Proposed Provision: B5.9. Beginning for those newly eligible in 2022, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 40 years of coverage equal to 125 percent of the monthly Aged Federal poverty level (about $1,277 in 2019). For those with 20 or fewer years of coverage, phase up linearly from 0 percent of the poverty level for 10 years of coverage to 100 percent of the poverty level. For those having between 20 and 40 years of coverage, phase up linearly from 100 percent of the poverty level at 20 years of coverage to 125% of the poverty level for 40 or more years of coverage. (c) For newly eligible workers in 2022 and 2023, index the applicable poverty level using the CPI index, to the year prior to eligibility. Then, for newly eligible workers in 2024 and later, index the PIA per year of coverage by wage growth for successive cohorts. (d) Disabled workers have a somewhat similar minimum benefit, with work requirements scaled based on the number of years of non-disabled potential work.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2020261261
2021248248
2022233233
2023217217
2024200200
2025183183
2026165165
2027148148
2028130130
2029112112
20309494
20317675
20325857
20333938
20342019
203510
2036-19-20
2037-38-40
2038-59-61
2039-80-82
2040-101-104
2041-122-125
2042-144-148
2043-166-170
2044-188-193
2045-210-215
2046-232-238
2047-255-261
2048-277-284
2049-299-307
2050-322-330
2051-344-353
2052-367-377
2053-389-400
2054-412-423
2055-434-447
2056-457-471
2057-480-494
2058-504-519
2059-527-543
2060-551-568
2061-575-593
2062-599-618
2063-624-644
2064-650-670
2065-676-697
2066-702-724
2067-728-752
2068-755-780
2069-782-808
2070-809-836
2071-837-865
2072-866-895
2073-895-925
2074-925-956
2075-955-987
2076-986-1020
2077-1018-1053
2078-1051-1086
2079-1084-1121
2080-1119-1157
2081-1154-1194
2082-1190-1231
2083-1226-1268
2084-1263-1306
2085-1300-1345
2086-1337-1383
2087-1374-1422
2088-1411-1460
2089-1448-1499
2090-1484-1536
2091-1520-1573
2092-1554-1609
2093-1589-1645
2094-1623-1680
2095-1657-1715
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