H.R.776: Guaranteed 3% COLA for Seniors Act of 2011
Sponsor: Rep Engel, Eliot L. [NY-17] (introduced 2/17/2011) Cosponsors (1)
Latest Major Action: 2/17/2011 Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
SUMMARY AS OF:
Guaranteed 3% COLA for Seniors Act of 2011 – 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 who are 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%.