Proposed Provision: B5.9. Beginning for those newly eligible in 2021, 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 40 years of coverage equal to 125 percent of the monthly Aged Federal poverty level (about $1,254 in 2018). For those with 20 or fewer years of coverage, phase up linearly from 0 percent of the poverty level for 10 years of coverage to 100 percent of the poverty level. For those having between 20 and 40 years of coverage, phase up linearly from 100 percent of the poverty level at 20 years of coverage to 125% of the poverty level for 40 or more years of coverage. (c) For newly eligible workers in 2021 and 2022, index the applicable poverty level using the CPI index, to the year prior to eligibility. Then, for newly eligible workers in 2023 and later, index the PIA per year of coverage by wage growth for successive cohorts. (d) Disabled workers have a somewhat similar minimum benefit, with work requirements scaled based on the number of years of non-disabled potential work.

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

Year Current Law Provision
2019273273
2020260260
2021245245
2022229229
2023213213
2024197197
2025180180
2026163163
2027147147
2028130130
2029114113
20309797
20318080
20326362
20334644
20342826
2035108
2036-9-11
2037-28-31
2038-47-51
2039-67-71
2040-87-92
2041-108-113
2042-129-134
2043-150-156
2044-171-178
2045-192-199
2046-213-221
2047-234-243
2048-255-265
2049-276-286
2050-297-308
2051-318-330
2052-338-352
2053-359-374
2054-380-396
2055-401-418
2056-422-440
2057-444-462
2058-465-485
2059-487-507
2060-509-531
2061-531-554
2062-554-578
2063-577-603
2064-601-627
2065-625-653
2066-649-678
2067-674-704
2068-699-730
2069-724-757
2070-749-784
2071-776-811
2072-802-839
2073-830-868
2074-857-897
2075-885-927
2076-914-957
2077-944-988
2078-975-1021
2079-1007-1054
2080-1039-1088
2081-1072-1122
2082-1106-1157
2083-1139-1193
2084-1173-1228
2085-1207-1264
2086-1242-1300
2087-1275-1336
2088-1309-1371
2089-1342-1406
2090-1375-1440
2091-1407-1474
2092-1439-1508
2093-1471-1541
2094-1503-1575
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