S. 1132 · 116th Congress
Protecting and Preserving Social Security Act
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HironoSponsor3 cosponsors · 3 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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.
What it does: CRS summary · Introduced in Senate · Apr 10, 2019
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting and Preserving Social Security Act
Latest action (Apr 10, 2019): Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)
Policy area: Social Welfare · Origin: Senate · Introduced: Apr 10, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.