S 4877
Protecting and Preserving Social Security Act
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Bill overview
The Protecting and Preserving Social Security Act aims to improve the Old-Age, Survivors, and Disability Insurance (OASDI) program by updating the way the cost of living is calculated and addressing fairness in contributions and benefits. Specifically, it establishes a new Consumer Price Index for Elderly Consumers to be used for cost-of-living adjustments, modifies the calculation of wages and self-employment income for determining Social Security contributions, and incorporates surplus earnings into the benefit formula. The bill also includes provisions to ensure that benefit increases are not treated as income for other assistance programs and adjusts the calculation of basic and surplus average indexed monthly earnings.
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