Proposed Provision: Beginning with those newly eligible for OASDI benefits in 2023, create a new bend point at the 50th percentile of the AIME distribution of newly retired workers and gradually reduce all PIA factors except for the 90 percent factor. By 2056: a) the 32 percent PIA factor below the new bend point reduces to 30 percent; b) the 32 percent PIA factor above the new bend point reduces to 10 percent; and c) the 15 percent PIA factor reduces to 5 percent.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201612.912.914.014.0
201712.912.913.713.7
201813.013.013.913.9
201913.013.014.014.0
202013.013.014.114.1
202113.013.014.314.3
202213.013.014.514.5
202313.113.114.814.8
202413.113.115.015.0
202513.113.115.315.3
202613.113.115.515.5
202713.113.115.615.6
202813.213.215.815.8
202913.213.216.015.9
203013.213.216.116.1
203113.213.216.216.2
203213.213.216.316.2
203313.213.216.416.3
203413.213.216.516.3
203513.213.216.516.3
203613.213.216.616.4
203713.213.216.616.4
203813.213.216.616.4
203913.213.216.616.3
204013.213.216.616.3
204113.213.216.616.2
204213.213.216.516.1
204313.213.216.516.0
204413.213.216.516.0
204513.213.216.415.9
204613.213.216.415.8
204713.213.216.415.7
204813.213.216.415.7
204913.213.216.415.6
205013.213.216.415.5
205113.213.216.415.5
205213.213.216.415.4
205313.213.216.415.4
205413.213.216.415.3
205513.213.216.515.3
205613.213.216.515.3
205713.313.216.615.3
205813.313.216.615.3
205913.313.216.715.2
206013.313.216.715.2
206113.313.216.815.2
206213.313.216.815.2
206313.313.216.915.2
206413.313.216.915.2
206513.313.217.015.2
206613.313.217.015.2
206713.313.217.115.2
206813.313.217.115.2
206913.313.217.215.2
207013.313.217.215.2
207113.313.217.315.2
207213.313.217.315.2
207313.313.217.315.2
207413.313.217.415.2
207513.313.217.415.2
207613.313.217.415.2
207713.313.217.415.2
207813.313.217.415.2
207913.313.217.415.2
208013.313.217.415.1
208113.313.217.415.1
208213.313.217.415.1
208313.313.217.415.1
208413.313.217.415.1
208513.313.217.515.2
208613.313.217.515.2
208713.313.217.515.2
208813.313.217.615.2
208913.313.217.615.3
209013.313.217.715.3
209113.313.217.715.4
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