Detailed Single Year Tables
Description of Proposed Provision:
B5.5: Beginning for those newly eligible in 2025, 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 $1,556 in 2022). For those with under 30 years of coverage, the PIA per year of coverage over 19 years is $1,556/11 = $141.40. (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.
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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | -0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | 0.00 | 0.00 | -0.00 | ||
| 2027 | 15.38 | 13.09 | -2.29 | 131 | 0.00 | 0.00 | -0.00 | ||
| 2028 | 15.55 | 13.13 | -2.42 | 114 | 0.00 | 0.00 | -0.00 | ||
| 2029 | 15.72 | 13.16 | -2.56 | 96 | 0.00 | 0.00 | -0.00 | ||
| 2030 | 15.87 | 13.18 | -2.69 | 78 | 0.00 | 0.00 | -0.00 | ||
| 2031 | 16.00 | 13.21 | -2.79 | 60 | 0.00 | 0.00 | -0.00 | ||
| 2032 | 16.15 | 13.24 | -2.91 | 43 | 0.00 | 0.00 | -0.00 | ||
| 2033 | 16.27 | 13.25 | -3.02 | 25 | 0.00 | 0.00 | -0.00 | ||
| 2034 | 16.39 | 13.26 | -3.13 | 7 | 0.00 | 0.00 | -0.00 | ||
| 2035 | 16.48 | 13.27 | -3.21 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2036 | 16.56 | 13.27 | -3.28 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2037 | 16.64 | 13.28 | -3.36 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2038 | 16.70 | 13.29 | -3.41 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2039 | 16.75 | 13.29 | -3.46 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2040 | 16.79 | 13.30 | -3.49 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2041 | 16.81 | 13.30 | -3.51 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2042 | 16.82 | 13.30 | -3.52 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2043 | 16.83 | 13.30 | -3.53 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2044 | 16.85 | 13.31 | -3.54 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2045 | 16.87 | 13.31 | -3.56 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2046 | 16.89 | 13.31 | -3.58 | ---- | 0.00 | 0.00 | -0.00 | ||
| 2047 | 16.91 | 13.31 | -3.60 | ---- | 0.01 | 0.00 | -0.00 | ||
| 2048 | 16.93 | 13.32 | -3.62 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2049 | 16.96 | 13.32 | -3.64 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2050 | 16.99 | 13.32 | -3.67 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2051 | 17.02 | 13.32 | -3.70 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2052 | 17.07 | 13.33 | -3.74 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2053 | 17.11 | 13.33 | -3.78 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2054 | 17.17 | 13.34 | -3.83 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2055 | 17.24 | 13.34 | -3.89 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2056 | 17.31 | 13.35 | -3.96 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2057 | 17.38 | 13.35 | -4.03 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2058 | 17.46 | 13.36 | -4.10 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2059 | 17.55 | 13.37 | -4.18 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2060 | 17.62 | 13.37 | -4.25 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2061 | 17.70 | 13.38 | -4.32 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2062 | 17.77 | 13.39 | -4.38 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2063 | 17.83 | 13.39 | -4.44 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2064 | 17.89 | 13.40 | -4.50 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2065 | 17.95 | 13.40 | -4.55 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2066 | 18.01 | 13.41 | -4.61 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2067 | 18.07 | 13.41 | -4.66 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2068 | 18.12 | 13.41 | -4.71 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2069 | 18.18 | 13.42 | -4.76 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2070 | 18.24 | 13.42 | -4.81 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2071 | 18.29 | 13.43 | -4.86 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2072 | 18.34 | 13.43 | -4.91 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2073 | 18.39 | 13.44 | -4.95 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2074 | 18.43 | 13.44 | -4.99 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2075 | 18.47 | 13.44 | -5.03 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2076 | 18.50 | 13.45 | -5.05 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2077 | 18.51 | 13.45 | -5.06 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2078 | 18.51 | 13.45 | -5.06 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2079 | 18.50 | 13.45 | -5.05 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2080 | 18.47 | 13.45 | -5.03 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2081 | 18.44 | 13.45 | -5.00 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2082 | 18.40 | 13.44 | -4.96 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2083 | 18.35 | 13.44 | -4.91 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2084 | 18.30 | 13.44 | -4.86 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2085 | 18.23 | 13.43 | -4.80 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2086 | 18.17 | 13.43 | -4.74 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2087 | 18.10 | 13.43 | -4.67 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2088 | 18.03 | 13.42 | -4.60 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2089 | 17.96 | 13.42 | -4.54 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2090 | 17.90 | 13.41 | -4.49 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2091 | 17.85 | 13.41 | -4.44 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2092 | 17.81 | 13.41 | -4.40 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2093 | 17.78 | 13.41 | -4.37 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2094 | 17.76 | 13.40 | -4.36 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2095 | 17.75 | 13.40 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2096 | 17.75 | 13.40 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2097 | 17.76 | 13.41 | -4.35 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2098 | 17.78 | 13.41 | -4.37 | ---- | 0.01 | 0.00 | -0.01 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 17.39% | 13.78% | -3.61% | 2034 | 0.00% | 0.00% | -0.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.