Bill Summary
This legislation, called the "Inflation Transparency for Seniors Act," aims to amend title XI of the Social Security Act. The amendment would require social security account statements to include 10-year projections of the Consumer Price Index for All Urban Consumers (CPI-U). This information would be published by the Congressional Budget Office and would serve to inform individuals of future cost-of-living benefit increases, which are currently calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). This legislation is intended to provide transparency and clarity for seniors regarding their social security benefits.
Possible Impacts
1. The "Inflation Transparency for Seniors Act" could affect retirees who rely on Social Security benefits as their main source of income. By including projections of the Consumer Price Index, they will have a better understanding of how their benefits may be impacted by inflation in the future.
2. This legislation could also affect younger individuals who are planning for retirement. By providing projections of the CPI, they can better plan for their financial future and make informed decisions about their retirement savings.
3. The "Inflation Transparency for Seniors Act" may also affect the Congressional Budget Office as they will be responsible for publishing the CPI projections. This could potentially increase their workload and resources needed to accurately project the CPI.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5980 Introduced in House (IH)]
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117th CONGRESS
1st Session
H. R. 5980
To amend title XI of the Social Security Act to require social security
account statements to include 10-year projections of the Consumer Price
Index for All Urban Consumers, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 15, 2021
Mr. Stauber (for himself and Mr. Tiffany) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend title XI of the Social Security Act to require social security
account statements to include 10-year projections of the Consumer Price
Index for All Urban Consumers, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Inflation Transparency for Seniors
Act''.
SEC. 2. PROJECTIONS TO BE INCLUDED IN SOCIAL SECURITY ACCOUNT
STATEMENTS.
Section 1143(a)(2) of the Social Security Act is amended--
(1) in subparagraph (D), by striking ``and'' at the end;
(2) in subparagraph (E), by striking the period at the end
and inserting ``; and''; and
(3) by adding at the end the following:
``(F) The most recent 10-year projections, as of the date
of the request, of the Consumer Price Index for All Urban
Consumers (CPI-U), as such projections are published by the
Congressional Budget Office, and an explanation that future
cost-of-living benefit increases will be calculated based on
the Consumer Price Index for Urban Wage Earners and Clerical
Workers (CPI-W) and that such projections are not intended to
reflect such benefit increases.''.
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