A bill to provide for the monthly publication of a Consumer Price Index for the Elderly and to provide for studies to be made with regard to utilizing such index in determining cost-of-living adjustments authorized in certain Federal programs for individuals who are at least sixty-two years of age.

Directs the Secretary of Labor, through the Bureau of Labor Statistics, to publish a monthly price index reflecting the retail prices of items purchased generally by individuals 62 years of age and older, such index to be known as the Consumer Price Index for the Elderly.

Directs specified Federal officers to study any legislative and administrative action necessary for utilizing such index in lieu of the Consumer Price Index for the purposes of enumerated provisions of law. Requires such officers, within 90 days of enactment of this Act, to transmit to each House of Congress a written report of findings, conclusions, and recommendations.