HR 5841
Boosting Benefits and COLAs for Seniors Act
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Bill overview
This bill, the Boosting Benefits and COLAs for Seniors Act, aims to improve the accuracy of cost-of-living adjustments (COLAs) for Social Security benefits. Specifically, it directs the Social Security Administration to use either the Consumer Price Index for Urban Wage Earners and Clerical Workers or the Consumer Price Index for Elderly Consumers when calculating COLAs. The bill also clarifies how COLAs are determined for benefits received before 1979 and establishes a process for publishing a dedicated Consumer Price Index for Elderly Consumers.
Key provisions
- Requires the use of either the CPI-W or CPI-E for calculating Social Security COLAs.
- Modifies the calculation of COLAs for benefits received before 1979.
- Establishes a new Consumer Price Index for Elderly Consumers (CPI-E) to be published by the Bureau of Labor Statistics.
- Prevents other laws from using the same percentage adjustment as Social Security COLAs.
- Specifies a transition rule for using the R-CPI-E index before the CPI-E is fully published.
- Defines the scope of the CPI-E index as expenditures for consumption typical of individuals aged 62 and older.
Who is affected
- Senior citizens receiving Social Security benefits
- The Social Security Administration
- The Bureau of Labor Statistics
Notable changes
- Shifts the index used to calculate COLAs from the standard CPI to either CPI-W or CPI-E.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Cosponsors
Eleanor Holmes [D-DC-At Large] Norton
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119th CONGRESS — 1st Session
H. R. 5841
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend title II of the Social Security Act to require the Commissioner of Social Security to use the Consumer Price Index for Elderly Consumers for purposes of determining cost-of-living adjustments under titles II, VIII, and XVI of the Social Security Act, and for other purposes.
This Act may be cited as the Boosting Benefits and COLAs for Seniors Act
.
Section 215(i)(1)(D) of the Social Security Act (42 U.S.C. 415(i)(1)(D)) is amended by striking Consumer Price Index
and all that follows through such index
and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau) (whichever such index results in the higher percentage under this subparagraph) exceeds the same such index
.
Section 215(i)(1)(G) of the Social Security Act (42 U.S.C. 415(i)(1)(G)) is amended by inserting applicable for purposes of subparagraph (D)
after Consumer Price Index
.
Section 215(i) of the Social Security Act as in effect in December 1978, and as applied in certain cases under the provisions of such Act as in effect after December 1978, is amended—
in paragraph (1)(B), by striking Consumer Price Index
and all that follows through such Index
and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau of such Department) (whichever such index results in the higher per centum under this subparagraph) exceeds, by not less than 3 per centum, the same such Index
; and
in paragraph (2)—
in subparagraph (A)(ii), by striking Consumer Price Index for such cost-of-living computation quarter
and inserting Consumer Price Index applicable for such year under paragraph (1)(B)
; and
Consumer Price Index as published for any month exceeds by 2.5 percent or more the level of such indexand inserting
Consumer Price Index for Urban Wage Earners and Clerical Workers or Consumer Price Index for Elderly Consumers as published for any month exceeds by 2.5 percent or more the level of such index.
Section 215(i)(4) of the Social Security Act (42 U.S.C. 415(i)(4)) is amended—
and by section 9001and inserting
, section 9001; and
and section 2 of theafterBoosting Benefits and COLAs for Seniors Act
,
1986,.
Boosting Benefits and COLAs for Seniors Act
.The Bureau of Labor Statistics of the Department of Labor shall prepare and publish an index for each calendar month to be known as the Consumer Price Index for Elderly Consumers
that indicates changes over time in expenditures for consumption which are typical for individuals in the United States who have attained age 62.
The amendments made by this section shall apply to determinations made with respect to cost-of-living computation quarters (as defined in section 215(i)(1)(B) of the Social Security Act (42 U.S.C. 415(i)(1)(B))) ending on or after September 30, 2026.