Description of Proposed Provision:
B3.15: Increase the 90 percent PIA formula factor to 91 percent for beneficiaries newly eligible in 2024, 92 percent for those newly eligible in 2025, ..., reaching 95 percent for those newly eligible in 2028 and later.

Estimates based on the intermediate assumptions of the 2019 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
-2.78 -4.11   -0.28 -0.43   -10% -10%

graph of OASDI cost rates and income rates by year, under
                 current law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under current law
                 and provision. click on graph to view underlying data.