Bill > HR4968

This bill, titled the "Protecting and Preserving Social Security Act", introduces several key improvements to the Social Security program. First, it requires the Bureau of Labor Statistics to create a new Consumer Price Index for Elderly Consumers (CPI-E), which will more accurately track spending patterns of individuals 62 and older. This new index would be used to calculate cost-of-living adjustments for Social Security benefits, potentially providing more precise increases that reflect seniors' actual expenses. The bill also modifies how earnings above the Social Security contribution and benefit base are treated after 2025, gradually reducing the percentage of additional earnings that are counted towards Social Security calculations. Additionally, the bill introduces a new method for calculating Social Security benefits by creating a "surplus earnings" component, which would allow individuals with higher lifetime earnings to receive a slightly higher benefit percentage on earnings above the standard contribution base. These changes aim to improve the long-term fairness and sustainability of the Social Security system, with provisions designed to take effect gradually starting in 2026. Importantly, the bill includes a safeguard ensuring that any benefit increases will not be counted as income when determining eligibility for other assistance programs like Supplemental Security Income (SSI) and Medicaid.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4968/all-info