Bill > S4986

This bill, the Social Security COVID Correction and Equity Act, has several key provisions: 1. It prevents an unintended drop in Social Security benefits due to the impact of COVID-19 on the National Average Wage Index used to calculate benefits. 2. It provides an across-the-board 3% increase in Social Security benefits for 2020. 3. It increases the minimum Social Security benefit for lifetime low earners based on their years in the workforce, with the minimum benefit ranging from 6.25% to 125% of the federal poverty level depending on the number of years worked. 4. It increases the income thresholds and taxation rate for including Social Security benefits in taxable income, and ensures the Trust Funds are held harmless from the changes. 5. It extends the child's Social Security benefit for full-time post-secondary students up to age 23. 6. It improves Social Security benefits for widows and widowers in two-income households. 7. It increases access to Social Security child's benefits for children living with grandparents or other relatives. 8. It updates eligibility levels for the Supplemental Security Income (SSI) program. The bill aims to protect Social Security beneficiaries from negative impacts of the pandemic and make the program more equitable, especially for lower-income workers and families.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/4986/all-info