H.R. 3588 · 114th Congress
Guaranteed 3 Percent COLA for Seniors Act of 2015
- Stage
- In committee
- Sponsor
- Eliot Engel
- Introduced
- 2015-09-22
- Latest action
- 2016-03-23 · Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Summary
Guaranteed 3 Percent COLA for Seniors Act of 2015
Directs the Bureau of Labor Statistics of the Department of Labor to prepare and publish a monthly Consumer Price Index for Elderly Consumers that indicates changes over time in expenditures for consumption which are typical for individuals in the United States age 62 or older.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to: (1) require the use of such index to compute cost-of-living increases for Social Security benefits; and (2) provide, in the case of individuals who have attained age 62, for an annual cost-of-living increase of at least 3%.