2009 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL DATA AND
PROJECTIONS THROUGH 2018

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 2008, 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 2008
[In millions]

Total assets, September 30, 2007					$1,967,042
Receipts:
	Contributions:
		Employment taxes		$575,854
		Payments from the General Fund of the Treasury for contributions subject to refund		-2,104
			Net contributions		573,750
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		146
		All other, not subject to withholding		16,250
			Total income from taxation of benefits		16,396
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				a
	Investment income and interest adjustments:
		Interest on investments		102,720
		Net Interest adjustments b		7
			Net investment income and interest adjustments		102,727
	Gifts				a
Total receipts					692,873
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		502,692
		Transfer to the DI Trust Fund to correct a trust fund allocation error made on pay­ments to certain dually entitled disabled beneficiaries		339
		Reimbursement from the general fund for unnegotiated checks		-62
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		3
			Net benefit payments		502,973
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				3,632
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,597
			Department of the Treasury	698
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fund c		-36
			Net administrative expenses		3,259
Total disbursements					509,864
Net increase in assets					183,009
Total assets, September 30, 2008					2,150,052

---

a

Between -$0.5 and $0.5 million.

b

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.

c

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 2008 
[In millions]

Total assets, September 30, 2007					$213,577
Receipts:
	Contributions:
		Employment taxes		$97,790
		Payments from the General Fund of the Treasury for contributions subject to refund		-357
			Net contributions		97,432
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,369
			Total income from taxation of benefits		1,373
	Reimbursement from the general fund for costs of noncontributory wage credits for military service before 1957				8
	Investment income and interest adjustments:
		Interest on investments		10,998
		Interest adjustmentsa		4
			Total investment income and interest adjustments		11,003
Total receipts					109,816
Disbursements:
	Benefit payments:
		Monthly benefits		104,517
		Transfer from the OASI Trust Fund to correct a trust fund allocation error made on payments to certain dually entitled disabled beneficiaries		-339
		Reimbursement from the general fund for unnegotiated checks		-30
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		74
			Net benefit payments		104,222
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				418
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,364
			Department of the Treasury	130
		Miscellaneous reimbursements from the general fund b		19
			Total administrative expenses		2,513
Total disbursements					107,153
Net increase in assets					2,663
Total assets, September 30, 2008					216,239

---

a

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.

b

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 2008 [In millions]

Total assets, September 30, 2007					$2,180,619
Receipts:
	Contributions:
		Employment taxes		$673,644
		Payments from the General Fund of the Treasury for contributions subject to refund		-2,461
			Net contributions		671,182
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		150
		All other, not subject to withholding		17,619
			Total income from taxation of benefits		17,769
	Reimbursement from the general fund for costs of noncontributory wage credits for military service before 1957				8
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				a
	Investment income and interest adjustments:
		Interest on investments		113,719
		Net Interest adjustmentsb		11
			Net investment income and interest adjustments		113,730
	Gifts				a
Total receipts					802,689
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		607,210
		Reimbursement from the general fund for unnegotiated checks		-92
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		77
			Net benefit payments		607,195
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				4,050
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	4,961
			Department of the Treasury	828
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fundc		-17
			Net administrative expenses		5,772
Total disbursements					617,017
Net increase in assets					185,672
Total assets, September 30, 2008					2,366,291

---

a

Between -$0.5 and $0.5 million.

b

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.

c

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) 2004-18 are presented in tables VI.C4, VI.C5 and VI.C6, respectively.

 

