2019 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2028

Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2018 operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively. The fiscal year for the U.S. Government is the 12-month period ending September 30. Fiscal year 2018 is the most recent fiscal year for which complete information is available. The descriptions of the values in these tables are similar to the corresponding descriptions and values in the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and cost.

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2018

[In millions]

Total asset reserves, September 30, 2017					$2,820,101
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$708,547
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-2,420
			Net payroll tax contributionsa		706,127
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		11
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		11
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		214
		All other, not subject to withholdinga		34,504
			Total income from taxation of benefitsa		34,718
	Investment income and interest adjustments:
		Interest on investments		81,583
		Interest adjustments c		b
			Total investment income and interest adjustments		81,583
	Gifts				b
Total income					822,440
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		833,063
		Reimbursement from the General Fund for unnegotiated checks		-37
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		8
			Net benefit paymentsd		833,034
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,769
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,167
			Department of the Treasury	512
		Offsetting miscellaneous receipts		-2
		Miscellaneous reimbursements from the General Fund e		-6
			Net administrative expenses		3,672
Total cost					841,474
Net increase in asset reserves					-19,034
	Total invested assets			2,801,254
	Undisbursed balancesf			-188
Total asset reserves, September 30, 2018					2,801,066

---

a

Includes adjustments for prior years

b

Between -$0.5 and $0.5 million.

c

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

d

Includes net reductions for the recovery of overpayments.

e

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

f

A negative balance represents a situation where the actual program cash payments exceeded the amount of invested securities of the OASI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2018 

[In millions]

Total asset reserves, September 30, 2017					$69,444
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$167,627
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-583
			Net payroll tax contributionsa		167,043
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		2
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		2
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		996
			Total income from taxation of benefitsa		1,000
	Investment income and interest adjustments:
		Interest on investments		2,225
		Interest adjustmentsc		3
			Total investment income and interest adjustments		2,227
	Gifts				—
Total income					170,272
Cost:
	Benefit payments:
		Monthly benefitsd		143,550
		Reimbursement from the General Fund for unnegotiated checks		-20
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		112
			Net benefit paymentsd		143,642
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				174
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,651
			Department of the Treasury	93
		Demonstration projects		18
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,759
Total cost					146,575
Net increase in asset reserves					23,698
	Total invested assets			93,401
	Undisbursed balancesf			-259
Total asset reserves, September 30, 2018					93,141

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a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

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

d

Includes net reductions for the recovery of overpayments.

e

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

f

A negative balance represents a situation where the actual program cash payments exceeded the amount of invested securities of the DI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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 2018 

[In millions]

Total asset reserves, September 30, 2017					$2,889,545
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$876,174
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-3,003
			Net payroll tax contributionsa		873,171
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		13
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		13
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		218
		All other, not subject to withholdinga		35,500
			Total income from taxation of benefitsa		35,718
	Investment income and interest adjustments:
		Interest on investments		83,808
		Interest adjustmentsc		3
			Total investment income and interest adjustments		83,811
	Gifts				b
Total income					992,712
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		976,613
		Reimbursement from the General Fund for unnegotiated checks		-56
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		119
			Net benefit paymentsd		976,676
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,942
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,818
			Department of the Treasury	606
		Offsetting miscellaneous receipts		-2
		Demonstration projects		18
		Miscellaneous reimbursements from the General Funde		-10
			Net administrative expenses		6,430
Total cost					988,049
Net increase in asset reserves					4,663
	Total invested assets			2,894,654
	Undisbursed balancesf			-447
Total asset reserves, September 30, 2018					2,894,208

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a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

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

d

Includes net reductions for the recovery of overpayments.

e

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

f

A negative net balance represents a situation where the actual combined program cash payments exceeded the amount of invested securities of the OASI and DI Trust Funds that were redeemed to make such payments. In this situation, future net redemption of additional invested securities will be required to pay for this shortfall.

