2023 OASDI Trustees Report

III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND
LEGISLATIVE CHANGES IN THE LAST YEAR

A. OPERATIONS OF THE OLD‑AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2022

This section presents detailed information on the operations of the OASI and DI Trust Funds¹ during calendar year 2022. Chapter IV provides projections for calendar years 2023 through 2100.

1. OASI Trust Fund

Table III.A1 presents a statement of the income and cost of the Federal Old-Age and Survivors Insurance Trust Fund in calendar year 2022, and of the asset reserves in the fund at the beginning and end of the calendar year. As shown in this table, total trust fund income in 2022 amounted to $1,056.7 billion, while cost totaled $1,097.5 billion, resulting in a decrease in trust fund reserves during 2022 of $40.7 billion.

Total income during calendar year 2022 included $950.3 billion in payroll tax contributions. These contributions include initial appropriations of payroll taxes, made on an estimated basis, and adjustments to appropriations for prior years to reflect actual tax income. The OASI fund paid the General Fund $4.4 billion for the estimated amount of employee payroll-tax refunds, partially offsetting these gross contributions. Employees who work for more than one employer during a year and pay contributions on total earnings in excess of the contribution and benefit base are eligible for such refunds. Net payroll tax contributions were therefore $945.9 billion in 2022.

Net reimbursements from the General Fund of the Treasury amounted to $183 million in 2022. As shown in the table, almost all of that amount came from transfers based on Public Law 116-136, the Coronavirus Aid, Relief, and Economic Security Act of 2020 (CARES Act). Section 4003(e) of this act provided for loans to businesses and State and local governments to assist in alleviating losses incurred as a result of the COVID-19 pandemic. This section further specified that a portion of proceeds from repayments of these loans be transferred to the OASI Trust Fund.

Income to the OASI Trust Fund based on the taxation of OASI benefits amounted to $47.1 billion in 2022. As first required by the 1983 Social Security Amendments, this income comes from two separate sources: (1) Federal income taxation on up to 50 percent of an individual’s or couple’s OASI benefits under certain circumstances, and (2) a tax withheld from the benefits paid to certain nonresident alien beneficiaries. For the direct Federal income tax portion, Treasury transfers estimated amounts to the OASI Trust Fund in advance at the beginning of each calendar quarter. Treasury makes subsequent adjustments based on the actual amounts shown on annual income tax records. There were no such adjustments made in 2022. The amount of income from direct Federal income taxation on OASI benefits constituted approximately 99 percent of income from benefit taxation. The remaining one percent of the income from benefit taxation is the amounts withheld from the benefits paid to nonresident aliens.

In 2022, the OASI Trust Fund earned $63.5 billion in net interest, which consisted of: (1) interest earned on the investments held by the trust fund, (2) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (3) interest arising from the revised allocation of administrative expenses among the trust funds, and (4) interest on certain reimbursements to the trust fund.

The remaining income, about $18 thousand, consisted of gifts received under the provisions authorizing the deposit of monetary gifts or bequests in the trust funds.

Table III.A1.—Operations of the OASI Trust Fund, Calendar Year 2022 

[In millions]

Total asset reserves, December 31, 2021					$2,752,636
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$950,327
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-4,403
			Net payroll tax contributionsa		945,924
	Reimbursements from the General Fund:
		Transfer directed by P.L. 116-136		183
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		183
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		262
		All other, not subject to withholding		46,809
			Total income from taxation of benefits		47,071
	Investment income and interest adjustments:
		Interest on investments		63,539
		Interest adjustmentsc		b
			Total investment income and interest adjustments		63,539
	Gifts				b
Total income					1,056,718
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,088,170
		Reimbursement from the General Fund for unnegotiated checks		-53
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		23
			Net benefit paymentsd		1,088,140
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,316
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,376
			Department of the Treasury	628
		Offsetting miscellaneous receipts		-1
		Demonstration projects		—
		Miscellaneous reimbursements from the General Fund e		-5
			Net administrative expenses		3,999
Total cost					1,097,455
Net increase in asset reserves					-40,737
	Total invested assets			2,711,919
	Undisbursed balancesf			-20
Total asset reserves, December 31, 2022					2,711,899

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a

Includes adjustments for prior calendar years.

