2014 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL DATA AND
PROJECTIONS THROUGH 2023

Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2013 operations of the OASI, DI, and the theoretical combined OASI and DI Trust Funds, respectively. The fiscal year for the U.S. Government is the 12-month period ending September 30. Fiscal year 2013 is the most recent fiscal year for which complete information is available. These tables are similar to the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and outgo.

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2013

[In millions]

Total asset reserves, September 30, 2012					$2,585,936
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa		$591,372
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-1,396
			Net payroll tax contributionsa		589,976
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		26,328
		Reduction in payroll tax contributions due to P.L. 111-147a		98
		Reimbursements directed by P.L. 110-246		7
		Payroll tax credits due to P.L. 98-21a		b
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		b
			Net general fund reimbursementsa		26,433
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		175
		All other, not subject to withholdinga		22,969
			Total income from taxation of benefitsa		23,144
	Investment income and interest adjustments:
		Interest on investments		100,113
		Interest adjustments c		2
			Total investment income and interest adjustments		100,115
Total receipts					739,668
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		663,243
		Reimbursement from the general fund for unnegotiated checks		-51
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		4
			Net benefit paymentsd		663,195
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				3,948
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,848
			Department of the Treasury	573
		Offsetting receipts from sales of supplies, materials, etc.		-4
		Miscellaneous reimbursements from the general fund e		-7
			Net administrative expenses		3,410
Total disbursements					670,554
Net increase in asset reserves					69,114
Total asset reserves, September 30, 2013					2,655,049

---

a

Includes adjustments for prior years

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

Note: Totals do not necessarily equal the sums of rounded components.

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2013 

[In millions]

Total asset reserves, September 30, 2012					$131,981
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa		$100,406
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-237
			Net payroll tax contributionsa		100,169
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		4,486
		Reduction in payroll tax contributions due to P.L. 111-147a		17
		Reimbursements directed by P.L. 110-246		1
		Payroll tax credits due to P.L. 98-21a		b
			Net general fund reimbursementsa		4,504
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		1,047
			Total income from taxation of benefitsa		1,051
	Investment income and interest adjustments:
		Interest on investments		5,536
		Interest adjustmentsc		1
			Total investment income and interest adjustments		5,538
Total receipts					111,262
Disbursements:
	Benefit payments:
		Monthly benefitsd		139,390
		Reimbursement from the general fund for unnegotiated checks		-24
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		80
			Net benefit paymentsd		139,446
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				551
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,634
			Department of the Treasury	108
		Demonstration projects		22
		Miscellaneous reimbursements from the general fund e		-3
			Net administrative expenses		2,760
Total disbursements					142,757
Net increase in asset reserves					-31,494
Total asset reserves, September 30, 2013					100,486

---

a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust fund and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust fund.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

Note: Totals do not necessarily equal the sums of rounded components.

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2013 

[In millions]

Total asset reserves, September 30, 2012					$2,717,916
Receipts:
	Net payroll tax contributions:
		Payroll tax contributionsa		$691,778
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-1,633
			Net payroll tax contributionsa		690,145
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		30,814
		Reduction in payroll tax contributions due to P.L. 111-147a		115
		Reimbursements directed by P.L. 110-246		8
		Payroll tax credits due to P.L. 98-21a		b
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		b
			Net general fund reimbursementsa		30,937
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		180
		All other, not subject to withholdinga		24,016
			Total income from taxation of benefitsa		24,196
	Investment income and interest adjustments:
		Interest on investments		105,649
		Interest adjustmentsc		3
			Total investment income and interest adjustments		105,653
Total receipts					850,930
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		802,633
		Reimbursement from the general fund for unnegotiated checks		-75
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		83
			Net benefit paymentsd		802,641
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,499
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,482
			Department of the Treasury	681
		Offsetting receipts from sales of supplies, materials, etc.		-4
		Demonstration projects		22
		Miscellaneous reimbursements from the general funde		-10
			Net administrative expenses		6,171
Total disbursements					813,311
Net increase in asset reserves					37,619
Total asset reserves, September 30, 2013					2,755,536

---

a

Includes adjustments for prior years.

b

Between -$0.5 and $0.5 million.

c

Includes: (1) interest on adjustments in the allocation of administrative expenses between the trust funds and the general fund account for the Supplemental Security Income program; (2) interest arising from the revised allocation of administrative expenses among the trust funds; and (3) interest on certain reimbursements to the trust funds.

d

Includes net reductions for the recovery of overpayments.

e

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

Note: Totals do not necessarily equal the sums of rounded components.

