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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 15, 2015.
Protecting and Preserving Social Security Act
Directs the Bureau of Labor Statistics of the Department of Labor to prepare and publish for each calendar month a Consumer Price Index for Elderly Consumers (CPI-EC) that indicates changes over time in consumption expenditures typical for individuals in the United States age 62 or older.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to make the CPI-EC the applicable Consumer Price Index for computation of cost-of-living increases in OASDI benefits for such individuals.
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 2015.
Amends SSAct title II to include surplus average indexed monthly earnings in the determination of primary OASDI amounts.