Detailed Single Year Tables
Description of Proposed Provision:
B5.2: Beginning for those newly eligible in 2020, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,265 in 2018). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,265/20 = $63.25. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
| 2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | -0.00 | ||
| 2021 | 14.09 | 12.90 | -1.20 | 245 | 0.01 | 0.00 | -0.01 | ||
| 2022 | 14.24 | 12.92 | -1.32 | 229 | 0.01 | 0.00 | -0.01 | ||
| 2023 | 14.41 | 12.94 | -1.47 | 213 | 0.02 | 0.00 | -0.02 | ||
| 2024 | 14.61 | 12.97 | -1.64 | 196 | 0.02 | 0.00 | -0.02 | ||
| 2025 | 14.82 | 12.99 | -1.83 | 179 | 0.03 | 0.00 | -0.03 | ||
| 2026 | 15.03 | 13.11 | -1.91 | 162 | 0.04 | 0.00 | -0.04 | ||
| 2027 | 15.24 | 13.13 | -2.10 | 146 | 0.05 | 0.00 | -0.04 | ||
| 2028 | 15.49 | 13.18 | -2.31 | 129 | 0.05 | 0.00 | -0.05 | ||
| 2029 | 15.69 | 13.19 | -2.50 | 112 | 0.06 | 0.00 | -0.06 | ||
| 2030 | 15.88 | 13.21 | -2.67 | 95 | 0.07 | 0.00 | -0.07 | ||
| 2031 | 16.05 | 13.22 | -2.83 | 78 | 0.08 | 0.00 | -0.08 | ||
| 2032 | 16.20 | 13.23 | -2.96 | 60 | 0.09 | 0.00 | -0.08 | ||
| 2033 | 16.33 | 13.24 | -3.08 | 42 | 0.10 | 0.00 | -0.09 | ||
| 2034 | 16.43 | 13.25 | -3.18 | 24 | 0.10 | 0.01 | -0.10 | ||
| 2035 | 16.51 | 13.26 | -3.25 | 6 | 0.11 | 0.01 | -0.10 | ||
| 2036 | 16.58 | 13.26 | -3.31 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2037 | 16.64 | 13.27 | -3.37 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2038 | 16.70 | 13.27 | -3.42 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2039 | 16.74 | 13.28 | -3.46 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2040 | 16.76 | 13.28 | -3.48 | ---- | 0.14 | 0.01 | -0.14 | ||
| 2041 | 16.76 | 13.28 | -3.48 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2042 | 16.75 | 13.28 | -3.46 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2043 | 16.72 | 13.28 | -3.44 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2044 | 16.69 | 13.28 | -3.41 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2045 | 16.66 | 13.28 | -3.38 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2046 | 16.63 | 13.28 | -3.35 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2047 | 16.61 | 13.28 | -3.33 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2048 | 16.60 | 13.28 | -3.32 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2049 | 16.58 | 13.28 | -3.30 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2050 | 16.57 | 13.28 | -3.29 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2051 | 16.57 | 13.28 | -3.29 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2052 | 16.58 | 13.28 | -3.29 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2053 | 16.59 | 13.29 | -3.30 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2054 | 16.61 | 13.29 | -3.32 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2055 | 16.63 | 13.29 | -3.34 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2056 | 16.67 | 13.29 | -3.38 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2057 | 16.71 | 13.30 | -3.41 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2058 | 16.76 | 13.30 | -3.46 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2059 | 16.81 | 13.31 | -3.51 | ---- | 0.24 | 0.01 | -0.22 | ||
| 2060 | 16.87 | 13.31 | -3.56 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2061 | 16.92 | 13.31 | -3.61 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2062 | 16.98 | 13.32 | -3.66 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2063 | 17.04 | 13.32 | -3.71 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2064 | 17.09 | 13.33 | -3.76 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2065 | 17.15 | 13.33 | -3.82 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2066 | 17.21 | 13.34 | -3.87 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2067 | 17.27 | 13.34 | -3.93 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2068 | 17.33 | 13.34 | -3.99 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2069 | 17.39 | 13.35 | -4.04 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2070 | 17.46 | 13.35 | -4.10 | ---- | 0.26 | 0.01 | -0.25 | ||
| 2071 | 17.51 | 13.36 | -4.16 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2072 | 17.56 | 13.36 | -4.20 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2073 | 17.61 | 13.36 | -4.25 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2074 | 17.66 | 13.37 | -4.29 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2075 | 17.70 | 13.37 | -4.32 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2076 | 17.72 | 13.37 | -4.35 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2077 | 17.74 | 13.38 | -4.37 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2078 | 17.75 | 13.38 | -4.37 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2079 | 17.74 | 13.38 | -4.37 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2080 | 17.73 | 13.38 | -4.35 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2081 | 17.71 | 13.37 | -4.33 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2082 | 17.69 | 13.37 | -4.31 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2083 | 17.67 | 13.37 | -4.29 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2084 | 17.64 | 13.37 | -4.27 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2085 | 17.62 | 13.37 | -4.25 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2086 | 17.60 | 13.37 | -4.23 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2087 | 17.59 | 13.37 | -4.22 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2088 | 17.59 | 13.37 | -4.22 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2089 | 17.60 | 13.37 | -4.23 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2090 | 17.62 | 13.37 | -4.25 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2091 | 17.65 | 13.37 | -4.28 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2092 | 17.69 | 13.37 | -4.32 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2093 | 17.74 | 13.38 | -4.36 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2094 | 17.79 | 13.38 | -4.41 | ---- | 0.26 | 0.02 | -0.25 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2019-2093 | 16.78% | 13.82% | -2.95% | 2035 | 0.18% | 0.01% | -0.17% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
|||||||||
Based on Intermediate Assumptions of the 2019 Trustees Report.