Boosting Benefits and COLAs for Seniors Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- 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 modifies how COLAs were calculated in the past, and establishes a new index for elderly consumers.
Key provisions
- Requires the Social Security Administration to use the CPI-W or CPI-E for COLAs.
- Modifies the calculation of COLAs for benefits received before December 1978.
- Establishes a new Consumer Price Index for Elderly Consumers (CPI-E).
- Prevents other laws from using the same percentage adjustment as Social Security COLAs.
- Directs the Bureau of Labor Statistics to publish the CPI-E monthly.
- Uses the R-CPI-E as a transitional measure until the CPI-E is fully published.
- Specifies an effective date of September 30, 2026, for the changes.
- Includes a provision to ensure consistent application of COLAs across titles II, VIII, and XVI of the Social Security Act.
Who is affected
- Senior citizens receiving Social Security benefits
- The Social Security Administration
- The Bureau of Labor Statistics
- Individuals aged 62 and older
Bill text
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