Fair COLA for Seniors Act of 2023

Bill: 118-hr-716
Sponsor: full_name: Rep. Garamendi, John [D-CA-8]
Introduced: 2023-02-01
Policy area: Social Welfare
Subjects: Aging

Government employee pay, benefits, personnel management

Government information and archives

Inflation and prices

Military personnel and dependents

Social security and elderly assistance

Veterans' pensions and compensation
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Social Security.

Summaries:
action_date: 2023-02-01
action_desc: Introduced in House
text: <p><strong>Fair COLA for Seniors Act of 2023</strong></p> <p>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.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 716 IN THE HOUSE OF REPRESENTATIVES February 1, 2023 Mr. Garamendi (for himself, Mr. Panetta , Mr. Cohen , Mrs. McBath , Mr. Moulton , Ms. McCollum , Ms. Lois Frankel of Florida , Mr. Grijalva , Mr. Boyle of Pennsylvania , Ms. Scanlon , Ms. Titus , Ms. Pingree , Ms. Ross , Ms. Omar , Mr. Crow , Mrs. Beatty , Mr. Kim of New Jersey , Ms. Moore of Wisconsin , Mr. Lieu , and Mr. Bowman ) introduced the following bill; which was referred to the Committee on Ways and Means , and in addition to the Committees on Veterans' Affairs , Oversight and Accountability , and Armed Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL 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) ) is amended by adding at the end the following new subparagraph: (H) the term Consumer Price Index means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor Statistics of the Department of Labor). . (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 means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor Statistics of the Department of Labor). . (2) Conforming change 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 Fair COLA for Seniors Act of 2023 , after 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 note) for each calendar month, beginning with the date of enactment of this Act, and such index shall be known as the 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) )) ending on or after September 30, 2023. 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.