Proposed Provision: Increase the PIA to a level such that a worker with 30 years of earnings at the minimum wage level receives an adjusted PIA equal to 120 percent of the Federal poverty level for an aged individual. This provision takes full effect for all newly eligible OASDI workers in 2031, and is phased in for new eligibles in 2022 through 2030. The percentage increase in PIA is lowered proportionately for those with fewer than 30 years of earnings, down to no enhancement for workers with 20 or fewer years of earnings. (Year-of-work requirements are scaled for disabled workers based on their years of potential work from age 22 to benefit eligibility). The benefit enhancement percentage is reduced proportionately for workers with higher average indexed monthly earnings (AIME), down to no enhancement for those with AIME at least twice that of a 35-year steady minimum wage earner.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2013330330
2014315315
2015301301
2016286286
2017271271
2018257257
2019244244
2020231231
2021218218
2022204204
2023189189
2024173173
2025158158
2026142141
2027125125
2028108107
20299089
20307170
20315251
20323131
20331110
2034-11-12
2035-32-34
2036-55-57
2037-78-80
2038-101-103
2039-124-127
2040-148-151
2041-172-175
2042-196-200
2043-220-225
2044-245-249
2045-269-274
2046-294-299
2047-319-325
2048-345-351
2049-371-377
2050-397-403
2051-423-430
2052-449-456
2053-476-483
2054-502-510
2055-530-537
2056-557-565
2057-585-593
2058-613-622
2059-642-651
2060-671-681
2061-701-711
2062-732-742
2063-763-773
2064-794-805
2065-826-837
2066-859-869
2067-892-902
2068-925-936
2069-959-970
2070-993-1005
2071-1028-1040
2072-1064-1076
2073-1101-1113
2074-1139-1151
2075-1178-1190
2076-1217-1230
2077-1258-1271
2078-1299-1312
2079-1340-1354
2080-1382-1396
2081-1424-1438
2082-1466-1480
2083-1508-1522
2084-1550-1564
2085-1592-1607
2086-1635-1649
2087-1678-1693
2088-1722-1737
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