S. 4180 — Introduced in Senate

II 116th CONGRESS 2d Session S. 4180 IN THE SENATE OF THE UNITED STATES July 2, 2020Mr. Kaine (for himself and Mr. Cassidy) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend title II of the Social Security Act to provide that the national average wage index for any year shall not be less than the amount of the national average wage index for the preceding year. 1. Short title This Act may be cited as the Protecting Benefits for Retirees Act. 2. Modifying the calculation of the Social Security average wage index to conform with the calculation of Social Security cost-of-living adjustments and taxable maximum Section 209(k) of the Social Security Act (42 U.S.C. 409(k)) is amended— (1) in paragraph (1), by striking subject to regulations and inserting subject to paragraph (4) and regulations; and (2) by adding at the end the following new paragraph: (4) For any calendar year after 2019, if the average of the total wages for a calendar year is less than the national average wage index applicable under this subsection for the preceding calendar year, the amount of the national average wage index for the calendar year involved shall be the amount of the national average wage index that applied under this subsection for such preceding calendar year. .