Detailed Single Year Tables
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.
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 | -1.69 | 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 | 0.00 | 0.00 | -0.00 | ||
| 2027 | 15.37 | 13.10 | -2.27 | 141 | 0.01 | 0.00 | -0.01 | ||
| 2028 | 15.63 | 13.14 | -2.49 | 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 | 0.02 | 0.00 | -0.01 | ||
| 2031 | 16.30 | 13.21 | -3.10 | 65 | 0.02 | 0.00 | -0.02 | ||
| 2032 | 16.46 | 13.22 | -3.24 | 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 | -3.45 | 7 | 0.03 | 0.00 | -0.03 | ||
| 2035 | 16.76 | 13.25 | -3.52 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2036 | 16.83 | 13.25 | -3.58 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2037 | 16.89 | 13.26 | -3.64 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2038 | 16.95 | 13.26 | -3.68 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2039 | 16.99 | 13.27 | -3.72 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2040 | 17.01 | 13.27 | -3.74 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2041 | 17.06 | 13.28 | -3.78 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2042 | 17.08 | 13.28 | -3.80 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2043 | 17.08 | 13.28 | -3.80 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2044 | 17.09 | 13.28 | -3.81 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2045 | 17.09 | 13.28 | -3.81 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2046 | 17.10 | 13.28 | -3.82 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2047 | 17.12 | 13.29 | -3.83 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2048 | 17.14 | 13.29 | -3.85 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2049 | 17.16 | 13.29 | -3.87 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2050 | 17.18 | 13.29 | -3.89 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2051 | 17.21 | 13.30 | -3.91 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2052 | 17.23 | 13.30 | -3.93 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2053 | 17.26 | 13.30 | -3.96 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2054 | 17.30 | 13.30 | -3.99 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2055 | 17.34 | 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 | 17.53 | 13.33 | -4.21 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2060 | 17.59 | 13.33 | -4.26 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2061 | 17.64 | 13.33 | -4.30 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2062 | 17.69 | 13.34 | -4.35 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2063 | 17.74 | 13.34 | -4.40 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2064 | 17.79 | 13.35 | -4.44 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2065 | 17.84 | 13.35 | -4.48 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2066 | 17.89 | 13.36 | -4.53 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2067 | 17.93 | 13.36 | -4.58 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2068 | 17.99 | 13.36 | -4.62 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2069 | 18.04 | 13.37 | -4.67 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2070 | 18.10 | 13.37 | -4.72 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2071 | 18.15 | 13.38 | -4.77 | ---- | 0.03 | 0.00 | -0.02 | ||
| 2072 | 18.20 | 13.38 | -4.82 | ---- | 0.03 | 0.00 | -0.02 | ||
| 2073 | 18.25 | 13.38 | -4.87 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2074 | 18.30 | 13.39 | -4.91 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2075 | 18.34 | 13.39 | -4.95 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2076 | 18.37 | 13.39 | -4.98 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2077 | 18.39 | 13.40 | -4.99 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2078 | 18.39 | 13.40 | -5.00 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2079 | 18.39 | 13.40 | -4.99 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2080 | 18.37 | 13.40 | -4.97 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2081 | 18.34 | 13.40 | -4.95 | ---- | 0.02 | 0.00 | -0.01 | ||
| 2082 | 18.31 | 13.39 | -4.92 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2083 | 18.26 | 13.39 | -4.87 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2084 | 18.21 | 13.39 | -4.82 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2085 | 18.15 | 13.39 | -4.77 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2086 | 18.09 | 13.38 | -4.71 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2087 | 18.02 | 13.38 | -4.64 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2088 | 17.95 | 13.37 | -4.57 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2089 | 17.88 | 13.37 | -4.51 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2090 | 17.82 | 13.36 | -4.46 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2091 | 17.77 | 13.36 | -4.41 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2092 | 17.74 | 13.36 | -4.38 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2093 | 17.72 | 13.36 | -4.36 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2094 | 17.71 | 13.36 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2095 | 17.71 | 13.36 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2096 | 17.71 | 13.36 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
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 | 17.34% | 13.78% | -3.56% | 2034 | 0.03% | 0.00% | -0.02% | ||
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.