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

Tables VI.C4, VI.C5, and VI.C6 show estimates of the operations and status of the OASI, DI, and the hypothetical combined OASI and DI Trust Funds, respectively, during fiscal years 2014 through 2028.

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2014-2028

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of bene-fitsb	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2014	$763.3	$642.3	$0.1	$24.6	$96.3		$705.6	$698.2	$3.2	$4.3		$57.6	$2,712.7	376
	2015	795.3	672.2	.2	29.6	93.2		741.5	733.7	3.5	4.3		53.9	2,766.6	366
	2016	799.9	679.6	.1	31.1	89.1		769.8	762.1	3.4	4.3		30.1	2,796.6	359
	2017	822.4	702.1	d	35.4	84.9		799.0	791.1	3.6	4.3		23.5	2,820.1	350
	2018	822.4	706.1	d	34.7	81.6		841.5	833.0	3.7	4.8		-19.0	2,801.1	335
Intermediate:
	2019	898.6	783.8	d	35.0	79.7		896.0	887.2	3.9	4.9		2.6	2,803.6	313
	2020	948.6	832.5	d	37.7	78.5		949.4	940.5	3.9	4.9		-0.8	2,802.9	295
	2021	997.3	878.2	d	41.4	77.8		1,009.7	1,000.8	4.0	4.9		-12.4	2,790.5	278
	2022	1,045.6	923.5	d	45.2	76.9		1,076.0	1,066.6	4.1	5.2		-30.4	2,760.1	259
	2023	1,089.4	965.7	d	49.2	74.5		1,146.3	1,136.7	4.3	5.3		-56.9	2,703.2	241
	2024	1,141.6	1,013.2	d	53.6	74.8		1,221.3	1,211.4	4.4	5.4		-79.7	2,623.6	221
	2025	1,192.9	1,059.5	d	58.5	75.0		1,299.2	1,289.3	4.5	5.5		-106.3	2,517.2	202
	2026	1,257.0	1,111.1	d	71.3	74.6		1,381.1	1,370.8	4.7	5.6		-124.1	2,393.1	182
	2027	1,315.1	1,159.4	d	80.0	75.6		1,467.3	1,456.8	4.8	5.6		-152.2	2,240.9	163
	2028	1,379.8	1,218.7	d	87.0	74.1		1,560.9	1,550.2	5.0	5.7		-181.1	2,059.9	144
Low-cost:
	2019	903.4	787.7	d	35.0	80.7		895.8	887.0	3.9	4.9		7.6	2,808.7	313
	2020	976.1	857.1	d	37.9	81.1		954.2	945.4	3.9	4.9		21.8	2,830.5	294
	2021	1,047.5	921.7	d	41.8	84.0		1,020.0	1,011.1	4.0	4.9		27.5	2,858.0	278
	2022	1,118.4	985.6	d	45.9	86.9		1,092.1	1,082.7	4.2	5.2		26.3	2,884.4	262
	2023	1,187.9	1,047.6	d	50.2	90.1		1,169.3	1,159.6	4.4	5.3		18.6	2,903.0	247
	2024	1,267.9	1,116.9	d	55.0	96.0		1,252.0	1,242.0	4.6	5.4		15.8	2,918.8	232
	2025	1,349.9	1,187.0	d	60.2	102.7		1,338.7	1,328.5	4.8	5.5		11.2	2,930.1	218
	2026	1,448.6	1,264.4	d	73.8	110.3		1,430.6	1,419.9	5.0	5.6		18.0	2,948.0	205
	2027	1,542.7	1,338.9	d	83.4	120.5		1,528.5	1,517.6	5.3	5.7		14.2	2,962.3	193
	2028	1,649.3	1,428.3	d	91.2	129.8		1,635.7	1,624.4	5.5	5.7		13.6	2,975.9	181
High-cost:
	2019	894.9	780.3	d	35.1	79.5		896.4	887.6	3.9	4.9		-1.5	2,799.5	312
	2020	915.0	801.4	d	37.6	76.0		946.9	938.0	3.9	5.0		-31.9	2,767.6	296
	2021	930.4	818.6	d	41.1	70.7		1,003.2	994.2	4.0	5.0		-72.8	2,694.8	276
	2022	958.8	848.5	d	44.7	65.7		1,064.9	1,055.5	4.1	5.3		-106.1	2,588.8	253
	2023	983.1	873.5	d	48.5	61.1		1,130.1	1,120.5	4.2	5.4		-147.0	2,441.8	229
	2024	1,013.1	904.2	d	52.6	56.2		1,199.0	1,189.3	4.2	5.5		-185.9	2,255.8	204
	2025	1,043.9	934.8	d	57.2	51.9		1,270.1	1,260.3	4.3	5.5		-226.2	2,029.7	178
	2026	1,086.7	970.7	d	69.3	46.7		1,344.1	1,334.1	4.4	5.6		-257.4	1,772.3	151
	2027	1,122.2	1,002.2	d	77.5	42.5		1,421.3	1,411.2	4.5	5.6		-299.2	1,473.1	125
	2028	1,160.4	1,041.0	d	83.9	35.6		1,504.6	1,494.3	4.6	5.6		-344.1	1,129.0	98

