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Summary Measures and Graphs

Description of Proposed Provision:
Beginning with those newly eligible for OASI benefits in 2024, multiply the 90 and 32 percent PIA factors each year by 0.9925 and 0.982, respectively. Stop reductions after 2061. Beginning with those newly eligible for OASI benefits in 2019, multiply the 15 factor by 0.982. Stop reduction of the 15 factor after 2056. Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status. Child beneficiaries and spouses with a child in care under the OASI program are not affected by this proposal.

Estimates based on the intermediate assumptions of the 2016 Trustees Report

Summary Measures
Present law
[percent of payroll]
Change from present law
[percent of payroll]
Shortfall eliminated
Long-range
actuarial
balance
Annual
balance in
75th year
Long-range
actuarial
balance
Annual
balance in
75th year
Long-range
actuarial
balance
Annual
balance in
75th year
-2.66 -4.35 2.04 5.20 77% 120%


graph of OASDI cost rates and income rates by year, under
                 present law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under present law
                 and provision. click on graph to view underlying data.
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Last reviewed or modified June 16, 2016