3.0.0 1600 2023-01-11T13:37:04Z 2023-01-11T13:37:04Z Senate S 2017-07-20 115 ssfi00 Finance Committee Senate Standing Referred to 2017-07-20T18:11:20Z Protecting and Preserving Social Security Act 115 3302 HR 2017-07-19 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2017-07-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-07-20 Introduced in Senate IntroReferral 10000 9 Library of Congress H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. N M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2017-07-20 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2017-07-25 False M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2018-03-06 False S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2018-06-13 False Social Welfare Census and government statistics Inflation and prices Self-employed Social security and elderly assistance Wages and earnings Social Welfare 00 2017-07-20 Introduced in Senate 2018-10-04T21:11:04Z 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.

]]> Protecting and Preserving Social Security Act Display Title Protecting and Preserving Social Security Act Official Title as Introduced A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1986 to make improvements in the old-age, survivors, and disability insurance program, and to provide for Social Security benefit protection. Introduced in Senate IS Short Titles as Introduced Protecting and Preserving Social Security Act Introduced in Senate 2017-07-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1600is/xml/BILLS-115s1600is.xml 2017-07-20 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.