2022 OASDI Trustees Report

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C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2031
Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2021 operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively. The fiscal year for the U.S. Government is the 12-month period ending September 30. Fiscal year 2021 is the most recent fiscal year for which complete information is available. The descriptions of the values in these tables are similar to the corresponding descriptions and values in the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and cost.
Payroll tax contributionsa
Monthly benefits and lump-sum death paymentsd
Payment for costs of vocational rehabilitation services for disabled beneficiaries
Financial interchange with the Railroad Retirement “Social Security Equivalent
Benefit Account”
Miscellaneous reimbursements from the General Fund e
Undisbursed balancesf

a
Includes adjustments for prior years. In June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $30,380 million was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Between -$0.5 and $0.5 million.

c
Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d
Includes net reductions for the recovery of overpayments.

e
Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

f
A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.
Payroll tax contributionsa
Interest adjustmentsc
Monthly benefitsd
Financial interchange with the Railroad Retirement “Social Security Equivalent
Benefit Account”
Miscellaneous reimbursements from the General Fund e
Undisbursed balancesf

a
Includes adjustments for prior years. In June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $5,155 million was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Between -$0.5 and $0.5 million.

c
Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

d
Includes net reductions for the recovery of overpayments.

e
Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

f
A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.
Payroll tax contributionsa
Interest adjustmentsc
Monthly benefits and lump-sum death paymentsd
Financial interchange with the Railroad Retirement “Social Security Equivalent
Benefit Account”
Miscellaneous reimbursements from the General Funde
Undisbursed balancesf

a
Includes adjustments for prior years. In June 2021, unusually large negative adjustments to payroll tax contributions in the amount of $35,536 million were made because payroll tax revenue credited to the trust funds in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Between -$0.5 and $0.5 million.

c
Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust funds and the General Fund account for the Supplemental Security Income program, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust funds.

d
Includes net reductions for the recovery of overpayments.

e
Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

f
A positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.
Tables VI.C4, VI.C5, and VI.C6 show estimates of the operations and status of the OASI, DI, and the hypothetical combined OASI and DI Trust Funds, respectively, during fiscal years 2017 through 2031.
Net payroll
tax contri-
butionsa
GF
reim-
burse-
mentsb
Trust
fund
ratio d

a
Includes adjustments for prior years. For example, in June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $30.4 billion was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Includes reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

c
Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d
The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e
Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.
Net payroll
tax contri-
butionsa
GF
reim-
burse-
mentsb
Trust
fund
ratio d

a
Includes adjustments for prior years. For example, in June 2021, an unusually large negative adjustment to payroll tax contributions in the amount of $5.2 billion was made because payroll tax revenue credited to the trust fund in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Includes reimbursements from the General Fund of the Treasury to the DI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110‑246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112‑78, and 112-96.

c
Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d
The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e
Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.
Net payroll
tax contri-
butionsa
GF
reim-
burse-
mentsb
Trust
fund
ratio d

a
Includes adjustments for prior years. For example, in June 2021, unusually large negative adjustments to payroll tax contributions in the amount of $35.5 billion were made because payroll tax revenue credited to the trust funds in 2020 was based on estimates that did not anticipate effects of the pandemic and recession.

b
Includes reimbursements from the General Fund of the Treasury to the OASI and DI Trust Funds for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

c
Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in law.

d
The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

e
Between -$50 million and $50 million.

Note: Components may not sum to totals because of rounding.

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