__Description of Proposed Provision__:

B6.3: Provide an increase in the benefit level of any beneficiary who is 85 or older at the beginning of 2020 or who reaches their 85th birthday after the beginning of 2020. Increase the beneficiary's PIA based on an amount equal to the average retired-worker PIA at the end of 2019, or at the end of the year age 80 if later. Increase the beneficiary's PIA by 5 percent of this amount for those older than 85 at the beginning of 2020 and by 5 percent of this amount at age 85 for others, phased in at 1 percent per year for ages 81-85.

*Estimates based on the intermediate assumptions
of the 2018 Trustees Report*

Summary Measures | |||||||
---|---|---|---|---|---|---|---|

Current law [percent of payroll] |
Change from current law [percent of payroll] |
Shortfall eliminated | |||||

Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
||

-2.84 | -4.32 | -0.14 | -0.19 | -5% | -4% |