Description of Proposed Provision:
B3.15: Increase the 90 percent PIA formula factor to 91 percent for beneficiaries newly eligible in 2024, 92 percent for those newly eligible in 2025, ..., reaching 95 percent for those newly eligible in 2028 and later.

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
0.000.00-0.00
202514.7912.99-1.80
180
0.000.00-0.00
202615.0013.11-1.88
163
0.010.00-0.01
202715.2013.13-2.07
147
0.010.00-0.01
202815.4513.17-2.28
130
0.020.00-0.02
202915.6613.19-2.47
113
0.030.00-0.03
203015.8513.21-2.65
96
0.050.00-0.05
203116.0313.22-2.81
79
0.060.00-0.06
203216.1913.23-2.96
62
0.080.00-0.08
203316.3313.24-3.09
44
0.100.00-0.09
203416.4413.25-3.19
26
0.120.01-0.11
203516.5313.26-3.28
7
0.140.01-0.13
203616.6113.26-3.35
----
0.150.01-0.15
203716.6913.27-3.42
----
0.170.01-0.16
203816.7513.28-3.48
----
0.190.01-0.18
203916.8113.28-3.53
----
0.210.01-0.20
204016.8413.28-3.55
----
0.220.01-0.21
204116.8513.29-3.56
----
0.240.01-0.23
204216.8413.29-3.56
----
0.250.01-0.24
204316.8213.29-3.54
----
0.270.01-0.25
204416.8013.29-3.52
----
0.280.01-0.27
204516.7813.29-3.49
----
0.290.01-0.28
204616.7613.29-3.47
----
0.310.02-0.29
204716.7413.29-3.46
----
0.320.02-0.30
204816.7313.29-3.45
----
0.330.02-0.31
204916.7213.29-3.44
----
0.340.02-0.32
205016.7213.29-3.43
----
0.350.02-0.33
205116.7213.29-3.43
----
0.360.02-0.34
205216.7313.29-3.44
----
0.370.02-0.35
205316.7513.29-3.45
----
0.380.02-0.36
205416.7713.30-3.47
----
0.380.02-0.36
205516.8013.30-3.50
----
0.390.02-0.37
205616.8413.30-3.54
----
0.400.02-0.38
205716.8813.31-3.58
----
0.400.02-0.38
205816.9413.31-3.63
----
0.410.02-0.39
205916.9913.31-3.68
----
0.410.02-0.39
206017.0513.32-3.73
----
0.420.02-0.40
206117.1013.32-3.78
----
0.420.02-0.40
206217.1613.33-3.83
----
0.430.02-0.40
206317.2213.33-3.88
----
0.430.02-0.41
206417.2713.34-3.94
----
0.430.02-0.41
206517.3313.34-3.99
----
0.430.02-0.41
206617.3913.34-4.05
----
0.440.02-0.41
206717.4513.35-4.10
----
0.440.02-0.41
206817.5113.35-4.16
----
0.440.02-0.42
206917.5813.36-4.22
----
0.440.02-0.42
207017.6413.36-4.28
----
0.440.02-0.42
207117.7013.37-4.33
----
0.450.02-0.42
207217.7513.37-4.38
----
0.450.02-0.42
207317.8013.37-4.42
----
0.450.02-0.42
207417.8413.38-4.46
----
0.450.02-0.43
207517.8813.38-4.50
----
0.450.02-0.43
207617.9113.38-4.53
----
0.450.02-0.43
207717.9313.39-4.54
----
0.450.02-0.43
207817.9413.39-4.55
----
0.450.02-0.43
207917.9313.39-4.54
----
0.450.02-0.43
208017.9213.39-4.53
----
0.450.02-0.43
208117.9013.38-4.51
----
0.450.02-0.43
208217.8813.38-4.49
----
0.450.02-0.43
208317.8513.38-4.47
----
0.450.02-0.43
208417.8313.38-4.45
----
0.450.02-0.43
208517.8113.38-4.43
----
0.450.02-0.43
208617.7913.38-4.41
----
0.450.02-0.43
208717.7813.38-4.40
----
0.450.02-0.43
208817.7813.38-4.40
----
0.450.02-0.43
208917.7913.38-4.41
----
0.450.02-0.43
209017.8113.38-4.43
----
0.450.02-0.43
209117.8413.38-4.46
----
0.450.02-0.43
209217.8813.38-4.50
----
0.450.02-0.43
209317.9313.39-4.54
----
0.450.02-0.43
209417.9813.39-4.59
----
0.460.03-0.43


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 16.89% 13.83% -3.06%
2035
0.29% 0.02% -0.28%

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