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Detailed Single Year Tables

Description of Proposed Provision:
Progressive indexing (30th percentile) of PIA formula factors beginning with individuals newly eligible for OASI benefits in 2015, continuing through 2064: Create a new bend point at the 30th percentile of the AIME distribution of newly retired workers. Maintain current-law benefits for earners at the 30th percentile and below. Reduce the 32 and 15 percent formula factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum is reduced by 1.12 percent per year as compared to current law (for the years that progressive indexing applies). Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status.

 

Financial Estimates for the OASDI Trust Fund Program

 
  Proposal
  Change from Present Law
  Expressed as a percentage of
present-law taxable payroll

Trust fund
ratio as of
January 1
Expressed as a percentage of
present-law taxable payroll
Calendar
year
Cost
rate
Income
rate
Annual
balance

Cost
rate
Income
rate
Annual
balance
201213.8312.89-0.93
340
0.000.000.00
201313.9512.83-1.12
329
0.000.000.00
201413.9812.93-1.05
315
0.000.000.00
201513.9712.95-1.01
302
0.000.000.00
201613.9312.98-0.95
290
0.000.000.00
201713.9113.01-0.90
278
-0.010.000.01
201813.9513.03-0.91
266
-0.010.000.01
201914.1113.05-1.06
254
-0.030.000.02
202014.3313.07-1.26
241
-0.040.000.04
202114.5913.10-1.49
228
-0.060.000.06
202214.8913.12-1.76
215
-0.080.000.08
202315.1813.14-2.04
200
-0.11-0.010.11
202415.4513.15-2.29
185
-0.15-0.010.14
202515.7013.17-2.53
169
-0.18-0.010.17
202615.9313.18-2.75
153
-0.22-0.010.21
202716.1513.20-2.95
136
-0.27-0.010.25
202816.3213.21-3.12
119
-0.31-0.020.30
202916.4713.22-3.25
101
-0.36-0.020.34
203016.5913.23-3.37
82
-0.41-0.020.39
203116.6813.23-3.45
63
-0.47-0.030.44
203216.7313.24-3.49
44
-0.52-0.030.49
203316.7513.24-3.51
24
-0.58-0.030.55
203416.7413.24-3.50
4
-0.64-0.040.60
203516.7113.24-3.47
----
-0.70-0.040.66
203616.6713.24-3.43
----
-0.76-0.040.71
203716.6113.24-3.38
----
-0.82-0.050.77
203816.5413.23-3.31
----
-0.88-0.050.83
203916.4513.23-3.22
----
-0.94-0.050.89
204016.3513.23-3.13
----
-1.01-0.060.95
204116.2513.22-3.03
----
-1.07-0.061.01
204216.1413.22-2.93
----
-1.13-0.061.07
204316.0413.21-2.83
----
-1.20-0.071.13
204415.9413.21-2.74
----
-1.27-0.071.20
204515.8513.20-2.65
----
-1.34-0.081.26
204615.7613.20-2.56
----
-1.40-0.081.32
204715.6613.19-2.47
----
-1.47-0.081.39
204815.5713.19-2.39
----
-1.54-0.091.45
204915.4913.18-2.30
----
-1.61-0.091.52
205015.4013.18-2.23
----
-1.68-0.101.58
205115.3313.17-2.15
----
-1.74-0.101.64
205215.2613.17-2.09
----
-1.81-0.101.71
205315.1913.17-2.03
----
-1.88-0.111.77
205415.1313.17-1.97
----
-1.95-0.111.84
205515.0813.16-1.91
----
-2.01-0.111.90
205615.0213.16-1.86
----
-2.08-0.121.96
205714.9713.16-1.81
----
-2.15-0.122.03
205814.9213.16-1.76
----
-2.22-0.132.09
205914.8713.15-1.71
----
-2.28-0.132.15
206014.8113.15-1.66
----
-2.35-0.132.21
206114.7513.15-1.61
----
-2.41-0.142.27
206214.7013.14-1.55
----
-2.47-0.142.33
206314.6513.14-1.50
----
-2.53-0.142.39
206414.6013.14-1.46
----
-2.59-0.152.44
206514.5513.14-1.41
----
-2.65-0.152.50
206614.5113.13-1.37
----
-2.71-0.162.55
206714.4713.13-1.34
----
-2.77-0.162.61
206814.4413.13-1.31
----
-2.83-0.162.67
206914.4113.13-1.28
----
-2.89-0.172.72
207014.3813.13-1.25
----
-2.94-0.172.77
207114.3613.13-1.23
----
-3.00-0.172.82
207214.3313.13-1.21
----
-3.05-0.182.87
207314.3113.12-1.19
----
-3.09-0.182.92
207414.2913.12-1.17
----
-3.14-0.182.96
207514.2813.12-1.15
----
-3.18-0.183.00
207614.2613.12-1.14
----
-3.22-0.193.04
207714.2513.12-1.13
----
-3.26-0.193.07
207814.2413.12-1.12
----
-3.30-0.193.11
207914.2413.12-1.12
----
-3.33-0.193.14
208014.2413.12-1.12
----
-3.36-0.193.17
208114.2413.12-1.12
----
-3.40-0.203.20
208214.2513.12-1.13
----
-3.43-0.203.23
208314.2613.12-1.14
----
-3.45-0.203.26
208414.2713.12-1.15
----
-3.48-0.203.28
208514.2913.13-1.16
----
-3.51-0.203.30
208614.3113.13-1.18
----
-3.53-0.203.32
208714.3213.13-1.19
----
-3.55-0.203.34



 

Summarized Estimates

 
  Proposal
  Change from Present Law
Years Cost
rate
Income
rate
Actuarial
balance

Year of reserve
depletion
1

Cost
rate
Income
rate
Actuarial
balance
 
Based on Intermediate Assumptions of the 2012 Trustees Report.
2012-2086 15.31% 13.94% -1.37%
2034
-1.37% -0.08% 1.30%
 
1 Under present law, the year of Trust Fund reserve depletion is 2033.

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Last reviewed or modified February 20, 2013