S. 3059 — Boosting Benefits and COLAs for Seniors Act

This section revises the cost-of-living adjustment (COLA) formula in Social Security Act section 215(i) to base annual benefit increases on the percentage change in the higher of (1) the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) or (2) the Consumer Price Index for Elderly Consumers (CPI-E), effective for cost-of-living computation quarters ending on or after September 30, 2026 (thus, likely first affecting the 2027 COLA). (As background, section 215(i) adjusts primary insurance amounts—which determine Old-Age, Survivors, and Disability Insurance (OASDI) benefit levels—and other benefit amounts annually to reflect inflation.) It applies the same change to pre-1979 law (as applied in certain cases); directs the Bureau of Labor Statistics to publish a CPI-E reflecting consumption changes for individuals age 62 and older (with a transition rule using the existing research CPI for Americans 62+ [R-CPI-E] until published); makes conforming amendments; and specifies that COLAs under other laws tied to Social Security COLA percentages are computed without regard to these changes (thus, using CPI-W only).