2002 OASDI Trustees Report

B. SOCIAL SECURITY AMENDMENTS SINCE THE 2001 REPORT

Since the 2001 Annual Report was transmitted to Congress on March 19, 2001, one law has been enacted that has a direct financial effect on the OASDI program.

The Department of Defense Appropriations Act, FY 2002, Public Law 107-117, enacted on January 10, 2002, contains a provision to eliminate deemed wage credits for members of the uniformed armed services (primarily military) for all years after calendar year 2001. Social Security benefit computations will continue to include deemed wage credits earned prior to 2002.

The actuarial estimates shown in this report reflect the expected effects of this amendment. The amendment has a significant effect on the short-range operations of the OASI and DI Trust Funds (see section IV.A.4). However, the long-range financial effect of this new law on the OASDI program is negligible (see section IV.B.7).

In addition, the Economic Growth and Tax Relief Reconciliation Act of 2001, Public Law 107-16, enacted on June 7, 2001, has an indirect effect on projected revenue to the trust funds based on the taxation of benefit payments for years through 2010. While this law has a significant effect on the short-range financial operations of the OASI and DI Trust Funds, it has a negligible effect on the long-range financial status of the program. The effects of this law are reflected in the projections of future revenue presented in this report.

	Privacy Policy | Website Policies & Other Important Information  | Site Map  | Actuarial Publications	3/26/2002