Protecting and Preserving Social Security Act 2017-07-20 Introduced in Senate 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.

]]> 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 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.