Table VI.C4.—Operations of the OASI Trust Fund in Fiscal Years 2004-18
[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Total a	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 b
Historical data:
	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
	2008	692.9	573.8	16.4	102.7		509.9	503.0	3.3	3.6		183.0	2,150.1	386
Intermediate:
	2009	702.3	575.2	19.8	107.2		549.8	542.8	3.4	3.6		152.5	2,302.5	391
	2010	724.6	592.5	23.3	108.8		576.3	568.9	3.5	3.8		148.3	2,450.9	400
	2011	764.0	625.3	24.8	113.8		596.7	589.3	3.6	3.8		167.3	2,618.1	411
	2012	806.6	657.5	26.4	122.7		625.6	618.0	3.6	3.9		181.1	2,799.2	419
	2013	859.0	695.2	29.2	134.6		667.3	659.6	3.7	3.9		191.7	2,991.0	420
	2014	908.6	728.6	32.0	147.9		716.8	708.9	3.8	4.1		191.8	3,182.8	417
	2015	959.3	762.8	34.9	161.6		769.8	761.6	3.8	4.3		189.6	3,372.3	413
	2016	1,013.5	802.9	38.0	172.7		825.5	817.1	3.9	4.4		188.1	3,560.4	409
	2017	1,059.6	833.9	41.3	184.4		885.3	876.5	4.0	4.8		174.3	3,734.7	402
	2018	1,111.3	870.2	44.2	196.9		949.1	940.0	4.1	5.0		162.2	3,896.9	394
Low-cost:
	2009	703.8	576.6	19.8	107.4		549.7	542.7	3.4	3.6		154.1	2,304.2	391
	2010	736.0	602.8	23.3	109.9		575.9	568.6	3.5	3.8		160.1	2,464.3	400
	2011	773.7	634.2	24.8	114.7		596.0	588.6	3.6	3.8		177.7	2,642.0	413
	2012	812.1	663.6	26.0	122.4		618.0	610.5	3.6	3.9		194.1	2,836.1	428
	2013	861.8	700.2	28.5	133.1		650.4	642.9	3.7	3.8		211.4	3,047.5	436
	2014	912.1	735.8	30.8	145.5		691.2	683.6	3.7	3.9		221.0	3,268.5	441
	2015	958.0	766.7	33.4	158.0		735.1	727.2	3.8	4.1		223.0	3,491.5	445
	2016	1,010.6	805.3	35.9	169.3		780.8	772.9	3.8	4.1		229.8	3,721.3	447
	2017	1,055.3	834.7	38.7	181.9		829.8	821.5	3.9	4.4		225.5	3,946.8	448
	2018	1,107.5	869.4	41.1	197.0		881.7	873.2	4.0	4.6		225.8	4,172.6	448
High-cost:
	2009	702.0	574.8	19.8	107.3		550.0	543.0	3.4	3.6		152.0	2,302.0	391
	2010	721.3	588.4	23.3	109.6		576.8	569.5	3.5	3.8		144.4	2,446.5	399
	2011	762.1	622.2	24.9	115.0		598.7	591.3	3.6	3.8		163.4	2,609.8	409
	2012	801.0	650.3	26.7	124.0		634.3	626.8	3.6	3.9		166.7	2,776.6	411
	2013	841.5	677.9	30.2	133.5		688.0	680.2	3.7	4.0		153.5	2,930.1	404
	2014	916.7	726.9	33.9	155.9		759.6	751.4	3.9	4.3		157.1	3,087.2	386
	2015	985.9	773.2	38.0	174.6		838.1	829.4	4.1	4.7		147.8	3,235.0	368
	2016	1,056.1	825.8	42.2	188.1		916.2	907.0	4.2	5.0		139.9	3,374.9	353
	2017	1,110.7	867.3	46.3	197.0		994.3	984.5	4.3	5.5		116.4	3,491.3	339
	2018	1,166.8	908.5	50.1	208.1		1,075.7	1,065.4	4.4	5.9		91.1	3,582.4	325

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a

“Total Income” column includes transfers made between the OASI Trust Fund and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of pay­ments for (1) the cost of noncontributory wage credits for military service before 1957, and (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968. In December 2005, $350 million was transferred from the OASI Trust Fund to the General Fund of the Treasury for the cost of pre-1957 military service wage credits. After 2007 such transfers are estimated to be less than $500,000 in each year.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

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

 

