Section 1 Short title
This Act may be cited as the “Certainty for Older Living Americans Act of 2020” or the “COLA Act of 2020”.
Certainty for Older Living Americans Act of 2020
A BILL
To amend title II of the Social Security Act to provide for a minimum annual cost-of-living increase for Social Security benefits, and for other purposes.
Sec. 2 Computation of cost-of-living increases
in paragraph (1)(B), by striking “with respect to which the applicable increase percentage is greater than zero;”; and
in paragraph (2)—
in subparagraph (A)—
in clause (ii), in the matter following subclause (III), by striking “applicable increase percentage” and inserting “the increase percentage determined under clause (iv) for such year”; and
by adding at the end the following:
“(iv) The increase percentage determined under this clause for a year shall be the greater of—
“(I) the applicable increase percentage with respect to a cost-of-living computation quarter in such year; or
“(II) the arithmetical mean of the increase percentages determined under this clause for each of the years in the 10-year period ending with the year before such year.”
in the first sentence of subparagraph (D), by striking “and the percentage thereof” and inserting “, the percentage thereof, and the increase percentage determined under subparagraph (A)(iv) for the following year”.
Effective date— The amendments made by this section shall apply with respect to cost-of-living computation quarters ending on or after September 30, 2020.