Detailed Single Year Tables
Description of Proposed Provision:
B3.16: For retired worker and disabled worker beneficiaries becoming initially eligible in January 2031 or later, phase in a new benefit formula (from 2031 to 2040). Replace the existing two primary insurance amount (PIA) bend points with three new bend points as follows: (1) 25% AWI/12 from 2 years prior to initial eligibility; (2) 100% AWI/12 from 2 years prior to initial eligibility; and (3) 125% AWI/12 from 2 years prior to initial eligibility. The new PIA factors are 95%, 27.5%, 5% and 2%. During the phase in, those becoming newly eligible for benefits will receive an increasing portion of their benefits based on the new formula, reaching 100% of the new formula in 2040.
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 |
|||
| 2024 | 14.71 | 13.03 | -1.68 | 188 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.00 | 12.89 | -2.11 | 171 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.20 | 13.07 | -2.13 | 152 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.36 | 13.11 | -2.25 | 134 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.42 | 13.13 | -2.28 | 117 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.47 | 13.16 | -2.31 | 101 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.53 | 13.18 | -2.35 | 84 | 0.00 | 0.00 | 0.00 | ||
| 2031 | 15.58 | 13.20 | -2.37 | 68 | -0.00 | -0.00 | 0.00 | ||
| 2032 | 15.60 | 13.22 | -2.38 | 53 | -0.00 | -0.00 | 0.00 | ||
| 2033 | 15.66 | 13.26 | -2.39 | 37 | -0.00 | -0.00 | 0.00 | ||
| 2034 | 15.77 | 13.28 | -2.49 | 22 | -0.01 | -0.00 | 0.01 | ||
| 2035 | 15.87 | 13.29 | -2.59 | 7 | -0.01 | -0.00 | 0.01 | ||
| 2036 | 15.96 | 13.29 | -2.67 | — | -0.02 | -0.00 | 0.02 | ||
| 2037 | 16.05 | 13.30 | -2.75 | — | -0.04 | -0.00 | 0.04 | ||
| 2038 | 16.12 | 13.31 | -2.81 | — | -0.06 | -0.00 | 0.06 | ||
| 2039 | 16.16 | 13.31 | -2.85 | — | -0.09 | -0.01 | 0.08 | ||
| 2040 | 16.19 | 13.32 | -2.88 | — | -0.13 | -0.01 | 0.12 | ||
| 2041 | 16.21 | 13.32 | -2.89 | — | -0.17 | -0.01 | 0.16 | ||
| 2042 | 16.21 | 13.32 | -2.89 | — | -0.22 | -0.01 | 0.21 | ||
| 2043 | 16.20 | 13.32 | -2.88 | — | -0.28 | -0.02 | 0.27 | ||
| 2044 | 16.17 | 13.32 | -2.85 | — | -0.35 | -0.02 | 0.33 | ||
| 2045 | 16.13 | 13.32 | -2.81 | — | -0.42 | -0.03 | 0.39 | ||
| 2046 | 16.09 | 13.32 | -2.77 | — | -0.50 | -0.03 | 0.47 | ||
| 2047 | 16.05 | 13.32 | -2.73 | — | -0.57 | -0.04 | 0.54 | ||
| 2048 | 16.01 | 13.31 | -2.70 | — | -0.65 | -0.04 | 0.61 | ||
| 2049 | 15.98 | 13.31 | -2.66 | — | -0.73 | -0.05 | 0.69 | ||
| 2050 | 15.95 | 13.31 | -2.63 | — | -0.81 | -0.05 | 0.76 | ||
| 2051 | 15.92 | 13.31 | -2.61 | — | -0.89 | -0.06 | 0.83 | ||
| 2052 | 15.90 | 13.31 | -2.59 | — | -0.96 | -0.06 | 0.90 | ||
| 2053 | 15.89 | 13.31 | -2.58 | — | -1.04 | -0.07 | 0.97 | ||
| 2054 | 15.89 | 13.31 | -2.58 | — | -1.11 | -0.07 | 1.04 | ||
| 2055 | 15.89 | 13.32 | -2.58 | — | -1.18 | -0.07 | 1.11 | ||