Tables VI.C4, VI.C5, and VI.C6 show estimates of the operations and status of the OASI, DI, and the combined OASI and DI Trust Funds, respectively, during fiscal years 2009-23.

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2009-23

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay-mentsb	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2009	$697.3	$571.2	d	$19.0	$107.1		$551.5	$544.5	$3.4	$3.7		$145.8	$2,295.8	390
	2010	682.4	552.0	$0.7	21.1	108.6		579.9	572.5	3.5	3.9		102.5	2,398.4	396
	2011	692.5	495.0	68.9	21.2	107.4		599.2	591.5	3.6	4.1		93.3	2,491.7	400
	2012	729.0	500.7	95.9	27.2	105.2		634.7	627.2	3.4	4.1		94.3	2,585.9	393
	2013	739.7	590.0	26.4	23.1	100.1		670.6	663.2	3.4	3.9		69.1	2,655.0	386
Intermediate:
	2014	762.4	641.2	.3	24.6	96.4		706.7	699.7	2.8	4.1		55.8	2,710.8	376
	2015	800.3	675.0	.2	30.0	95.1		748.0	740.5	3.2	4.2		52.3	2,763.1	362
	2016	852.0	723.8	.1	33.0	95.1		795.0	787.4	3.2	4.3		57.0	2,820.1	348
	2017	897.2	763.5	.1	36.5	97.2		847.4	839.9	3.4	4.1		49.8	2,869.9	333
	2018	951.5	810.1	d	40.0	101.4		905.6	897.4	3.5	4.6		46.0	2,915.9	317
	2019	1,005.4	855.6	d	43.7	106.0		968.8	960.4	3.7	4.7		36.6	2,952.5	301
	2020	1,054.8	896.2	d	47.6	110.9		1,037.0	1,028.4	3.8	4.9		17.8	2,970.3	285
	2021	1,113.5	947.9	d	51.6	114.0		1,105.6	1,096.8	3.9	4.9		7.9	2,978.2	269
	2022	1,167.1	995.2	d	55.8	116.1		1,178.7	1,169.5	4.0	5.2		-11.6	2,966.6	253
	2023	1,215.8	1,036.8	d	60.4	118.7		1,257.1	1,247.7	4.1	5.3		-41.2	2,925.4	236
Low-cost:
	2014	765.0	643.5	.3	24.6	96.6		706.6	699.7	2.8	4.1		58.3	2,713.4	376
	2015	826.3	698.6	.2	30.0	97.5		748.8	741.4	3.2	4.2		77.4	2,790.8	362
	2016	898.7	762.7	.1	33.3	102.5		801.8	794.3	3.2	4.3		96.9	2,887.7	348
	2017	970.6	821.9	.1	37.2	111.5		863.9	856.3	3.5	4.1		106.8	2,994.4	334
	2018	1,050.4	885.9	d	41.2	123.2		932.2	924.0	3.7	4.6		118.2	3,112.6	321
	2019	1,129.0	949.3	d	45.4	134.4		1,005.2	996.6	3.8	4.8		123.9	3,236.5	310
	2020	1,206.4	1,009.6	d	49.7	147.0		1,083.2	1,074.2	4.0	5.0		123.2	3,359.6	299
	2021	1,295.3	1,081.5	d	54.3	159.5		1,162.5	1,153.4	4.2	5.0		132.8	3,492.4	289
	2022	1,384.7	1,152.8	d	59.1	172.8		1,247.8	1,238.1	4.4	5.3		136.9	3,629.3	280
	2023	1,472.3	1,219.9	d	64.4	188.0		1,340.1	1,330.2	4.6	5.4		132.2	3,761.5	271
High-cost:
	2014	759.3	638.1	.3	24.6	96.3		706.7	699.8	2.8	4.1		52.5	2,707.6	376
	2015	769.7	647.0	.2	30.0	92.5		747.7	740.2	3.2	4.3		22.0	2,729.5	362
	2016	805.7	683.9	.1	32.9	88.8		791.3	783.6	3.2	4.4		14.4	2,744.0	345
	2017	831.0	707.9	.1	36.1	86.9		838.0	830.5	3.3	4.2		-7.1	2,736.9	327
	2018	862.0	738.0	d	39.3	84.6		889.5	881.4	3.4	4.7		-27.5	2,709.4	308
	2019	894.4	767.0	d	42.7	84.8		945.1	936.9	3.5	4.8		-50.7	2,658.7	287
	2020	920.3	792.5	d	46.1	81.7		1,004.8	996.3	3.6	4.9		-84.5	2,574.2	265
	2021	956.5	827.8	d	49.6	79.1		1,063.6	1,055.1	3.6	4.9		-107.1	2,467.1	242
	2022	988.0	860.0	d	53.3	74.6		1,125.7	1,116.9	3.7	5.2		-137.7	2,329.3	219
	2023	1,010.9	885.6	d	57.3	68.0		1,191.7	1,182.8	3.8	5.2		-180.9	2,148.5	195

