Cosmetic surgery that removes fatty tissue called "bags" above and below the eye, which frequently form as a result of the aging process is:

Answer: Blepharoplasty

Blepharoplasty is a surgery that repairs droopy eyelids and bags under the eyes. For that it may be necessary to remove excess skin, muscle and fat. This results from the aging process, because the eyelids get stretched, and the muscles that support them get weak.