What does Preamble of Protecting and Preserving Social Security Act do?

This bill, formally titled '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,' aims to make improvements to the old-age, survivors, and disability insurance program. The bill proposes amendments to both title II of the Social Security Act and the Internal Revenue Code of 1986.

What does CONSUMER PRICE INDEX FOR ELDERLY CONSUMERS. of Protecting and Preserving Social Security Act do?

This section directs the Bureau of Labor Statistics to create and publish a monthly 'Consumer Price Index for Elderly Consumers'. The index will track changes in spending patterns typical for U.S. individuals aged 62 or older. The requirements of this section will take effect for calendar months ending on or after July 31 of the year following enactment. The section authorizes appropriations to cover the costs of implementing these provisions.

What does COMPUTATION OF COST-OF-LIVING INCREASES. of Protecting and Preserving Social Security Act do?

This section amends Section 215(i)(1) of the Social Security Act to define 'Consumer Price Index' as the Consumer Price Index for Elderly Consumers (CPI-E). It also amends Section 215(i)(1) as it existed in December 1978, adding the same CPI-E definition. Section 215(i)(4) of the Social Security Act is amended to include a reference to section 102 of the Protecting and Preserving Social Security Act. The amendments do not affect adjustments under other laws, except those within Title XVI or this title. Increases in monthly benefit amounts under Title II of the Social Security Act due to these amendments will not be considered income or resources for Supplemental Security Income (SSI) or Medicaid eligibility purposes. The amendments apply to cost-of-living computation quarters ending on or after September 30 of the second calendar year following the Act's enactment.

What does DETERMINATION OF WAGES AND SELF-EMPLOYMENT INCOME ABOVE of Protecting and Preserving Social Security Act do?

This section amends the Internal Revenue Code of 1986 and the Social Security Act to modify the determination of wages and self-employment income above the contribution and benefit base after 2025. The amendments introduce an 'applicable percentage' that decreases over time, starting at 86% in 2026 and reaching 0% after 2031. These changes apply to both wages and self-employment income, with specific adjustments made to sections 3121, 209, 1402, and 211 of the respective codes. The amendments specify that the applicable percentage is determined based on a table with varying percentages for calendar years 2026 through 2031, and 0% for subsequent years.

What does INCLUSION OF SURPLUS EARNINGS IN SOCIAL SECURITY BENEFIT of Protecting and Preserving Social Security Act do?

This section amends Section 215 of the Social Security Act to modify the formula for determining primary insurance amounts. It introduces the concept of 'surplus average indexed monthly earnings' (AIME) and incorporates it into the benefit calculation. The amendments establish bend points for surplus earnings, with different percentage rates applied based on earnings levels. For individuals becoming eligible for benefits in 2026, a specific amount ($8,933) is established for calculating surplus earnings. After 2026, this amount will be adjusted annually based on the national average wage index. The bill also adjusts definitions related to AIME and surplus AIME within Section 215(b). The changes apply to individuals who initially become eligible for old-age or disability insurance benefits, or who die before becoming eligible, in calendar years after 2025.

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Protecting and Preserving Social Security Act

Last updated: 7/31/2025 · Introduced: 7/31/2025

Author: Mazie Hirono (D-HI)

TL;DR (AI)

The bill directs the Bureau of Labor Statistics to create a new Consumer Price Index specifically for individuals aged 62 and older, to better reflect their spending patterns.
Beginning in 2026, a portion of wages and self-employment income exceeding a certain threshold will be exempt from Social Security taxes, with the exemption gradually increasing until it reaches 100% after 2031.
The bill modifies the formula for calculating Social Security benefits by incorporating 'surplus average indexed monthly earnings,' potentially increasing benefits for some individuals.

119th Congressin committeeHR. 4968(In Committee)Official page

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Other Sections

Includes provisions on preamble, consumer price index for elderly consumers., and 1 more.

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TITLE II

-CONTRIBUTION AND BENEFIT FAIRNESS

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