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Summary Measures and Graphs

Description of Proposed Provision:
B5.5: Beginning for those newly eligible in 2019, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which either 20 percent of the "old law maximum" is earned or a child is in care. Childcare years are granted to parents who have a child under 6, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 133 percent of the Census monthly poverty level (about $1,276 in 2016). For those with under 30 years of coverage, the PIA per year of coverage over 19 years is $1,276/11 = $116.00. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.

Estimates based on the intermediate assumptions of the 2017 Trustees Report

Summary Measures
Current law
[percent of payroll]
Change from current 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
-2.83 -4.48 -0.05 -0.08 -2% -2%


graph of OASDI cost rates and income rates by year, under
                 current law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under current law
                 and provision. click on graph to view underlying data.
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Last reviewed or modified July 13, 2017