2008 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL DATA AND
PROJECTIONS THROUGH 2017

Tables VI.C1, VI.C2, and VI.C3 present detailed operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively, for fiscal year 2007, the most recent fiscal year for which complete actual information is available. These tables are similar to the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and outgo.

 

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2007 [In millions]

Total assets, September 30, 2006					$1,792,220
Receipts:
	Contributions:
		Employment taxes		$555,311
		Payments from the General Fund of the Treasury for contributions subject to refund		-1,897
			Net contributions		553,414
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		143
		All other, not subject to withholding		16,518
			Total income from taxation of benefits		16,661
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				1/
	Investment income and interest adjustments:
		Interest on investments		95,330
		Interest adjustments 2		-2,030
			Net investment income and interest adjustments		93,300
	Gifts				1
Total receipts					663,376
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		479,482
		Reimbursement from the general fund for excess amounts of voluntary income tax withholding		-849
		Transfer to the DI Trust Fund to correct a trust fund allocation error made on pay­ments to certain dually entitled disabled beneficiaries		3,253
		Reimbursement from the general fund for unnegotiated checks		-60
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		3
			Net benefit payments		481,828
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				3,575
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,569
			Department of the Treasury	586
		Offsetting receipts from sales of supplies, materials, etc.		1/
		Miscellaneous reimbursements from the general fund 3		-4
			Net administrative expenses		3,151
Total disbursements					488,553
Net increase in assets					174,822
Total assets, September 30, 2007					1,967,042

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1

Between -$0.5 and $0.5 million.

2

Includes (1) interest on transfers between the trust fund and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reim­bursements to the trust fund.

3

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

Note: Totals do not necessarily equal the sums of rounded components.

 

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2007 [In millions]

Total assets, September 30, 2006					$201,938
Receipts:
	Contributions:
		Employment taxes		$94,295
		Payments from the General Fund of the Treasury for contributions subject to refund		-322
			Net contributions		93,973
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,347
			Total income from taxation of benefits		1,351
	Investment income and interest adjustments:
		Interest on investments		10,673
		Interest adjustments1		2,399
			Total investment income and interest adjustments		13,072
Total receipts					108,396
Disbursements:
	Benefit payments:
		Monthly benefits		97,271
		Reimbursement from the general fund for excess amounts of voluntary income tax withholding		-90
		Transfer from the OASI Trust Fund to correct a trust fund allocation error made on payments to certain dually entitled disabled beneficiaries		-3,253
		Reimbursement from the general fund for unnegotiated checks		-28
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		56
			Net benefit payments		93,955
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				445
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,238
			Department of the Treasury	106
		Miscellaneous reimbursements from the general fund 2		14
			Total administrative expenses		2,357
Total disbursements					96,758
Net increase in assets					11,638
Total assets, September 30, 2007					213,577

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1

Includes (1) interest on transfers between the trust fund and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

2

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

Note: Totals do not necessarily equal the sums of rounded components.

 

 

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2007 [In millions]

Total assets, September 30, 2006					$1,994,158
Receipts:
	Contributions:
		Employment taxes		$649,607
		Payments from the General Fund of the Treasury for contributions subject to refund		-2,220
			Net contributions		647,387
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		147
		All other, not subject to withholding		17,865
			Total income from taxation of benefits		18,012
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				1/
	Investment income and interest adjustments:
		Interest on investments		106,003
		Interest adjustments2		370
			Net investment income and interest adjustments		106,372
	Gifts				1
Total receipts					771,772
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		576,752
		Reimbursement from the general fund for excess amounts of voluntary income tax withholding		-939
		Reimbursement from the general fund for unnegotiated checks		-88
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		58
			Net benefit payments		575,783
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				4,020
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	4,806
			Department of the Treasury	692
		Offsetting receipts from sales of supplies, materials, etc.		1/
		Miscellaneous reimbursements from the general fund3		10
			Net administrative expenses		5,508
Total disbursements					585,311
Net increase in assets					186,461
Total assets, September 30, 2007					2,180,619

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1

Between -$0.5 and $0.5 million.

