Detailed Single Year Tables
Description of Proposed Provision:
B7.10: Replace the current-law WEP with a new calculation for most OASI and DI benefits based on covered and non-covered earnings, phased in for beneficiaries becoming newly eligible in 2031 through 2040. For this new approach, compute a PIA based on all past earnings (covered and non-covered), and multiply by the "non-covered earnings ratio." This ratio is equal to the current-law concept of the average indexed monthly earnings computed without non-covered earnings divided by a modified average indexed monthly earnings that includes both covered and non-covered earnings in agency records.
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 | -2.40 | 37 | -0.00 | -0.00 | 0.00 | ||
| 2034 | 15.77 | 13.28 | -2.50 | 22 | -0.00 | -0.00 | 0.00 | ||
| 2035 | 15.88 | 13.29 | -2.60 | 7 | -0.00 | -0.00 | 0.00 | ||
| 2036 | 15.99 | 13.30 | -2.69 | — | -0.00 | -0.00 | 0.00 | ||
| 2037 | 16.09 | 13.30 | -2.78 | — | -0.00 | -0.00 | 0.00 | ||
| 2038 | 16.17 | 13.31 | -2.86 | — | -0.00 | -0.00 | 0.00 | ||
| 2039 | 16.24 | 13.32 | -2.93 | — | -0.01 | -0.00 | 0.01 | ||
| 2040 | 16.31 | 13.32 | -2.99 | — | -0.01 | -0.00 | 0.01 | ||
| 2041 | 16.37 | 13.33 | -3.04 | — | -0.01 | -0.00 | 0.01 | ||
| 2042 | 16.42 | 13.33 | -3.09 | — | -0.01 | -0.00 | 0.01 | ||
| 2043 | 16.46 | 13.34 | -3.13 | — | -0.02 | -0.00 | 0.02 | ||
| 2044 | 16.50 | 13.34 | -3.16 | — | -0.02 | -0.00 | 0.02 | ||
| 2045 | 16.53 | 13.34 | -3.18 | — | -0.02 | -0.00 | 0.02 | ||
| 2046 | 16.56 | 13.35 | -3.21 | — | -0.03 | -0.00 | 0.03 | ||
| 2047 | 16.59 | 13.35 | -3.24 | — | -0.03 | -0.00 | 0.03 | ||
| 2048 | 16.63 | 13.35 | -3.27 | — | -0.04 | -0.00 | 0.03 | ||
| 2049 | 16.67 | 13.36 | -3.31 | — | -0.04 | -0.00 | 0.04 | ||
| 2050 | 16.72 | 13.36 | -3.35 | — | -0.04 | -0.00 | 0.04 | ||
| 2051 | 16.76 | 13.37 | -3.40 | — | -0.05 | -0.00 | 0.04 | ||
| 2052 | 16.82 | 13.37 | -3.45 | — | -0.05 | -0.00 | 0.05 | ||
| 2053 | 16.88 | 13.38 | -3.50 | — | -0.05 | -0.00 | 0.05 | ||
| 2054 | 16.94 | 13.38 | -3.56 | — | -0.06 | -0.00 | 0.05 | ||
| 2055 | 17.02 | 13.39 | -3.63 | — | -0.06 | -0.00 | 0.06 | ||
| 2056 | 17.10 | 13.39 | -3.70 | — | -0.06 | -0.00 | 0.06 | ||
| 2057 | 17.18 | 13.40 | -3.78 | — | -0.07 | -0.00 | 0.06 | ||
| 2058 | 17.26 | 13.41 | -3.86 | — | -0.07 | -0.00 | 0.06 | ||
| 2059 | 17.35 | 13.41 | -3.93 | — | -0.07 | -0.00 | 0.07 | ||
| 2060 | 17.43 | 13.42 | -4.01 | — | -0.07 | -0.00 | 0.07 | ||
| 2061 | 17.51 | 13.43 | -4.08 | — | -0.07 | -0.00 | 0.07 | ||
