Description of Proposed Provision:
B5.7: Beginning for those newly eligible in 2022, reconfigure the special minimum benefit: (a) The number of years of work (YOWs) is determined as total quarters of coverage divided by 4, ignoring any fraction. Childcare years are granted to parents who have a child under 6, with a limit of 5 such years. (b) At implementation, set the PIA for 30+ YOWs equal to 100 percent of the monthly HHS poverty level for the year prior to eligibility. For workers between 11 and 29 YOWs, reduce the special minimum by 3 1/3 percentage points per YOW so that at 29 YOWs the minimum would be 96 2/3% of poverty, ..., down to 11 YOWs at 36 2/3% of poverty. No minimum for 10 or fewer YOWs.

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
0.000.00-0.00
202314.4012.94-1.46
213
0.000.00-0.00
202414.5912.97-1.62
197
0.010.00-0.01
202514.7912.99-1.81
180
0.010.00-0.01
202615.0013.11-1.89
163
0.010.00-0.01
202715.2013.13-2.07
147
0.010.00-0.01
202815.4513.17-2.27
130
0.020.00-0.02
202915.6513.19-2.45
113
0.020.00-0.02
203015.8313.21-2.62
97
0.020.00-0.02
203115.9913.22-2.77
80
0.030.00-0.02
203216.1413.23-2.91
62
0.030.00-0.03
203316.2613.24-3.02
45
0.030.00-0.03
203416.3613.25-3.11
27
0.030.00-0.03
203516.4313.25-3.18
8
0.030.00-0.03
203616.4913.26-3.24
----
0.040.00-0.03
203716.5513.26-3.29
----
0.040.00-0.03
203816.6013.27-3.33
----
0.040.00-0.04
203916.6413.27-3.37
----
0.040.00-0.04
204016.6613.28-3.38
----
0.040.00-0.04
204116.6513.28-3.38
----
0.040.00-0.04
204216.6313.28-3.36
----
0.040.00-0.04
204316.6013.28-3.32
----
0.040.00-0.04
204416.5613.27-3.29
----
0.040.00-0.04
204516.5313.27-3.26
----
0.040.00-0.04
204616.5013.27-3.22
----
0.040.00-0.04
204716.4713.27-3.20
----
0.040.00-0.04
204816.4513.27-3.18
----
0.040.00-0.04
204916.4313.27-3.16
----
0.040.00-0.04
205016.4113.27-3.14
----
0.040.00-0.04
205116.4013.27-3.13
----
0.040.00-0.04
205216.4113.27-3.13
----
0.040.00-0.04
205316.4113.28-3.14
----
0.040.00-0.04
205416.4313.28-3.15
----
0.040.00-0.04
205516.4513.28-3.17
----
0.040.00-0.04
205616.4813.28-3.20
----
0.040.00-0.04
205716.5213.29-3.23
----
0.040.00-0.04
205816.5613.29-3.27
----
0.040.00-0.04
205916.6113.29-3.32
----
0.040.00-0.03
206016.6613.30-3.36
----
0.040.00-0.03
206116.7113.30-3.41
----
0.030.00-0.03
206216.7713.31-3.46
----
0.030.00-0.03
206316.8213.31-3.51
----
0.030.00-0.03
206416.8713.32-3.56
----
0.030.00-0.03
206516.9313.32-3.61
----
0.030.00-0.03
206616.9813.32-3.66
----
0.030.00-0.03
206717.0413.33-3.71
----
0.030.00-0.02
206817.1013.33-3.77
----
0.020.00-0.02
206917.1613.34-3.82
----
0.020.00-0.02
207017.2213.34-3.88
----
0.020.00-0.02
207117.2713.34-3.93
----
0.020.00-0.02
207217.3213.35-3.97
----
0.020.00-0.02
207317.3713.35-4.02
----
0.020.00-0.02
207417.4113.35-4.06
----
0.020.00-0.02
207517.4513.36-4.09
----
0.020.00-0.02
207617.4813.36-4.12
----
0.020.00-0.02
207717.4913.36-4.13
----
0.020.00-0.01
207817.5013.36-4.14
----
0.010.00-0.01
207917.4913.36-4.13
----
0.010.00-0.01
208017.4813.36-4.11
----
0.010.00-0.01
208117.4613.36-4.10
----
0.010.00-0.01
208217.4313.36-4.08
----
0.010.00-0.01
208317.4113.36-4.05
----
0.010.00-0.01
208417.3913.36-4.03
----
0.010.00-0.01
208517.3613.35-4.01
----
0.010.00-0.01
208617.3513.35-3.99
----
0.010.00-0.01
208717.3413.35-3.98
----
0.010.00-0.01
208817.3313.35-3.98
----
0.010.00-0.01
208917.3413.35-3.99
----
0.010.00-0.01
209017.3613.35-4.01
----
0.010.00-0.01
209117.3913.36-4.04
----
0.010.00-0.01
209217.4313.36-4.07
----
0.010.00-0.01
209317.4813.36-4.12
----
0.010.00-0.00
209417.5313.37-4.16
----
0.000.00-0.00


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 16.62% 13.81% -2.81%
2035
0.03% 0.00% -0.02%

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