Short-Range Actuarial Projections
of the Old-Age, Survivors, and
Disability Insurance Program, 2005

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ACTUARIAL STUDY NO. 119
by Chris Motsiopoulos
and Richard B. Tucker

IV.14.—Operations of the DI Trust Fund
(Calendar years 1980-2004, and calendar quarters 2005-14)
[In millions]
Calendar
period
Income
Disbursements
     
Net
contri-
butions 
Income
from
taxation
of benefits 1
Military service  2
Payments
to uninsured
persons3
Net
interest 4
Total
Benefit
payments 5
Administrative
expenses
Transfers to
Railroad
Retirement
program
Total
Interfund
borrowing
transfers 6
Net
increase
in fund
Fund
at end
of period
1980
$13,254.7
...
$130.4
...
$485.4
$13,870.7
$15,515.5
$368.0
-$12.1
$15,871.7
...
-$2,001.0
$3,629.0
1981
16,738.1
...
168.2
...
171.6
17,077.6
17,191.4
436.0
29.4
17,657.7
...
-580.1
3,048.9
1982
21,995.1
...
174.3
...
545.8
22,714.7
17,375.5
590.0
26.4
17,991.8
-$5,081.3
-358.3
2,690.6
1983
17,546.2
...
1,565.0
...
1,569.4
20,681.6
17,524.2
625.0
27.8
18,177.1
...
2,504.5
5,195.1
1984
15,852.9
$190.0
92.0
...
1,174.5
17,309.1
17,898.1
626.0
21.6
18,545.6
...
-1,236.6
3,958.5
1985
17,159.1
221.9
1,048.0
...
870.5
19,300.6
18,827.1
608.0
42.6
19,477.9
2,540.0
2,362.7
6,321.2
1986
18,368.5
237.6
31.0
...
802.6
19,439.3
19,853.3
600.5
67.7
20,521.6
2,541.3
1,459.0
7,780.1
1987
19,670.1
-35.6
20.5
...
648.0
20,303.0
20,519.4
848.8
56.9
21,425.1
...
-1,122.1
6,658.0
1988
22,011.7
60.6
27.0
...
599.7
22,699.2
21,695.5
737.0
61.3
22,493.5
...
205.7
6,863.7
1989
23,964.1
94.7
29.7
...
706.6
24,794.6
22,911.0
754.3
88.2
23,753.5
...
1,041.2
7,904.9
1990
28,490.3
143.8
-726.0
...
882.7
28,790.8
24,829.3
706.7
79.9
25,616.3
...
3,174.5
11,079.4
1991
29,100.4
189.9
36.6
...
1,062.7
30,389.7
27,694.6
794.4
82.1
28,571.1
...
1,818.6
12,898.0
1992
30,101.0
231.8
35.1
...
1,061.8
31,429.7
31,111.8
834.3
58.0
32,004.1
...
-574.4
12,323.6
1993
31,152.4
280.9
33.0
...
834.9
32,301.2
34,613.1
966.1
82.8
35,662.1
...
-3,360.8
8,962.7
1994
51,322.9
311.0
50.0
...
1,156.8
52,840.7
37,743.9
1,028.7
106.0
38,878.5
...
13,962.1
22,924.8
1995
54,350.8
340.5
-153.2
...
2,157.8
56,696.0
40,923.4
1,063.7
67.8
42,054.9
...
14,641.1
37,565.9
1996
57,278.2
373.0
46.5
...
3,012.1
60,710.0
44,188.8
1,160.4
2.2
45,351.4
...
15,358.6
52,924.5
1997
56,003.8
469.9
33.3
...
3,992.1
60,499.0
45,694.9
1,280.2
59.1
47,034.2
...
13,464.8
66,389.2
1998
58,927.2
558.4
39.0
...
4,832.0
64,356.6
48,206.8
1,567.5
156.8
49,931.2
...
14,425.4
80,814.7
1999
63,166.9
660.7
36.3
...
5,677.3
69,541.3
51,381.2
1,518.9
134.6
53,034.7
...
16,506.6
97,321.3
2000
71,092.0
720.7
-834.4
...
6,941.7
77,919.9
54,983.5
1,639.1
159.4
56,782.0
...
21,137.9
118,459.2
2001
74,931.8
811.5
1.7
...
8,158.3
83,903.2
59,620.8
1,741.1
9.7
61,369.3
...
22,534.0
140,993.2
2002
77,272.0
929.7
...
...
9,177.7
87,379.3
65,702.5
2,048.6
153.5
67,904.5
...
19,474.8
160,467.9
2003
77,441.7
944.0
...
...
9,688.7
88,074.4
70,932.7
2,008.2
167.4
73,108.2
...
14,966.2
175,434.2
2004
80,176.1
1,110.5
105.4
...
9,988.1
91,380.0
78,229.3
2,152.1
215.4
80,596.9
...
10,783.1
186,217.3
2005-I
21,392.8
294.4
...
...
19.8
21,707.2
20,691.3
539.6
...
21,230.9
...
476.3
186,693.8
2005-II
23,624.8
267.8
...
...
5,087.5
28,980.3
20,886.8
585.7
257.1
21,729.6
...
7,250.7
193,944.5
2005-III
20,259.6
270.2
...
...
25.7
20,555.9
21,028.7
630.0
...
21,658.8
...
-1,102.9
192,841.5
2005-IV
19,045.1
273.2
...
...
5,068.2
24,386.5
21,299.6
519.4
...
21,819.0
...
2,567.4
