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S 1132 116th 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: April 10, 2019 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
Apr 10, 2019
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)
Apr 10, 2019
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. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

What's happening now April 10, 2019

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 3