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 negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the OASI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

Of the $1,097.5 billion in total OASI cost in 2022, $1,088.1 billion was for net benefit payments, including recovered overpayments, reimbursements from the General Fund for unnegotiated checks, and the reimbursable costs of vocational rehabilitation services.² Net benefit payments increased by 9.6 percent from calendar year 2021 to calendar year 2022. This increase is due primarily to: (1) an increase in the average number of beneficiaries during the year and (2) an increase in the average monthly benefit amount. The increase in the average benefit amount in 2022 was due in part to the automatic cost-of-living benefit increase of 5.9 percent which became effective for December 2021 under the automatic-adjustment provisions in section 215(i) of the Social Security Act. In addition, new beneficiaries tend to have higher monthly benefit amounts than previous beneficiary cohorts, because their initial benefits are based on average wages, which tend to rise faster than the cost of living.

The Railroad Retirement Act requires an annual financial interchange between the Railroad Retirement program and the OASDI program. The purpose of the interchange is to put the OASI and DI Trust Funds in the same financial position in which they would have been had railroad employment always been covered directly by Social Security. The Railroad Retirement Board and the Social Security Administration calculated an interchange of $5.3 billion from the OASI Trust Fund to the Social Security Equivalent Benefit Account for June 2022.

The remaining $4.0 billion of cost for the OASI Trust Fund was for net administrative expenses. The Social Security Administration charges administrative expenses incurred to administer the OASI program directly to the trust fund on an estimated basis. Periodically, as actual expenses are recorded, adjustments are made to the allocations of administrative expenses for prior periods. These adjustments affect the OASI Trust Fund, the DI Trust Fund, the Hospital Insurance (HI) Trust Fund, the Supplementary Medical Insurance (SMI) Trust Fund, and the General Fund account for the Supplemental Security Income program, and include appropriate interest adjustments. As described earlier, the trust fund accounting records such interest adjustments under investment income.

For 2022, the cost incurred by the Social Security Administration to administer the OASI program was 84 percent of OASI net administrative expenses. The Social Security Administration charged such costs to the trust fund in the amount of $3.4 billion in 2022. In addition, the Department of the Treasury charged the trust fund $0.6 billion in 2022 for services provided in administering the OASI program. A relatively small offset to administrative expenses of $1 million in 2022 represents income from miscellaneous receipts due to the trust fund, which may include refunds, penalties, fees, and other receipts.

Finally, the General Fund of the Treasury makes net reimbursements for administrative costs incurred by the Social Security Administration in performing certain legislatively mandated activities that are not directly related to paying OASI benefits. These reimbursements include $3 million in costs associated with union activities related to administering the OASI program and $2 million in costs of providing information to participants in certain pension plans in 2022. These miscellaneous reimbursements totaled $5 million in 2022.

The asset reserves shown for the OASI Trust Fund at the end of calendar year 2022 totaled $2,711.9 billion, consisting of $2,711.9 billion in U.S. Government obligations and, as an offset, an extension of credit totaling $20 million against securities to be redeemed in the first few days of the following year. The effective annual rate of interest earned by the reserves in the OASI Trust Fund during calendar year 2022 was 2.3 percent, slightly lower than the 2.4 percent earned during calendar year 2021. Table VI.A4, presented in appendix A, shows a detailed listing of OASI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2021 and 2022.

By law, the Department of the Treasury must invest trust fund reserves in interest-bearing securities backed by the full faith and credit of the United States Government. The securities currently held by the OASI Trust Fund are entirely special issue securities sold by the Treasury only to the trust funds. These special issues are of two types: short-term certificates of indebtedness and longer-term bonds. Daily trust fund tax income is invested in the short-term certificates of indebtedness which mature on the next June 30 following the date of issue. The trust fund normally acquires long-term special-issue bonds when special issue securities of either type mature on June 30 and must be reinvested. The amount of long-term bonds acquired on June 30 is equal to the amount of special issue securities maturing (including accrued interest earnings), plus tax income for that day, less amounts required to meet cost on that day.