195,409.0
2006-I
23,143.2
303.1
...
...
51.7
23,497.8
21,932.0
575.6
...
22,507.6
...
990.2
196,399.2
2006-II
25,260.3
306.0
...
...
5,165.1
30,732.1
22,148.6
624.8
286.9
23,060.3
...
7,671.8
204,071.0
2006-III
21,306.6
308.6
...
...
29.2
21,644.8
22,338.8
672.2
...
23,011.0
...
-1,366.2
202,704.8
2006-IV
20,065.1
311.8
...
...
5,282.8
25,660.6
22,577.4
505.5
...
23,082.9
...
2,577.7
205,282.5
2007-I
24,468.1
338.8
...
...
60.7
24,867.4
23,390.8
560.2
...
23,951.0
...
916.4
206,198.9
2007-II
26,257.0
341.8
...
...
5,388.1
31,985.7
23,602.6
608.1
339.1
24,549.7
...
7,436.0
213,634.9
2007-III
22,426.8
344.4
...
...
38.3
22,809.7
23,787.3
654.2
...
24,441.4
...
-1,631.7
212,003.3
2007-IV
21,061.2
347.8
...
...
5,517.7
26,925.4
24,021.9
537.9
...
24,559.8
...
2,365.6
214,368.8
2008-I
25,649.2
411.8
...
...
65.4
26,126.3
24,998.9
596.2
...
25,595.1
...
531.2
214,900.0
2008-II
27,539.9
415.4
...
...
5,617.7
33,574.1
25,218.6
647.1
364.6
26,230.3
...
7,343.7
222,243.7
2008-III
23,468.3
418.5
...
...
57.4
23,944.9
25,409.4
696.1
...
26,105.6
...
-2,160.7
220,083.0
2008-IV
22,271.5
422.5
...
...
5,729.0
28,423.4
25,653.7
570.4
...
26,224.1
...
2,199.3
222,282.3
2009-I
26,813.6
431.8
...
...
68.0
27,313.9
27,123.6
632.2
...
27,755.8
...
-442.0
221,840.3
2009-II
28,777.9
435.1
...
...
5,812.1
35,026.3
27,333.0
686.2
392.3
28,411.5
...
6,614.8
228,455.1
2009-III
24,491.9
438.0
...
...
61.2
24,992.2
27,510.7
738.2
...
28,249.0
...
-3,256.8
225,198.3
2009-IV
23,720.4
441.6
...
...
5,864.5
30,026.1
27,741.3
603.8
...
28,345.1
...
1,680.9
226,879.3
2010-I
27,776.1
485.6
...
...
70.1
28,331.6
28,465.9
669.2
...
29,135.2
...
-803.5
226,075.7
2010-II
30,355.0
489.1
...
...
5,929.7
36,774.8
28,676.7
726.4
418.0
29,821.2
...
6,953.6
233,029.3
2010-III
26,036.7
492.2
...
...
67.5
26,596.6
28,854.3
781.5
...
29,635.8
...
-3,039.2
229,990.1
2010-IV
24,693.4
496.5
...
...
6,000.1
31,190.5
29,112.0
638.7
...
29,750.7
...
1,439.8
231,429.9
2011-I
29,303.9
577.0
...
...
74.0
29,955.0
29,897.4
707.9
...
30,605.3
...
-650.3
230,779.6
2011-II
31,903.3
581.2
...
...
6,071.7
38,555.9
30,117.1
768.4
436.8
31,322.2
...
7,233.7
238,013.3
2011-III
27,430.7
584.8
...
...
73.5
28,089.1
30,301.2
826.6
...
31,127.8
...
-3,038.7
234,974.6
2011-IV
25,472.0
589.8
...
...
6,141.1
32,202.9
30,566.9
676.0
...
31,242.8
...
960.0
235,934.7
2012-I
31,033.9
660.9
...
...
75.5
31,771.5
31,891.2
749.2
...
32,640.3
...
-868.8
235,065.9
2012-II
33,350.7
665.0
...
...
6,201.4
40,216.4
32,091.4
813.2
451.1
33,355.8
...
6,860.7
241,926.6
2012-III
28,397.9
668.4
...
...
77.6
29,144.1
32,255.4
874.8
...
33,130.2
...
-3,986.1
237,940.5
2012-IV
26,631.0
673.4
...
...
6,232.2
33,536.8
32,503.3
714.2
...
33,217.5
...
319.3
238,259.7
2013-I
32,332.2
748.9
...
...
75.9
33,157.8
33,689.0
791.5
...
34,480.5
...
-1,322.7
236,937.0
2013-II
34,953.3
753.0
...
...
6,267.1
41,973.0
33,875.9
859.1
454.4
35,189.5
...
6,783.5
243,720.5
2013-III
29,622.3
756.2
...
...
81.4
30,460.7
34,025.2
924.2
...
34,949.5
...
-4,488.8
239,231.7
2013-IV
27,823.5
761.5
...
...
6,297.0
34,883.4
34,264.2
753.5
...
35,017.7
...
-134.3
239,097.4
2014-I
33,814.7
794.4
...
...
76.0
34,685.5
35,557.6
835.1
...
36,392.7
...
-1,707.2
237,390.2
2014-II
36,371.0
798.9
...
...
6,311.7
43,481.6
35,763.4
906.4
453.9
37,123.8
...
6,357.9
243,748.1
2014-III
30,876.9
802.6
...
...
84.1
31,763.6
35,928.7
975.1
...
36,903.7
...
-5,140.1
238,608.0
2014-IV
29,250.2
808.4
...
...
6,305.3
36,364.6
36,188.2
794.3
...
36,982.5
...
-617.9
237,990.1

