President Obama:
This provision would replace the current inflation measure, the CPI-W, with the C-CPI-U, to determine COLAs for Social Security beneficiaries as of December 2014 and later. (Note: While this provision focuses on Social Security only, in his Fiscal Year 2014 budget, the President also proposed applying the C-CPI-U to the tax code and non-means tested programs.)
Also beginning in December 2019, a benefit increase would be provided equal to 5 percent of the average retired worker benefit, phased in over 10 years, beginning at age 76 (or 15th year of receiving benefits). Ten years after the increase is fully phased in, the beneficiary is eligible for a second increase beginning at age 95 (or 34th year of receiving benefits).