Section 201(d) of the Social Security Act provides that the obligations issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. Each year, bond purchases for each trust fund are made on June 30, taking into account the projected reserve depletion date in the most recently issued Trustees Report. The usual practice has been to reinvest the maturing special issue securities, as of each June 30, so that the values of the total portfolio of special issue securities maturing in each of the next 15 years are approximately equal. However, as of June 2022, the most recent projections in the 2022 Trustees Report indicated that the reserves in the OASI Trust Fund would become depleted within 15 years. Therefore, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the OASI special-issue bonds purchased on June 30, 2022, so that the maturity dates of the total portfolio of special issue securities would be spread evenly to the extent possible over the 12‑year period 2023 through 2034. The bonds purchased on that date have an interest rate of 3.000 percent, reflecting the average market yield, as of the last business day of the prior month, on all of the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. Table III.A7 shows additional details on the investment transactions during 2022, including the amounts of bonds purchased on June 30, 2022.

2. DI Trust Fund

Table III.A2 presents a statement of the income and cost of the Federal Disability Insurance Trust Fund in calendar year 2022, and of the asset reserves in the fund at the beginning and end of the calendar year.

Line entries in the DI statement are similar to those in the OASI statement. The explanations of the OASI entries generally apply to DI as well.

Of the $165.1 billion in total income, $160.7 billion was net payroll tax contributions.

Of the $146.5 billion of total cost, $143.6 billion was net benefit payments. The total level of net benefit payments increased by 2.5 percent from calendar year 2021 to calendar year 2022, largely due to increases in average monthly benefit amounts and the total amount of retroactive benefits, partially offset by a decrease in the average number of beneficiaries during the year. DI non-interest income, and total income, exceeded total cost in 2022.

Table III.A2.—Operations of the DI Trust Fund, Calendar Year 2022

[In millions]

Total asset reserves, December 31, 2021					$99,394
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$161,424
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-746
			Net payroll tax contributionsa		160,678
	Reimbursements from the General Fund:
		Transfer directed by P.L. 116-136		—
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,549
			Total income from taxation of benefits		1,553
	Investment income and interest adjustments:
		Interest on investments		2,831
		Interest adjustments c		2
			Total investment income and interest adjustments		2,833
	Gifts				b
Total income					165,063
Cost:
	Benefit payments:
		Monthly benefitsd		143,475
		Reimbursement from the General Fund for unnegotiated checks		-28
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		120
			Net benefit paymentsd		143,567
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				156
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,634
			Department of the Treasury	110
		Offsetting miscellaneous receipts		—
		Demonstration projects		7
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,747
Total cost					146,470
Net increase in asset reserves					18,594
	Total invested assets			118,032
	Undisbursed balancesf			-44
Total asset reserves, December 31, 2022					117,988

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a

Includes adjustments for prior calendar years.

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 legislatively mandated activities not directly related to administering the DI program.

f

A negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the DI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

During 2022, the reserves in the DI Trust Fund increased by $18.6 billion, from $99.4 billion at the end of 2021 to $118.0 billion at the end of 2022. This $118.0 billion consisted of $118.0 billion in U.S. Government obligations and, as an offset, an extension of credit totaling $44 million against securities to be redeemed in the first few days of the following year. The effective annual rate of interest earned by the asset reserves in the DI Trust Fund during calendar year 2022 was 2.7 percent, slightly lower than the 2.8 percent earned during calendar year 2021. Table VI.A5 shows a detailed listing of DI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2021 and 2022.

Section 201(d) of the Social Security Act provides that the Treasury securities issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. Each year, bond purchases for each trust fund are made on June 30, taking into account the projected reserve depletion date in the most recently issued Trustees Report. The usual practice has been to reinvest the maturing special issue securities, as of each June 30, so that the values of the securities maturing in each of the next 15 years are approximately equal. Accordingly, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the DI special-issue bonds purchased on June 30, 2022, so that the maturity dates of the total portfolio of special issue securities would be evenly spread to the extent possible over the 15‑year period 2023-37. The bonds purchased have an interest rate of 3.000 percent, reflecting the average market yield, as of the last business day of the prior month, on the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. Table III.A7 shows details on investment transactions during 2022.

3. OASI and DI Trust Funds, Combined

Table III.A3 presents a statement of the operations of the OASI and DI Trust Funds on a hypothetical combined basis.³ The entries in this table represent the sums of the corresponding values from tables III.A1 and III.A2. The two preceding subsections that cover OASI and DI provide a description of the nature of these income and cost transactions.

