Detailed Single Year Tables
Description of Proposed Provision:
B5.2: Beginning for those newly eligible in 2021, 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 $1,301 in 2019). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,301/20 = $65.05. (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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | -0.00 | ||
| 2022 | 14.25 | 12.93 | -1.33 | 233 | 0.00 | 0.00 | -0.00 | ||
| 2023 | 14.44 | 12.95 | -1.50 | 217 | 0.01 | 0.00 | -0.01 | ||
| 2024 | 14.66 | 12.98 | -1.68 | 200 | 0.01 | 0.00 | -0.01 | ||
| 2025 | 14.90 | 13.00 | -1.90 | 182 | 0.02 | 0.00 | -0.02 | ||
| 2026 | 15.14 | 13.13 | -2.01 | 165 | 0.03 | 0.00 | -0.03 | ||
| 2027 | 15.38 | 13.15 | -2.23 | 147 | 0.03 | 0.00 | -0.03 | ||
| 2028 | 15.63 | 13.19 | -2.43 | 129 | 0.04 | 0.00 | -0.04 | ||
| 2029 | 15.88 | 13.23 | -2.65 | 111 | 0.05 | 0.00 | -0.05 | ||
| 2030 | 16.08 | 13.25 | -2.83 | 92 | 0.06 | 0.00 | -0.05 | ||
| 2031 | 16.25 | 13.26 | -2.99 | 74 | 0.07 | 0.00 | -0.06 | ||
| 2032 | 16.41 | 13.27 | -3.13 | 55 | 0.07 | 0.00 | -0.07 | ||
| 2033 | 16.53 | 13.28 | -3.25 | 37 | 0.08 | 0.00 | -0.08 | ||
| 2034 | 16.64 | 13.29 | -3.35 | 17 | 0.09 | 0.00 | -0.08 | ||
| 2035 | 16.72 | 13.30 | -3.42 | ---- | 0.09 | 0.00 | -0.09 | ||
| 2036 | 16.79 | 13.30 | -3.48 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2037 | 16.84 | 13.31 | -3.53 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2038 | 16.90 | 13.32 | -3.58 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2039 | 16.94 | 13.32 | -3.62 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2040 | 16.97 | 13.32 | -3.65 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2041 | 16.99 | 13.33 | -3.66 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2042 | 17.00 | 13.33 | -3.67 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2043 | 16.99 | 13.33 | -3.67 | ---- | 0.14 | 0.01 | -0.14 | ||
| 2044 | 16.98 | 13.33 | -3.66 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2045 | 16.97 | 13.33 | -3.65 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2046 | 16.96 | 13.33 | -3.64 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2047 | 16.96 | 13.33 | -3.63 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2048 | 16.96 | 13.33 | -3.63 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2049 | 16.97 | 13.33 | -3.63 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2050 | 16.97 | 13.33 | -3.64 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2051 | 16.98 | 13.34 | -3.65 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2052 | 17.00 | 13.34 | -3.67 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2053 | 17.03 | 13.34 | -3.69 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2054 | 17.06 | 13.34 | -3.72 | ---- | 0.21 | 0.01 | -0.19 | ||
| 2055 | 17.10 | 13.35 | -3.76 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2056 | 17.15 | 13.35 | -3.80 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2057 | 17.19 | 13.36 | -3.84 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2058 | 17.25 | 13.36 | -3.89 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2059 | 17.31 | 13.36 | -3.94 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2060 | 17.37 | 13.37 | -4.00 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2061 | 17.43 | 13.37 | -4.06 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2062 | 17.50 | 13.38 | -4.12 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2063 | 17.56 | 13.38 | -4.18 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2064 | 17.63 | 13.39 | -4.24 | ---- | 0.24 | 0.01 | -0.22 | ||
| 2065 | 17.70 | 13.39 | -4.30 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2066 | 17.77 | 13.40 | -4.37 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2067 | 17.84 | 13.40 | -4.43 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2068 | 17.91 | 13.41 | -4.50 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2069 | 17.98 | 13.42 | -4.57 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2070 | 18.05 | 13.42 | -4.63 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2071 | 18.12 | 13.42 | -4.69 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2072 | 18.18 | 13.43 | -4.75 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2073 | 18.23 | 13.43 | -4.80 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2074 | 18.29 | 13.44 | -4.85 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2075 | 18.33 | 13.44 | -4.89 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2076 | 18.37 | 13.44 | -4.92 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2077 | 18.39 | 13.45 | -4.95 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2078 | 18.40 | 13.45 | -4.96 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2079 | 18.40 | 13.45 | -4.95 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2080 | 18.39 | 13.45 | -4.94 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2081 | 18.37 | 13.45 | -4.92 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2082 | 18.34 | 13.45 | -4.90 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2083 | 18.32 | 13.45 | -4.87 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2084 | 18.28 | 13.44 | -4.84 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2085 | 18.25 | 13.44 | -4.80 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2086 | 18.21 | 13.44 | -4.77 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2087 | 18.17 | 13.44 | -4.73 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2088 | 18.14 | 13.43 | -4.71 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2089 | 18.12 | 13.43 | -4.69 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2090 | 18.11 | 13.43 | -4.68 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2091 | 18.11 | 13.43 | -4.68 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2092 | 18.13 | 13.43 | -4.69 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2093 | 18.15 | 13.43 | -4.72 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2094 | 18.18 | 13.44 | -4.75 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2095 | 18.22 | 13.44 | -4.78 | ---- | 0.25 | 0.01 | -0.23 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.23% | 13.86% | -3.37% | 2034 | 0.17% | 0.01% | -0.16% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.