Detailed Single Year Tables
Description of Proposed Provision:
B5.5: Beginning for those newly eligible in 2023, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which either 20 percent of the "old law maximum" is earned or a child is in care. Childcare years are granted to parents who have a child under 6, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 133 percent of the Census monthly poverty level (about $1,376 in 2020). For those with under 30 years of coverage, the PIA per year of coverage over 19 years is $1,376/11 = $125.10. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.
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 |
|||
| 2021 | 14.11 | 12.31 | -1.81 | 253 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.30 | 12.93 | -1.38 | 231 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.43 | 12.91 | -1.52 | 214 | 0.00 | 0.00 | -0.00 | ||
| 2024 | 14.64 | 12.94 | -1.70 | 196 | 0.00 | 0.00 | -0.00 | ||
| 2025 | 14.86 | 12.96 | -1.90 | 178 | 0.00 | 0.00 | -0.00 | ||
| 2026 | 15.11 | 13.08 | -2.03 | 159 | 0.01 | 0.00 | -0.01 | ||
| 2027 | 15.37 | 13.10 | -2.27 | 141 | 0.01 | 0.00 | -0.01 | ||
| 2028 | 15.63 | 13.14 | -2.50 | 122 | 0.01 | 0.00 | -0.01 | ||
| 2029 | 15.88 | 13.17 | -2.71 | 103 | 0.01 | 0.00 | -0.01 | ||
| 2030 | 16.12 | 13.19 | -2.93 | 84 | 0.01 | 0.00 | -0.01 | ||
| 2031 | 16.30 | 13.21 | -3.09 | 65 | 0.02 | 0.00 | -0.02 | ||
| 2032 | 16.45 | 13.22 | -3.23 | 46 | 0.02 | 0.00 | -0.02 | ||
| 2033 | 16.58 | 13.23 | -3.35 | 26 | 0.02 | 0.00 | -0.02 | ||
| 2034 | 16.68 | 13.24 | -3.44 | 7 | 0.02 | 0.00 | -0.02 | ||
| 2035 | 16.76 | 13.24 | -3.51 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2036 | 16.82 | 13.25 | -3.57 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2037 | 16.89 | 13.26 | -3.63 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2038 | 16.94 | 13.26 | -3.68 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2039 | 16.98 | 13.27 | -3.71 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2040 | 17.01 | 13.27 | -3.74 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2041 | 17.05 | 13.27 | -3.77 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2042 | 17.07 | 13.28 | -3.79 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2043 | 17.07 | 13.28 | -3.80 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2044 | 17.08 | 13.28 | -3.80 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2045 | 17.08 | 13.28 | -3.80 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2046 | 17.09 | 13.28 | -3.81 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2047 | 17.11 | 13.28 | -3.83 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2048 | 17.14 | 13.29 | -3.85 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2049 | 17.15 | 13.29 | -3.87 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2050 | 17.18 | 13.29 | -3.88 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2051 | 17.20 | 13.29 | -3.91 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2052 | 17.23 | 13.30 | -3.93 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2053 | 17.26 | 13.30 | -3.96 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2054 | 17.29 | 13.30 | -3.99 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2055 | 17.33 | 13.31 | -4.03 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2056 | 17.38 | 13.31 | -4.07 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2057 | 17.43 | 13.32 | -4.11 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2058 | 17.48 | 13.32 | -4.16 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2059 | 17.54 | 13.32 | -4.21 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2060 | 17.59 | 13.33 | -4.26 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2061 | 17.65 | 13.33 | -4.31 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2062 | 17.70 | 13.34 | -4.36 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2063 | 17.75 | 13.34 | -4.41 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2064 | 17.80 | 13.35 | -4.45 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2065 | 17.85 | 13.35 | -4.50 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2066 | 17.90 | 13.35 | -4.55 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2067 | 17.95 | 13.36 | -4.59 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2068 | 18.00 | 13.36 | -4.64 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2069 | 18.06 | 13.37 | -4.69 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2070 | 18.12 | 13.37 | -4.75 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2071 | 18.17 | 13.38 | -4.80 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2072 | 18.22 | 13.38 | -4.84 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2073 | 18.28 | 13.38 | -4.89 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2074 | 18.32 | 13.39 | -4.94 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2075 | 18.37 | 13.39 | -4.98 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2076 | 18.40 | 13.39 | -5.01 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2077 | 18.42 | 13.40 | -5.02 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2078 | 18.43 | 13.40 | -5.03 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2079 | 18.42 | 13.40 | -5.02 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2080 | 18.40 | 13.40 | -5.01 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2081 | 18.38 | 13.40 | -4.98 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2082 | 18.35 | 13.39 | -4.95 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2083 | 18.30 | 13.39 | -4.91 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2084 | 18.25 | 13.39 | -4.86 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2085 | 18.19 | 13.39 | -4.81 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2086 | 18.13 | 13.38 | -4.75 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2087 | 18.06 | 13.38 | -4.68 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2088 | 17.99 | 13.37 | -4.62 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2089 | 17.92 | 13.37 | -4.55 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2090 | 17.87 | 13.37 | -4.50 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2091 | 17.82 | 13.36 | -4.46 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2092 | 17.79 | 13.36 | -4.42 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2093 | 17.77 | 13.36 | -4.41 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2094 | 17.76 | 13.36 | -4.40 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2095 | 17.75 | 13.36 | -4.39 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2096 | 17.76 | 13.36 | -4.40 | ---- | 0.05 | 0.00 | -0.05 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2021-2095 | 17.35% | 13.78% | -3.57% | 2034 | 0.04% | 0.00% | -0.04% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2021 Trustees Report.