0
0
0
Inflation Transparency for Seniors Act
12/30/2022, 8:18 AM
Summary of Bill HR 5980
Bill 117 HR 5980, also known as the Inflation Transparency for Seniors Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to provide greater transparency and information to seniors regarding the impact of inflation on their Social Security benefits.
The bill requires the Social Security Administration to provide an annual report to Congress that details how inflation has affected the purchasing power of Social Security benefits for seniors. This report would include information on the Consumer Price Index, which is used to calculate cost-of-living adjustments for Social Security benefits, as well as any other relevant data on inflation trends.
Additionally, the bill mandates that the Social Security Administration must also provide this information directly to seniors, either through mail or electronically. This would ensure that seniors are informed about how inflation is impacting their benefits and can better plan for their financial future. Overall, the Inflation Transparency for Seniors Act aims to empower seniors with the information they need to make informed decisions about their finances and ensure that they are not caught off guard by the effects of inflation on their Social Security benefits.
The bill requires the Social Security Administration to provide an annual report to Congress that details how inflation has affected the purchasing power of Social Security benefits for seniors. This report would include information on the Consumer Price Index, which is used to calculate cost-of-living adjustments for Social Security benefits, as well as any other relevant data on inflation trends.
Additionally, the bill mandates that the Social Security Administration must also provide this information directly to seniors, either through mail or electronically. This would ensure that seniors are informed about how inflation is impacting their benefits and can better plan for their financial future. Overall, the Inflation Transparency for Seniors Act aims to empower seniors with the information they need to make informed decisions about their finances and ensure that they are not caught off guard by the effects of inflation on their Social Security benefits.
Congressional Summary of HR 5980
Inflation Transparency for Seniors Act
This bill requires the Social Security Administration (SSA) to include information about specified consumer price indexes and their effects on Social Security benefits in account statements.
Specifically, the SSA must (1) include the most recent 10-year projections of the Consumer Price Index for All Urban Consumers, and (2) explain that cost-of-living increases for Social Security benefits are calculated using the Consumer Price Index for Urban Wage Earners and Clerical Workers.
Read the Full Bill
Current Status of Bill HR 5980
Bill HR 5980 is currently in the status of Bill Introduced since November 15, 2021. Bill HR 5980 was introduced during Congress 117 and was introduced to the House on November 15, 2021. Bill HR 5980's most recent activity was Referred to the Subcommittee on Social Security. as of November 15, 2021
Bipartisan Support of Bill HR 5980
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
2Democrat Cosponsors
0Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 5980
Primary Policy Focus
Social WelfareAlternate Title(s) of Bill HR 5980
Inflation Transparency for Seniors Act
Inflation Transparency for Seniors Act
To amend title XI of the Social Security Act to require social security account statements to include 10-year projections of the Consumer Price Index for All Urban Consumers, and for other purposes.
Comments
Sponsors and Cosponsors of HR 5980
Latest Bills
To authorize the Secretary of Education, in collaboration with the Secretary of Health and Human Services, to establish an interagency advisory Commission on Advancing Restorative Justice in Elementary and Secondary Education, and for other purposes.
Bill HR 8360April 17, 2026
To amend the Higher Education Act of 1965 to remove all adverse credit history related to a loan from the credit history of a borrower who has rehabilitated the loan.
Bill HR 8361April 17, 2026
To reauthorize the YouthBuild program, and for other purposes.
Bill HR 8333April 17, 2026
To raise the Foreign Service mandatory retirement age by aligning it with the Social Security Full Retirement Age, and for other purposes.
Bill HR 8346April 17, 2026
To amend the FISA Amendments Act of 2008 to extend the authorities of title VII of the Foreign Intelligence Surveillance Act of 1978 through April 30, 2026, and for other purposes.
Bill HR 8322April 17, 2026
To amend title II of the Social Security Act to repeal the retirement earnings test, and for other purposes.
Bill HR 8344April 17, 2026
To amend section 133 of title 23, United States Code, to remove a certain State funding set-aside for transportation alternative programs, and for other purposes.
Bill HR 8349April 17, 2026
To amend title XI of the Social Security Act to require the Center for Medicare and Medicaid Innovation to test a model to reduce chronic diseases by using accountable produce is medicine.
Bill HR 8355April 17, 2026
To amend the Federal Food, Drug, and Cosmetic Act to enhance drug manufacturing amount information reporting, and for other purposes.
Bill HR 8339April 17, 2026
Supporting the designation of the week of April 11 through April 17, 2026, as "Black Maternal Health Week", founded by Black Mamas Matter Alliance, Inc. (BMMA), to bring national attention to the maternal and reproductive health crisis in the United States and the importance of reducing maternal mortality and morbidity among Black women and birthing people.
Bill HRES 1183April 17, 2026