Bills Introduced to Address “COVID-19 Notch” - Kenosha News
Washington lawmakers have begun to look seriously at what’s come to be known as the “COVID-19” notch (see our prior post on this issue here), with two separate bills introduced to address the quirk. A post by The Motley Fool’s Maurie Backman on www.kenoshanews.com notes that two separate measures–The Social Security COVID Correction and Equity Act (HR 7499) and The Protecting Benefits for Retirees Act–are designed to adjust Social Security’s benefit calculation math to negate the impact of the pandemic’s devastating and prolonged unemployment on the average wage indexes used in the formula.
As Ms. Backman’s article points out, time is of the essence on these fixes. She sums the potential impact up with this comment: “This time around, today’s 60-year-olds could be looking at Social Security benefits that are 5.9% lower than those for workers who turned 60 last year, so the extreme nature of that discrepancy has, thankfully, pushed lawmakers to act.” Read Ms. Backman’s post here…
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