Proposed Provision: B5.9. Beginning for those newly eligible in 2023, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 40 years of coverage equal to 125 percent of the monthly Aged Federal poverty level (about $1,293 in 2020). For those with 20 or fewer years of coverage, phase up linearly from 0 percent of the poverty level for 10 years of coverage to 100 percent of the poverty level. For those having between 20 and 40 years of coverage, phase up linearly from 100 percent of the poverty level at 20 years of coverage to 125% of the poverty level for 40 or more years of coverage. (c) For newly eligible workers in 2023 and 2024, index the applicable poverty level using the CPI index, to the year prior to eligibility. Then, for newly eligible workers in 2025 and later, index the PIA per year of coverage by wage growth for successive cohorts. (d) Disabled workers have a somewhat similar minimum benefit, with work requirements scaled based on the number of years of non-disabled potential work.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2021253253
2022231231
2023214214
2024196196
2025178178
2026159159
2027141141
2028122122
2029104104
20308585
20316666
20324646
20332727
203477
2035-13-13
2036-33-34
2037-54-55
2038-76-77
2039-97-99
2040-119-121
2041-142-144
2042-165-167
2043-188-190
2044-211-214
2045-235-238
2046-258-262
2047-282-286
2048-306-310
2049-330-335
2050-354-360
2051-378-384
2052-403-409
2053-427-435
2054-452-460
2055-477-485
2056-502-511
2057-527-537
2058-552-562
2059-578-589
2060-604-615
2061-630-642
2062-657-670
2063-684-697
2064-712-726
2065-740-754
2066-768-783
2067-796-813
2068-825-843
2069-855-873
2070-884-903
2071-914-934
2072-945-965
2073-976-997
2074-1007-1029
2075-1039-1061
2076-1071-1095
2077-1105-1129
2078-1139-1165
2079-1175-1201
2080-1211-1239
2081-1248-1276
2082-1286-1315
2083-1324-1354
2084-1363-1395
2085-1403-1435
2086-1443-1476
2087-1483-1518
2088-1524-1559
2089-1564-1601
2090-1604-1642
2091-1643-1682
2092-1681-1721
2093-1718-1759
2094-1754-1796
2095-1789-1833
2096-1825-1869
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