The SAVE Benefits Act was first introduced in 2015. It had 22 co-sponsors but has not been passed in Congress. Here at Council of Seniors, we’re working hard to try and make that happen.
If this bill passes, eligible seniors will be reimbursed $581, which makes up for the Social Security cost of living adjustments (COLAs) that were far too low – or even coexistent – over a period of years.
Which Groups of Seniors Qualify for the $581?
The SAVE Benefits Act is also known by its full title, the Seniors And Veterans Emergency Benefits Act. The Congressional Research Service of the Library of Congress provides a summary of just who will be eligible for the proposed benefits.
Individuals covered under Title II of the Social Security Act (SSA) fall under the Old Age, Survivors, and Disability Insurance provisions known as OASDI. They’ll be entitled to receive these additional benefits once the law passes. OASDI covers an overwhelming majority of Social Security recipients.
Others who will be included are those receiving an annuity under the Railroad Retirement Act of 1974, people with a veteran’s benefit, or those eligible for a cash benefit under SSA Title XVI (Supplemental Security Income), including individuals performing a “substantial gainful activity despite severe medical impairment.”
The proposed bill directs the Department of the Treasury to make a payment equal to 3.9% ($581) of the average amount of benefits to those eligible. Among those excluded from the payment are prisoners, fugitive felons, or non-citizens.
Certain eligible government employees who don’t receive such a payment will be entitled to a refundable income tax credit for the first taxable year in an amount equal to $581.
Council of Seniors Needs Your Help
Please take the time today to help us with our mission by signing our petition. Let’s show greedy politicians in Washington just how many people support this bill. Your help in returning this money to seniors will be deeply appreciated.