Detailed Single Year Tables
Description of Proposed Provision:
B5.3: Beginning for those newly eligible in 2023, 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 $1,342 in 2021). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,342/20 = $67.10. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
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 | 14.31 | 13.04 | -1.27 | 211 | 0.00 | 0.00 | -0.00 | ||
2024 | 14.46 | 12.96 | -1.50 | 194 | 0.01 | 0.00 | -0.01 | ||
2025 | 14.67 | 12.97 | -1.71 | 177 | 0.02 | 0.00 | -0.02 | ||
2026 | 14.91 | 13.08 | -1.83 | 159 | 0.03 | 0.00 | -0.03 | ||
2027 | 15.14 | 13.10 | -2.04 | 142 | 0.04 | 0.00 | -0.04 | ||
2028 | 15.38 | 13.14 | -2.23 | 125 | 0.05 | 0.00 | -0.05 | ||
2029 | 15.59 | 13.18 | -2.41 | 107 | 0.06 | 0.00 | -0.06 | ||
2030 | 15.80 | 13.20 | -2.59 | 90 | 0.08 | 0.00 | -0.07 | ||
2031 | 15.99 | 13.23 | -2.76 | 72 | 0.09 | 0.00 | -0.08 | ||
2032 | 16.17 | 13.25 | -2.92 | 54 | 0.10 | 0.00 | -0.10 | ||
2033 | 16.32 | 13.26 | -3.06 | 36 | 0.11 | 0.01 | -0.11 | ||
2034 | 16.45 | 13.27 | -3.18 | 18 | 0.13 | 0.01 | -0.12 | ||
2035 | 16.56 | 13.28 | -3.28 | ---- | 0.14 | 0.01 | -0.13 | ||
2036 | 16.65 | 13.29 | -3.36 | ---- | 0.15 | 0.01 | -0.14 | ||
2037 | 16.74 | 13.29 | -3.44 | ---- | 0.16 | 0.01 | -0.15 | ||
2038 | 16.81 | 13.30 | -3.51 | ---- | 0.17 | 0.01 | -0.16 | ||
2039 | 16.87 | 13.31 | -3.56 | ---- | 0.18 | 0.01 | -0.17 | ||
2040 | 16.91 | 13.31 | -3.60 | ---- | 0.19 | 0.01 | -0.18 | ||
2041 | 16.94 | 13.31 | -3.63 | ---- | 0.20 | 0.01 | -0.19 | ||
2042 | 16.97 | 13.31 | -3.66 | ---- | 0.21 | 0.01 | -0.20 | ||
2043 | 17.00 | 13.32 | -3.69 | ---- | 0.22 | 0.01 | -0.21 | ||
2044 | 17.03 | 13.32 | -3.71 | ---- | 0.23 | 0.01 | -0.22 | ||
2045 | 17.06 | 13.32 | -3.74 | ---- | 0.24 | 0.01 | -0.23 | ||
2046 | 17.09 | 13.32 | -3.77 | ---- | 0.25 | 0.01 | -0.24 | ||
2047 | 17.12 | 13.33 | -3.80 | ---- | 0.26 | 0.01 | -0.25 | ||
2048 | 17.16 | 13.33 | -3.83 | ---- | 0.27 | 0.01 | -0.25 | ||
2049 | 17.19 | 13.33 | -3.86 | ---- | 0.28 | 0.02 | -0.26 | ||
2050 | 17.24 | 13.34 | -3.90 | ---- | 0.29 | 0.02 | -0.27 | ||
2051 | 17.28 | 13.34 | -3.94 | ---- | 0.30 | 0.02 | -0.28 | ||
2052 | 17.32 | 13.34 | -3.98 | ---- | 0.30 | 0.02 | -0.29 | ||
2053 | 17.37 | 13.35 | -4.02 | ---- | 0.31 | 0.02 | -0.29 | ||
2054 | 17.42 | 13.35 | -4.07 | ---- | 0.32 | 0.02 | -0.30 | ||
2055 | 17.47 | 13.35 | -4.12 | ---- | 0.33 | 0.02 | -0.31 | ||
2056 | 17.54 | 13.36 | -4.18 | ---- | 0.33 | 0.02 | -0.31 | ||
2057 | 17.60 | 13.36 | -4.24 | ---- | 0.34 | 0.02 | -0.32 | ||
2058 | 17.67 | 13.37 | -4.30 | ---- | 0.34 | 0.02 | -0.32 | ||
