Proposed Provision: B7.10. Replace the current-law WEP with a new calculation for most OASI and DI benefits based on covered and non-covered earnings, phased in for beneficiaries becoming newly eligible in 2028 through 2037. For this new approach, compute a PIA based on all past earnings (covered and non-covered), and multiply by the "non-covered earnings ratio." This ratio is equal to the current-law concept of the average indexed monthly earnings computed without non-covered earnings divided by a modified average indexed monthly earnings that includes both covered and non-covered earnings in our records.

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

Year Current Law Provision
2021253253
2022231231
2023214214
2024196196
2025178178
2026159159
2027141141
2028122122
2029104104
20308585
20316666
20324646
20332727
203477
2035-13-13
2036-33-33
2037-54-54
2038-76-75
2039-97-97
2040-119-119
2041-142-141
2042-165-164
2043-188-187
2044-211-211
2045-235-234
2046-258-257
2047-282-281
2048-306-305
2049-330-329
2050-354-353
2051-378-377
2052-403-401
2053-427-426
2054-452-450
2055-477-475
2056-502-500
2057-527-524
2058-552-549
2059-578-575
2060-604-600
2061-630-626
2062-657-653
2063-684-680
2064-712-707
2065-740-735
2066-768-763
2067-796-791
2068-825-819
2069-855-848
2070-884-878
2071-914-907
2072-945-937
2073-976-968
2074-1007-999
2075-1039-1030
2076-1071-1062
2077-1105-1096
2078-1139-1130
2079-1175-1165
2080-1211-1201
2081-1248-1237
2082-1286-1274
2083-1324-1312
2084-1363-1351
2085-1403-1390
2086-1443-1429
2087-1483-1469
2088-1524-1510
2089-1564-1550
2090-1604-1589
2091-1643-1627
2092-1681-1665
2093-1718-1701
2094-1754-1737
2095-1789-1772
2096-1825-1807
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