Detailed Single Year Tables
Description of Proposed Provision:
B5.7: Beginning for those newly eligible in 2022, reconfigure the special minimum benefit: (a) The number of years of work (YOWs) is determined as total quarters of coverage divided by 4, ignoring any fraction. Childcare years are granted to parents who have a child under 6, with a limit of 5 such years. (b) At implementation, set the PIA for 30+ YOWs equal to 100 percent of the monthly HHS poverty level for the year prior to eligibility. For workers between 11 and 29 YOWs, reduce the special minimum by 3 1/3 percentage points per YOW so that at 29 YOWs the minimum would be 96 2/3% of poverty, ..., down to 11 YOWs at 36 2/3% of poverty. No minimum for 10 or fewer YOWs.
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 | 14.59 | 12.97 | -1.62 | 197 | 0.01 | 0.00 | -0.01 | ||
| 2025 | 14.79 | 12.99 | -1.81 | 180 | 0.01 | 0.00 | -0.01 | ||
| 2026 | 15.00 | 13.11 | -1.89 | 163 | 0.01 | 0.00 | -0.01 | ||
| 2027 | 15.20 | 13.13 | -2.07 | 147 | 0.01 | 0.00 | -0.01 | ||
| 2028 | 15.45 | 13.17 | -2.27 | 130 | 0.02 | 0.00 | -0.02 | ||
| 2029 | 15.65 | 13.19 | -2.45 | 113 | 0.02 | 0.00 | -0.02 | ||
| 2030 | 15.83 | 13.21 | -2.62 | 97 | 0.02 | 0.00 | -0.02 | ||
| 2031 | 15.99 | 13.22 | -2.77 | 80 | 0.03 | 0.00 | -0.02 | ||
| 2032 | 16.14 | 13.23 | -2.91 | 62 | 0.03 | 0.00 | -0.03 | ||
| 2033 | 16.26 | 13.24 | -3.02 | 45 | 0.03 | 0.00 | -0.03 | ||
| 2034 | 16.36 | 13.25 | -3.11 | 27 | 0.03 | 0.00 | -0.03 | ||
| 2035 | 16.43 | 13.25 | -3.18 | 8 | 0.03 | 0.00 | -0.03 | ||
| 2036 | 16.49 | 13.26 | -3.24 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2037 | 16.55 | 13.26 | -3.29 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2038 | 16.60 | 13.27 | -3.33 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2039 | 16.64 | 13.27 | -3.37 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2040 | 16.66 | 13.28 | -3.38 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2041 | 16.65 | 13.28 | -3.38 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2042 | 16.63 | 13.28 | -3.36 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2043 | 16.60 | 13.28 | -3.32 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2044 | 16.56 | 13.27 | -3.29 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2045 | 16.53 | 13.27 | -3.26 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2046 | 16.50 | 13.27 | -3.22 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2047 | 16.47 | 13.27 | -3.20 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2048 | 16.45 | 13.27 | -3.18 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2049 | 16.43 | 13.27 | -3.16 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2050 | 16.41 | 13.27 | -3.14 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2051 | 16.40 | 13.27 | -3.13 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2052 | 16.41 | 13.27 | -3.13 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2053 | 16.41 | 13.28 | -3.14 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2054 | 16.43 | 13.28 | -3.15 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2055 | 16.45 | 13.28 | -3.17 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2056 | 16.48 | 13.28 | -3.20 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2057 | 16.52 | 13.29 | -3.23 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2058 | 16.56 | 13.29 | -3.27 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2059 | 16.61 | 13.29 | -3.32 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2060 | 16.66 | 13.30 | -3.36 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2061 | 16.71 | 13.30 | -3.41 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2062 | 16.77 | 13.31 | -3.46 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2063 | 16.82 | 13.31 | -3.51 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2064 | 16.87 | 13.32 | -3.56 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2065 | 16.93 | 13.32 | -3.61 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2066 | 16.98 | 13.32 | -3.66 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2067 | 17.04 | 13.33 | -3.71 | ---- | 0.03 | 0.00 | -0.02 | ||
| 2068 | 17.10 | 13.33 | -3.77 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2069 | 17.16 | 13.34 | -3.82 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2070 | 17.22 | 13.34 | -3.88 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2071 | 17.27 | 13.34 | -3.93 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2072 | 17.32 | 13.35 | -3.97 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2073 | 17.37 | 13.35 | -4.02 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2074 | 17.41 | 13.35 | -4.06 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2075 | 17.45 | 13.36 | -4.09 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2076 | 17.48 | 13.36 | -4.12 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2077 | 17.49 | 13.36 | -4.13 | ---- | 0.02 | 0.00 | -0.01 | ||
| 2078 | 17.50 | 13.36 | -4.14 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2079 | 17.49 | 13.36 | -4.13 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2080 | 17.48 | 13.36 | -4.11 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2081 | 17.46 | 13.36 | -4.10 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2082 | 17.43 | 13.36 | -4.08 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2083 | 17.41 | 13.36 | -4.05 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2084 | 17.39 | 13.36 | -4.03 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2085 | 17.36 | 13.35 | -4.01 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2086 | 17.35 | 13.35 | -3.99 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2087 | 17.34 | 13.35 | -3.98 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2088 | 17.33 | 13.35 | -3.98 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2089 | 17.34 | 13.35 | -3.99 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2090 | 17.36 | 13.35 | -4.01 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2091 | 17.39 | 13.36 | -4.04 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2092 | 17.43 | 13.36 | -4.07 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2093 | 17.48 | 13.36 | -4.12 | ---- | 0.01 | 0.00 | -0.00 | ||
| 2094 | 17.53 | 13.37 | -4.16 | ---- | 0.00 | 0.00 | -0.00 | ||
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 | 16.62% | 13.81% | -2.81% | 2035 | 0.03% | 0.00% | -0.02% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.