Bill > S3059

This bill proposes to modify how cost-of-living adjustments (COLAs) are calculated for Social Security benefits by using the Consumer Price Index for Elderly Consumers (CPI-E) instead of the current Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The bill requires the Bureau of Labor Statistics to develop and publish a new price index specifically tracking expenditures for individuals aged 62 and older, which would be used to determine annual benefit increases. When calculating these adjustments, the Commissioner of Social Security would use whichever index (CPI-W or CPI-E) results in a higher percentage increase, potentially providing more favorable cost-of-living increases for seniors. The changes would apply to titles II, VIII, and XVI of the Social Security Act, affecting retirement, survivors, disability, and supplemental security income benefits. The bill includes provisions for transitional implementation, using existing research indexes until the new CPI-E is fully developed, and sets an effective date of September 30, 2026, for these amendments. The goal is to create a more accurate measure of inflation that reflects the specific spending patterns and economic challenges faced by older Americans.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3059/all-info