Similar to the Boosting Benefits and COLAs for Seniors Act, the Protecting and Preserving Social Security Act would also use the CPI-E instead of the CPI-W to calculate COLAs for seniors.
It would also require for the wealthiest Americans to “pay their fair share” by phasing out caps on Social Security contributions gradually over the next seven years. The current limit sits at $184,500 for 2026.
Further, the legislation would stop the Social Security Administration (SSA) from reclaiming final checks—in which the agency retrieves benefit checks during the same month in which an individual passes away.
The bill is also cosponsored by Sens. Jeff Merkley (D-OR) and Tina Smith (D-MN) and Reps. Steve Cohen (D-TN), Veronica Escobar (D-TX), Lois Frankel (D-FL), Eleanor Holmes Norton (D-DC), Seth Magaziner (D-RI), Brittany Pettersen (D-CO), Chellie Pingree (D-ME), Rashida Tlaib (D-MI), and Paul Tonko (D-NY).