A bill to amend title II of the Social Security Act to establish a new consumer price index for older Americans for calculating automatic cost-of-living benefit increases, to provide for semiannual cost-of-living increases, and to modify the social security retirement test.
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.
Introduced in Senate
Referred to Senate Committee on Finance.
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