Proposed Provision: Beginning in 2012, reconfigure the special minimum benefit: (a) A year of coverage is defined to be either a year in which 4 quarters of coverage are earned or a child is in care. Childcare years are granted to parents who have a child under 5, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,128 in 2010). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,128/20 = $56.40. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201112.512.513.313.3
201212.912.913.213.2
201312.912.913.213.2
201412.912.913.213.2
201512.912.913.213.3
201613.013.013.313.4
201713.013.013.513.5
201813.013.013.613.7
201913.013.013.914.0
202013.113.114.214.3
202113.113.114.514.7
202213.113.114.815.0
202313.113.115.115.3
202413.113.115.415.6
202513.113.215.715.9
202613.213.215.916.1
202713.213.216.116.4
202813.213.216.316.6
202913.213.216.516.8
203013.213.216.716.9
203113.213.216.817.0
203213.213.216.917.1
203313.213.216.917.2
203413.213.317.017.3
203513.213.317.017.3
203613.213.317.017.3
203713.213.317.017.4
203813.213.317.017.3
203913.213.317.017.3
204013.213.317.017.3
204113.213.316.917.3
204213.213.316.917.2
204313.213.316.817.2
204413.213.316.817.2
204513.213.316.817.1
204613.213.316.817.1
204713.213.316.717.1
204813.213.316.717.1
204913.213.316.717.1
205013.213.316.717.1
205113.213.316.717.1
205213.213.316.717.1
205313.213.316.717.1
205413.213.316.717.1
205513.313.316.717.1
205613.313.316.717.1
205713.313.316.817.2
205813.313.316.817.2
205913.313.316.817.2
206013.313.316.817.2
206113.313.316.817.2
206213.313.316.817.2
206313.313.316.817.3
206413.313.316.817.3
206513.313.316.917.3
206613.313.316.917.3
206713.313.316.917.3
206813.313.316.917.4
206913.313.317.017.4
207013.313.317.017.4
207113.313.317.017.5
207213.313.317.117.5
207313.313.317.117.5
207413.313.317.117.6
207513.313.317.217.6
207613.313.317.217.6
207713.313.317.217.7
207813.313.317.317.7
207913.313.317.317.8
208013.313.317.417.8
208113.313.317.417.8
208213.313.317.417.9
208313.313.317.517.9
208413.313.317.518.0
208513.313.317.618.0
208613.313.317.618.0
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