Table VI.C5.—Operations of the DI Trust Fund in Fiscal Years 2004-18
[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Total a	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 b
Historical data:
	2004	$90.1	$79.3	$1.0	$9.8		$78.5	$76.2	$2.1	$0.2		$11.6	$182.9	218
	2005	96.8	85.4	1.2	10.2		86.4	83.7	2.3	.3		10.4	193.3	212
	2006	101.6	90.0	1.2	10.4		92.9	90.1	2.4	.4		8.6	201.9	208
	2007	108.4	94.0	1.4	13.1		96.8	94.0	2.4	.4		11.6	213.6	209
	2008	109.8	97.4	1.4	11.0		107.2	104.2	2.5	.4		2.7	216.2	199
Intermediate:
	2009	110.3	97.7	1.9	10.7		117.6	114.6	2.5	.4		-7.3	209.0	184
	2010	113.0	100.6	2.5	10.0		126.3	123.2	2.6	.5		-13.2	195.8	166
	2011	117.9	106.2	2.7	9.0		132.0	128.7	2.7	.6		-14.1	181.7	148
	2012	122.8	111.7	2.9	8.3		137.4	134.0	2.9	.5		-14.6	167.1	132
	2013	128.8	118.1	3.2	7.5		142.8	139.1	3.1	.5		-14.0	153.1	117
	2014	133.9	123.7	3.5	6.7		148.9	145.1	3.3	.5		-15.0	138.1	103
	2015	139.1	129.5	3.7	5.9		156.0	152.0	3.5	.5		-16.9	121.2	89
	2016	145.3	136.3	4.0	5.0		163.5	159.4	3.7	.5		-18.2	103.0	74
	2017	150.1	141.6	4.4	4.2		171.6	167.2	3.9	.5		-21.5	81.6	60
	2018	155.6	147.8	4.7	3.2		179.9	175.4	4.1	.5		-24.3	57.2	45
Low-cost:
	2009	110.6	97.9	1.9	10.7		116.2	113.2	2.5	.4		-5.6	210.6	186
	2010	114.9	102.3	2.4	10.1		122.3	119.2	2.6	.5		-7.4	203.2	172
	2011	119.8	107.7	2.5	9.6		125.8	122.5	2.7	.6		-6.0	197.2	162
	2012	124.5	112.7	2.7	9.2		127.8	124.4	2.9	.5		-3.3	193.9	154
	2013	130.8	118.9	2.9	9.0		129.3	125.7	3.1	.5		1.5	195.5	150
	2014	137.2	124.9	3.1	9.2		131.8	128.1	3.2	.5		5.4	200.9	148
	2015	142.9	130.2	3.2	9.5		135.6	131.7	3.4	.5		7.3	208.2	148
	2016	150.1	136.8	3.4	9.9		139.8	135.8	3.6	.5		10.3	218.4	149
	2017	155.8	141.7	3.7	10.4		144.3	140.1	3.8	.4		11.5	229.9	151
	2018	162.8	147.6	3.8	11.3		148.8	144.5	4.0	.4		13.9	243.9	154
High-cost:
	2009	110.3	97.6	2.0	10.7		119.0	116.1	2.5	.4		-8.8	207.5	182
	2010	112.3	99.9	2.5	9.9		130.1	127.0	2.6	.5		-17.8	189.7	159
	2011	117.2	105.7	2.8	8.7		137.9	134.6	2.7	.6		-20.7	169.0	138
	2012	121.1	110.4	3.1	7.6		146.8	143.4	2.9	.5		-25.7	143.3	115
	2013	124.7	115.1	3.5	6.1		157.7	154.0	3.1	.5		-32.9	110.4	91
	2014	131.8	123.4	4.0	4.4		171.5	167.6	3.4	.6		-39.7	70.6	64
	2015	138.3	131.3	4.5	2.5		186.3	182.0	3.7	.6		-48.0	22.6	38
	2016	c	140.2	4.9	c		199.5	195.0	3.9	.6		c	c	11
	2017	c	147.3	5.4	c		211.5	206.8	4.2	.6		c	c	c
	2018	c	154.3	5.8	c		224.0	219.1	4.4	.6		c	c	c

---

a

“Total Income” column includes transfers made between the DI Trust Fund and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of pay­ments for the cost of noncontributory wage credits for military service before 1957. In particular, a transfer was made in December 2007 in the amount of $7.7 million from the General Fund of the Treasury to the DI Trust Fund. After 2007 such transfers are estimated to be less than $500,000 in each year.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

c

Under the high-cost assumptions, the DI Trust Fund is projected to be exhausted in 2016. Therefore, cer­tain trust fund operation values for 2016 to 2018 are not meaningful under present law and are not shown in this table.

