Description of Proposed Provision:
B6.4: Starting in 2020, provide a 5 percent uniform benefit increase 24 years after initial benefit eligibility. Phase in the benefit increase at 1 percent per year from the 20th through 24th years after eligibility. For disabled workers, the eligibility age is the initial entitlement year to the benefit. The benefit increase is equal to 5 percent of the PIA of a worker assumed to have career-average earnings equal to SSA's average wage index. 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
202014.0412.87-1.16
258
0.100.00-0.09
202114.1812.90-1.28
243
0.100.00-0.09
202214.3312.92-1.40
227
0.100.00-0.10
202314.5012.94-1.56
210
0.100.00-0.10
202414.6912.97-1.72
193
0.110.00-0.10
202514.8912.99-1.90
176
0.110.00-0.11
202615.1013.12-1.98
159
0.110.01-0.11
202715.3113.14-2.17
142
0.120.01-0.11
202815.5513.18-2.37
124
0.120.01-0.12
202915.7513.20-2.56
107
0.130.01-0.12
203015.9413.21-2.73
90
0.130.01-0.12
203116.1013.22-2.88
73
0.140.01-0.13
203216.2513.24-3.01
55
0.140.01-0.13
203316.3813.25-3.13
37
0.140.01-0.14
203416.4713.25-3.22
19
0.150.01-0.14
203516.5513.26-3.29
----
0.150.01-0.14
203616.6113.27-3.35
----
0.150.01-0.15
203716.6713.27-3.40
----
0.160.01-0.15
203816.7213.28-3.45
----
0.160.01-0.15
203916.7713.28-3.49
----
0.160.01-0.15
204016.7813.28-3.50
----
0.170.01-0.16
204116.7813.28-3.50
----
0.170.01-0.16
204216.7613.28-3.48
----
0.170.01-0.16
204316.7313.28-3.45
----
0.180.01-0.17
204416.7013.28-3.42
----
0.180.01-0.17
204516.6713.28-3.39
----
0.180.01-0.17
204616.6413.28-3.36
----
0.180.01-0.17
204716.6113.28-3.33
----
0.180.01-0.17
204816.5913.28-3.31
----
0.190.01-0.18
204916.5713.28-3.29
----
0.190.01-0.18
205016.5513.28-3.27
----
0.190.01-0.18
205116.5513.28-3.27
----
0.190.01-0.18
205216.5513.28-3.27
----
0.190.01-0.18
205316.5613.28-3.28
----
0.190.01-0.18
205416.5713.29-3.29
----
0.190.01-0.18
205516.6013.29-3.31
----
0.190.01-0.18
205616.6313.29-3.34
----
0.190.01-0.18
205716.6713.30-3.37
----
0.190.01-0.18
205816.7113.30-3.41
----
0.190.01-0.18
205916.7613.30-3.46
----
0.190.01-0.18
206016.8113.31-3.51
----
0.190.01-0.18
206116.8713.31-3.55
----
0.190.01-0.18
206216.9213.32-3.61
----
0.190.01-0.18
206316.9813.32-3.66
----
0.190.01-0.18
206417.0313.32-3.71
----
0.190.01-0.18
206517.0913.33-3.76
----
0.190.01-0.18
206617.1513.33-3.82
----
0.190.01-0.18
206717.2113.34-3.87
----
0.200.01-0.18
206817.2713.34-3.93
----
0.200.01-0.19
206917.3313.35-3.99
----
0.200.01-0.19
207017.4013.35-4.05
----
0.200.01-0.19
207117.4613.35-4.10
----
0.200.01-0.19
207217.5113.36-4.15
----
0.210.01-0.19
207317.5613.36-4.20
----
0.210.01-0.20
207417.6013.37-4.24
----
0.210.01-0.20
207517.6413.37-4.28
----
0.210.01-0.20
207617.6813.37-4.30
----
0.220.01-0.20
207717.7013.37-4.32
----
0.220.01-0.21
207817.7013.37-4.33
----
0.220.01-0.21
207917.7013.37-4.32
----
0.220.01-0.21
208017.6913.37-4.31
----
0.220.01-0.21
208117.6713.37-4.29
----
0.220.01-0.21
208217.6513.37-4.28
----
0.220.01-0.21
208317.6313.37-4.26
----
0.230.01-0.21
208417.6013.37-4.23
----
0.230.01-0.21
208517.5813.37-4.21
----
0.230.01-0.21
208617.5713.37-4.20
----
0.230.01-0.21
208717.5613.37-4.19
----
0.230.01-0.22
208817.5613.37-4.19
----
0.230.01-0.22
208917.5713.37-4.20
----
0.230.01-0.22
209017.5913.37-4.22
----
0.230.01-0.22
209117.6213.37-4.25
----
0.230.01-0.22
209217.6613.37-4.29
----
0.230.01-0.22
209317.7113.38-4.33
----
0.240.01-0.22
209417.7613.38-4.38
----
0.240.01-0.22


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 16.77% 13.82% -2.95%
2034
0.18% 0.01% -0.17%

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