Detailed Single Year Tables
Description of Proposed Provision:
B5.2: Beginning for those newly eligible in 2023, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,342 in 2021). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,342/20 = $67.10. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | -0.00 | ||
| 2024 | 14.45 | 12.95 | -1.50 | 194 | 0.01 | 0.00 | -0.00 | ||
| 2025 | 14.67 | 12.97 | -1.70 | 177 | 0.01 | 0.00 | -0.01 | ||
| 2026 | 14.90 | 13.08 | -1.82 | 159 | 0.02 | 0.00 | -0.02 | ||
| 2027 | 15.13 | 13.10 | -2.02 | 142 | 0.02 | 0.00 | -0.02 | ||
| 2028 | 15.36 | 13.14 | -2.21 | 125 | 0.03 | 0.00 | -0.03 | ||
| 2029 | 15.56 | 13.18 | -2.39 | 108 | 0.04 | 0.00 | -0.04 | ||
| 2030 | 15.77 | 13.20 | -2.56 | 91 | 0.04 | 0.00 | -0.04 | ||
| 2031 | 15.96 | 13.23 | -2.72 | 73 | 0.05 | 0.00 | -0.05 | ||
| 2032 | 16.13 | 13.25 | -2.88 | 55 | 0.06 | 0.00 | -0.06 | ||
| 2033 | 16.27 | 13.26 | -3.01 | 38 | 0.07 | 0.00 | -0.07 | ||
| 2034 | 16.40 | 13.27 | -3.13 | 19 | 0.08 | 0.00 | -0.07 | ||
| 2035 | 16.50 | 13.28 | -3.23 | 1 | 0.08 | 0.00 | -0.08 | ||
| 2036 | 16.59 | 13.28 | -3.30 | ---- | 0.09 | 0.00 | -0.09 | ||
| 2037 | 16.68 | 13.29 | -3.38 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2038 | 16.75 | 13.30 | -3.45 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2039 | 16.80 | 13.30 | -3.50 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2040 | 16.84 | 13.31 | -3.53 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2041 | 16.87 | 13.31 | -3.56 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2042 | 16.90 | 13.31 | -3.59 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2043 | 16.92 | 13.31 | -3.61 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2044 | 16.95 | 13.31 | -3.64 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2045 | 16.98 | 13.32 | -3.66 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2046 | 17.00 | 13.32 | -3.68 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2047 | 17.04 | 13.32 | -3.71 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2048 | 17.07 | 13.32 | -3.74 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2049 | 17.10 | 13.33 | -3.77 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2050 | 17.14 | 13.33 | -3.81 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2051 | 17.18 | 13.33 | -3.85 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2052 | 17.22 | 13.34 | -3.88 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2053 | 17.26 | 13.34 | -3.92 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2054 | 17.31 | 13.34 | -3.97 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2055 | 17.37 | 13.35 | -4.02 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2056 | 17.43 | 13.35 | -4.08 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2057 | 17.49 | 13.36 | -4.14 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2058 | 17.56 | 13.36 | -4.20 | ---- | 0.24 | 0.01 | -0.22 | ||
| 2059 | 17.63 | 13.37 | -4.26 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2060 | 17.69 | 13.37 | -4.32 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2061 | 17.76 | 13.38 | -4.38 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2062 | 17.82 | 13.38 | -4.44 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2063 | 17.88 | 13.39 | -4.49 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2064 | 17.93 | 13.39 | -4.54 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2065 | 17.99 | 13.40 | -4.59 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2066 | 18.04 | 13.40 | -4.64 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2067 | 18.10 | 13.41 | -4.69 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2068 | 18.15 | 13.41 | -4.74 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2069 | 18.21 | 13.41 | -4.79 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2070 | 18.27 | 13.42 | -4.85 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2071 | 18.32 | 13.42 | -4.90 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2072 | 18.38 | 13.43 | -4.95 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2073 | 18.43 | 13.43 | -5.00 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2074 | 18.48 | 13.43 | -5.04 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2075 | 18.52 | 13.44 | -5.08 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2076 | 18.56 | 13.44 | -5.12 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2077 | 18.58 | 13.44 | -5.14 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2078 | 18.59 | 13.44 | -5.14 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2079 | 18.58 | 13.44 | -5.14 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2080 | 18.57 | 13.44 | -5.12 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2081 | 18.54 | 13.44 | -5.10 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2082 | 18.51 | 13.44 | -5.07 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2083 | 18.47 | 13.44 | -5.03 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2084 | 18.42 | 13.44 | -4.99 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2085 | 18.37 | 13.43 | -4.94 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2086 | 18.31 | 13.43 | -4.88 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2087 | 18.24 | 13.43 | -4.82 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2088 | 18.17 | 13.42 | -4.75 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2089 | 18.11 | 13.42 | -4.69 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2090 | 18.05 | 13.41 | -4.64 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2091 | 18.00 | 13.41 | -4.59 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2092 | 17.96 | 13.41 | -4.55 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2093 | 17.93 | 13.41 | -4.52 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2094 | 17.91 | 13.40 | -4.50 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2095 | 17.89 | 13.40 | -4.49 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2096 | 17.89 | 13.40 | -4.49 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2097 | 17.90 | 13.40 | -4.50 | ---- | 0.25 | 0.01 | -0.24 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.38% | 13.79% | -3.59% | 2035 | 0.18% | 0.01% | -0.17% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.