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a

Includes reimbursements from the General Fund of the Treasury to the OASI Trust Fund for: (1) the cost of noncontributory wage credits for military service before 1957; (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968; (3) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (4) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (5) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

b

Projected benefits are estimated as scheduled under current law.

c

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

d

Between -$50 million and $50 million.

Note: Totals do not necessarily equal the sums of rounded components.

Table VI.C5.—Operations of the DI Trust Fund, Fiscal Years 2009-23

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay-mentsb	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2009	$109.7	$97.0	4	$1.8	$10.8		118.1	$115.1	$2.6	$0.4		-$8.5	$207.8	183
	2010	105.5	93.7	$0.1	1.7	9.9		126.3	122.9	2.9	.5		-20.8	186.9	164
	2011	106.2	84.0	11.7	1.9	8.6		131.5	128.0	3.0	.5		-25.3	161.7	142
	2012	108.8	85.1	16.2	.4	7.2		138.5	135.1	2.9	.5		-29.7	132.0	117
	2013	111.3	100.2	4.5	1.1	5.5		142.8	139.4	2.8	.6		-31.5	100.5	92
Intermediate:
	2014	113.9	108.9	.1	1.0	4.0		145.4	142.1	2.8	.4		-31.4	69.1	69
	2015	119.1	114.6	d	1.8	2.7		150.0	146.2	3.4	.4		-30.9	38.2	46
	2016	126.2	122.9	d	2.0	1.2		154.4	150.9	3.1	.4		-28.3	9.9	25
	2017	e	129.7	d	2.2	e		159.9	156.0	3.5	.3		e	e	6
	2018	e	137.6	d	2.4	e		165.6	161.5	3.9	.3		e	e	e
	2019	e	145.3	d	2.6	e		172.0	167.6	4.1	.3		e	e	e
	2020	e	152.2	d	2.8	e		178.8	174.2	4.4	.2		e	e	e
	2021	e	161.0	d	3.1	e		187.1	182.3	4.6	.2		e	e	e
	2022	e	169.0	d	3.3	e		196.1	191.1	4.9	.2		e	e	e
	2023	e	176.1	d	3.6	e		205.4	200.1	5.1	.1		e	e	e
Low-cost:
	2014	114.3	109.3	.1	1.0	4.0		144.0	140.8	2.8	.4		-29.7	70.8	70
	2015	123.2	118.6	d	1.8	2.8		146.9	143.1	3.4	.4		-23.7	47.1	48
	2016	133.3	129.5	d	1.9	1.9		150.4	146.9	3.1	.4		-17.1	30.0	31
	2017	142.8	139.6	d	2.1	1.1		155.5	151.5	3.6	.3		-12.7	17.3	19
	2018	153.3	150.4	d	2.3	.5		160.8	156.5	4.0	.3		-7.5	9.8	11
	2019	164.1	161.2	d	2.5	.4		166.5	161.9	4.4	.3		-2.4	7.4	6
	2020	174.4	171.4	d	2.7	.2		172.7	167.8	4.7	.2		1.7	9.0	4
	2021	187.1	183.7	d	3.0	.5		180.3	175.1	5.1	.2		6.8	15.8	5
	2022	199.9	195.8	d	3.2	1.0		188.8	183.2	5.4	.1		11.2	27.0	8
	2023	212.4	207.2	d	3.4	1.8		197.5	191.6	5.8	.1		14.8	41.8	14
High-cost:
	2014	113.4	108.4	.1	1.0	4.0		146.8	143.6	2.8	.4		-33.3	67.1	68
	2015	114.2	109.9	d	1.8	2.5		153.4	149.6	3.4	.4		-39.2	28.0	44
	2016	e	116.1	d	2.1	e		159.3	155.7	3.1	.4		e	e	18
	2017	e	120.2	d	2.3	e		165.8	162.0	3.4	.4		e	e	e
	2018	e	125.3	d	2.5	e		172.2	168.2	3.7	.3		e	e	e
	2019	e	130.2	d	2.7	e		179.1	175.0	3.9	.3		e	e	e
	2020	e	134.6	d	3.0	e		186.4	182.1	4.1	.2		e	e	e
	2021	e	140.6	d	3.2	e		194.9	190.4	4.3	.2		e	e	e
	2022	e	146.0	d	3.5	e		203.9	199.3	4.5	.2		e	e	e
	2023	e	150.4	d	3.7	e		213.0	208.2	4.6	.2		e	e	e