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a

Includes reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

b

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the law.

c

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

d

Between -$50 million and $50 million.

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

Table VI.C5.—Operations of the DI Trust Fund, Fiscal Years 2014-2028^a

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsb	Taxa- tion of bene-fitsc	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio d
Historical data:
	2014	$114.1	$109.1	e	$1.0	$4.0		$144.7	$141.3	$2.9	$0.4		-$30.6	$69.9	69
	2015	118.0	114.2	e	1.0	2.7		146.2	142.9	2.9	.4		-28.3	41.7	48
	2016	150.3	147.6	e	1.2	1.5		146.2	143.1	2.8	.4		4.1	45.7	28
	2017	169.5	165.9	e	2.0	1.6		145.8	142.9	2.7	.2		23.7	69.4	31
	2018	170.3	167.0	e	1.0	2.2		146.6	143.6	2.8	.2		23.7	93.1	47
Intermediate:
	2019	150.5	146.3	e	1.2	2.9		148.6	145.6	2.9	.1		1.9	95.0	63
	2020	146.0	141.4	e	1.7	3.0		150.6	147.6	2.9	.1		-4.6	90.4	63
	2021	153.9	149.1	e	1.8	3.0		153.6	150.5	3.0	.1		.3	90.8	59
	2022	161.7	156.8	e	1.9	3.0		157.9	154.6	3.3	.1		3.7	94.5	57
	2023	169.1	164.0	e	2.0	3.1		163.0	159.5	3.5	.1		6.1	100.6	58
	2024	177.8	172.1	e	2.2	3.6		169.4	165.6	3.8	e		8.3	108.9	59
	2025	186.3	179.9	e	2.3	4.0		177.3	173.2	4.1	e		9.0	117.9	61
	2026	196.1	188.7	e	2.9	4.6		185.7	181.3	4.3	e		10.5	128.4	64
	2027	205.3	196.9	e	3.2	5.2		194.5	189.9	4.6	e		10.8	139.2	66
	2028	216.3	206.9	e	3.5	5.9		202.1	197.2	4.9	e		14.2	153.4	69
Low-cost:
	2019	151.2	147.0	e	1.2	3.0		147.2	144.2	2.9	.1		4.0	97.2	63
	2020	150.6	145.5	e	1.6	3.4		148.2	145.2	2.9	.1		2.4	99.6	66
	2021	162.1	156.5	e	1.7	3.8		150.2	147.1	3.0	.1		11.9	111.5	66
	2022	173.8	167.4	e	1.8	4.6		153.5	150.1	3.3	.1		20.3	131.8	73
	2023	185.7	177.9	e	1.9	5.8		157.6	154.0	3.6	e		28.0	159.9	84
	2024	199.4	189.7	e	2.1	7.7		163.0	159.0	3.9	e		36.5	196.4	98
	2025	213.8	201.6	e	2.2	10.0		169.8	165.6	4.2	e		44.0	240.3	116
	2026	230.4	214.7	e	2.7	13.0		177.4	172.8	4.6	e		53.0	293.4	135
	2027	246.9	227.4	e	3.1	16.5		185.5	180.6	4.9	e		61.4	354.8	158
	2028	266.5	242.5	e	3.3	20.6		192.7	187.4	5.3	e		73.8	428.6	184
High-cost:
	2019	149.8	145.7	e	1.2	2.9		150.2	147.3	2.9	.1		-.4	92.8	62
	2020	140.5	136.1	e	1.7	2.7		154.4	151.3	2.9	.1		-13.9	78.9	60
	2021	143.1	139.0	e	1.8	2.3		158.9	155.7	3.0	.1		-15.7	63.1	50
	2022	147.6	144.1	e	2.0	1.6		163.8	160.4	3.3	.1		-16.2	46.9	39
	2023	151.5	148.3	e	2.1	1.1		168.9	165.3	3.5	.1		-17.4	29.6	28
	2024	156.4	153.6	e	2.2	.6		175.4	171.6	3.7	.1		-19.0	10.6	17
	2025	f	158.7	e	2.4	f		183.5	179.6	3.9	.1		f	f	6
	2026	f	164.8	e	3.0	f		192.2	188.0	4.1	.1		f	f	f
	2027	f	170.2	e	3.3	f		201.2	196.8	4.4	e		f	f	f
	2028	f	176.8	e	3.6	f		208.9	204.2	4.6	.1		f	f	f

