HR 716 United States House · 118th Congress

Fair COLA for Seniors Act of 2023

HR 716, the Fair COLA for Seniors Act of 2023, changes how cost-of-living adjustments (COLAs) are calculated for Social Security and related benefits by using the Consumer Price Index for Elderly Consumers (CPI-E) instead of the standard Consumer Price Index. This affects Social Security beneficiaries, veterans receiving disability compensation or survivor benefits, and federal retirees under the Civil Service and Military Retirement Systems. The bill requires that any COLA increase for Social Security also applies to these other benefits using the CPI-E, which better reflects inflation experienced by seniors. The change takes effect for benefit determinations starting September 2023.

Issues: ✓ Veterans

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2023

Committee Review

Floor Vote

President

Introduced Feb 1, 2023 Last action Dec 17, 2024

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Dec 17, 2024

Committee

Referred to the Subcommittee on Social Security.

lower

Feb 28, 2023

Committee

Referred to the Subcommittee on Disability Assistance and Memorial Affairs.

lower

Feb 1, 2023

Committee

Referred to the Committee on Ways and Means, and in addition to the Committees on Veterans' Affairs, Oversight and Accountability, and Armed Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Feb 1, 2023

Introduced

Introduced in House

lower

1 primary · 38 co-sponsors