Proposed Provision: Beginning for those newly eligible in 2016, reconfigure the special minimum benefit: (a) A year of coverage is defined to be either a year in which 4 quarters of coverage are earned or a child is in care. Childcare years are granted to parents who have a child under 5, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,216 in 2014). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,216/20 = $60.80. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2015 | 308 | 308 |
2016 | 298 | 297 |
2017 | 280 | 280 |
2018 | 264 | 263 |
2019 | 248 | 247 |
2020 | 233 | 232 |
2021 | 219 | 216 |
2022 | 204 | 201 |
2023 | 189 | 185 |
2024 | 173 | 169 |
2025 | 157 | 153 |
2026 | 142 | 137 |
2027 | 126 | 120 |
2028 | 110 | 103 |
2029 | 94 | 86 |
2030 | 77 | 68 |
2031 | 60 | 50 |
2032 | 42 | 31 |
2033 | 23 | 11 |
2034 | 4 | -9 |
2035 | -16 | -30 |
2036 | -36 | -52 |
2037 | -57 | -74 |
2038 | -78 | -96 |
2039 | -100 | -119 |
2040 | -122 | -142 |
2041 | -144 | -166 |
2042 | -166 | -189 |
2043 | -189 | -213 |
2044 | -211 | -237 |
2045 | -234 | -262 |
2046 | -257 | -286 |
2047 | -280 | -311 |
2048 | -303 | -336 |
2049 | -327 | -361 |
2050 | -351 | -387 |
2051 | -375 | -412 |
2052 | -398 | -438 |
2053 | -423 | -464 |
2054 | -447 | -490 |
2055 | -472 | -516 |
2056 | -496 | -543 |
2057 | -522 | -570 |
2058 | -548 | -598 |
2059 | -574 | -627 |
2060 | -601 | -656 |
2061 | -629 | -685 |
2062 | -657 | -715 |
2063 | -685 | -746 |
2064 | -714 | -777 |
2065 | -744 | -809 |
2066 | -774 | -841 |
2067 | -804 | -873 |
2068 | -835 | -906 |
2069 | -867 | -940 |
2070 | -899 | -975 |
2071 | -932 | -1010 |
2072 | -965 | -1046 |
2073 | -1000 | -1083 |
2074 | -1035 | -1120 |
2075 | -1072 | -1160 |
2076 | -1110 | -1200 |
2077 | -1148 | -1241 |
2078 | -1188 | -1283 |
2079 | -1228 | -1326 |
2080 | -1268 | -1369 |
2081 | -1309 | -1413 |
2082 | -1350 | -1456 |
2083 | -1391 | -1500 |
2084 | -1432 | -1544 |
2085 | -1472 | -1587 |
2086 | -1514 | -1631 |
2087 | -1555 | -1675 |
2088 | -1597 | -1720 |
2089 | -1640 | -1765 |
2090 | -1683 | -1812 |
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