Proposed Provision: B7.10. Replace the current-law WEP with a new calculation for most OASI and DI benefits based on covered and non-covered earnings, phased in for beneficiaries becoming newly eligible in 2023 to through 2032. For this new approach, compute a PIA based on all past earnings (covered and non-covered), and multiply by the "non-covered earnings ratio." This ratio is equal to the current-law concept of the average indexed monthly earnings computed without non-covered earnings divided by a modified average indexed monthly earnings that includes both covered and non-covered earnings in our records.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165165
2026149149
2027132132
2028115115
20299898
20308181
20316464
20324646
20332727
203489
2035-11-11
2036-30-30
2037-50-50
2038-71-70
2039-91-91
2040-112-111
2041-133-132
2042-154-154
2043-176-175
2044-197-196
2045-218-217
2046-240-238
2047-262-260
2048-283-282
2049-305-303
2050-327-325
2051-349-347
2052-371-368
2053-393-390
2054-415-412
2055-437-434
2056-460-456
2057-482-479
2058-506-502
2059-529-525
2060-553-549
2061-578-573
2062-603-598
2063-628-623
2064-654-649
2065-680-675
2066-706-701
2067-733-727
2068-760-754
2069-788-782
2070-816-810
2071-845-838
2072-874-868
2073-905-897
2074-935-928
2075-967-959
2076-1000-992
2077-1033-1025
2078-1068-1059
2079-1102-1094
2080-1138-1128
2081-1173-1163
2082-1208-1198
2083-1243-1233
2084-1279-1268
2085-1314-1303
2086-1349-1338
2087-1384-1373
2088-1419-1408
2089-1455-1443
2090-1491-1479
2091-1528-1516
back