Proposed Provision: B5.3. Beginning for those newly eligible in 2022, 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 $1,329 in 2020). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,329/20 = $66.45. (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 |
2021 | 253 | 253 |
2022 | 231 | 231 |
2023 | 214 | 214 |
2024 | 196 | 196 |
2025 | 178 | 177 |
2026 | 159 | 159 |
2027 | 141 | 140 |
2028 | 122 | 121 |
2029 | 104 | 102 |
2030 | 85 | 83 |
2031 | 66 | 63 |
2032 | 46 | 44 |
2033 | 27 | 24 |
2034 | 7 | 3 |
2035 | -13 | -17 |
2036 | -33 | -38 |
2037 | -54 | -60 |
2038 | -76 | -82 |
2039 | -97 | -104 |
2040 | -119 | -127 |
2041 | -142 | -150 |
2042 | -165 | -174 |
2043 | -188 | -198 |
2044 | -211 | -222 |
2045 | -235 | -247 |
2046 | -258 | -271 |
2047 | -282 | -296 |
2048 | -306 | -321 |
2049 | -330 | -346 |
2050 | -354 | -371 |
2051 | -378 | -397 |
2052 | -403 | -422 |
2053 | -427 | -448 |
2054 | -452 | -474 |
2055 | -477 | -500 |
2056 | -502 | -526 |
2057 | -527 | -553 |
2058 | -552 | -579 |
2059 | -578 | -606 |
2060 | -604 | -633 |
2061 | -630 | -661 |
2062 | -657 | -689 |
2063 | -684 | -718 |
2064 | -712 | -747 |
2065 | -740 | -776 |
2066 | -768 | -806 |
2067 | -796 | -836 |
2068 | -825 | -866 |
2069 | -855 | -897 |
2070 | -884 | -928 |
2071 | -914 | -960 |
2072 | -945 | -992 |
2073 | -976 | -1024 |
2074 | -1007 | -1057 |
2075 | -1039 | -1090 |
2076 | -1071 | -1125 |
2077 | -1105 | -1160 |
2078 | -1139 | -1196 |
2079 | -1175 | -1234 |
2080 | -1211 | -1272 |
2081 | -1248 | -1310 |
2082 | -1286 | -1350 |
2083 | -1324 | -1390 |
2084 | -1363 | -1431 |
2085 | -1403 | -1473 |
2086 | -1443 | -1515 |
2087 | -1483 | -1557 |
2088 | -1524 | -1600 |
2089 | -1564 | -1643 |
2090 | -1604 | -1685 |
2091 | -1643 | -1726 |
2092 | -1681 | -1765 |
2093 | -1718 | -1804 |
2094 | -1754 | -1842 |
2095 | -1789 | -1880 |
2096 | -1825 | -1917 |
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