1Income from taxation of benefits was not available until 1984.

2Paid from the general fund of the Treasury. Includes transfers representing contributions that would have been paid on deemed wage credits for military service performed—traditionally split into "pre-1957" and "post-1956"—if such credits were considered covered wages. In 1983, a change in the financing basis for pre-1957 service resulted in a one-time transfer for past credits—adjustments to the initial 1983 transfer were made in 1985, 1990, 1995, and 2000. Additional adjustments are expected quinquennially thereafter.

3Paid from the general fund of the Treasury. Includes costs of benefits to certain uninsured persons who attained age 72 before 1968.

4Net interest includes net profits or losses on marketable investments. Administrative expenses are charged currently to the trust fund on an estimated basis, with a final adjustment, including interest, made in the following fiscal year. The amounts of these interest adjustments are included in net interest. Calendar years 1982-86 reflect interest on interfund borrowing. Calendar years 1983-90 reflect interest on advance tax transfers. The amount shown for 1985 includes an interest adjustment of $14.8 million on unnegotiated checks issued before April 1985.

5Includes payments for vocational rehabilitation services furnished to disabled persons receiving benefits because of their disabilities. Beginning in 1983, relatively small reductions are made for the amount of reimbursement for unnegotiated benefit checks.

6Negative figure represents amounts lent to the OASI Trust Fund from the DI Trust Fund. Positive figures represent amounts repaid from the OASI Trust Fund to the DI Trust Fund. Transfers were not available until November 1982.

Sources:

Note: Future estimates based on 2005 Trustees Report intermediate set of assumptions. See tables V.A10 and V.B10 for low cost and high cost alternatives, respectively.

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