Fair COLA for Seniors Act of 2016

To amend title II of the Social Security Act to provide a midyear cost-of-living increase to account for the lack of an automatic increase for 2016, to apply the Consumer Price Index for the Elderly (CPI–E) to future Social Security COLAs, and for other purposes. 1. Short title This Act may be cited as the Fair COLA for Seniors Act of 2016 2. One-time cost-of-living (COLA) increase for calendar year 2016 (a) 3.9% COLA provided To match recent growth in CEO pay Effective with the month of June 2016, the Commissioner of Social Security shall increase each of the amounts described in subclauses (I) through (III) of section 215(i)(2)(A)(ii) of the Social Security Act by 3.9 percent. (b) No effect on annual cost-of-Living increases For purposes of applying subparagraphs (A) and (B) of section 215(i)(1) of the Social Security Act in calendar years 2016 and 2017, the increase under subsection (a) shall not be considered a general benefit increase under title II of the Social Security Act. 3. 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 amendment Section 215(i)(4) of the Social Security Act ( 42 U.S.C. 415(i)(4) section 2 sections 2 and 3 (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, title VIII, or title XVI) 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 Fair COLA for Seniors Act of 2016 . (d) 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 (e) Effective date The amendments made by this section shall apply with respect to determinations made under section 215(i)(2)(A)(i) of the Social Security Act with respect to base quarters occurring in 2016 or later.

Summary: Fair COLA for Seniors Act of 2016 This bill directs the Social Security Administration to make a one-time cost-of-living increase of 3.9%, effective with the month of June 2016, to benefits under title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act. Such increase shall not be considered a general annual benefit cost-of-living increase in calendar years 2016-2017. "Consumer Price Index" shall mean Consumer Price Index for Elderly Consumers (CPI-E). The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the CPI-E authorized by the Older Americans Amendments Act of 1987 for each calendar month beginning with July of the calendar year following the calendar year in which this bill is enacted.