Notch Fairness Act of 2001

Notch Fairness Act of 2001 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to revise the formula for the computation of minimum Old Age Insurance benefits for individuals who reached age 65 in or after 1979 and to whom applies the 15-year transition period for 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 55 percent to five percent and keyed to the year an individual became eligible for such benefits between 1979 and 1988.

Allows such beneficiaries, in the alternative, to receive lump sum payments over four years totaling $5,000.

Directs the Director of the Office of Management and Budget, when estimating any additional spending under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) resulting from this Act, to decrease the adjusted discretionary spending limits for budget authority and outlays for FY 2002 set forth in such Act by the increase in direct spending estimated to result from enactment of this Act for that fiscal year.