Boosting Benefits and COLAs for Seniors Act

Bill: 118-s-3974
Sponsor: full_name: Sen. Casey, Robert P., Jr. [D-PA]
Introduced: 2024-03-19
Policy area: Social Welfare
Latest action: action_date: 2024-03-19
text: Read twice and referred to the Committee on Finance.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 3974 IN THE SENATE OF THE UNITED STATES March 19, 2024 Mr. Casey (for himself, Mr. Blumenthal , Mr. Welch , Mr. Fetterman , Mrs. Gillibrand , and Mr. Sanders ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL 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.

1. Short title This Act may be cited as the Boosting Benefits and COLAs for Seniors Act . 2. More accurate cost-of-living adjustment (a) In general (1) In general Section 215(i)(1)(D) of the Social Security Act ( 42 U.S.C. 415(i)(1)(D) ) is amended by striking Consumer Price Index and all that follows through such index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau) (whichever such index results in the higher percentage under this subparagraph) exceeds the same such index . (2) Conforming amendment Section 215(i)(1)(G) of the Social Security Act ( 42 U.S.C. 415(i)(1)(G) ) is amended by inserting applicable for purposes of subparagraph (D) after Consumer Price Index . (b) Application to pre-1979 law (1) In general Section 215(i) 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— (A) in paragraph (1)(B), by striking Consumer Price Index and all that follows through such index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W, as published by the Bureau of Labor Statistics of the Department of Labor) or Consumer Price Index for Elderly Consumers (CPI–E, as published by such Bureau of such Department) (whichever such index results in the higher per centum under this subparagraph) exceeds, by not less than 3 per centum, the same such Index ; and (B) in paragraph (2)— (i) in subparagraph (A)(ii), by striking Consumer Price Index for such cost-of-living computation quarter and inserting Consumer Price Index applicable for such year under paragraph (1)(B) ; and (ii) in subparagraph (C)(i), by striking Consumer Price Index as published for any month exceeds by 2.5 percent or more the level of such index and inserting Consumer Price Index for Urban Wage Earners and Clerical Workers or Consumer Price Index for Elderly Consumers as published for any month exceeds by 2.5 percent or more the level of such index . (2) Conforming changes Section 215(i)(4) of the Social Security Act ( 42 U.S.C. 415(i)(4) ) is amended— (A) by striking and by section 9001 and inserting , section 9001 ; and (B) by inserting and section 2 of the Boosting Benefits and COLAs for Seniors Act , after 1986, . (c) No effect on adjustments under other laws Section 215(i) of the Social Security Act ( 42 U.S.C. 415(i) ) is amended by adding at the end the following: (6) With respect to any provision of law (other than in this title, title VIII, or title XVI) which provides for an adjustment of an amount under such provision of law in the same percentage as a cost-of-living adjustment applied to benefit amounts under this title, such provision of law shall be applied and administered as if the percentage of such cost-of-living adjustment applied to benefit amounts under this title were determined without regard to the amendments made by subsections (a) and (b) of section 2 of the Boosting Benefits and COLAs for Seniors Act . . (d) Publication of Consumer Price Index for Elderly Consumers 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 Elderly Consumers that indicates changes over time in expenditures for consumption which are typical for individuals in the United States who have attained age 62. (e) Transition rule Prior to the publication of the Consumer Price Index for Elderly Consumers (CPI–E) pursuant to subsection (d), the reference to such index made in each of the amendments made by subsections (a) and (b) shall be deemed to be a reference to the research price index prepared by the Bureau of Labor Statistics of the Department of Labor known as the Consumer Price Index for Americans 62 years of age and older (R–CPI–E). (f) Effective date The amendments made by this section 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) )) ending on or after September 30, 2024.