How S 2614 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill amends existing law to establish a new Consumer Price Index for Elderly Consumers and modifies how earnings above contribution and benefit bases are calculated for Social Security benefits, while also changing the benefit formula to include surplus earnings.

• 42 U.S.C. 415(i)(1)

  the term `Consumer Price Index' means the Consumer Price Index for Elderly Consumers (CPI-E, as published by the Bureau of Labor Statistics of the Department of Labor).

  Establishes a new Consumer Price Index specifically for elderly consumers.

• 42 U.S.C. 415(i)(1)

  the term `Consumer Price Index' means the Consumer Price Index for Elderly Consumers (CPI-E, as published by the Bureau of Labor Statistics of the Department of Labor).

  Applies the new Consumer Price Index for Elderly Consumers retroactively to certain laws.

• 42 U.S.C. 409

  in subparagraph (I) by inserting "and before 2026" after "1974"; and by inserting "and" after the semicolon; → in subparagraph (J) The applicable percentage (determined under subsection (l)) of that part of remuneration which, after remuneration [...] is paid to such individual during such calendar year;

  Modifies the definition of wages to include an applicable percentage for remuneration above a certain base starting from 2026.

• 42 U.S.C. 411

  in paragraph (1)(I) by striking "or" after the semicolon; and by inserting "and before 2026" after "1974"; → For any taxable year beginning in any calendar year after 2025, an amount equal to the applicable percentage (as determined under subsection (l)) of that part of net earnings from self-employment which is in excess of [...] the amount of the wages paid to such individual during such taxable year;

  Changes how self-employment income is calculated to include a percentage of earnings above a certain threshold after 2025.

• 42 U.S.C. 415(a)(1)(A)

  by inserting `basic' before `average indexed monthly earnings' each place it appears;

  Specifies that the calculation of primary insurance amounts will now include basic average indexed monthly earnings.