Summary Measures and Graphs
Description of Proposed Provision:
B5.7: Beginning for those newly eligible in 2024, 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.
Estimates based on the intermediate assumptions
of the 2021 Trustees Report
| Summary Measures | |||||||
|---|---|---|---|---|---|---|---|
| Current law [percent of payroll] |
Change from current law [percent of payroll] |
Shortfall eliminated | |||||
| Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
||
| -3.54 | -4.34 | -0.02 | -0.01 | -1% | -0% | ||
|
|