A bill to improve the retirement security of American families by increasing Social Security benefits for current and future beneficiaries while making Social Security stronger for future generations.
Safeguarding American Families and Expanding Social Security Act of 2015
This bill amends the Internal Revenue Code to prescribe special rules for the determination of taxable wages and self-employment income above the contribution and benefit base after 2015.
Title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) is amended to include surplus average indexed monthly earnings in the determination of primary OASDI amounts.
The Bureau of Labor Statistics of the Department of Labor shall prepare and publish the Consumer Price Index for Elderly Consumers (CPI-EC) that indicates changes over time in expenditures for consumption which are typical for individuals in the United States who have attained early retirement age for purposes of an old-age, wife's, or husband's insurance benefit.
SSAct title II is also amended to make the CPI-EC the applicable Consumer Price Index for computation of cost-of-living increases in OASDI benefits for such individuals.
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Read twice and referred to the Committee on Finance.
Referred to the Subcommittee on Social Security.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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