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S 1940 114th Congress Senate Social Welfare Aging Employment taxes Inflation and prices Self-employed Social security and elderly assistance Wages and earnings

Safeguarding American Families and Expanding Social Security Act of 2015

Introduced: August 5, 2015 Introduced by: Schatz, Brian Democratic · Hawaii See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Aug 5, 2015
Read twice and referred to the Committee on Finance.
Aug 5, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Safeguarding American Families and Expanding Social Security Act of 2015

This bill amends the Internal Revenue Code to prescribe special rules for the determination of taxable wages and self-employment income above the contribution and benefit base after 2015.

Title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) is amended to include surplus average indexed monthly earnings in the determination of primary OASDI amounts.

The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the Consumer Price Index for Elderly Consumers (CPI-EC) that indicates changes over time in expenditures for consumption which are typical for individuals in the United States who have attained early retirement age for purposes of an old-age, wife's, or husband's insurance benefit.

SSAct title II is also amended to make the CPI-EC the applicable Consumer Price Index for computation of cost-of-living increases in OASDI benefits for such individuals.

What's happening now August 5, 2015

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1