Proposed Provision: B3.17. Increase the current-law first bend point by 22 percent and increase the 90 percent PIA factor to 95 percent for all beneficiaries eligible for benefits as of January 2024 and for those newly eligible for benefits after 2023. This provision will result in an approximate $257 increase in PIA for most workers newly eligible for retirement or disability benefits in 2024.

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

  Income Rates Cost Rates
Year Current Law Provision Current Law Provision
202313.313.314.514.5
202412.912.914.916.2
202513.013.015.016.4
202613.113.115.216.6
202713.113.215.416.8
202813.113.215.617.0
202913.213.215.717.2
203013.213.315.917.3
203113.213.316.017.5
203213.213.316.117.6
203313.213.316.317.8
203413.313.316.417.9
203513.313.316.518.0
203613.313.416.618.1
203713.313.416.618.2
203813.313.416.718.2
203913.313.416.718.3
204013.313.416.818.3
204113.313.416.818.3
204213.313.416.818.4
204313.313.416.818.4
204413.313.416.818.4
204513.313.416.918.4
204613.313.416.918.4
204713.313.416.918.5
204813.313.416.918.5
204913.313.417.018.5
205013.313.417.018.5
205113.313.417.018.6
205213.313.417.118.6
205313.313.417.118.7
205413.313.417.218.7
205513.313.417.218.8
205613.313.417.318.9
205713.413.417.419.0
205813.413.517.519.1
205913.413.517.519.1
206013.413.517.619.2
206113.413.517.719.3
206213.413.517.819.4
206313.413.517.819.5
206413.413.517.919.5
206513.413.517.919.6
206613.413.518.019.7
206713.413.518.119.7
206813.413.518.119.8
206913.413.518.219.8
207013.413.518.219.9
207113.413.518.320.0
207213.413.518.320.0
207313.413.518.420.1
207413.413.518.420.1
207513.413.518.520.2
207613.413.518.520.2
207713.413.518.520.2
207813.413.518.520.2
207913.413.518.520.2
208013.413.518.520.2
208113.413.518.420.1
208213.413.518.420.1
208313.413.518.320.0
208413.413.518.320.0
208513.413.518.219.9
208613.413.518.219.8
208713.413.518.119.8
208813.413.518.019.7
208913.413.518.019.6
209013.413.517.919.5
209113.413.517.819.5
209213.413.517.819.4
209313.413.517.819.4
209413.413.517.819.4
209513.413.517.719.4
209613.413.517.719.4
209713.413.517.819.4
209813.413.517.819.4
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