---

a

Includes reimbursements from the General Fund of the Treasury to the DI Trust Fund for: (1) the cost of noncontributory wage credits for military service before 1957; (2) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (3) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (4) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

b

Projected benefits are estimated as scheduled under current law.

c

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

d

Between -$50 million and $50 million.

e

The DI Trust Funds become depleted in fiscal years 2017 and 2016 under the intermediate and high-cost assumptions, respectively. Accordingly, certain trust fund operations values from the year of trust fund reserve depletion through 2023 are not meaningful under present law.

Note: Totals do not necessarily equal the sums of rounded components.

Table VI.C6.—Operations of the Combined OASI and DI Trust Funds,
Fiscal Years 2009-23 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay-roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay-mentsb	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2009	$807.0	$668.2	d	$20.8	$118.0		$669.7	$659.6	$6.0	$4.1		$137.3	$2,503.6	353
	2010	788.0	645.8	$0.9	22.8	118.5		706.3	695.4	6.4	4.4		81.7	2,585.3	354
	2011	798.7	579.1	80.6	23.1	116.0		730.7	719.5	6.7	4.6		68.0	2,653.3	354
	2012	837.8	585.7	112.2	27.5	112.4		773.2	762.3	6.3	4.7		64.6	2,717.9	343
	2013	850.9	690.1	30.9	24.2	105.7		813.3	802.6	6.2	4.5		37.6	2,755.5	334
Intermediate:
	2014	876.4	750.1	.3	25.6	100.4		852.0	841.9	5.6	4.6		24.3	2,779.9	323
	2015	919.4	789.6	.2	31.8	97.8		898.0	886.7	6.6	4.7		21.4	2,801.3	310
	2016	978.2	846.7	.1	35.0	96.3		949.4	938.3	6.4	4.7		28.8	2,830.0	295
	2017	1,029.0	893.1	.1	38.7	97.1		1,007.3	995.9	6.9	4.5		21.7	2,851.7	281
	2018	1,090.2	947.6	d	42.4	100.1		1,071.2	1,058.9	7.4	4.9		19.0	2,870.7	266
	2019	1,150.5	1,000.9	d	46.4	103.2		1,140.7	1,128.0	7.8	5.0		9.8	2,880.5	252
	2020	1,205.6	1,048.4	d	50.5	106.6		1,215.8	1,202.6	8.2	5.1		-10.3	2,870.2	237
	2021	1,271.7	1,108.8	d	54.7	108.1		1,292.7	1,279.1	8.5	5.1		-21.0	2,849.2	222
	2022	1,331.9	1,164.1	d	59.2	108.6		1,374.8	1,360.6	8.9	5.4		-42.9	2,806.3	207
	2023	1,386.1	1,212.8	d	64.0	109.3		1,462.5	1,447.8	9.3	5.4		-76.4	2,729.9	192
Low-cost:
	2014	879.3	752.8	.3	25.6	100.6		850.7	840.5	5.6	4.6		28.6	2,784.1	324
	2015	949.5	817.2	.2	31.8	100.3		895.8	884.5	6.6	4.6		53.7	2,837.9	311
