Fair Cost of Living Adjustment for Seniors Act of 1999

Summary

Fair Cost of Living Adjustment for Seniors Act of 1999 - Establishes the Consumer Price Index Review Committee (Committee) for a study and report to Congress, according to certain requirements, on: (1) improvement of the method for determining the Consumer Price Index for the Elderly (CPIE); (2) recommendations addressing limitations on the method for determining the Experimental CPIE calculated by the Bureau of Labor Statistics (BLS) to ensure that the improved index accurately measures changes over time in expenditures for consumption that are typical for retirees receiving old-age and survivors insurance benefits under title II (Old Age, Survivors and Disability Insurance) of the Social Security Act (SSA); and (3) development of an implementation plan. Requires an additional Committee study on the method for determining an accurate consumer price index for individuals receiving disability benefits under SSA title II. Authorizes appropriations. Outlines a BLS pilot program to test CPIE accuracy. Provides for interim application of the Consumer Price Index for All Urban Consumers for cost-of-living computation quarters from January 1, 2000, to implementation of the Official Consumer Price Index for the Elderly (Official CPIE) to calculate cost-of-living adjustments for old-age and survivors insurance benefits. Directs the BLS Commissioner to prepare and publish monthly the Official CPIE for implementation, based on the implementation plan and recommendations, and subject to congressional approval of the study report, in calculating such adjustments for any retiree or individual who has attained age 62. Authorizes appropriations.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 June 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 June 1999

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• Introduced in Senate

  summary · EN · 21 June 1999

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