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Description of Proposed Provision:
Expand covered earnings to include employer and employee premiums for employer-sponsored group health insurance (ESI). Starting in 2018, phase out the OASDI payroll tax exclusion for ESI premiums. Set an exclusion level at the 75th percentile of premium distribution in 2018, with amounts above that subject to the payroll tax. Reduce the exclusion level each year by 10 percent of the 2018 exclusion level until fully eliminated in 2028. Eliminate the excise tax on ESI premiums scheduled to begin in 2018.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

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

Cost
rate
Income
rate
Annual
balance
201413.9512.67-1.29
320
0.000.000.00
201513.9712.92-1.05
306
0.000.000.00
201613.9712.89-1.08
292
0.000.000.00
201713.9712.91-1.06
277
0.000.000.00
201814.0213.04-0.98
262
0.000.110.11
201914.1513.18-0.96
249
0.000.240.24
202014.3313.34-0.99
235
0.000.380.38
202114.5013.52-0.98
223
0.000.540.54
202214.7413.70-1.04
212
0.000.690.69
202315.0113.87-1.13
200
0.000.840.84
202415.2814.05-1.23
189
0.011.000.99
202515.5514.23-1.32
178
0.011.161.15
202615.8114.41-1.40
168
0.021.321.31
202716.0514.59-1.46
158
0.021.491.47
202816.2814.64-1.64
148
0.031.521.48
202916.4814.67-1.81
139
0.041.541.49
203016.6614.70-1.96
128
0.061.561.50
203116.8214.73-2.09
117
0.071.581.50
203216.9614.76-2.19
106
0.091.601.50
203317.0714.79-2.28
94
0.111.621.50
203417.1714.82-2.35
82
0.131.641.50
203517.2514.84-2.41
69
0.161.661.50
203617.3114.87-2.44
56
0.181.681.49
203717.3614.89-2.47
43
0.211.701.48
203817.3814.91-2.47
30
0.241.721.47
203917.3914.93-2.46
16
0.281.741.46
204017.4014.96-2.44
2
0.311.761.45
204117.3914.98-2.42
----
0.341.781.44
204217.3915.00-2.39
----
0.381.801.42
204317.4015.02-2.38
----
0.421.821.40
204417.4115.04-2.37
----
0.461.841.39
204517.4415.06-2.37
----
0.501.871.37
204617.4715.09-2.38
----
0.541.891.35
204717.5015.11-2.38
----
0.581.911.33
204817.5215.14-2.39
----
0.621.941.31
204917.5615.16-2.40
----
0.661.961.30
205017.6015.18-2.41
----
0.711.981.28
205117.6515.21-2.44
----
0.752.011.26
205217.7115.23-2.47
----
0.802.031.23
205317.7815.26-2.52
----
0.842.051.21
205417.8615.29-2.57
----
0.892.081.19
205517.9515.31-2.63
----
0.942.101.17
205618.0515.34-2.70
----
0.982.131.14
205718.1415.37-2.77
----
1.032.151.12
205818.2415.40-2.84
----
1.082.181.09
205918.3415.43-2.91
----
1.132.201.07
206018.4315.46-2.98
----
1.182.231.05
206118.5315.48-3.05
----
1.222.251.03
206218.6215.51-3.11
----
1.272.271.01
206318.7115.54-3.18
----
1.312.300.99
206418.8115.57-3.24
----
1.362.320.97
206518.9015.59-3.30
----
1.402.350.95
206618.9915.62-3.36
----
1.442.370.93
206719.0815.65-3.43
----
1.482.400.92
206819.1615.68-3.49
----
1.522.420.90
206919.2515.71-3.54
----
1.562.450.89
207019.3315.73-3.60
----
1.592.470.88
207119.4115.76-3.65
----
1.632.500.87
207219.4815.79-3.69
----
1.662.520.86
207319.5315.82-3.72
----
1.692.550.86
207419.5815.84-3.74
----
1.722.570.86
207519.6215.87-3.75
----
1.742.600.86
207619.6615.89-3.76
----
1.762.620.86
207719.6815.92-3.76
----
1.792.650.86
207819.7015.94-3.76
----
1.812.670.86
207919.7215.97-3.76
----
1.832.700.87
208019.7515.99-3.76
----
1.852.720.87
208119.7916.02-3.77
----
1.872.750.88
208219.8316.05-3.78
----
1.892.770.88
208319.8816.07-3.81
----
1.922.800.88
208419.9416.10-3.84
----
1.942.820.88
208520.0116.13-3.88
----
1.972.850.88
208620.0816.16-3.92
----
1.992.870.88
208720.1616.16-3.99
----
2.022.880.86
208820.2316.17-4.07
----
2.042.880.84
208920.3116.17-4.14
----
2.072.880.81



 

Summarized Estimates

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

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2014 Trustees Report.
2014-2088 17.47% 15.62% -1.85%
2040
0.70% 1.73% 1.03%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified September 18, 2014