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S 1600 115th Congress Senate Social Welfare Census and government statistics Inflation and prices Self-employed Social security and elderly assistance Wages and earnings

Protecting and Preserving Social Security Act

Introduced: July 20, 2017 Introduced by: Hirono, Mazie K. 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
Jul 20, 2017
Read twice and referred to the Committee on Finance.
Jul 20, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. Beginning in two years after the enactment of this bill, the CPI-E, instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, shall be used to calculate the cost-of-living adjustment for OASDI benefits.

The bill also includes surplus earnings in the calculation of the primary insurance amount (i.e., the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age).

The bill phases out and, after 2023, eliminates the cap on compensation ($128,400 in 2018) subject to Social Security taxation.

What's happening now July 20, 2017

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3