2

Includes (1) interest on transfers between the trust funds and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reim­bursements to the trust fund.

3

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

Note: Totals do not necessarily equal the sums of rounded components.

Estimates of the operations and status of the OASI, DI and the combined OASI and DI Trust Funds during fiscal years (12 months ending on September 30) 2003-17 are presented in tables VI.C4, VI.C5 and VI.C6, respectively.

 

Table VI.C4.—Operations of the OASI Trust Fund in Fiscal Years 2003-17[Amounts in billions]

Fiscal year		Income					Cost					Assets
		Total1	Net contri- butions	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio 2
Historical data:
	2003	$542.3	$456.0	$12.3	$74.0		$402.8	$396.7	$2.5	$3.6		$139.5	$1,313.1	291
	2004	556.5	466.8	13.3	76.4		417.1	411.2	2.3	3.6		139.5	1,452.6	315
	2005	600.0	503.0	15.3	81.7		436.9	430.4	2.9	3.6		163.1	1,615.6	332
	2006	632.2	530.0	15.2	87.3		455.6	449.2	2.9	3.5		176.6	1,792.2	355
	2007	663.4	553.4	16.7	93.3		488.6	481.8	3.2	3.6		174.8	1,967.0	367
Intermediate:
	2008	698.9	577.3	18.5	103.0		509.5	502.7	3.2	3.6		189.4	2,156.4	386
	2009	738.5	607.1	21.2	110.2		537.4	530.5	3.4	3.6		201.1	2,357.5	401
	2010	788.7	644.8	23.4	120.4		569.6	562.7	3.3	3.6		219.1	2,576.7	414
	2011	835.9	677.4	25.5	133.0		605.6	598.6	3.3	3.7		230.4	2,807.0	425
	2012	882.0	706.7	28.2	147.1		645.9	638.7	3.3	3.9		236.1	3,043.1	435
	2013	931.6	738.8	31.4	161.3		691.9	684.5	3.4	4.0		239.7	3,282.8	440
	2014	981.2	771.1	34.2	176.0		742.5	734.9	3.4	4.2		238.8	3,521.6	442
	2015	1,031.2	803.5	37.1	190.5		796.3	788.4	3.5	4.4		234.8	3,756.4	442
	2016	1,091.4	846.1	40.4	204.8		853.9	845.8	3.5	4.5		237.5	3,993.9	440
	2017	1,142.1	879.1	43.9	219.1		915.7	907.2	3.6	4.9		226.4	4,220.3	436
Low Cost:
	2008	702.3	580.6	18.5	103.2		509.3	502.5	3.2	3.6		193.0	2,160.0	386
	2009	747.5	615.4	21.1	111.0		535.8	528.9	3.4	3.5		211.7	2,371.7	403
	2010	795.0	651.4	23.2	120.4		564.6	557.7	3.3	3.6		230.4	2,602.1	420
	2011	840.8	684.4	25.1	131.3		594.6	587.8	3.3	3.6		246.1	2,848.3	438
	2012	884.8	713.2	27.4	144.3		627.7	620.6	3.3	3.8		257.2	3,105.5	454
	2013	931.5	743.5	30.2	157.8		665.4	658.2	3.3	3.9		266.1	3,371.6	467
	2014	978.3	773.0	32.5	172.8		707.0	699.7	3.3	4.0		271.4	3,642.9	477
	2015	1,025.1	802.3	35.0	187.8		750.9	743.5	3.4	4.1		274.2	3,917.1	485
	2016	1,081.4	840.8	37.8	202.8		797.7	790.2	3.4	4.1		283.7	4,200.8	491
	2017	1,129.6	870.4	40.7	218.6		847.7	839.8	3.5	4.4		281.9	4,482.7	496
High Cost:
	2008	688.3	567.1	18.5	102.7		509.6	502.8	3.2	3.6		178.7	2,145.7	386
	2009	714.9	586.5	21.3	107.1		541.0	534.0	3.4	3.6		173.9