Keeping our Promise to Seniors Act

To require the establishment of a Consumer Price Index for Older Americans to compute cost-of-living increases for monthly insurance benefits under title II of the Social Security Act, and for other purposes. 1. Short title This Act may be cited as the Keeping our Promise to Seniors Act 2. Consumer Price Index for Older Americans (a) In general 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 Older Americans (1) measures changes over time in the cost of living for a population that consists solely of individuals living in the United States who are 62 years of age or older; (2) is specifically designed to reflect the geographic areas in which such individuals reside, the goods and services purchased by such individuals, and the prices typically by such individuals for those goods and services; and (3) is not based on any other consumer price index published by the Bureau of Labor Statistics. (b) Effective date Subsection (a) shall apply with respect to calendar months beginning after the date that is 1 year after the date of the enactment of this Act. 3. Computation of cost-of-living increases for old-age and survivor’s benefits (a) In general Section 215(i) of the Social Security Act 42 U.S.C. 415(i) (1) in paragraph (1)(G), by inserting before the period the following: , and, with respect to any monthly insurance benefit payable under this title, effective for adjustments under this subsection to the primary insurance amount on which such benefit is based (or to any such benefit under section 227 or 228), the applicable Consumer Price Index shall be deemed to be the Consumer Price Index for Older Americans and such primary insurance amount shall be deemed adjusted under this subsection using such Index (2) in paragraph (4), by striking and by section 9001 , by section 9001 1986, and by section 3(a) of the Keeping our Promise to Seniors Act (b) Conforming amendments in applicable former law Section 215(i)(1)(C) of such Act, as in effect in December 1978 and applied in certain cases under the provisions of such Act in effect after December 1978, is amended by inserting before the period the following: , and, with respect to any monthly insurance benefit payable under this title, effective for adjustments under this subsection to the primary insurance amount on which such benefit is based (or to any such benefit under section 227 or 228), the applicable Consumer Price Index shall be deemed to be the Consumer Price Index for Older Americans and such primary insurance amount shall be deemed adjusted under this subsection using such Index (c) No effect on adjustments under other laws Section 215(i) of the Social Security Act ( 42 U.S.C. 415(i) (6) Any provision of law (other than in this title) which provides for adjustment of an amount based on a change in benefit amounts resulting from a determination made under this subsection shall be applied and administered without regard to the amendments made by section 3 of the Keeping our Promise to Seniors Act . (d) Effective date The amendments made by paragraph (1) shall apply to determinations made with respect to cost-of-living computation quarters beginning after the date that is 1 year after the date of the enactment of this Act.

Summary: Keeping Our Promise to Seniors Act This bill directs the Bureau of Labor Statistics (BLS) of the Department of Labor to prepare and publish a monthly Consumer Price Index for Older Americans (CPI-OA) that: measures changes over time in the cost of living for a population that consists solely of individuals living in the United States who are age 62 or older; is specifically designed to reflect the geographic areas in which such individuals reside, the goods and services they purchase, and the typical prices for those goods and services; and is not based on any other consumer price index published by the BLS. The bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to use this new CPI-OA in the computation of cost-of-living increases for OASDI benefits.