Nolan’s Fair COLA for Seniors Act Endorsed by National Committee to Preserve Social Security and Medicare
One of the nation's leading advocacy group that fights to protect Social Security and Medicare has endorsed U.S. Rep. Rick Nolan’s Fair COLA for Seniors Act legislation (H.R.5342), which would provide a one-time, 3.9% mid-year cost of living adjustment (COLA) in the benefits of 59 million Social Security recipients.
The 3.9% payment, which coincides with the average salary increase the heads of America’s 350 largest corporations received from 2013 to 2014, would make up for the fact that Social Security recipients, including more than 100,000 in the 8th District, received no automatic adjustment at the onset on 2016.
“The absence of a COLA this year will force many seniors to choose between paying for food, prescription medication and/or heating bills,” Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, stated in his letter of endorsement. Richtman cited the fact that over half of Medicare beneficiaries had incomes below $23,500 per year in 2013 and are already paying 23 percent of their average Social Security check for out-of-pocket health care costs. Richtman continued, “The emergency benefit provided in H.R. 5342 would help millions of seniors absorb these mounting costs.”
“We are pleased and gratified to have this organization’s support for our important legislation,” Nolan said. “While we continue to fight risky privatization schemes to ensure the integrity of Social Security for generations to come, our Fair COLA for Seniors Act of 2016 would provide more fairness for the system and give seniors a well-earned boost.”
Read the full letter of endorsement here.