Boosting Benefits and COLAs for Seniors Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
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.
Bill text
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Sponsors
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4 on record
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