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

 

 

Table VI.C6.—Operations of the Combined OASI and DI Trust Funds
in Fiscal Years 2004-18 
[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Total a	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 b
Historical data:
	2004	$646.6	$546.1	$14.3	$86.2		$495.5	$487.3	$4.3	$3.8		$151.1	$1,635.4	300
	2005	696.8	588.4	16.5	91.8		523.3	514.2	5.2	3.9		173.5	1,808.9	313
	2006	733.7	620.0	16.4	97.7		548.5	539.3	5.3	3.8		185.2	1,994.2	330
	2007	771.8	647.4	18.0	106.4		585.3	575.8	5.5	4.0		186.5	2,180.6	341
	2008	802.7	671.2	17.8	113.7		617.0	607.2	5.8	4.1		185.7	2,366.3	353
Intermediate:
	2009	812.6	672.9	21.8	118.0		667.4	657.5	5.9	4.0		145.2	2,511.5	355
	2010	837.6	693.2	25.7	118.7		702.5	692.1	6.1	4.3		135.1	2,646.6	358
	2011	881.9	731.5	27.5	122.8		728.7	718.0	6.3	4.4		153.2	2,799.8	363
	2012	929.4	769.2	29.2	131.0		763.0	752.0	6.5	4.4		166.5	2,966.3	367
	2013	987.8	813.2	32.4	142.1		810.0	798.8	6.8	4.4		177.7	3,144.0	366
	2014	1,042.5	852.4	35.5	154.7		865.7	854.0	7.1	4.6		176.8	3,320.9	363
	2015	1,098.5	892.4	38.7	167.4		925.8	913.6	7.3	4.8		172.7	3,493.6	359
	2016	1,158.9	939.2	42.0	177.7		989.0	976.5	7.6	4.9		169.9	3,663.4	353
	2017	1,209.7	975.5	45.6	188.6		1,056.9	1,043.7	7.9	5.3		152.8	3,816.2	347
	2018	1,266.9	1,017.9	48.9	200.1		1,129.0	1,115.3	8.2	5.5		137.9	3,954.2	338
Low-cost:
	2009	814.4	674.5	21.8	118.1		665.8	655.9	5.9	4.0		148.5	2,514.8	355
	2010	850.9	705.1	25.7	120.1		698.2	687.7	6.1	4.3		152.7	2,667.5	360
	2011	893.5	741.9	27.4	124.3		721.8	711.1	6.3	4.4		171.7	2,839.2	370
	2012	936.6	776.3	28.7	131.6		745.8	734.9	6.5	4.4		190.9	3,030.1	381
	2013	992.6	819.1	31.4	142.1		779.7	768.6	6.7	4.4		212.9	3,243.0	389
	2014	1,049.3	860.7	33.9	154.7		823.0	811.6	6.9	4.4		226.3	3,469.4	394
	2015	1,100.9	896.9	36.6	167.5		870.6	858.9	7.2	4.5		230.3	3,699.7	398
	2016	1,160.7	942.1	39.3	179.2		920.6	908.6	7.4	4.6		240.1	3,939.7	402
	2017	1,211.1	976.4	42.3	192.3		974.1	961.6	7.7	4.8		237.0	4,176.7	404
	2018	1,270.2	1,017.0	44.9	208.3		1,030.5	1,017.6	7.9	5.0		239.7	4,416.4	405
High-cost:
	2009	812.3	672.4	21.8	118.1		669.1	659.1	5.9	4.0		143.2	2,509.5	354
	2010	833.6	688.3	25.9	119.4		707.0	696.5	6.1	4.4		126.6	2,636.1	355
	2011	879.3	727.9	27.7	123.7		736.6	725.9	6.3	4.4		142.7	2,778.8	358
	2012	922.1	760.7	29.8	131.6		781.1	770.1	6.5	4.5		141.1	2,919.9	356
	2013	966.2	793.0	33.7	139.5		845.6	834.2	6.8	4.6		120.6	3,040.5	345
	2014	1,048.5	850.3	37.9	160.3		931.1	919.0	7.3	4.8		117.4	3,157.9	327
	2015	1,124.2	904.5	42.5	177.1		1,024.4	1,011.4	7.7	5.2		99.8	3,257.6	308
	2016	1,201.3	966.0	47.1	188.2		1,115.6	1,102.0	8.1	5.5		85.6	3,343.3	292
	2017	1,260.2	1,014.6	51.7	193.8		1,205.8	1,191.3	8.4	6.1		54.4	3,397.6	277
	2018	1,319.9	1,062.8	55.9	201.1		1,299.7	1,284.5	8.8	6.4		20.1	3,417.7	261

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a

“Total Income” column includes transfers made between the OASI and DI Trust Funds and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of payments for (1) the cost of noncontributory wage credits for military service before 1957, and (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

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