Protecting and Preserving Social Security Act
Latest action · Jul 20, 2017 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 20, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Jul 20, 2017 to Jun 13, 2018; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Jeff Merkley | Original | Jul 20, 2017 |
| D-NY | Kirsten E. Gillibrand | Jul 25, 2017 | |
| D-MO | Claire McCaskill | Mar 6, 2018 | |
| D-MN | Tina Smith | Jun 13, 2018 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 20, 2017 |
Actions 2
Everything that happened, newest first.
- Jul 20, 2017Introduced in Senate
- Jul 20, 2017Read twice and referred to the Committee on Finance.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1132 | Protecting and Preserving Social Security Act | Reintroduced Bill | Apr 10, 2019 |
| HR 3302 | Protecting and Preserving Social Security Act | Identical bill | Jul 19, 2017 |
Titles 2
Every title it has carried, official and short, at each stage.
- 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.
- Short Titles as Introduced
- Protecting and Preserving Social Security Act
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
Text 1
Each version as it was printed, newest first.
- Jul 20, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
