118TH CONGRESS 2D SESSION S. 1299 AN ACT To amend title 38, United States Code, to require the Sec- retary of Veterans Affairs to periodically review the auto- matic maximum coverage under the Servicemembers’ Group Life Insurance program and the Veterans’ Group Life Insurance program, and for other purposes. 2 † S 1299 ES Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Fairness for 4 Servicemembers and their Families Act of 2024’’. 5 SEC. 2. PERIODIC REVIEW OF AUTOMATIC MAXIMUM COV- 6 ERAGE UNDER SERVICEMEMBERS’ GROUP 7 LIFE INSURANCE AND VETERANS’ GROUP 8 LIFE INSURANCE. 9 (a) IN GENERAL.—Subchapter III of chapter 19 of 10 title 38, United States Code, is amended by adding at the 11 end the following new section: 12 ‘‘§ 1980B. Periodic review of automatic maximum cov- 13 erage 14 ‘‘(a) IN GENERAL.—On January 1, 2025, and every 15 five years thereafter, the Secretary shall— 16 ‘‘(1) complete a review of how the amount spec- 17 ified in section 1967(a)(3)(A)(i) compares to the 18 amount described in subsection (b); and 19 ‘‘(2) submit to the Committees on Veterans’ Af- 20 fairs of the House of Representatives and the Senate 21 the results of the review, which may serve as a guide 22 for coverage increases within the existing adminis- 23 trative incremental structure. 24 3 † S 1299 ES ‘‘(b) AMOUNT DESCRIBED.—The amount described 1 in this subsection is the amount equal to— 2 ‘‘(1) $500,000; multiplied by 3 ‘‘(2) the average percentage by which the Con- 4 sumer Price Index changed during the five fiscal 5 years preceding the review under subsection (a). 6 ‘‘(c) CONSUMER PRICE INDEX DEFINED.—In this 7 section, the term ‘Consumer Price Index’ means the Con- 8 sumer Price Index for All Urban Consumers published by 9 the Bureau of Labor Statistics of the Department of 10 Labor.’’. 11 (b) CLERICAL AMENDMENT.—The table of sections 12 at the beginning of chapter 19 of such title is amended 13 by inserting after the item relating to section 1980A the 14 following new item: 15 ‘‘1980B. Periodic review of automatic maximum coverage.’’. Passed the Senate December 17 (legislative day, De- cember 16), 2024. Attest: Secretary. 118TH CONGRESS 2D SESSION S. 1299 AN ACT To amend title 38, United States Code, to require the Secretary of Veterans Affairs to periodically review the automatic maximum coverage under the Servicemembers’ Group Life Insurance pro- gram and the Veterans’ Group Life Insurance program, and for other purposes.