Detailed Single Year Tables
Description of Proposed Provision:
B1.6 (2023): Progressive price indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2023: 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 factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum grows by inflation rather than the growth in the SSA average wage index. 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. Young survivors (children of deceased workers and surviving spouses with a child in care) are not affected.
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 |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.23 | 12.92 | -1.31 | 229 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.40 | 12.94 | -1.46 | 213 | -0.00 | -0.00 | 0.00 | ||
| 2024 | 14.58 | 12.97 | -1.62 | 197 | -0.00 | -0.00 | 0.00 | ||
| 2025 | 14.78 | 12.99 | -1.79 | 180 | -0.01 | -0.00 | 0.01 | ||
| 2026 | 14.98 | 13.11 | -1.87 | 164 | -0.01 | -0.00 | 0.01 | ||
| 2027 | 15.17 | 13.13 | -2.04 | 147 | -0.02 | -0.00 | 0.02 | ||
| 2028 | 15.41 | 13.17 | -2.23 | 131 | -0.03 | -0.00 | 0.03 | ||
| 2029 | 15.58 | 13.19 | -2.40 | 114 | -0.04 | -0.00 | 0.04 | ||
| 2030 | 15.74 | 13.20 | -2.54 | 98 | -0.06 | -0.00 | 0.06 | ||
| 2031 | 15.88 | 13.21 | -2.67 | 82 | -0.09 | -0.01 | 0.08 | ||
| 2032 | 15.99 | 13.22 | -2.77 | 65 | -0.12 | -0.01 | 0.11 | ||
| 2033 | 16.07 | 13.23 | -2.85 | 48 | -0.16 | -0.01 | 0.15 | ||
| 2034 | 16.13 | 13.23 | -2.89 | 31 | -0.20 | -0.01 | 0.19 | ||
| 2035 | 16.15 | 13.24 | -2.92 | 14 | -0.24 | -0.01 | 0.23 | ||
| 2036 | 16.17 | 13.24 | -2.93 | ---- | -0.29 | -0.02 | 0.28 | ||
| 2037 | 16.17 | 13.24 | -2.93 | ---- | -0.35 | -0.02 | 0.33 | ||
| 2038 | 16.16 | 13.24 | -2.92 | ---- | -0.40 | -0.02 | 0.38 | ||
| 2039 | 16.14 | 13.24 | -2.89 | ---- | -0.46 | -0.03 | 0.44 | ||
| 2040 | 16.09 | 13.24 | -2.85 | ---- | -0.53 | -0.03 | 0.49 | ||
| 2041 | 16.02 | 13.24 | -2.78 | ---- | -0.59 | -0.03 | 0.55 | ||
| 2042 | 15.94 | 13.24 | -2.70 | ---- | -0.65 | -0.04 | 0.61 | ||
| 2043 | 15.84 | 13.23 | -2.61 | ---- | -0.72 | -0.04 | 0.68 | ||
| 2044 | 15.73 | 13.23 | -2.51 | ---- | -0.79 | -0.05 | 0.74 | ||
| 2045 | 15.63 | 13.22 | -2.41 | ---- | -0.86 | -0.05 | 0.81 | ||
| 2046 | 15.52 | 13.21 | -2.31 | ---- | -0.93 | -0.05 | 0.87 | ||
| 2047 | 15.42 | 13.21 | -2.21 | ---- | -1.00 | -0.06 | 0.94 | ||
| 2048 | 15.32 | 13.21 | -2.12 | ---- | -1.08 | -0.06 | 1.02 | ||
| 2049 | 15.23 | 13.20 | -2.03 | ---- | -1.16 | -0.07 | 1.09 | ||
| 2050 | 15.13 | 13.20 | -1.94 | ---- | -1.23 | -0.07 | 1.16 | ||
| 2051 | 15.05 | 13.19 | -1.86 | ---- | -1.31 | -0.08 | 1.24 | ||
| 2052 | 14.97 | 13.19 | -1.78 | ---- | -1.39 | -0.08 | 1.31 | ||
| 2053 | 14.90 | 13.19 | -1.71 | ---- | -1.47 | -0.09 | 1.39 | ||
| 2054 | 14.83 | 13.18 | -1.65 | ---- | -1.56 | -0.09 | 1.46 | ||
