Fairness for Servicemembers and their Families Act of 2024

Bill: 118-s-1299
Sponsor: full_name: Sen. Cornyn, John [R-TX]
Introduced: 2023-04-26
Policy area: Armed Forces and National Security
Subjects: Government studies and investigations

Life, casualty, property insurance

Veterans' pensions and compensation
Latest action: action_date: 2024-12-18
text: Held at the desk.

Summaries:
action_date: 2023-04-26
action_desc: Introduced in Senate
text: <p><b>Fairness for Servicemembers and their Families Act of 2023</b></p> <p>This bill requires the Department of Veterans Affairs (VA) to periodically review and report on the maximum coverage available under the Servicemembers' Group Life Insurance and Veterans' Group Life Insurance programs. Specifically, the VA must review such coverage amount every three years, taking into account the percentage increase in the average of the Consumer Price Index for All Urban Consumers (CPI-U) for the fiscal year ending during the preceding calendar year compared to the average of the CPI-U for FY2005.</p>

tv_txt: 118th CONGRESS 2d Session S. 1299 IN THE SENATE OF THE UNITED STATES AN ACT To amend title 38, United States Code, to require the Secretary of Veterans Affairs to periodically review the automatic maximum coverage under the Servicemembers’ Group Life Insurance program and the Veterans’ Group Life Insurance program, and for other purposes.

1. Short title This Act may be cited as the Fairness for Servicemembers and their Families Act of 2024 . 2. Periodic review of automatic maximum coverage under Servicemembers’ Group Life Insurance and Veterans’ Group Life insurance (a) In general Subchapter III of chapter 19 of title 38, United States Code, is amended by adding at the end the following new section: 1980B. Periodic review of automatic maximum coverage (a) In general On January 1, 2025, and every five years thereafter, the Secretary shall— (1) complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and (2) submit to the Committees on Veterans' Affairs of the House of Representatives and the Senate the results of the review, which may serve as a guide for coverage increases within the existing administrative incremental structure. (b) Amount described The amount described in this subsection is the amount equal to— (1) $500,000; multiplied by (2) the average percentage by which the Consumer Price Index changed during the five fiscal years preceding the review under subsection (a). (c) Consumer Price Index defined In this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. . (b) Clerical amendment The table of sections at the beginning of chapter 19 of such title is amended by inserting after the item relating to section 1980A the following new item: 1980B. Periodic review of automatic maximum coverage. .

Passed the Senate December 17 (legislative day, December 16), 2024. Secretary

tv_txt: II 118th CONGRESS 1st Session S. 1299 IN THE SENATE OF THE UNITED STATES April 26, 2023 Mr. Cornyn (for himself, Ms. Hassan , Mr. Braun , Mr. Cruz , Mr. King , Ms. Hirono , and Mr. Kelly ) introduced the following bill; which was read twice and referred to the Committee on Veterans' Affairs A BILL To amend title 38, United States Code, to require the Secretary of Veterans Affairs to periodically review the automatic maximum coverage under the Servicemembers' Group Life Insurance program and the Veterans' Group Life Insurance program, and for other purposes.

1. Short title This Act may be cited as the Fairness for Servicemembers and their Families Act of 2023 . 2. Periodic review of automatic maximum coverage under Servicemembers' Group Life Insurance and Veterans' Group Life insurance (a) In general Subchapter III of chapter 19 of title 38, United States Code, is amended by adding at the end the following new section: 1980B. Periodic review of automatic maximum coverage (a) In general On January 1, 2024, and every three years thereafter, the Secretary shall— (1) complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and (2) submit to the Committee on Veterans' Affairs of the Senate and the Committee on Veterans’ Affairs of the House of Representatives the results of the review. (b) Amount described The amount described in this subsection is the amount equal to— (1) $400,000; multiplied by (2) the percentage of the increase (if any) in the average of the Consumer Price Index for the fiscal year ending during the preceding calendar year compared to the average of the Consumer Price Index for fiscal year 2005. (c) Consumer Price Index defined In this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. . (b) Clerical amendment The table of sections at the beginning of chapter 19 of such title is amended by inserting after the item relating to section 1980A the following new item: 1980B. Periodic review of automatic maximum coverage. .