Protecting and Preserving Social Security Act
Sponsored By: Senator Mazie Hirono
Introduced
Summary
Use the Consumer Price Index for Elderly Consumers (CPI‑E) for Social Security cost‑of‑living adjustments. This bill would also change how high earnings count toward benefits and add surplus earnings into the benefit formula.
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- Older beneficiaries: It would replace or supplement the current Consumer Price Index for COLA calculations with a CPI‑E series published monthly by the Bureau of Labor Statistics. The CPI‑E provisions start for calendar months ending on or after July 31 of the year following enactment and apply to COLA computation quarters after September 30 of the second calendar year after enactment.
- Workers and the self‑employed: It would change how wages and self‑employment income above the contribution and benefit base are treated for benefit calculations. A phased schedule begins at 86% in 2026 and phases down to 0% for years after 2031.
- Benefit formula for new beneficiaries: It would add surplus earnings into the primary insurance amount by applying 3% of surplus average indexed monthly earnings and 0.25% on amounts above certain thresholds. These surplus‑AIME rules apply to people who first become eligible in calendar years after 2025.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
New benefit rules for high earners
This bill would change how pay above the Social Security contribution limit counts toward future benefits. For calendar years after 2025 it phases down the share of above‑limit wages and self‑employment income that count: 2026 = 86%, 2027 = 71%, 2028 = 57%, 2029 = 43%, 2030 = 29%, 2031 = 14%, and 2032+ = 0%. It would also create a "surplus earnings" credit for people who first become eligible after 2025. That credit adds 3.0% of surplus AIME up to a bend point and 0.25% above that point. The bend point is $8,933 for the 2026 cohort and is indexed later.
New price index for seniors' COLAs
This bill would require BLS to publish a monthly Consumer Price Index for people age 62 and older (CPI‑E). If enacted, Social Security COLAs would use that CPI‑E for COLA computation quarters ending after September 30 of the second calendar year after enactment. BLS publication would apply to months ending on or after July 31 of the calendar year after enactment. Any monthly benefit increase from the CPI‑E change would not count as income or resources for SSI or Medicaid eligibility the next month.
Sponsors & CoSponsors
Sponsor
Mazie Hirono
HI • D
Cosponsors
Tina Smith
MN • D
Sponsored 7/31/2025
Jeff Merkley
OR • D
Sponsored 7/31/2025
Roll Call Votes
No roll call votes available for this bill.
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