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, to provide for cash relief for years for which annual COLAs do not take effect under certain cash benefit programs, and to provide for Social Security benefit protection.
Preserving Our Promise to Seniors Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to prepare and publish for each calendar month a Consumer Price Index for Elderly Consumers (CPIEC) that indicates changes over time in consumption expenditures typical for individuals in the United States 62 years of age or older.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to tie the CPIEC to computation of cost-of-lving increases in OASDI benefits.
Directs the Secretary of the Treasury to disburse a cash payment of $250 (adjusted for inflation) for each non-COLA year to certain recipients of OASDI benefits, railroad retirement benefits, veterans disability compensation or pension benefits, or Supplemental Security Income (SSI) benefits under SSA title XVI.
Amends the Internal Revenue Code to prescribe special rules for the determination of wages and self-employment income above the contribution and benefit base after 2010.
Develops points of order in the House of Representatives and the Senate with respect to consideration of any legislation whose effect would be a program: (1) reducing OASDI benefits in connection with contributions to individual beneficiary accounts in the private sector; or (2) providing for investment of amounts in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund in any investment vehicle other than interest-bearing U.S. obligations or U.S.-guaranteed obligations.
Introduced in House
Introduced in House
Referred to House Ways and Means
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, Rules, Transportation and Infrastructure, and Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Education and Labor
Referred to House Rules
Referred to House Transportation and Infrastructure
Referred to House Veterans' Affairs
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
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