Betsy Osborn, NOSSCR Government Relations Director

On March 21, 2024, Senator Bob Casey (D-PA) introduced S. 3974, the Boosting Benefits and COLAs for Seniors Act. The bill has 5 cosponsors: four Democrats and one Independent. S. 3974 was referred to the Senate Committee on Finance where it is awaiting further action. A companion bill, H.R. 8044, was introduced by Congressman Ruben Gallego (D-AZ) on April 17, 2024. The House bill does not yet have any cosponsors. H.R. 8044 was referred to the House Committee on Ways and Means and House Committee on Education and the Workforce where it awaits further action.

The aim of this legislation is to protect and expand benefits for older adults by directing the Social Security Administration (SSA) to adjust benefits based on the Consumer Price Index for Americans aged 62 or older (CPI-E) rather than the Consumer Price Index for Urban Wage Earners (CPI-W). Since the CPI-E is more reflective of the actual costs incurred by older adults, this would result in a larger increase in benefits for older Americans. Further, this legislation would direct the Bureau of Labor Statistics to calculate and publish the CPI-E for each calendar month.