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Detailed Single Year Tables

Description of Proposed Provision:
Progressive indexing (30th percentile) of PIA formula factors beginning with individuals newly eligible for OASI benefits in 2016, continuing through 2053, and resuming in 2074: Create a new bend point at the 30th percentile of the AIME distribution of newly retired workers. Maintain current-law benefits for earners at the 30th percentile and below. Reduce the 32 and 15 percent formula factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum is reduced by 1.12 percent per year as compared to current law (for the years that progressive indexing applies). 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.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201313.9512.69-1.26
330
0.000.000.00
201414.0412.83-1.20
315
0.000.000.00
201513.9712.86-1.10
301
0.000.000.00
201613.9112.88-1.03
286
0.000.000.00
201713.8812.90-0.98
271
0.000.000.00
201813.9112.93-0.98
258
-0.010.000.01
201914.0412.95-1.09
245
-0.010.000.01
202014.2312.97-1.27
231
-0.020.000.02
202114.4112.99-1.41
219
-0.040.000.04
202214.6513.02-1.63
205
-0.060.000.05
202314.8913.04-1.85
191
-0.080.000.07
202415.1213.05-2.07
176
-0.10-0.010.10
202515.3413.06-2.28
161
-0.13-0.010.13
202615.5413.08-2.47
146
-0.17-0.010.16
202715.7213.09-2.64
130
-0.21-0.010.19
202815.8913.10-2.79
114
-0.25-0.010.23
202916.0413.11-2.93
98
-0.29-0.010.27
203016.1613.12-3.04
81
-0.34-0.020.32
203116.2513.12-3.13
63
-0.38-0.020.36
203216.3213.13-3.19
45
-0.43-0.020.41
203316.3713.13-3.24
26
-0.49-0.020.46
203416.3913.13-3.26
7
-0.54-0.030.51
203516.3813.13-3.25
----
-0.60-0.030.57
203616.3613.14-3.22
----
-0.65-0.030.62
203716.3113.13-3.18
----
-0.71-0.040.68
203816.2513.13-3.11
----
-0.77-0.040.73
203916.1613.13-3.03
----
-0.83-0.040.79
204016.0713.13-2.95
----
-0.89-0.040.85
204115.9813.12-2.85
----
-0.95-0.050.91
204215.8813.12-2.76
----
-1.02-0.050.97
204315.7813.11-2.67
----
-1.08-0.051.03
204415.6913.11-2.58
----
-1.15-0.061.09
204515.6113.11-2.50
----
-1.22-0.061.16
204615.5313.10-2.42
----
-1.29-0.071.22
204715.4513.10-2.35
----
-1.36-0.071.29
204815.3613.10-2.26
----
-1.43-0.071.36
204915.2813.09-2.19
----
-1.50-0.081.43
205015.2113.09-2.12
----
-1.58-0.081.50
205115.1413.09-2.06
----
-1.65-0.081.56
205215.0913.09-2.00
----
-1.72-0.091.63
205315.0413.08-1.96
----
-1.80-0.091.70
205415.0013.08-1.92
----
-1.87-0.101.78
205514.9613.08-1.88
----
-1.95-0.101.85
205614.9313.08-1.86
----
-2.02-0.101.92
205714.9113.08-1.83
----
-2.10-0.111.99
205814.8813.08-1.80
----
-2.17-0.112.06
205914.8613.08-1.78
----
-2.24-0.112.12
206014.8413.08-1.76
----
-2.30-0.122.18
206114.8213.08-1.74
----
-2.36-0.122.24
206214.8013.08-1.73
----
-2.42-0.122.30
206314.7913.08-1.72
----
-2.48-0.132.35
206414.7813.08-1.71
----
-2.53-0.132.40
206514.7813.08-1.70
----
-2.58-0.132.44
206614.7813.08-1.70
----
-2.62-0.142.49
206714.7813.08-1.71
----
-2.67-0.142.53
206814.7913.08-1.71
----
-2.71-0.142.57
206914.7913.08-1.72
----
-2.75-0.142.60
207014.8013.08-1.72
----
-2.78-0.142.64
207114.8113.08-1.73
----
-2.81-0.152.67
207214.8113.08-1.73
----
-2.84-0.152.70
207314.8113.08-1.73
----
-2.87-0.152.72
207414.8113.08-1.73
----
-2.89-0.152.74
207514.8113.08-1.73
----
-2.91-0.152.76
207614.8013.08-1.72
----
-2.93-0.152.78
207714.7913.08-1.71
----
-2.95-0.152.79
207814.7813.08-1.70
----
-2.96-0.152.81
207914.7713.08-1.69
----
-2.98-0.152.82
208014.7713.08-1.69
----
-2.99-0.152.84
208114.7613.08-1.69
----
-3.01-0.162.86
208214.7713.08-1.69
----
-3.03-0.162.88
208314.7713.08-1.69
----
-3.06-0.162.90
208414.7813.08-1.70
----
-3.09-0.162.93
208514.7913.08-1.71
----
-3.12-0.162.96
208614.8013.08-1.72
----
-3.16-0.163.00
208714.8113.08-1.73
----
-3.20-0.173.03
208814.8213.08-1.74
----
-3.24-0.173.07



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2013 Trustees Report.
2013-2087 15.28% 13.81% -1.47%
2034
-1.31% -0.07% 1.25%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified September 11, 2013