Never miss a story — sign up for PLANSPONSOR newsletters to keep up on the latest retirement plan benefits news.
Compliance October 15, 2010
Pomeroy Calls for Support on Seniors $250-Payment Bill
October 15, 2010 (PLANSPONSOR.com) – U.S. Representative Earl Pomeroy (D-North Dakota) has used the occasion of the announcement about no 2011 Social Security cost-of-living adjustment to call for more support for giving seniors a $250 payment.
Reported by PLANSPONSOR staff
Pomeroy’s Seniors Protection Act of 2010 (HR 5987) would extend the one-time payment to seniors, retired and disabled veterans, and disabled individuals.
“Our seniors have everyday expenses for drugs, utilities, housing, and food that have increased, regardless of the government’s Consumer Price Index (CPI) formula,” Pomeroy declared in a Web site statement. “Social Security benefits are very modest – amounting to only about $14,000 annually, on average – and seniors are already stretching their income as thinly as possible to make ends meet.”
The lawmaker continued: “I will continue to lead the fight to protect Social Security, so that the seniors who worked so hard for many years will have the dignity they deserve in retirement.”
On Thursday, U.S. House Speaker Nancy Pelosi (D-California) threw her support behind the measure. “All Members of Congress should join us in supporting this legislation which will be fiscally responsible and upholds our bedrock promise of economic security for our nation’s seniors,” Pelosi said in a statement.
As expected, the Social Security Administration formally announced Friday that there would be no COLA in 2011 (see It’s Official: No 2011 COLA Increase for Social Security ).