Section 1 Short title
This Act may be cited as the “Fair COLA for Seniors Act of 2017”.
Fair COLA for Seniors Act of 2017
A BILL
To amend title II of the Social Security Act to provide a midyear cost-of-living increase to account for an insufficient increase for 2017, to apply the Consumer Price Index for the Elderly (CPI–E) to future Social Security COLAs, and for other purposes.
Sec. 2 One-time cost-of-living (COLA) increase for calendar year 2017
3.9% COLA provided To match recent growth in CEO pay— Effective with the month of July 2017, the Commissioner of Social Security shall increase each of the amounts described in subclauses (I) through (III) of section 215(i)(2)(A)(ii) of the Social Security Act by 3.9 percent.
No effect on annual cost-of-Living increases— For purposes of applying subparagraphs (A) and (B) of section 215(i)(1) of the Social Security Act in calendar years 2017 and 2018, the increase under subsection (a) shall not be considered a general benefit increase under title II of the Social Security Act.
Sec. 3 Consumer Price Index for Elderly Consumers
In general— Section 215(i)(1) of the Social Security Act (42 U.S.C. 415(i)(1)) is amended by adding at the end the following new subparagraph:
“(H) the term “Consumer Price Index” means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor Statistics of the Department of Labor).”
Application to pre-1979 law—
In general— Section 215(i)(1) of the Social Security Act as in effect in December 1978, and as applied in certain cases under the provisions of such Act as in effect after December 1978, is amended by adding at the end the following new subparagraph:
“(D) the term “Consumer Price Index” means the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor Statistics of the Department of Labor).”
Conforming amendment— Section 215(i)(4) of the Social Security Act (42 U.S.C. 415(i)(4)), as amended by section 2(a)(3) of this Act, is further amended by striking “section 2” and inserting “sections 2 and 3”.
No effect on adjustments under other laws— Section 215(i) of the Social Security Act (42 U.S.C. 415(i)) is amended by adding at the end the following:
“(6) Any provision of law (other than in this title, title VIII, or title XVI) which provides for adjustment of an amount based on a change in benefit amounts resulting from a determination made under this subsection shall be applied and administered without regard to the amendments made by section 3 of the Fair COLA for Seniors Act of 2017.”
Publication of Consumer Price Index for Elderly Consumers— The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the index authorized by section 191 of the Older Americans Amendments Act of 1987 (29 U.S.C. 2 note) for each calendar month, beginning with July of the calendar year following the calendar year in which this Act is enacted, and such index shall be known as the “Consumer Price Index for Elderly Consumers”.
Effective date— The amendments made by this section shall apply with respect to determinations made under section 215(i)(2)(A)(i) of the Social Security Act with respect to base quarters occurring in 2017 or later.