2059 | 17.74 | 13.38 | -4.36 | ---- | 0.35 | 0.02 | -0.33 | ||
2060 | 17.80 | 13.38 | -4.42 | ---- | 0.35 | 0.02 | -0.33 | ||
2061 | 17.87 | 13.39 | -4.48 | ---- | 0.36 | 0.02 | -0.34 | ||
2062 | 17.93 | 13.39 | -4.54 | ---- | 0.36 | 0.02 | -0.34 | ||
2063 | 17.99 | 13.40 | -4.59 | ---- | 0.36 | 0.02 | -0.34 | ||
2064 | 18.04 | 13.40 | -4.64 | ---- | 0.36 | 0.02 | -0.34 | ||
2065 | 18.10 | 13.40 | -4.69 | ---- | 0.37 | 0.02 | -0.35 | ||
2066 | 18.15 | 13.41 | -4.74 | ---- | 0.37 | 0.02 | -0.35 | ||
2067 | 18.21 | 13.41 | -4.79 | ---- | 0.37 | 0.02 | -0.35 | ||
2068 | 18.26 | 13.42 | -4.84 | ---- | 0.37 | 0.02 | -0.35 | ||
2069 | 18.32 | 13.42 | -4.90 | ---- | 0.37 | 0.02 | -0.35 | ||
2070 | 18.38 | 13.42 | -4.95 | ---- | 0.38 | 0.02 | -0.35 | ||
2071 | 18.43 | 13.43 | -5.00 | ---- | 0.38 | 0.02 | -0.36 | ||
2072 | 18.49 | 13.43 | -5.06 | ---- | 0.38 | 0.02 | -0.36 | ||
2073 | 18.54 | 13.44 | -5.10 | ---- | 0.38 | 0.02 | -0.36 | ||
2074 | 18.59 | 13.44 | -5.15 | ---- | 0.38 | 0.02 | -0.36 | ||
2075 | 18.63 | 13.44 | -5.19 | ---- | 0.38 | 0.02 | -0.36 | ||
2076 | 18.67 | 13.45 | -5.22 | ---- | 0.38 | 0.02 | -0.36 | ||
2077 | 18.69 | 13.45 | -5.24 | ---- | 0.38 | 0.02 | -0.36 | ||
2078 | 18.70 | 13.45 | -5.25 | ---- | 0.38 | 0.02 | -0.36 | ||
2079 | 18.70 | 13.45 | -5.24 | ---- | 0.38 | 0.02 | -0.36 | ||
2080 | 18.68 | 13.45 | -5.23 | ---- | 0.38 | 0.02 | -0.36 | ||
2081 | 18.65 | 13.45 | -5.20 | ---- | 0.38 | 0.02 | -0.36 | ||
2082 | 18.62 | 13.45 | -5.17 | ---- | 0.38 | 0.02 | -0.35 | ||
2083 | 18.58 | 13.45 | -5.13 | ---- | 0.37 | 0.02 | -0.35 | ||
2084 | 18.53 | 13.44 | -5.09 | ---- | 0.37 | 0.02 | -0.35 | ||
2085 | 18.48 | 13.44 | -5.04 | ---- | 0.37 | 0.02 | -0.35 | ||
2086 | 18.42 | 13.44 | -4.98 | ---- | 0.37 | 0.02 | -0.35 | ||
2087 | 18.35 | 13.43 | -4.92 | ---- | 0.37 | 0.02 | -0.35 | ||
2088 | 18.28 | 13.43 | -4.85 | ---- | 0.37 | 0.02 | -0.34 | ||
2089 | 18.22 | 13.42 | -4.79 | ---- | 0.36 | 0.02 | -0.34 | ||
2090 | 18.15 | 13.42 | -4.74 | ---- | 0.36 | 0.02 | -0.34 | ||
2091 | 18.10 | 13.42 | -4.69 | ---- | 0.36 | 0.02 | -0.34 | ||
2092 | 18.06 | 13.41 | -4.65 | ---- | 0.36 | 0.02 | -0.34 | ||
2093 | 18.03 | 13.41 | -4.62 | ---- | 0.36 | 0.02 | -0.34 | ||
2094 | 18.01 | 13.41 | -4.60 | ---- | 0.36 | 0.02 | -0.34 | ||
2095 | 18.00 | 13.41 | -4.59 | ---- | 0.36 | 0.02 | -0.34 | ||
2096 | 18.00 | 13.41 | -4.59 | ---- | 0.36 | 0.02 | -0.34 | ||
2097 | 18.00 | 13.41 | -4.59 | ---- | 0.36 | 0.02 | -0.34 |
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 | 17.46% | 13.79% | -3.67% | 2034 | 0.27% | 0.01% | -0.25% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2022 Trustees Report.