Proposed Provision: B3.13. For retired worker beneficiaries newly eligible in 2024 (excluding disabled workers), add a new bend point at the wage-indexed equivalent of the 50th percentile of the AIME distribution minus $100 (for 2015 eligibility) and change the PIA factors to 95/32/15/5. Also move the current-law first bend point from the wage-indexed equivalent of $826 in 2015 to $1,050 in 2015. Phase this provision in over 10 years (2024-2033). The phase-in would work on a weighted-average basis: 90% of CL formula + 10% of proposal formula for 2024, 80% of CL formula + 20% of proposal formula for 2025, and so on.

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

  Income Rates Cost Rates
Year Current Law Provision Current Law Provision
201713.013.013.413.4
201812.912.913.513.5
201912.912.913.713.7
202013.013.013.913.9
202113.013.014.014.0
202213.013.014.314.3
202313.013.014.514.5
202413.113.114.814.8
202513.113.115.115.1
202613.113.115.415.4
202713.213.215.615.6
202813.213.215.915.9
202913.213.216.116.1
203013.213.216.316.3
203113.213.216.416.5
203213.213.216.616.6
203313.213.216.716.8
203413.213.216.816.9
203513.213.216.916.9
203613.213.217.017.0
203713.213.217.017.0
203813.213.217.017.0
203913.213.217.017.0
204013.213.217.016.9
204113.213.216.916.9
204213.213.216.916.8
204313.213.216.816.7
204413.213.216.816.7
204513.213.216.716.6
204613.213.216.716.6
204713.213.216.616.6
204813.213.216.616.5
204913.213.216.616.5
205013.213.216.616.5
205113.213.216.616.5
205213.213.216.616.4
205313.213.216.616.5
205413.213.216.616.5
205513.213.216.616.5
205613.213.216.716.5
205713.213.216.716.6
205813.213.216.716.6
205913.213.216.816.7
206013.313.216.816.7
206113.313.216.916.7
206213.313.316.916.8
206313.313.317.016.8
206413.313.317.016.9
206513.313.317.116.9
206613.313.317.117.0
206713.313.317.217.0
206813.313.317.217.1
206913.313.317.317.1
207013.313.317.317.2
207113.313.317.417.2
207213.313.317.417.3
207313.313.317.417.3
207413.313.317.517.3
207513.313.317.517.4
207613.313.317.517.4
207713.313.317.517.4
207813.313.317.517.4
207913.313.317.517.4
208013.313.317.517.4
208113.313.317.517.4
208213.313.317.517.4
208313.313.317.517.4
208413.313.317.517.4
208513.313.317.617.4
208613.313.317.617.4
208713.313.317.617.5
208813.313.317.717.5
208913.313.317.717.5
209013.313.317.717.6
209113.313.317.817.6
209213.313.317.817.7
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