Hirono, Tokuda Introduce Bicameral Legislation to Strengthen Social Security Program

WASHINGTON, DC – Today, U.S. Senator Mazie K. Hirono (D-HI) and Representative Jill Tokuda (D-HI) introduced the Protecting and Preserving Social Security Act, legislation that would strengthen Social Security’s financial state and ensure that seniors continue to benefit from the programs they have paid into throughout their lives.

“Social Security provides crucial support to millions of kupuna, people with disabilities, and other vulnerable communities in Hawaii and across the country,” said Senator Hirono. “By lifting the cap on Social Security contributions, the Protecting and Preserving Social Security Act will help ensure Social Security remains solvent for decades to come. I’m proud to introduce this legislation to strengthen the program and help ensure the millions of Americans who rely on it will continue to receive the benefits they deserve.”

“Americans across the country depend on Social Security. It is a commitment we make to the working men and women who keep America moving forward and they are relying on us to keep Social Security solvent so they can retire with dignity. In Hawaii, where the cost of living is so high, we must ensure these hard-earned benefits keep pace with rising costs of food, housing, and everyday necessities,” said Representative Jill Tokuda (HI-02). “Our bill will provide a necessary increase to Social Security payments while reducing the national debt by trillions of dollars and strengthening the Trust Funds to support our kupuna and retirees for decades to come.”

This bill will make significant progress toward extending the Social Security lifeline. According to the Social Security Administration’s Office of the Chief Actuary, the Protecting and Preserving Social Security Act is expected to extend the ability of the Old Age, Survivors, and Disability Insurance (OASDI) program to pay scheduled benefits in full and on time for an additional 19 years, moving the date of projected depletion from 2035 to 2054. The bill would also reduce the federal deficit by approximately $13.3 trillion by the end of the 75-year projection period.

The Protecting and Preserving Social Security Act aims to improve the Social Security system’s fairness, solvency, and benefits. Specifically, the bill:

• Ensures the appropriate weight is given to the real costs in seniors’ budgets by using the Consumer Price Index for the Elderly (CPI-E) to calculate the relevant cost-of-living adjustment (COLA), rather than the more generic Consumer Price Index for Urban Wage Earners (CPI-W); and
• Requires the wealthiest Americans to pay their fair share by phasing out the cap on Social Security contributions over the next seven years and encouraging contributions above the cap in exchange for additional benefits.

In addition to Senator Hirono, the bill is cosponsored by Senators Jeff Merkley (D-OR) and Tina Smith (D-MN) in the Senate.

In addition to Representative Tokuda, the bill is cosponsored by Representatives Steve Cohen (D-TN) and Jan Schakowsky (D-IL) in the House.

The Protecting and Preserving Social Security Act is endorsed by National Committee to Preserve Social Security and Medicare (NCPSSM); Alliance for Retired Americans (ARA); and Social Security Works (SSW).

“The National Committee to Preserve Social Security and Medicare commends Senator Hirono for introducing this important legislation that will extend the solvency of the Social Security trust fund and boost benefits for America’s seniors,” said Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare. “By adopting the CPI-E as the measure for calculating COLAs, the legislation assures that the purchasing power of Social Security benefits are more fully protected from the ravages of inflation. This legislation represents a bold step on behalf of seniors and all Americans.”

“With prices rising, it's more important than ever for Social Security's annual cost-of-living adjustments to reflect the real expenses seniors and people with disabilities face every day. The Protecting and Preserving Social Security Act would do just that, by updating the formula used to calculate the adjustments,” said Alex Lawson, Executive Director of Social Security Works. “This wise legislation makes this important improvement while also increasing the financial health of the Social Security system by requiring that the highest-paid workers contribute to Social Security all year long, just like the rest of us.”

The full text of the bill is available here.

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