Social Security Notch Act of 2001

Social Security Notch Act of 2001 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act with respect to the benefit computation formula for individuals who reached age 65 in or after 1982 and to whom applies the period of transition to the changes in benefit computation rules enacted in the Social Security Amendments of 1977.

Sets forth a schedule of additional benefit increases for such beneficiaries (and related beneficiaries), with percentages declining from 70 percent to 35 percent keyed to the year an individual became eligible for such benefits between 1979 and 1983.