| 2056 | 15.91 | 13.32 | -2.59 | — | -1.25 | -0.08 | 1.17 | ||
| 2057 | 15.93 | 13.32 | -2.61 | — | -1.32 | -0.08 | 1.23 | ||
| 2058 | 15.95 | 13.32 | -2.63 | — | -1.38 | -0.09 | 1.29 | ||
| 2059 | 15.98 | 13.33 | -2.65 | — | -1.44 | -0.09 | 1.35 | ||
| 2060 | 16.01 | 13.33 | -2.68 | — | -1.49 | -0.09 | 1.40 | ||
| 2061 | 16.04 | 13.33 | -2.71 | — | -1.54 | -0.10 | 1.45 | ||
| 2062 | 16.07 | 13.34 | -2.73 | — | -1.59 | -0.10 | 1.49 | ||
| 2063 | 16.09 | 13.34 | -2.76 | — | -1.63 | -0.10 | 1.53 | ||
| 2064 | 16.12 | 13.34 | -2.78 | — | -1.67 | -0.11 | 1.56 | ||
| 2065 | 16.15 | 13.34 | -2.81 | — | -1.70 | -0.11 | 1.59 | ||
| 2066 | 16.19 | 13.35 | -2.84 | — | -1.73 | -0.11 | 1.62 | ||
| 2067 | 16.22 | 13.35 | -2.87 | — | -1.76 | -0.11 | 1.64 | ||
| 2068 | 16.26 | 13.35 | -2.91 | — | -1.78 | -0.11 | 1.67 | ||
| 2069 | 16.31 | 13.36 | -2.95 | — | -1.80 | -0.12 | 1.69 | ||
| 2070 | 16.36 | 13.36 | -3.00 | — | -1.82 | -0.12 | 1.71 | ||
| 2071 | 16.41 | 13.37 | -3.04 | — | -1.84 | -0.12 | 1.72 | ||
| 2072 | 16.46 | 13.37 | -3.09 | — | -1.86 | -0.12 | 1.74 | ||
| 2073 | 16.51 | 13.37 | -3.13 | — | -1.87 | -0.12 | 1.75 | ||
| 2074 | 16.55 | 13.38 | -3.17 | — | -1.88 | -0.12 | 1.76 | ||
| 2075 | 16.59 | 13.38 | -3.21 | — | -1.89 | -0.12 | 1.77 | ||
| 2076 | 16.63 | 13.38 | -3.24 | — | -1.90 | -0.12 | 1.78 | ||
| 2077 | 16.65 | 13.39 | -3.27 | — | -1.91 | -0.12 | 1.78 | ||
| 2078 | 16.67 | 13.39 | -3.28 | — | -1.91 | -0.12 | 1.79 | ||
| 2079 | 16.68 | 13.39 | -3.29 | — | -1.91 | -0.12 | 1.79 | ||
| 2080 | 16.68 | 13.39 | -3.29 | — | -1.92 | -0.12 | 1.79 | ||
| 2081 | 16.67 | 13.39 | -3.28 | — | -1.92 | -0.12 | 1.79 | ||
| 2082 | 16.66 | 13.39 | -3.27 | — | -1.92 | -0.12 | 1.79 | ||
| 2083 | 16.63 | 13.39 | -3.24 | — | -1.91 | -0.12 | 1.79 | ||
| 2084 | 16.60 | 13.39 | -3.21 | — | -1.91 | -0.12 | 1.79 | ||
| 2085 | 16.56 | 13.39 | -3.18 | — | -1.91 | -0.12 | 1.78 | ||
| 2086 | 16.52 | 13.38 | -3.13 | — | -1.90 | -0.12 | 1.78 | ||
| 2087 | 16.47 | 13.38 | -3.09 | — | -1.90 | -0.12 | 1.77 | ||
| 2088 | 16.41 | 13.38 | -3.04 | — | -1.89 | -0.12 | 1.77 | ||
| 2089 | 16.36 | 13.37 | -2.99 | — | -1.88 | -0.12 | 1.76 | ||
| 2090 | 16.31 | 13.37 | -2.94 | — | -1.88 | -0.12 | 1.76 | ||
| 2091 | 16.27 | 13.37 | -2.90 | — | -1.87 | -0.12 | 1.75 | ||
| 2092 | 16.24 | 13.36 | -2.87 | — | -1.87 | -0.12 | 1.75 | ||
| 2093 | 16.21 | 13.36 | -2.85 | — | -1.87 | -0.12 | 1.74 | ||
| 2094 | 16.20 | 13.36 | -2.84 | — | -1.86 | -0.12 | 1.74 | ||
| 2095 | 16.20 | 13.36 | -2.84 | — | -1.86 | -0.12 | 1.74 | ||
| 2096 | 16.21 | 13.36 | -2.85 | — | -1.87 | -0.12 | 1.75 | ||
| 2097 | 16.23 | 13.36 | -2.86 | — | -1.87 | -0.12 | 1.75 | ||
| 2098 | 16.25 | 13.37 | -2.89 | — | -1.87 | -0.12 | 1.75 | ||
| 2099 | 16.28 | 13.37 | -2.91 | — | -1.88 | -0.12 | 1.75 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2024-2098 | 16.24% | 13.73% | -2.50% | 2035 | -1.06% | -0.07% | 1.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2024 Trustees Report.