	2016	1,032.0	892.2	.1	35.2	104.4		952.2	941.1	6.4	4.7		79.8	2,917.7	298
	2017	1,113.4	961.5	.1	39.3	112.5		1,019.4	1,007.9	7.1	4.4		94.0	3,011.7	286
	2018	1,203.7	1,036.3	d	43.5	123.8		1,093.0	1,080.5	7.7	4.9		110.7	3,122.3	276
	2019	1,293.2	1,110.4	d	47.9	134.8		1,171.7	1,158.5	8.2	5.0		121.5	3,243.8	266
	2020	1,380.8	1,181.1	d	52.5	147.2		1,255.9	1,242.0	8.7	5.2		124.8	3,368.6	258
	2021	1,482.5	1,265.2	d	57.2	160.1		1,342.9	1,328.4	9.2	5.2		139.6	3,508.2	251
	2022	1,584.6	1,348.5	d	62.3	173.8		1,436.6	1,421.3	9.8	5.5		148.1	3,656.3	244
	2023	1,684.7	1,427.1	d	67.8	189.8		1,537.7	1,521.8	10.3	5.6		147.0	3,803.3	238
High-cost:
	2014	872.7	746.5	.3	25.6	100.3		853.5	843.3	5.6	4.6		19.2	2,774.7	323
	2015	883.9	756.9	.2	31.8	95.0		901.1	889.8	6.6	4.7		-17.2	2,757.5	308
	2016	924.5	800.1	.1	34.9	89.4		950.5	939.4	6.4	4.8		-26.1	2,731.5	290
	2017	952.7	828.2	.1	38.3	86.1		1,003.8	992.5	6.8	4.6		-51.1	2,680.3	272
	2018	987.2	863.4	d	41.8	82.0		1,061.8	1,049.7	7.1	5.0		-74.5	2,605.8	252
	2019	1,022.8	897.2	d	45.4	80.2		1,124.3	1,111.8	7.4	5.1		-101.5	2,504.3	232
	2020	1,050.9	927.1	d	49.1	74.7		1,191.2	1,178.4	7.6	5.2		-140.3	2,364.0	210
	2021	1,090.7	968.4	d	52.9	69.4		1,258.5	1,245.5	7.9	5.1		-167.8	2,196.2	188
	2022	1,125.0	1,006.1	d	56.8	62.1		1,329.7	1,316.2	8.2	5.3		-204.7	1,991.5	165
	2023	1,149.4	1,036.0	d	61.0	52.4		1,404.8	1,391.0	8.4	5.4		-255.4	1,736.1	142

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a

Includes reimbursements from the General Fund of the Treasury to the OASI and DI Trust Funds for: (1) the cost of noncontributory wage credits for military service before 1957; (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968; (3) the cost of payroll tax credits provided to employees in 1984 and self-employed persons in 1984-89 by Public Law 98-21; (4) the cost in 2009-17 of excluding certain self-employment earnings from SECA taxes under Public Law 110-246; and (5) payroll tax revenue forgone under the provisions of Public Laws 111-147, 111-312, 112-78, and 112-96.

b

Projected benefits are estimated as scheduled under current law.

c

The “Trust fund ratio” column represents asset reserves at the beginning of a year (which are identical to reserves at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

d

Between -$50 million and $50 million.

Note: Totals do not necessarily equal the sums of rounded components.