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Higher Benefits for Seniors and Veterans with New Inflation Index

This act aims to change how federal benefit increases, such as Social Security and veteran benefits, are calculated. Instead of the current inflation index, a special Consumer Price Index for Elderly Consumers (CPI-E) will be used, potentially leading to higher benefit increases for seniors and veterans, better reflecting their actual cost of living.
Key points
Inflation index change: Federal benefits will be adjusted based on the CPI-E, which better reflects the spending of older individuals.
Higher benefits: Social Security, federal civilian employee pensions, and veteran benefits may increase more than before, improving beneficiaries' purchasing power.
Applies to multiple programs: Changes will affect Social Security, Civil Service Retirement System, Federal Employees Retirement System, Department of Veterans Affairs benefits, and military retirement programs.
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Additional Information
Print number: 118_HR_716
Sponsor: Rep. Garamendi, John [D-CA-8]
Process start date: 2023-02-01
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fair COLA for Seniors Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_716.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-01.

What are the main provisions?

Key points include:

  • Inflation index change: Federal benefits will be adjusted based on the CPI-E, which better reflects the spending of older individuals.
  • Higher benefits: Social Security, federal civilian employee pensions, and veteran benefits may increase more than before, improving beneficiaries' purchasing power.
  • Applies to multiple programs: Changes will affect Social Security, Civil Service Retirement System, Federal Employees Retirement System, Department of Veterans Affairs benefits, and military retirement programs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Garamendi, John [D-CA-8].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Social Security.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Benefits