Proposed Provision: B5.3. Beginning for those newly eligible in 2020, 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 $1,265 in 2018). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,265/20 = $63.25. (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 |
Current Law |
Provision |
2019 | 273 | 273 |
2020 | 260 | 260 |
2021 | 245 | 245 |
2022 | 229 | 229 |
2023 | 213 | 213 |
2024 | 197 | 196 |
2025 | 180 | 179 |
2026 | 163 | 162 |
2027 | 147 | 145 |
2028 | 130 | 128 |
2029 | 114 | 111 |
2030 | 97 | 94 |
2031 | 80 | 76 |
2032 | 63 | 58 |
2033 | 46 | 40 |
2034 | 28 | 22 |
2035 | 10 | 3 |
2036 | -9 | -17 |
2037 | -28 | -37 |
2038 | -47 | -57 |
2039 | -67 | -78 |
2040 | -87 | -99 |
2041 | -108 | -120 |
2042 | -129 | -142 |
2043 | -150 | -164 |
2044 | -171 | -186 |
2045 | -192 | -209 |
2046 | -213 | -231 |
2047 | -234 | -253 |
2048 | -255 | -275 |
2049 | -276 | -298 |
2050 | -297 | -320 |
2051 | -318 | -342 |
2052 | -338 | -365 |
2053 | -359 | -387 |
2054 | -380 | -410 |
2055 | -401 | -432 |
2056 | -422 | -455 |
2057 | -444 | -478 |
2058 | -465 | -501 |
2059 | -487 | -524 |
2060 | -509 | -548 |
2061 | -531 | -572 |
2062 | -554 | -596 |
2063 | -577 | -621 |
2064 | -601 | -646 |
2065 | -625 | -672 |
2066 | -649 | -698 |
2067 | -674 | -724 |
2068 | -699 | -751 |
2069 | -724 | -778 |
2070 | -749 | -806 |
2071 | -776 | -834 |
2072 | -802 | -862 |
2073 | -830 | -891 |
2074 | -857 | -921 |
2075 | -885 | -951 |
2076 | -914 | -982 |
2077 | -944 | -1014 |
2078 | -975 | -1047 |
2079 | -1007 | -1080 |
2080 | -1039 | -1115 |
2081 | -1072 | -1150 |
2082 | -1106 | -1186 |
2083 | -1139 | -1222 |
2084 | -1173 | -1258 |
2085 | -1207 | -1294 |
2086 | -1242 | -1331 |
2087 | -1275 | -1367 |
2088 | -1309 | -1403 |
2089 | -1342 | -1438 |
2090 | -1375 | -1473 |
2091 | -1407 | -1508 |
2092 | -1439 | -1542 |
2093 | -1471 | -1576 |
2094 | -1503 | -1610 |
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