title to an individual who has attained age 62, effective for adjustments under this subsection to the primary insurance amount on which such benefit is based (or to any such benefit under section 227 or 228) occurring after such individual attains such age, the applicable Consumer Price Index shall be the Consumer Price Index for Elderly Consumers and such primary insurance amount shall be adjusted under this subsection using such Index