What You Need to Know
- Rep. John Larson introduced the bill on Oct. 26.
- His previous plan was to convene a hearing on the bill in November.
- The bill adopts the Consumer Price Index for the Elderly as the basis of the annual cost-of-living adjustment.
House Ways and Means Social Security Subcommittee Chairman John Larson, D-Conn., plans to hold a hearing on Dec. 7 on his new legislation, Social Security 2100: A Sacred Trust.
The hearing, to be held by the Social Security Subcommittee, dubbed “The Fierce Urgency of Now — Social Security 2100: A Sacred Trust,” slipped a bit in timing from Larson’s previous plan to convene a hearing on the bill in November followed by a markup.
The bill, introduced on Oct. 26, adopts the Consumer Price Index for the Elderly as the basis of the annual cost-of-living adjustment (COLA), applies the payroll tax to wages above $400,000, combines the Old-Age and Survivors and Disability Insurance trust funds, includes a 2% benefit bump.
The bill would extend the depletion date (when a 20% cut to benefits would occur) to 2038.