Detailed Single Year Tables
Description of Proposed Provision:
B7.10: Replace the current-law WEP with a new calculation for most OASI and DI benefits based on covered and non-covered earnings, phased in for beneficiaries becoming newly eligible in 2029 through 2038. For this new approach, compute a PIA based on all past earnings (covered and non-covered), and multiply by the "non-covered earnings ratio." This ratio is equal to the current-law concept of the average indexed monthly earnings computed without non-covered earnings divided by a modified average indexed monthly earnings that includes both covered and non-covered earnings in agency records.
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 | 14.45 | 12.95 | -1.49 | 194 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 14.66 | 12.97 | -1.69 | 177 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 14.88 | 13.08 | -1.80 | 160 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.10 | 13.10 | -2.00 | 143 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.33 | 13.14 | -2.19 | 126 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.53 | 13.17 | -2.35 | 109 | -0.00 | -0.00 | 0.00 | ||
| 2030 | 15.72 | 13.20 | -2.52 | 91 | -0.00 | -0.00 | 0.00 | ||
| 2031 | 15.90 | 13.23 | -2.67 | 74 | -0.00 | -0.00 | 0.00 | ||
| 2032 | 16.07 | 13.24 | -2.82 | 57 | -0.00 | -0.00 | 0.00 | ||
| 2033 | 16.20 | 13.26 | -2.95 | 39 | -0.00 | -0.00 | 0.00 | ||
| 2034 | 16.32 | 13.27 | -3.05 | 21 | -0.00 | -0.00 | 0.00 | ||
| 2035 | 16.42 | 13.27 | -3.14 | 3 | -0.00 | -0.00 | 0.00 | ||
| 2036 | 16.49 | 13.28 | -3.21 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2037 | 16.57 | 13.29 | -3.28 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2038 | 16.63 | 13.29 | -3.34 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2039 | 16.67 | 13.30 | -3.38 | ---- | -0.01 | -0.00 | 0.01 | ||
| 2040 | 16.70 | 13.30 | -3.40 | ---- | -0.02 | -0.00 | 0.02 | ||
| 2041 | 16.72 | 13.30 | -3.42 | ---- | -0.02 | -0.00 | 0.02 | ||
| 2042 | 16.74 | 13.30 | -3.44 | ---- | -0.02 | -0.00 | 0.02 | ||
| 2043 | 16.76 | 13.30 | -3.45 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2044 | 16.77 | 13.30 | -3.47 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2045 | 16.79 | 13.31 | -3.48 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2046 | 16.80 | 13.31 | -3.49 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2047 | 16.82 | 13.31 | -3.51 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2048 | 16.84 | 13.31 | -3.53 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2049 | 16.87 | 13.31 | -3.55 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2050 | 16.90 | 13.32 | -3.58 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2051 | 16.93 | 13.32 | -3.61 | ---- | -0.05 | -0.00 | 0.05 | ||
| 2052 | 16.96 | 13.32 | -3.63 | ---- | -0.06 | -0.00 | 0.05 | ||
| 2053 | 16.99 | 13.32 | -3.67 | ---- | -0.06 | -0.00 | 0.06 | ||
| 2054 | 17.03 | 13.33 | -3.71 | ---- | -0.06 | -0.00 | 0.06 | ||
| 2055 | 17.08 | 13.33 | -3.75 | ---- | -0.07 | -0.00 | 0.06 | ||
| 2056 | 17.13 | 13.34 | -3.80 | ---- | -0.07 | -0.00 | 0.06 | ||
| 2057 | 17.19 | 13.34 | -3.85 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2058 | 17.25 | 13.35 | -3.90 | ---- | -0.07 | -0.00 | 0.07 | ||
| 2059 | 17.31 | 13.35 | -3.96 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2060 | 17.37 | 13.36 | -4.02 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2061 | 17.43 | 13.36 | -4.07 | ---- | -0.08 | -0.00 | 0.07 | ||
| 2062 | 17.49 | 13.37 | -4.12 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2063 | 17.54 | 13.37 | -4.17 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2064 | 17.59 | 13.37 | -4.22 | ---- | -0.08 | -0.00 | 0.08 | ||
| 2065 | 17.64 | 13.38 | -4.27 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2066 | 17.70 | 13.38 | -4.31 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2067 | 17.75 | 13.39 | -4.36 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2068 | 17.80 | 13.39 | -4.41 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2069 | 17.86 | 13.39 | -4.46 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2070 | 17.91 | 13.40 | -4.51 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2071 | 17.97 | 13.40 | -4.56 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2072 | 18.02 | 13.41 | -4.61 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2073 | 18.07 | 13.41 | -4.66 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2074 | 18.12 | 13.41 | -4.71 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2075 | 18.16 | 13.42 | -4.74 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2076 | 18.20 | 13.42 | -4.78 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2077 | 18.22 | 13.42 | -4.80 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2078 | 18.23 | 13.42 | -4.80 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2079 | 18.22 | 13.42 | -4.80 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2080 | 18.21 | 13.42 | -4.79 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2081 | 18.18 | 13.42 | -4.76 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2082 | 18.15 | 13.42 | -4.73 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2083 | 18.11 | 13.42 | -4.69 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2084 | 18.07 | 13.42 | -4.65 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2085 | 18.01 | 13.41 | -4.60 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2086 | 17.96 | 13.41 | -4.55 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2087 | 17.89 | 13.40 | -4.49 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2088 | 17.82 | 13.40 | -4.42 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2089 | 17.76 | 13.40 | -4.36 | ---- | -0.09 | -0.01 | 0.09 | ||
| 2090 | 17.70 | 13.39 | -4.31 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2091 | 17.65 | 13.39 | -4.26 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2092 | 17.61 | 13.39 | -4.23 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2093 | 17.58 | 13.38 | -4.20 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2094 | 17.56 | 13.38 | -4.18 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2095 | 17.55 | 13.38 | -4.17 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2096 | 17.55 | 13.38 | -4.17 | ---- | -0.09 | -0.01 | 0.08 | ||
| 2097 | 17.56 | 13.38 | -4.17 | ---- | -0.09 | -0.01 | 0.08 | ||
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 | 17.15% | 13.78% | -3.37% | 2035 | -0.05% | -0.00% | 0.05% | ||
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.