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  • Tag Social Security Cola

    The Notch is closely connected to problems that arose the last time Congress overhauled the Social Security benefit formula in 197A transitional benefit formula was provided to phase in the changes, and protect those closest to retirement from abrupt benefit reductions. The transitional formula was flawed however, and failed to provide the promised protection. .The committee found that AbbVie inflated prices for the drugs while its executives pocketed growing bonuses. The committee's two-year investigation found that AbbVie "pursued a variety of tactics to increase drug sales while raising prices for Americans, including exploiting the patent system to extend its market monopoly, abusing orphan drug protections to further block competition, and engaging in anticompetitive pricing practices." .In determining the COLA what items does the government track for price changes? Why does the COLA grow so much more slowly than my costs? … Continued

  • Social Security Disability Close To Insolvency 2

    But 2 million retirees receiving Social Security benefits of less than 0 per month in 2018, won't see an increase after the deduction for their Medicare Part B premiums. Part B premiums will increase by more than .50, for this group of retirees because they are paying less than the current Part B premium of 4 today. This is due to the effects of the Social Security "hold harmless" provision. .At this point, it appears as though Burwell is on an easy road to confirmation. She will face two votes in the coming weeks – one from the Finance Committee and one from the full Senate. TSCL will keep a close eye on the nomination process since the outcome will have a considerable impact on the future of the Social Security and Medicare programs. For updates, visit the Legislative News section of our website. .Rep. McIntyre has consistently cosponsored the Consumer Price Index for Elderly Consumers (CPI-E) Act, a bill that would provide seniors with a more fair and accurate Social Security cost-of-living adjustment. He has also cosponsored legislation that would close a Social Security loophole that allows non-citizens to become entitled to Social Security benefits for work done illegally. Finally, Rep. McIntyre introduced the Notch Fairness Act in 2011, a bill that would provide those born between the years 1917 and 1926 with modest compensation for the lower Social Security benefits that they tend to receive. … Continued

Obamacare is not the first government program in which major implementation glitches had disastrous consequences for large numbers of beneficiaries. In 1977 changes that Congress made to the Social Security benefit formula created a major inequity in benefits that cost retirees tens of thousands of dollars in Social. Seventeen Co-sponsors for The Notch Fairness Act While Congress has been holding hearings and considering changes to Social Security, TSCL has been successful in gaining co-sponsors for The Notch Fairness Act. The bill, introduced in the House and Senate by Representative Mike McIntyre (NC-17) and Senator David Vitter (LA), would provide Notch Babies born from 1917 through 1926 their choice of ,000 paid. Risk of Deeper Benefit Cuts When Congress Waits The Notch Fairness Act In House And Senate .With China taking drastic measures to try and contain the spread of the disease, including quarantines and shutting down some industries, production to supply America's pharmacies and medicine cabinets is at risk of interruption. .TSCL Endorses Two New House Bills .TSCL is concerned because even though illegals approved for the program don't gain legal status, they do gain work-authorized Social Security numbers. This work-authorized number is all that the government requires to later allow non-citizens to file a claim for Social Security benefits. Under current law, the government uses all earnings to determine entitlement, as well as the amount of the initial retirement or disability benefit, even if jobs were worked illegally. .This past week, Reps. Jerrold Nadler (NY-8) and Richard Neal (MA-2) signed on to H.R. 1332, the Social Security Fairness Act. The total is now at 14Sen. Tom Udall (NM) signed on to S. 2010, the Social Security Fairness Act, bringing the total to two. .Notes from Jessie Gibbons, TSCL Legislative Analyst .These fraudulent products that claim to cure, treat, or prevent COVID-19 haven't been evaluated by the FDA for safety and effectiveness and might be dangerous to you and your family. .How will the information be used in my treatment? .Accurate earnings estimates: It's important to accurately estimate your earnings. If you worked for someone else, Social Security will need your gross earnings prior to deductions for taxes. In addition, Social Security counts when the wages are earned, NOT when they are paid. This includes accumulated sick or vacation pay and bonuses.