Description of Proposed Provision:
B6.6: Starting in 2026, provide a uniform PIA increase in the 24th year of benefit eligibility. Phase in the PIA increase at 0.5 percent per year from the 15th through the 24th years of eligibility. The full PIA increase is equal to 5 percent of the average retired worker PIA in December of the 14th year of benefit eligibility. A similar additional PIA increase applies in the 43rd year of benefit eligibility (age 104), phased in from the 34rd through the 43nd years of eligibility. For those past the 15th year of eligibility in 2026 (over age 76 for retirees), phase in the PIA enhancement over 10 years starting in 2026. Auxiliary beneficiaries receive benefit enhancement based on the PIA of the governing worker.

Financial Estimates for the OASDI Trust Fund Program

  Proposal   Change from Current Law
  Expressed as a percentage of
current-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
current-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201913.9112.85-1.06
273
0.000.000.00
202013.9412.87-1.07
260
0.000.000.00
202114.0912.90-1.19
245
0.000.000.00
202214.2312.92-1.31
229
0.000.000.00
202314.4012.94-1.46
213
0.000.000.00
202414.5912.97-1.62
197
0.000.000.00
202514.7912.99-1.80
180
0.000.000.00
202615.0213.11-1.90
163
0.030.00-0.03
202715.2513.13-2.11
146
0.060.00-0.05
202815.5113.18-2.34
129
0.080.00-0.08
202915.7313.20-2.54
112
0.110.01-0.10
203015.9413.21-2.73
95
0.130.01-0.12
203116.1213.22-2.89
77
0.150.01-0.15
203216.2813.24-3.05
59
0.170.01-0.16
203316.4213.25-3.18
41
0.190.01-0.18
203416.5413.26-3.28
22
0.210.01-0.20
203516.6313.26-3.36
3
0.230.01-0.22
203616.6913.27-3.42
----
0.230.01-0.22
203716.7613.28-3.48
----
0.240.01-0.22
203816.8113.28-3.53
----
0.240.01-0.23
203916.8513.29-3.57
----
0.250.01-0.23
204016.8713.29-3.58
----
0.250.01-0.24
204116.8713.29-3.58
----
0.260.01-0.24
204216.8513.29-3.56
----
0.260.01-0.24
204316.8213.29-3.53
----
0.260.01-0.25
204416.7813.29-3.50
----
0.260.01-0.25
204516.7513.29-3.47
----
0.260.02-0.25
204616.7213.28-3.43
----
0.270.02-0.25
204716.6913.28-3.41
----
0.270.02-0.25
204816.6713.28-3.39
----
0.270.02-0.25
204916.6513.28-3.36
----
0.270.02-0.25
205016.6313.28-3.35
----
0.260.02-0.25
205116.6213.29-3.34
----
0.260.02-0.25
205216.6313.29-3.34
----
0.260.02-0.25
205316.6313.29-3.34
----
0.260.01-0.25
205416.6513.29-3.36
----
0.260.01-0.24
205516.6713.29-3.38
----
0.260.01-0.24
205616.7013.30-3.40
----
0.260.01-0.24
205716.7413.30-3.44
----
0.260.01-0.24
205816.7813.30-3.48
----
0.260.01-0.24
205916.8313.31-3.53
----
0.260.01-0.24
206016.8913.31-3.58
----
0.260.01-0.24
206116.9413.32-3.62
----
0.260.02-0.25
206217.0013.32-3.68
----
0.260.02-0.25
206317.0513.32-3.73
----
0.260.02-0.25
206417.1113.33-3.78
----
0.270.02-0.25
206517.1713.33-3.83
----
0.270.02-0.25
206617.2313.34-3.89
----
0.270.02-0.26
206717.2913.34-3.95
----
0.270.02-0.26
206817.3513.35-4.00
----
0.280.02-0.26
206917.4113.35-4.06
----
0.280.02-0.26
207017.4813.35-4.12
----
0.280.02-0.27
207117.5413.36-4.18
----
0.290.02-0.27
207217.5913.36-4.23
----
0.290.02-0.27
207317.6413.37-4.27
----
0.290.02-0.27
207417.6813.37-4.31
----
0.290.02-0.28
207517.7213.37-4.35
----
0.290.02-0.28
207617.7613.38-4.38
----
0.300.02-0.28
207717.7813.38-4.40
----
0.300.02-0.28
207817.7813.38-4.40
----
0.300.02-0.28
207917.7813.38-4.40
----
0.300.02-0.28
208017.7713.38-4.39
----
0.300.02-0.29
208117.7513.38-4.37
----
0.300.02-0.29
208217.7313.38-4.35
----
0.310.02-0.29
208317.7113.38-4.33
----
0.310.02-0.29
208417.6913.37-4.31
----
0.310.02-0.29
208517.6713.37-4.29
----
0.310.02-0.29
208617.6513.37-4.28
----
0.310.02-0.29
208717.6413.37-4.27
----
0.310.02-0.29
208817.6413.37-4.27
----
0.310.02-0.29
208917.6513.37-4.28
----
0.310.02-0.30
209017.6713.37-4.30
----
0.310.02-0.30
209117.7013.37-4.33
----
0.310.02-0.30
209217.7413.38-4.37
----
0.310.02-0.30
209317.7913.38-4.41
----
0.320.02-0.30
209417.8413.38-4.46
----
0.320.02-0.30


Summarized Estimates

  Proposal   Change from Current Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
2019-2093 16.82% 13.82% -3.00%
2035
0.23% 0.01% -0.21%

1 Under current law, the year of Trust Fund reserve depletion is 2035.
Based on Intermediate Assumptions of the 2019 Trustees Report.