Description of Proposed Provision:
B5.5: Beginning for those newly eligible in 2020, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which either 20 percent of the "old law maximum" is earned or a child is in care. Childcare years are granted to parents who have a child under 6, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 133 percent of the Census monthly poverty level (about $1,303 in 2017). For those with under 30 years of coverage, the PIA per year of coverage over 19 years is $1,303/11 = $118.50. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.
Estimates based on the intermediate assumptions
of the 2018 Trustees Report