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a

The DI Trust Fund becomes depleted in fiscal year 2025 under the high-cost assumptions. For any period during which reserves would be depleted, scheduled benefits could not be paid in full on a timely basis, income from taxing benefits would be less than would apply to scheduled benefits, and interest on trust fund reserves would be negligible.

b

Includes reimbursements from the General Fund of the Treasury to the DI Trust Fund for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110‑246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112‑78, and 112-96.

c

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the law.

d

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

e

Between -$50 million and $50 million.

f

While the fund is depleted, values under current law would reflect permissible expenditures only, which are inconsistent with the cost of scheduled benefits 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,
Fiscal Years 2014-2028 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay-roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of bene‑ fitsb	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2014	$877.4	$751.3	$0.2	$25.7	$100.3		$850.3	$839.6	$6.0	$4.7		$27.1	$2,782.6	324
	2015	913.3	786.4	.3	30.7	96.0		887.7	876.6	6.4	4.7		25.6	2,808.2	313
	2016	950.2	827.1	.2	32.3	90.6		916.0	905.2	6.2	4.7		34.1	2,842.4	307
	2017	991.9	868.0	d	37.4	86.5		944.7	934.0	6.2	4.5		47.2	2,889.5	301
	2018	992.7	873.2	d	35.7	83.8		988.0	976.7	6.4	4.9		4.7	2,894.2	292
Intermediate:
	2019	1,049.1	930.2	d	36.3	82.6		1,044.6	1,032.9	6.7	5.0		4.5	2,898.7	277
	2020	1,094.7	973.8	d	39.3	81.5		1,100.0	1,088.1	6.9	5.0		-5.4	2,893.3	264
	2021	1,151.2	1,027.3	d	43.1	80.8		1,163.3	1,151.3	7.0	5.0		-12.1	2,881.3	249
	2022	1,207.3	1,080.3	d	47.1	79.9		1,233.9	1,221.2	7.4	5.3		-26.6	2,854.6	234
	2023	1,258.5	1,129.6	d	51.2	77.6		1,309.3	1,296.1	7.8	5.4		-50.9	2,803.8	218
	2024	1,319.4	1,185.2	d	55.8	78.4		1,390.7	1,377.0	8.2	5.5		-71.3	2,732.5	202
	2025	1,379.2	1,239.4	d	60.8	79.0		1,476.5	1,462.4	8.6	5.5		-97.3	2,635.2	185
	2026	1,453.1	1,299.8	d	74.1	79.2		1,566.8	1,552.1	9.0	5.6		-113.6	2,521.5	168