Table III.A3.—Operations of the Combined OASI and DI Trust Funds,
Calendar Year 2022 

[In millions]

Total asset reserves, December 31, 2021					$2,852,030
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$1,111,751
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-5,149
			Net payroll tax contributionsa		1,106,602
	Reimbursements from the General Fund:
		Transfer directed by P.L. 116-136		183
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		183
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		266
		All other, not subject to withholding		48,358
			Total income from taxation of benefits		48,624
	Investment income and interest adjustments:
		Interest on investments		66,370
		Interest adjustments c		2
			Total investment income and interest adjustments		66,372
	Gifts				b
Total income					1,221,782
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,231,646
		Reimbursement from the General Fund for unnegotiated checks		-81
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		143
			Net benefit paymentsd		1,231,707
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,471
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	6,010
			Department of the Treasury	738
		Offsetting miscellaneous receipts		-1
		Demonstration projects		7
		Miscellaneous reimbursements from the General Fund e		-8
			Net administrative expenses		6,746
Total cost					1,243,925
Net increase in asset reserves					-22,143
	Total invested assets			2,829,950
	Undisbursed balancesf			-63
Total asset reserves, December 31, 2022					2,829,887

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a

Includes adjustments for prior calendar years.

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 negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the combined OASI and DI Trust Funds that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

Table III.A4 compares estimates of total income and total cost for calendar year 2022 from the intermediate projections in the 2018 through 2022 Trustees Reports to the corresponding actual amounts for 2022.

Table III.A4.—Comparison of Actual Calendar Year 2022 Trust Fund Operations
With Estimates Made in Prior Reports, Based on Intermediate Assumptions ^a 

[Amounts in billions]

		Total income  b			Total cost
		Amount	Difference from actual (percent)		Amount	Difference from actual (percent)
OASI Trust Fund:
	Estimate in 2018 report	$1,060.7	0.4		$1,106.5	0.8
	Estimate in 2019 report	1,052.1	-.4		1,092.8	-.4
	Estimate in 2020 report	1,034.0	-2.1		1,082.3	-1.4
	Estimate in 2021 report	1,013.9	-4.1		1,072.5	-2.3
	Estimate in 2022 report	1,034.4	-2.1		1,096.2	-.1
	Actual amount	1,056.7	—		1,097.5	—
DI Trust Fund:
	Estimate in 2018 report	163.1	-1.2		169.2	15.5
	Estimate in 2019 report	163.0	-1.3		159.2	8.7
	Estimate in 2020 report	160.8	-2.6		155.4	6.1
	Estimate in 2021 report	158.2	-4.1		153.6	4.8
	Estimate in 2022 report	161.5	-2.2		146.4	c
	Actual amount	165.1	—		146.5	—
OASI and DI Trust Funds, combined:
	Estimate in 2018 report	1,223.7	.2		1,275.7	2.6
	Estimate in 2019 report	1,215.1	-.5		1,252.0	.6
	Estimate in 2020 report	1,194.8	-2.2		1,237.8	-.5
	Estimate in 2021 report	1,172.1	-4.1		1,226.1	-1.4
	Estimate in 2022 report	1,195.8	-2.1		1,242.7	-.1
	Actual amount	1,221.8	—		1,243.9	—

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a

Percentage differences are calculated prior to rounding.

b

“Actual” income for 2022 reflects adjustments to payroll tax contributions for prior calendar years (see appendix A for description of these adjustments). “Estimated” income also includes such adjustments, but on an estimated basis.

c

Between -0.05 percent and 0.05 percent.

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

A number of factors contribute to differences between estimates and subsequent actual amounts, including: (1) actual values for key demographic, economic, and other variables that differ from earlier assumed levels; and (2) legislation that was enacted or other administrative initiatives that were finalized after the Trustees completed their estimates. In addition, estimates for the 2018 through 2020 Trustees Reports did not anticipate the pandemic and recession, while the actual income and cost for 2022 do reflect the pandemic, contributing to these differences as well.

At the end of calendar year 2022, the OASDI program was providing monthly benefits to about 66.0 million people. The OASI Trust Fund was providing benefits to about 57.2 million people and the DI Trust Fund was providing benefits to about 8.8 million people. The number of people receiving benefits from the OASI Trust Fund grew by 2.0 percent while the number of people receiving DI benefits fell by 4.1 percent during calendar year 2022. These changes are in large part due to the shifting age distribution of the adult population, with the baby-boom generation (born in 1946-1965) moving increasingly above age 62 for retired worker benefits, and above normal retirement age, where DI benefits are no longer applicable. Table III.A5 shows the estimated distributions of benefit payments in calendar years 2021 and 2022, by type of beneficiary, for each trust fund separately.

