H.R. 7765 — Introduced in House

I 116th CONGRESS 2d Session H. R. 7765 IN THE HOUSE OF REPRESENTATIVES July 23, 2020Mr. Walberg introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend title II of the Social Security Act to provide for a minimum annual cost-of-living increase for Social Security benefits, and for other purposes. 1. Short title This Act may be cited as the Certainty for Older Living Americans Act of 2020 or the COLA Act of 2020. 2. Computation of cost-of-living increases (a) In general Section 215(i) of the Social Security Act (42 U.S.C. 415(i)) is amended— (1) in paragraph (1)(B), by striking with respect to which the applicable increase percentage is greater than zero;; and (2) in paragraph (2)— (A) in subparagraph (A)— (i) in clause (ii), in the matter following subclause (III), by striking applicable increase percentage and inserting the increase percentage determined under clause (iv) for such year; and (ii) by adding at the end the following: (iv) The increase percentage determined under this clause for a year shall be the greater of— (I) the applicable increase percentage with respect to a cost-of-living computation quarter in such year; or (II) the arithmetical mean of the increase percentages determined under this clause for each of the years in the 10-year period ending with the year before such year. ; and (B) in the first sentence of subparagraph (D), by striking and the percentage thereof and inserting , the percentage thereof, and the increase percentage determined under subparagraph (A)(iv) for the following year. (b) Effective date The amendments made by this section shall apply with respect to cost-of-living computation quarters ending on or after September 30, 2020.