| 2055 | 14.77 | 13.18 | -1.59 | ---- | -1.64 | -0.10 | 1.54 | ||
| 2056 | 14.72 | 13.18 | -1.54 | ---- | -1.72 | -0.10 | 1.62 | ||
| 2057 | 14.68 | 13.18 | -1.50 | ---- | -1.81 | -0.11 | 1.70 | ||
| 2058 | 14.64 | 13.17 | -1.46 | ---- | -1.89 | -0.11 | 1.78 | ||
| 2059 | 14.60 | 13.17 | -1.43 | ---- | -1.97 | -0.12 | 1.85 | ||
| 2060 | 14.57 | 13.17 | -1.40 | ---- | -2.06 | -0.12 | 1.93 | ||
| 2061 | 14.54 | 13.17 | -1.37 | ---- | -2.14 | -0.13 | 2.01 | ||
| 2062 | 14.52 | 13.17 | -1.34 | ---- | -2.22 | -0.13 | 2.08 | ||
| 2063 | 14.49 | 13.17 | -1.32 | ---- | -2.30 | -0.14 | 2.16 | ||
| 2064 | 14.46 | 13.17 | -1.30 | ---- | -2.38 | -0.14 | 2.23 | ||
| 2065 | 14.44 | 13.17 | -1.27 | ---- | -2.46 | -0.15 | 2.31 | ||
| 2066 | 14.42 | 13.17 | -1.25 | ---- | -2.53 | -0.15 | 2.38 | ||
| 2067 | 14.40 | 13.17 | -1.23 | ---- | -2.61 | -0.16 | 2.45 | ||
| 2068 | 14.38 | 13.17 | -1.22 | ---- | -2.69 | -0.16 | 2.53 | ||
| 2069 | 14.37 | 13.17 | -1.20 | ---- | -2.77 | -0.17 | 2.60 | ||
| 2070 | 14.35 | 13.17 | -1.18 | ---- | -2.85 | -0.17 | 2.67 | ||
| 2071 | 14.33 | 13.16 | -1.16 | ---- | -2.92 | -0.18 | 2.75 | ||
| 2072 | 14.30 | 13.16 | -1.14 | ---- | -3.00 | -0.18 | 2.82 | ||
| 2073 | 14.28 | 13.16 | -1.11 | ---- | -3.07 | -0.19 | 2.89 | ||
| 2074 | 14.25 | 13.16 | -1.08 | ---- | -3.15 | -0.19 | 2.95 | ||
| 2075 | 14.21 | 13.16 | -1.05 | ---- | -3.22 | -0.20 | 3.02 | ||
| 2076 | 14.17 | 13.16 | -1.01 | ---- | -3.29 | -0.20 | 3.09 | ||
| 2077 | 14.12 | 13.16 | -0.97 | ---- | -3.35 | -0.20 | 3.15 | ||
| 2078 | 14.07 | 13.15 | -0.91 | ---- | -3.42 | -0.21 | 3.21 | ||
| 2079 | 14.00 | 13.15 | -0.85 | ---- | -3.47 | -0.21 | 3.26 | ||
| 2080 | 13.93 | 13.15 | -0.79 | ---- | -3.53 | -0.22 | 3.31 | ||
| 2081 | 13.86 | 13.14 | -0.72 | ---- | -3.58 | -0.22 | 3.36 | ||
| 2082 | 13.79 | 13.14 | -0.65 | ---- | -3.63 | -0.22 | 3.41 | ||
| 2083 | 13.72 | 13.13 | -0.58 | ---- | -3.68 | -0.22 | 3.46 | ||
| 2084 | 13.65 | 13.13 | -0.52 | ---- | -3.73 | -0.23 | 3.50 | ||
| 2085 | 13.58 | 13.12 | -0.45 | ---- | -3.78 | -0.23 | 3.55 | ||
| 2086 | 13.51 | 13.12 | -0.39 | ---- | -3.83 | -0.23 | 3.59 | ||
| 2087 | 13.45 | 13.12 | -0.34 | ---- | -3.88 | -0.24 | 3.64 | ||
| 2088 | 13.40 | 13.11 | -0.29 | ---- | -3.93 | -0.24 | 3.69 | ||
| 2089 | 13.36 | 13.11 | -0.25 | ---- | -3.98 | -0.24 | 3.74 | ||
| 2090 | 13.32 | 13.11 | -0.21 | ---- | -4.04 | -0.25 | 3.79 | ||
| 2091 | 13.29 | 13.11 | -0.19 | ---- | -4.10 | -0.25 | 3.85 | ||
| 2092 | 13.27 | 13.10 | -0.17 | ---- | -4.16 | -0.25 | 3.90 | ||
| 2093 | 13.25 | 13.10 | -0.15 | ---- | -4.22 | -0.26 | 3.96 | ||
| 2094 | 13.24 | 13.10 | -0.13 | ---- | -4.29 | -0.26 | 4.02 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 14.95% | 13.71% | -1.24% | 2035 | -1.64% | -0.10% | 1.54% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2019 Trustees Report.