Table III.A5.—Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2021 and 2022 

[Amounts in millions]

				Calendar year 2021			Calendar year 2022
				Amount	Percentage of total		Amount	Percentage of total
Total OASDI benefit payments				$1,133,164	100.0		$1,231,646	100.0
	OASI benefit payments			993,167	87.6		1,088,170	88.4
	DI benefit payments			139,996	12.4		143,475	11.6
OASI benefit payments, total				993,167	100.0		1,088,170	100.0
	Monthly benefits:
		Retired workers and auxiliaries		861,873	86.8		947,071	87.0
			Retired workers	822,440	82.8		906,826	83.3
			Spouses	33,050	3.3		33,491	3.1
			Children	6,384	.6		6,754	.6
		Survivors of deceased workers		131,057	13.2		140,870	12.9
			Aged widows and widowers	104,868	10.6		112,339	10.3
			Disabled widows and widowers	2,233	.2		2,245	.2
			Parents	19	a		19	a
			Children	22,445	2.3		24,674	2.3
			Widowed mothers and fathers caring for child beneficiaries	1,492	.2		1,593	.1
	Lump-sum death payments			237	a		229	a
DI benefit payments, total				139,996	100.0		143,475	100.0
		Disabled workers		132,401	94.6		135,978	94.8
		Spouses		465	.3		458	.3
		Children		7,131	5.1		7,039	4.9

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a

Less than 0.05 percent.

Note: Benefits are monthly benefits and lump-sum death payments. Components may not sum to totals because of rounding.

Net administrative expenses of the OASI and DI Trust Funds in calendar year 2022 totaled $6.7 billion, equal to 0.5 percent of total cost and 0.6 percent of total income. Table III.A6 shows corresponding percentages for each trust fund separately and for OASDI as a whole for the last 5 years.

Table III.A6.—Administrative Expenses as a Percentage of Total Income and
of Total Cost, Calendar Years 2018-2022

Calendar year	OASI Trust Fund			DI Trust Fund			OASI and DI Trust Funds, combined
	Total income	Total cost		Total income	Total cost		Total income	Total cost
2018	0.5	0.4		1.7	1.9		0.7	0.7
2019	.4	.4		1.9	1.8		.6	.6
2020	.4	.4		1.7	1.7		.6	.6
2021	.4	.4		1.7	1.7		.6	.6
2022	.4	.4		1.7	1.9		.6	.5

The acquisition and redemption of securities during calendar year 2022 changed the invested reserves of the OASI and DI Trust Funds. Table III.A7 presents investment transactions for each fund separately and combined.

 

Table III.A7.—Trust Fund Investment Transactions, Calendar Year 2022

[In millions]

			OASI Trust Fund	DI Trust Fund	OASI and DI Trust Funds, combined
Invested asset reserves, December 31, 2021a			$2,752,688	$99,438	$2,852,126
Acquisitions:
	Special issue securities:
		Certificates of indebtedness	1,018,446	162,972	1,181,418
		Bonds b	189,931	26,381	216,311
		Total acquisitions	1,208,377	189,352	1,397,729
Redemptions:
	Special issue securities:
		Certificates of indebtedness	884,392	150,684	1,035,076
		Bonds	364,755	20,074	384,829
		Total redemptions	1,249,147	170,758	1,419,905
Net increase in invested asset reserves			-40,770	18,594	-22,176
Invested asset reserves, December 31, 2022a			2,711,919	118,032	2,829,950

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a

Invested asset reserves differ from total asset reserves by the amount of undisbursed balances. See tables VI.A4 and VI.A5 for details.

b

Purchased on June 30, 2022. The interest rate on these purchases was 3.000 percent.

Note: Investments are shown at par value. Components may not sum to totals because of rounding.

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1

See www.ssa.gov/oact/ProgData/fundsQuery.html.

2

Vocational rehabilitation services under the OASI program are furnished to disabled widow(er) beneficiaries and to those children of retired or deceased workers who receive benefits based on disabilities that began before age 22. The trust funds reimburse the providers of such services only in those cases where the services contributed to the successful rehabilitation of the beneficiary.

3

The OASI and DI Trust Funds are distinct legal entities which operate independently. To illustrate the actuarial status of the program as a whole, the fund operations are often combined on a hypothetical basis.