Proposed Provision: B5.9. Beginning for those newly eligible in 2024, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 40 years of coverage equal to 125 percent of the monthly Aged Federal poverty level (about $1,354 in 2021). For those with 20 or fewer years of coverage, phase up linearly from 0 percent of the poverty level for 10 years of coverage to 100 percent of the poverty level. For those having between 20 and 40 years of coverage, phase up linearly from 100 percent of the poverty level at 20 years of coverage to 125% of the poverty level for 40 or more years of coverage. (c) For newly eligible workers in 2024 and 2025, index the applicable poverty level using the CPI index, to the year prior to eligibility. Then, for newly eligible workers in 2026 and later, index the PIA per year of coverage by wage growth for successive cohorts. (d) Disabled workers have a somewhat similar minimum benefit, with work requirements scaled based on the number of years of non-disabled potential work.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2022230230
2023211211
2024194194
2025177177
2026160160
2027143143
2028126126
2029109109
20309191
20317474
20325757
20333939
20342121
203532
2036-16-16
2037-35-36
2038-54-56
2039-74-76
2040-95-97
2041-116-118
2042-137-140
2043-158-161
2044-180-183
2045-202-206
2046-224-228
2047-246-251
2048-268-274
2049-291-297
2050-313-320
2051-336-344
2052-359-368
2053-383-391
2054-406-415
2055-430-440
2056-453-464
2057-477-489
2058-501-513
2059-525-539
2060-550-564
2061-575-590
2062-601-617
2063-627-644
2064-654-671
2065-681-699
2066-708-728
2067-736-756
2068-764-785
2069-792-815
2070-821-844
2071-850-875
2072-880-905
2073-910-936
2074-940-968
2075-971-1000
2076-1003-1033
2077-1036-1067
2078-1069-1101
2079-1104-1137
2080-1139-1173
2081-1175-1211
2082-1212-1248
2083-1249-1287
2084-1286-1326
2085-1324-1365
2086-1363-1405
2087-1402-1446
2088-1442-1487
2089-1481-1527
2090-1520-1567
2091-1558-1607
2092-1595-1646
2093-1632-1684
2094-1668-1721
2095-1703-1758
2096-1738-1794
2097-1773-1830
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