Corrections Oversight, Recidivism Reduction, and Eliminating Costs for Taxpayers In Our National System Act of 2017 or the CORRECTIONS Act This bill directs the Department of Justice (DOJ) to review existing recidivism reduction programs and productive activities (e.g., a prison work program) in federal correctional facilities. It amends the federal criminal code to: require the Bureau of Prisons (BOP) to expand recidivism reduction programs and productive activities to all eligible prisoners; allow an additional period of prerelease custody for prisoners who earn time credits for successfully completing such programs; require DOJ to develop the Post-Sentencing Risk and Needs Assessment System; require presentence investigation reports to include certain information such as substance abuse history, military service, and veteran status; and permit a court to reduce a life prison term imposed on a defendant convicted as an adult for an offense committed as a juvenile. The Administrative Office of the United States Courts must establish a supervised release pilot program to reduce recidivism and improve substance abuse recovery. DOJ must evaluate reentry best practices and create reentry demonstration projects in judicial districts. The bill amends the Second Chance Act of 2007 to make permanent and modify eligibility for an elderly offender early release pilot program. Lieutenant Osvaldo Albarati Correctional Officer Self-Protection Act of 2017 The bill requires the BOP to allow a federal correctional officer to: (1) securely store firearms on BOP premises outside the security perimeter of the institution or in a vehicle lockbox, and (2) carry a concealed firearm on BOP premises outside the security perimeter of the institution. National Criminal Justice Commission Act of 2017 The bill establishes the National Criminal Justice Commission.