In response to RPEA President Jack McPadden’s letter to the New York Congressional Delegation calling for a change in the current price index used to determine the cost of living adjustment (COLA) for Social Security, Congressman Eliot Engel, representing parts of the Bronx and Westchester County, has replied in the affirmative.
Congressman Engel agrees with RPEA that the current index does not accurately reflect the costs faced by senior citizens. He wants to move to a different formula that is more appropriate for seniors, namely, the Consumer Price Index for the Elderly (CPI-E). Furthermore and more importantly,Congressman Engel has introduced legislation (H.R. 3588) which would guarantee a minimum 3% COLA increase, regardless of what the formula dictates. This is indeed, good news!
RPEA commends Congressman Engel for his support, and will follow up with him in supporting his legislation regarding this very important issue for all retirees.
Click below to read letter sent to Congressman Engel