Older Americans Financial Security Act

Summary

Older Americans Financial Security Act - Authorizes and directs the Secretary of Labor, through the Bureau of Labor Statistics, to prepare, as part of the Consumer Price Index published monthly by the Bureau of Labor Statistics, a consumer price index (to be known as the Consumer Price Index for the Aged and other Social Security Beneficiaries) designed to reflect the relevant price information for individuals, as a group, who are 65 years of age or older or are otherwise entitled to monthly benefits under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Provides that the automatic cost-of-living increases in benefits which are authorized under Title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act may be made on a semiannual basis (rather than only on an annual basis as at present). Modifies the Social Security retirement test by revising the formula for determination of an individual's yearly excess earnings.

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1 official file

• Introduced in Senate

  summary · EN · 24 February 1977

  Open at official source

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