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House bill looks to boost COLA for Social Security recipients, federal retires

October 21, 2020

Via: FCW

A bill introduced by Rep. Peter DeFazio (D-Ore.) and John Larson (D-Conn.) seeks to increase the Social Security cost-of-living adjustment to 3%, up from the 1.3% announced by President Donald Trump earlier this month. The Social Security adjustment also applies to pension benefits received by federal retirees.

The Social Security Expansion Act would use a different index – the Consumer Price Index for the Elderly (CPI-E) – to make the adjustments for seniors.

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