Proposed Provision: B3.16. For retired worker and disabled worker beneficiaries becoming initially eligible in January 2023 or later, phase in a new benefit formula (from 2023 to 2032). Replace the existing two primary insurance amount (PIA) bend points with three new bend points as follows: (1) 25% AWI/12 from 2 years prior to initial eligibility; (2) 100% AWI/12 from 2 years prior to initial eligibility; and (3) 125% AWI/12 from 2 years prior to initial eligibility. The new PIA factors are 95%, 27.5%, 5% and 2%. During the phase in, those becoming newly eligible for benefits will receive an increasing portion of their benefits based on the new formula, reaching 100% of the new formula in 2032.

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

Year Present Law Provision
2016303303
2017293293
2018277277
2019262262
2020246246
2021231231
2022216216
2023200200
2024183183
2025165166
2026149149
2027132132
2028115116
20299899
20308182
20316465
20324648
20332731
2034813
2035-11-5
2036-30-23
2037-50-41
2038-71-59
2039-91-78
2040-112-96
2041-133-114
2042-154-132
2043-176-150
2044-197-168
2045-218-185
2046-240-203
2047-262-220
2048-283-237
2049-305-254
2050-327-270
2051-349-287
2052-371-303
2053-393-319
2054-415-334
2055-437-350
2056-460-366
2057-482-382
2058-506-398
2059-529-415
2060-553-431
2061-578-448
2062-603-465
2063-628-483
2064-654-500
2065-680-518
2066-706-537
2067-733-555
2068-760-574
2069-788-593
2070-816-613
2071-845-633
2072-874-654
2073-905-675
2074-935-697
2075-967-720
2076-1000-743
2077-1033-767
2078-1068-791
2079-1102-816
2080-1138-841
2081-1173-866
2082-1208-891
2083-1243-916
2084-1279-941
2085-1314-966
2086-1349-991
2087-1384-1016
2088-1419-1041
2089-1455-1067
2090-1491-1093
2091-1528-1119
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