	2027	1,520.4	1,356.3	d	83.2	80.9		1,661.8	1,646.7	9.4	5.6		-141.4	2,380.1	152
	2028	1,596.2	1,425.7	d	90.5	80.0		1,763.0	1,747.5	9.8	5.7		-166.9	2,213.3	135
Low-cost:
	2019	1,054.6	934.7	d	36.2	83.7		1,042.9	1,031.2	6.7	5.0		11.7	2,905.9	278
	2020	1,126.6	1,002.7	d	39.5	84.4		1,102.4	1,090.6	6.9	5.0		24.2	2,930.1	264
	2021	1,209.6	1,078.3	d	43.5	87.8		1,170.1	1,158.1	7.0	4.9		39.4	2,969.5	250
	2022	1,292.2	1,153.0	d	47.7	91.5		1,245.6	1,232.8	7.5	5.2		46.7	3,016.2	238
	2023	1,373.5	1,225.5	d	52.1	95.9		1,326.9	1,313.5	8.0	5.3		46.7	3,062.9	227
	2024	1,467.3	1,306.6	d	57.0	103.7		1,415.0	1,401.0	8.5	5.4		52.3	3,115.2	216
	2025	1,563.8	1,388.5	d	62.5	112.8		1,508.6	1,494.1	9.0	5.5		55.2	3,170.4	206
	2026	1,679.0	1,479.1	d	76.5	123.3		1,608.0	1,592.8	9.6	5.6		71.0	3,241.4	197
	2027	1,789.6	1,566.2	d	86.4	137.0		1,714.0	1,698.2	10.2	5.7		75.6	3,317.1	189
	2028	1,915.7	1,670.8	d	94.5	150.4		1,828.3	1,811.8	10.7	5.7		87.4	3,404.5	181
High-cost:
	2019	1,044.7	926.0	d	36.3	82.4		1,046.6	1,034.9	6.7	5.0		-1.9	2,892.3	277
	2020	1,055.5	937.5	d	39.3	78.7		1,101.3	1,089.4	6.9	5.1		-45.8	2,846.5	263
	2021	1,073.6	957.6	d	42.9	73.0		1,162.1	1,149.9	7.0	5.1		-88.5	2,758.0	245
	2022	1,106.5	992.5	d	46.7	67.2		1,228.7	1,216.0	7.3	5.4		-122.3	2,635.7	224
	2023	1,134.6	1,021.9	d	50.6	62.2		1,299.0	1,285.9	7.7	5.5		-164.3	2,471.4	203
	2024	1,169.5	1,057.8	d	54.9	56.9		1,374.4	1,361.0	8.0	5.5		-204.9	2,266.4	180
	2025	1,205.0	1,093.6	d	59.6	51.9		1,453.6	1,439.8	8.3	5.5		-248.6	2,017.8	156
	2026	1,253.7	1,135.5	d	72.3	45.9		1,536.3	1,522.1	8.6	5.6		-282.6	1,735.2	131
	2027	1,293.7	1,172.3	d	80.9	40.5		1,622.5	1,608.0	8.9	5.6		-328.8	1,406.4	107
	2028	1,337.7	1,217.8	d	87.5	32.4		1,713.4	1,698.6	9.2	5.7		-375.8	1,030.6	82

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a

Includes reimbursements from the General Fund of the Treasury to the OASI and DI Trust Funds for: (1) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (2) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (3) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

b

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the law.

c

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

d

Between -$50 million and $50 million.