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.
About This Bill
Committee
Latest Action · March 19, 2024
Read twice and referred to the Committee on Finance.
The Boosting Benefits and COLAs for Seniors Act would change how Social Security calculates annual cost-of-living adjustments, or COLAs, which determine benefit increases for retirees and disabled beneficiaries. Currently, Social Security uses the Consumer Price Index for Urban Wage Earners and Clerical Workers to calculate COLAs, but this bill would require the use of whichever index is higher between that measure and a new Consumer Price Index for Elderly Consumers that tracks inflation on items seniors actually purchase, such as healthcare and housing. The change would apply to Social Security benefits as well as certain other federal programs tied to Social Security adjustments, and would take effect beginning with calculations for the quarter ending September 30, 2024. The bill would require the Department of Labor to develop and publish the elderly-specific price index, with a transition provision allowing use of an existing research index until the new official index is ready. The bill was introduced in March 2024 and has been referred to the Senate Finance Committee.
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