S1299-118

1. Short title This Act may be cited as the Fairness for Servicemembers and their Families Act of 2024.

2. Periodic review of automatic maximum coverage under Servicemembers’ Group Life Insurance and Veterans’ Group Life insurance Subchapter III of chapter 19 of title 38, United States Code, is amended by adding at the end the following new section: On January 1, 2025, and every five years thereafter, the Secretary shall— complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and submit to the Committees on Veterans' Affairs of the House of Representatives and the Senate the results of the review, which may serve as a guide for coverage increases within the existing administrative incremental structure. The amount described in this subsection is the amount equal to— $500,000; multiplied by the average percentage by which the Consumer Price Index changed during the five fiscal years preceding the review under subsection (a). In this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. The table of sections at the beginning of chapter 19 of such title is amended by inserting after the item relating to section 1980A the following new item: 1980B.Periodic review of automatic maximum coverage(a)In generalOn January 1, 2025, and every five years thereafter, the Secretary shall—(1)complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and(2)submit to the Committees on Veterans' Affairs of the House of Representatives and the Senate the results of the review, which may serve as a guide for coverage increases within the existing administrative incremental structure. (b)Amount describedThe amount described in this subsection is the amount equal to—(1)$500,000; multiplied by (2)the average percentage by which the Consumer Price Index changed during the five fiscal years preceding the review under subsection (a).(c)Consumer Price Index definedIn this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.. 1980B. Periodic review of automatic maximum coverage..

1980B. Periodic review of automatic maximum coverage On January 1, 2025, and every five years thereafter, the Secretary shall— complete a review of how the amount specified in section 1967(a)(3)(A)(i) compares to the amount described in subsection (b); and submit to the Committees on Veterans' Affairs of the House of Representatives and the Senate the results of the review, which may serve as a guide for coverage increases within the existing administrative incremental structure. The amount described in this subsection is the amount equal to— $500,000; multiplied by the average percentage by which the Consumer Price Index changed during the five fiscal years preceding the review under subsection (a). In this section, the term Consumer Price Index means the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.