Detailed Single Year Tables
Description of Proposed Provision:
B7.14: Eliminate completely the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), effective 2023.
Financial Estimates for the OASDI Trust Fund Program
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
|
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
| 2022 | 14.05 | 12.79 | -1.26 | 230 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.46 | 13.04 | -1.42 | 208 | 0.15 | 0.01 | -0.15 | ||
| 2024 | 14.59 | 12.96 | -1.63 | 191 | 0.15 | 0.01 | -0.14 | ||
| 2025 | 14.80 | 12.97 | -1.83 | 174 | 0.14 | 0.01 | -0.14 | ||
| 2026 | 15.03 | 13.09 | -1.94 | 156 | 0.14 | 0.01 | -0.13 | ||
| 2027 | 15.24 | 13.11 | -2.13 | 138 | 0.14 | 0.01 | -0.13 | ||
| 2028 | 15.46 | 13.15 | -2.32 | 120 | 0.14 | 0.01 | -0.13 | ||
| 2029 | 15.66 | 13.18 | -2.48 | 103 | 0.13 | 0.01 | -0.13 | ||
| 2030 | 15.85 | 13.21 | -2.65 | 85 | 0.13 | 0.01 | -0.12 | ||
| 2031 | 16.04 | 13.24 | -2.80 | 67 | 0.13 | 0.01 | -0.12 | ||
| 2032 | 16.20 | 13.25 | -2.94 | 50 | 0.13 | 0.01 | -0.12 | ||
| 2033 | 16.33 | 13.26 | -3.07 | 32 | 0.13 | 0.01 | -0.12 | ||
| 2034 | 16.45 | 13.27 | -3.18 | 13 | 0.13 | 0.01 | -0.12 | ||
| 2035 | 16.55 | 13.28 | -3.27 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2036 | 16.62 | 13.29 | -3.34 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2037 | 16.70 | 13.29 | -3.41 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2038 | 16.76 | 13.30 | -3.47 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2039 | 16.81 | 13.30 | -3.51 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2040 | 16.84 | 13.31 | -3.54 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2041 | 16.86 | 13.31 | -3.55 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2042 | 16.89 | 13.31 | -3.58 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2043 | 16.90 | 13.31 | -3.59 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2044 | 16.92 | 13.31 | -3.61 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2045 | 16.94 | 13.31 | -3.63 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2046 | 16.96 | 13.32 | -3.64 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2047 | 16.98 | 13.32 | -3.67 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2048 | 17.01 | 13.32 | -3.69 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2049 | 17.04 | 13.32 | -3.71 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2050 | 17.07 | 13.33 | -3.74 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2051 | 17.10 | 13.33 | -3.77 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2052 | 17.13 | 13.33 | -3.80 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2053 | 17.17 | 13.33 | -3.84 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2054 | 17.22 | 13.34 | -3.88 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2055 | 17.27 | 13.34 | -3.93 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2056 | 17.32 | 13.35 | -3.98 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2057 | 17.38 | 13.35 | -4.03 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2058 | 17.44 | 13.36 | -4.09 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2059 | 17.51 | 13.36 | -4.15 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2060 | 17.57 | 13.37 | -4.20 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2061 | 17.63 | 13.37 | -4.26 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2062 | 17.69 | 13.38 | -4.32 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2063 | 17.75 | 13.38 | -4.37 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2064 | 17.80 | 13.39 | -4.42 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2065 | 17.85 | 13.39 | -4.46 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2066 | 17.91 | 13.39 | -4.51 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2067 | 17.96 | 13.40 | -4.56 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2068 | 18.01 | 13.40 | -4.61 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2069 | 18.07 | 13.41 | -4.66 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2070 | 18.13 | 13.41 | -4.72 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2071 | 18.18 | 13.41 | -4.77 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2072 | 18.24 | 13.42 | -4.82 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2073 | 18.29 | 13.42 | -4.87 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2074 | 18.34 | 13.43 | -4.91 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2075 | 18.38 | 13.43 | -4.95 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2076 | 18.41 | 13.43 | -4.98 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2077 | 18.44 | 13.43 | -5.00 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2078 | 18.45 | 13.44 | -5.01 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2079 | 18.44 | 13.44 | -5.01 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2080 | 18.43 | 13.44 | -4.99 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2081 | 18.40 | 13.43 | -4.97 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2082 | 18.37 | 13.43 | -4.94 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2083 | 18.33 | 13.43 | -4.90 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2084 | 18.29 | 13.43 | -4.86 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2085 | 18.23 | 13.43 | -4.81 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2086 | 18.17 | 13.42 | -4.75 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2087 | 18.11 | 13.42 | -4.69 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2088 | 18.04 | 13.41 | -4.63 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2089 | 17.98 | 13.41 | -4.57 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2090 | 17.92 | 13.40 | -4.51 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2091 | 17.86 | 13.40 | -4.46 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2092 | 17.83 | 13.40 | -4.43 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2093 | 17.80 | 13.40 | -4.40 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2094 | 17.77 | 13.40 | -4.38 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2095 | 17.76 | 13.40 | -4.37 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2096 | 17.76 | 13.40 | -4.37 | ---- | 0.12 | 0.01 | -0.12 | ||
| 2097 | 17.77 | 13.40 | -4.37 | ---- | 0.12 | 0.01 | -0.12 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2022-2096 | 17.32% | 13.79% | -3.54% | 2034 | 0.12% | 0.01% | -0.12% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2022 Trustees Report.