The senior and Veterans emergency benefits act is also known as the SAVE benefits act. It was introduced by Senator Elizabeth Warren in 2015-2016, to help the senior citizens who are largely dependent upon the funds received from Social Security benefits.
The Seniors and Veterans emergency benefits act is authorized to provide payments of almost $580 to the deserving 70 million Americans who solely rely on Social Security benefits. This emergency payment is equivalent to 3.9 percent of the annual Social Security benefits.
This $580 covers approximately three months’ groceries bill for senior citizens, a rough average every year. This bill aids almost 1 million Americans to come out of poverty.
One of the astonishing factors of the Seniors and Veterans emergency benefits act was that it enabled covering the loopholes in taxes which were previously allowing the CEOS of the corporate conglomerates to write off bonuses for themselves named “performance pay”.
How the Senior and Veterans Emergency Benefits Act was introduced?
The bill was commissioned to be passed in 2016 when Social Security announced that there will be no increase in the benefits that year; something which happened only the third time in the past 4 decades. As the cost of living increased and the utilities, medicines, health care, and groceries prices increased; it became overly difficult for people who were living on Social Security to manage their basic needs; therefore, to bridge the gap Senator Elizabeth Warren came up with a one-time solution of an emergency benefits act for the senior citizens and veterans.
Source: zimbio.com
Millions of Americans; especially retirees and veterans with disabilities, heavily rely on the monthly stipend provided by the Social Security Benefits. This is the amount they deserve to be paid as homage for their lifelong services to the country. If these benefits are insufficient to manage the monthly cost of living, then almost 70 million Americans are on the verge of diving deep into poverty. It is becoming difficult to manage the health care, medicines, groceries, and utility bills in the meager monthly social security stipend when inflation is on the rise and the cost of living is skyrocketing.
Why was the Seniors and Veterans Emergency Benefits Act required?
The SAVE benefits act was required as there was no Cost of Living Adjustment (COLA) approved that year for millions of senior citizens, special people with disabilities, and retirees who largely depended on COLA to keep them away from getting inflicted into poverty.
The SAVE benefits act was scheduled to give an additional $580 reimbursement payment to retirees, senior citizens, and people with disabilities largely dependent upon Social Security benefits. This crucial payment was released to make up for the retirees who did not receive any cost of living adjustment in previous years.
Source: aarp.org
The legislative bill states that,
“This bill directs the department of the treasury to disburse a payment equal to 3.9% ($581) of the average amount of annual benefits to individuals who are entitled to a specified benefit under title II (old age, survivors and disability insurance) of the social security act”.
Eligibility for the Senior and Veterans Emergency Benefits Act
The SAVE benefits act was provisioned by the Treasury Department. It was channelized towards individuals who were entitled to receive an annuity under the Railroad retirement act of 1974, old age, survivors and disability insurance (OASDI) under the Social Security Act (SSA, veterans’ benefits, or we’re liable to receive any form of cash benefits under the banner of SSA title XVI (Supplemental Security Income). People with severe medical deformity or impairment were also entitled to receive this special one-time benefit. Prisoners, aliens, or fugitive felons did not qualify to receive this amount of $581.
As the SAVE benefits act was implemented; certain amendments were made in the internal revenue code; instead of the deductibility of compensation given to the employees of almost $1 million. The amendments were:
- All public corporations were required to register their securities with the Security and Exchange Commission and also provide a concise periodic report to the respective investors.
- All the individuals were made liable to extend their limitation as a government officer, director, or employee of a public corporation to receive compensation in the future.
- The exemption of limitation was eliminated on the commission-based jobs to improve the performance of the employees.
The SAVE benefits act has more than 71 sponsors; which largely supported the act. Some of them are the Arc of United States, Campaign for America’s future, Center for Effective Government, AFGE, International Brotherhood of the teamsters, National Organization for Women, Puget Sound Advocates for retirement action, Veterans of Foreign Wars of the United States, AFL-CIO, Social Security Works, Alliance for Retired Americans, National Committee to preserve Social Security and Medicare, Strengthen Social Security Advocates for Retirement Action and many similar working model agencies.
The bill is a classic example of a common-sense trade, to provide seniors an extra amount to pay off their bills in exchange for their lifelong services to the United States of America.