Summary of HR 4968: Protecting and Preserving Social Security Act

Bill Number: HR 4968

Introduced: August 12, 2025

Status: Introduced in House

Primary Sponsor: Jill N. Tokuda

Cosponsors: Includes Paul Tonko, Seth Magaziner, Brittany Pettersen, and others.

Related Bill: S 2614 (companion bill)

Purpose and Intent

The Protecting and Preserving Social Security Act aims to enhance the Social Security program by ensuring that benefits keep pace with the cost of living and by addressing fairness in contributions and benefits. The bill seeks to strengthen the financial stability of Social Security for current and future beneficiaries.

Key Provisions

Title I: Cost-of-Living Increases

• Sec. 101: Consumer Price Index for Elderly Consumers

  • This section proposes the use of a specialized Consumer Price Index (CPI) that reflects the spending habits of elderly consumers. This adjustment aims to provide a more accurate measure of inflation as it affects seniors.

• Sec. 102: Computation of Cost-of-Living Increases

  • This provision outlines a revised method for calculating cost-of-living adjustments (COLAs) for Social Security benefits, ensuring that increases are more closely aligned with actual living costs faced by beneficiaries.

Title II: Contribution and Benefit Fairness

• Sec. 201: Determination of Wages and Self-Employment Income

  • This section establishes new guidelines for determining wages and self-employment income that exceed the contribution and benefit base, effective after 2025. This aims to ensure that higher earners contribute fairly to the Social Security system.

• Sec. 202: Inclusion of Surplus Earnings in Benefit Formula

  • This provision allows for the inclusion of surplus earnings in the calculation of Social Security benefits, potentially increasing benefits for those with higher lifetime earnings.

Impact

The Protecting and Preserving Social Security Act is expected to impact:
- Elderly Beneficiaries: By adjusting the COLA based on a more relevant CPI, seniors may receive benefits that better reflect their actual living expenses.
- Higher Earners: Changes in the contribution and benefit calculations may affect how much higher earners contribute to and receive from Social Security.
- Social Security System: The bill aims to enhance the overall fairness and sustainability of the Social Security program, potentially improving its long-term viability.

Legislative Process

• On August 12, 2025, HR 4968 was referred to the Committee on Ways and Means, as well as the Committees on Energy and Commerce and Education and Workforce for further consideration. The timeline for these reviews will be determined by the Speaker of the House.

This bill represents a significant effort to address the evolving needs of Social Security beneficiaries and ensure the program's integrity for future generations.