Protecting and Preserving Social Security Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to prepare and publish for each calendar month a Consumer Price Index for Elderly Consumers (CPIEC) that indicates changes over time in consumption expenditures typical for individuals in the United States age 62 or older.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to make the CPIEC the applicable Consumer Price Index (CPI) for computation of cost-of-lving increases in OASDI benefits for such individuals.
Amends the Internal Revenue Code to prescribe special rules for the determination of wages and self-employment income above the contribution and benefit base after 2012.
Amends SSA title II to include surplus average indexed monthly earnings (AIME) in the determination of primary OASDI amounts.