Fair COLA for Seniors Act of 2023

To provide for cost-of-living increases for certain Federal benefits programs based on increases in the Consumer Price Index for the elderly. 1. Short title This Act may be cited as the Fair COLA for Seniors Act of 2023 2. Computation of cost-of-living increases based on Consumer Price Index for Elderly Consumers (a) In general Section 215(i)(1) of the Social Security Act ( 42 U.S.C. 415(i)(1) (H) the term Consumer Price Index . (b) Application to pre-1979 law (1) In general Section 215(i)(1) 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 by adding at the end the following new subparagraph: (D) the term Consumer Price Index . (2) Conforming change Section 215(i)(4) of the Social Security Act ( 42 U.S.C. 415(i)(4) (A) by striking and by section 9001 , section 9001 (B) by inserting and section 2 of the Fair COLA for Seniors Act of 2023 1986, (c) Publication of Consumer Price Index for Elderly Consumers The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the index authorized by section 191 of the Older Americans Amendments Act of 1987 ( 29 U.S.C. 2 Consumer Price Index for Elderly Consumers (d) Effective date The amendments made by subsection (a) 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) 3. Cost-of-living increases for certain Federal benefits programs based on increases in the Consumer Price Index for the elderly Notwithstanding any other provision of law, whenever benefit amounts under title II of the Social Security Act are increased by any percentage effective with any month as a result of a determination made under section 215(i) of such Act, the dollar amounts in effect for the payment of the following benefits, as such amounts were in effect immediately before the increase of such benefit amounts, shall be increased by the same percentage: (1) An annuity under the Civil Service Retirement System or the Federal Employees Retirement System. (2) Department of Veterans Affairs wartime disability compensation under section 1114 of title 38, United States Code. (3) Department of Veterans Affairs additional compensation for dependents under section 1115(1) of such title. (4) The Department of Veterans Affairs clothing allowance under section 1162 of such title. (5) Department of Veterans Affairs dependency and indemnity compensation to surviving spouse under subsections (a) through (d) of section 1311 of such title. (6) Department of Veterans Affairs dependency and indemnity compensation to children under sections 1313(a) and 1314 of such title. (7) Military retirement and survivor benefit programs, as defined in section 1461(b) of title 10, United States Code.

Summary: Fair COLA for Seniors Act of 2023 This bill bases cost-of-living adjustments for certain benefits available through federal and military retirement programs, Social Security, and specified programs for veterans on a price index that tracks the spending patterns of older consumers. The Bureau of Labor Statistics of the Department of Labor must publish that price index on a monthly basis.