A bill that would boost monthly Social Security payments by $200 a month has been reintroduced in Congress.

Democratic Sen. Bernie Sanders, I-Vermont, formally reintroduced the Social Security Expansion Act on Feb. 13th. He was joined by Sen. Elizabeth Warren, D- Massachusetts and Reps. Jan Schakowsky, D-Illinois, and Val Hoyl, D-Oregon.

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Under the terms of the bill, current Social Security recipients or those who turn 62 in 2023 would receive an extra $200 in each monthly check, or a boost of $2,400 a year.

The average Social Security recipient currently receives about $1688 a month.

“At a time when nearly half of older Americans have no retirement savings and almost 50 percent of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security,” Sanders said in a statement. “Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need.”

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The increases would be funded by raising in the cap on earnings eligible for Social Security taxation. Currently, up to $162,000 in income is taxed for Social Security, anything over that is free from the tax. The legislation would lift this cap and subject all income above $250,000 to the Social Security payroll tax.

A fact sheet for the bill said the changes would ensure Social Security is fully funded for the next 75 years without raising taxes for more than 93% of American households that make $250,000 or less.