Proposed Provision: B3.12. Use an annualized "mini-PIA" formula beginning with retired workers newly eligible in 2023. For each indexed earnings year, compute an individual AIME and an individual PIA. Sum these individual PIAs for the 40 highest years of indexed earnings and divide that total amount by 37 to get the PIA for this provision. Phase-in over five years, meaning that in 2023, 80 percent of the benefit would be based on the old 35-year average PIA formula and 20 percent on the new mini-PIA formula, shifting by 20 percentage points each year until 100 percent is based on the new mini-PIA formula for those attaining age 62 in 2027. Disabled worker benefits are unchanged under this provision.

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

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165166
2026149149
2027132132
2028115116
20299899
20308183
20316466
20324648
20332730
2034812
2035-11-6
2036-30-25
2037-50-44
2038-71-63
2039-91-83
2040-112-103
2041-133-123
2042-154-143
2043-176-163
2044-197-183
2045-218-204
2046-240-224
2047-262-244
2048-283-265
2049-305-285
2050-327-306
2051-349-326
2052-371-346
2053-393-367
2054-415-387
2055-437-408
2056-460-429
2057-482-450
2058-506-471
2059-529-493
2060-553-515
2061-578-538
2062-603-561
2063-628-584
2064-654-608
2065-680-632
2066-706-657
2067-733-681
2068-760-707
2069-788-732
2070-816-758
2071-845-785
2072-874-812
2073-905-840
2074-935-869
2075-967-898
2076-1000-929
2077-1033-960
2078-1068-992
2079-1102-1024
2080-1138-1056
2081-1173-1089
2082-1208-1122
2083-1243-1155
2084-1279-1187
2085-1314-1220
2086-1349-1252
2087-1384-1285
2088-1419-1318
2089-1455-1351
2090-1491-1385
2091-1528-1419
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