On September 12, 2023, Sen. Ron Wyden (D-OR), Sen. Sherrod Brown (D-OH), and Sen. Bill Cassidy (R-LA) introduced S. 2767, the SSI Savings Penalty Elimination Act. Rep. Brian Higgins (D-NY) introduced an identical bill in the House, H.R. 5408, on the same day. S. 2767 has five cosponsors, three of which are Republicans and two of which are Democrats. H.R. 5408 has one Republican cosponsor. S. 2767 has been referred to the Senate Committee on Finance, and H.R. 5408 has been referred to the House Committee on Ways and Means.

Bill Summary

The SSI Savings Penalty Elimination Act would update SSI’s asset limits, which have not been changed since 1984. Currently, the asset limit for individuals receiving benefits is $2,000; for married couples, the limit is $3,000. This legislation would raise the caps to $10,000 for individuals and $20,000 for couples, and index them to inflation moving forward. NOSSCR supports this legislation.

Bill Details

SECTION 1. SHORT TITLE.

This Act may be cited as the “SSI Savings Penalty Elimination Act”.

SEC. 2. UPDATE IN ELIGIBILITY FOR THE SUPPLEMENTAL SECURITY INCOME PROGRAM.

(a) Update In Resource Limit For Individuals And Couples.—Section 1611(a)(3) of such Act (42 U.S.C. 1382(a)(3)) is amended—

(1) in subparagraph (A), by striking “$2,250” and all that follows through the end of the subparagraph and inserting “$20,000 in calendar year 2023, and shall be increased as described in section 1617(d) for each subsequent calendar year.”; and

(2) in subparagraph (B), by striking “$1,500” and all that follows through the end of the subparagraph and inserting “$10,000 in calendar year 2023, and shall be increased as described in section 1617(d) for each subsequent calendar year.”.

(b) Inflation Adjustment.—Section 1617 of such Act (42 U.S.C. 1382f) is amended—

(1) in the section heading, by inserting “; INFLATION ADJUSTMENT” after “BENEFITS”; and

(2) by adding at the end the following:

“(d) In the case of any calendar year after 2023, each of the amounts specified in section 1611(a)(3) shall be increased by multiplying each such amount by the quotient (not less than 1) obtained by dividing—

“(1) the average of the consumer price index for all urban consumers (all items; United States city average, as published by the Bureau of Labor Statistics of the Department of Labor) for the 12-month period ending with September of the preceding calendar year, by

“(2) such average for the 12-month period ending with September 2022.”