A bill to amend title II of the Social Security Act to provide a more representative method for measuring changes in the Consumer Price Index for purposes of determining automatic cost-of-living increases.

Summary

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to provide that for purposes of determining automatic cost of living adjustments in title II benefits: (1) the term "computation period" means the three-month period of February, March, and April for any one year; and (2) the term "base year" means the 12-month period ending on January 31 immediately preceding the computation period for such year. Establishes a cost of living computation percentage which is tied to the Consumer Price Index and which the Secretary of Health and Human Services shall determine for each year starting in 1983. Provides that if the Secretary determines that the cost of living computation percentage for any year is equal to or greater than three percent, then title II benefits shall be increased. Requires that such increase be derived by multiplying the amount of monthly benefits involved by the cost of living computation percentage for such year (rounded to the nearest one-tenth of one percent). Requires the Secretary, whenever the cost of living computation percentage for a year is equal to or greater than three percent, to notify the House Ways and Means Committee and the Senate Committee on Finance and to publish in the Federal Register that a benefit increase is required and what the amount of the increase is.

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1 official file

• Introduced in Senate

  summary · EN · 28 September 1982

  Open at official source

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