No official summary available for this bill.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3974 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 3974
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.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Boosting Benefits and COLAs for
Seniors Act''.
SEC. 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.
<all>
Introduced in Senate
Read twice and referred to the Committee on Finance.
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