Section 1 Short title
This Act may be cited as the “Certainty for Older Living Americans Act of 2021” or the “COLA Act of 2021”.
Certainty for Older Living Americans Act of 2021
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, 2021.
Sec. 3 Working group on use of national accounts data
Establishment— The Secretary of Labor and the Secretary of Commerce shall establish a working group (in this section referred to as the “Working Group”) to provide recommendations to the Bureau of Labor Statistics on incorporating national accounts data to produce—
an accurate, timely, and relevant Consumer Price Index; and
up-to-date expenditure weights.
Membership—
Appointment— The Secretary of Labor and the Secretary of Commerce shall appoint to the Working Group individuals with expertise relating to statistical and computational methods, survey research, and economic, social, and demographic measurement.
Representation— In appointing representatives to the Working Group, the Secretary of Labor and the Secretary of Commerce shall consider appointing members from relevant Federal agencies and non-Federal stakeholder groups, including—
the Bureau of Labor Statistics;
the Bureau of Economic Analysis; and
the Federal Economic Statistics Advisory Committee.
Report— Not later than 12 months after the date of enactment of this Act, the Working Group shall submit to the Committee on Education and Labor of the House of Representatives and the Committee on Health, Education, Labor, and Pensions of the Senate a report that includes the findings and recommendations of the Working Group under subsection (a).
Termination— The Working Group shall terminate upon submission of the report required under subsection (c).