COLA Act of 2021
- Last Action
- 3/26/2021
Actions
- 2021-03-26Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-26Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-03-26Referred to the Subcommittee on Social Security.
- 2021-03-26Introduced in House
- 2021-03-26Introduced in House
CRS Summary
As of 2021-03-26 (00)
Certainty for Older Living Americans Act of 2021 or the COLA Act of 2021
This bill sets out an alternative method to calculate cost-of-living adjustments for Social Security benefits.
The current method is based on the annual change in the Consumer Price Index for Urban Wage Earners and Clerical Workers, which results in no or small increases to benefits following a year with deflation or low inflation. The alternative method established by this bill is based on a 10-year average of cost-of-living adjustments. The Social Security Administration must use whichever method results in the larger increase for a given year.
In addition, the Department of Labor and the Department of Commerce must establish a working group to make recommendations on incorporating specified economic data when producing relevant consumer price indexes.
Subjects
- Advisory bodies
- Congressional oversight
- Inflation and prices
- Social security and elderly assistance
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.