| 2062 | 17.58 | 13.43 | -4.15 | — | -0.08 | -0.00 | 0.07 | ||
| 2063 | 17.65 | 13.44 | -4.21 | — | -0.08 | -0.00 | 0.07 | ||
| 2064 | 17.71 | 13.44 | -4.27 | — | -0.08 | -0.00 | 0.08 | ||
| 2065 | 17.77 | 13.45 | -4.32 | — | -0.08 | -0.01 | 0.08 | ||
| 2066 | 17.83 | 13.45 | -4.38 | — | -0.08 | -0.01 | 0.08 | ||
| 2067 | 17.90 | 13.46 | -4.44 | — | -0.08 | -0.01 | 0.08 | ||
| 2068 | 17.96 | 13.46 | -4.50 | — | -0.09 | -0.01 | 0.08 | ||
| 2069 | 18.03 | 13.47 | -4.56 | — | -0.09 | -0.01 | 0.08 | ||
| 2070 | 18.10 | 13.47 | -4.62 | — | -0.09 | -0.01 | 0.08 | ||
| 2071 | 18.16 | 13.48 | -4.68 | — | -0.09 | -0.01 | 0.08 | ||
| 2072 | 18.23 | 13.48 | -4.74 | — | -0.09 | -0.01 | 0.08 | ||
| 2073 | 18.29 | 13.49 | -4.80 | — | -0.09 | -0.01 | 0.08 | ||
| 2074 | 18.34 | 13.49 | -4.85 | — | -0.09 | -0.01 | 0.08 | ||
| 2075 | 18.39 | 13.50 | -4.90 | — | -0.09 | -0.01 | 0.08 | ||
| 2076 | 18.44 | 13.50 | -4.93 | — | -0.09 | -0.01 | 0.08 | ||
| 2077 | 18.47 | 13.50 | -4.97 | — | -0.09 | -0.01 | 0.08 | ||
| 2078 | 18.49 | 13.51 | -4.99 | — | -0.09 | -0.01 | 0.08 | ||
| 2079 | 18.50 | 13.51 | -5.00 | — | -0.09 | -0.01 | 0.09 | ||
| 2080 | 18.51 | 13.51 | -5.00 | — | -0.09 | -0.01 | 0.09 | ||
| 2081 | 18.50 | 13.51 | -4.99 | — | -0.09 | -0.01 | 0.09 | ||
| 2082 | 18.48 | 13.51 | -4.97 | — | -0.09 | -0.01 | 0.08 | ||
| 2083 | 18.46 | 13.51 | -4.95 | — | -0.09 | -0.01 | 0.08 | ||
| 2084 | 18.42 | 13.51 | -4.92 | — | -0.09 | -0.01 | 0.08 | ||
| 2085 | 18.38 | 13.50 | -4.88 | — | -0.09 | -0.01 | 0.08 | ||
| 2086 | 18.33 | 13.50 | -4.83 | — | -0.09 | -0.01 | 0.08 | ||
| 2087 | 18.27 | 13.50 | -4.78 | — | -0.09 | -0.01 | 0.08 | ||
| 2088 | 18.21 | 13.49 | -4.72 | — | -0.09 | -0.01 | 0.08 | ||
| 2089 | 18.16 | 13.49 | -4.67 | — | -0.09 | -0.01 | 0.08 | ||
| 2090 | 18.10 | 13.49 | -4.62 | — | -0.09 | -0.01 | 0.08 | ||
| 2091 | 18.05 | 13.48 | -4.57 | — | -0.09 | -0.01 | 0.08 | ||
| 2092 | 18.02 | 13.48 | -4.54 | — | -0.09 | -0.01 | 0.08 | ||
| 2093 | 17.99 | 13.48 | -4.51 | — | -0.09 | -0.01 | 0.08 | ||
| 2094 | 17.98 | 13.48 | -4.50 | — | -0.09 | -0.01 | 0.08 | ||
| 2095 | 17.98 | 13.48 | -4.50 | — | -0.09 | -0.01 | 0.08 | ||
| 2096 | 17.99 | 13.48 | -4.51 | — | -0.09 | -0.01 | 0.08 | ||
| 2097 | 18.01 | 13.48 | -4.53 | — | -0.09 | -0.01 | 0.08 | ||
| 2098 | 18.03 | 13.48 | -4.55 | — | -0.09 | -0.01 | 0.08 | ||
| 2099 | 18.07 | 13.48 | -4.59 | — | -0.09 | -0.01 | 0.08 | ||
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 | 17.25% | 13.80% | -3.45% | 2035 | -0.05% | -0.00% | 0.05% | ||
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.