2020 OASDI Trustees Report

III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND
LEGISLATIVE CHANGES IN THE LAST YEAR

A. OPERATIONS OF THE OLD‑AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2019

This section presents detailed information on the operations of the OASI and DI Trust Funds¹ during calendar year 2019. Chapter IV provides projections for calendar years 2020 through 2095.

1. OASI Trust Fund

Table III.A1 presents a statement of the income and cost of the Federal Old-Age and Survivors Insurance Trust Fund in calendar year 2019, and of the asset reserves in the fund at the beginning and end of the calendar year. As shown in this table, total trust fund income in 2019 amounted to $917.9 billion, while cost totaled $911.4 billion, an increase in trust fund reserves during 2019 of $6.5 billion.

Total income during calendar year 2019 included $808.0 billion in payroll tax contributions. These contributions include initial appropriations of payroll taxes, made on an estimated basis, and adjustments to appropriations for prior years to reflect actual tax income. The OASI fund paid the General Fund $2.9 billion for the estimated amount of employee payroll-tax refunds, partially offsetting these gross contributions. Employees who work for more than one employer during a year and pay contributions on total earnings in excess of the contribution and benefit base are eligible for such refunds. Net payroll tax contributions were therefore $805.1 billion in 2019.

Net reimbursements from the General Fund of the Treasury amounted to $11 million in 2019. As shown in the table, almost all of that amount came from adjustments to prior year reimbursements based on Public Law 111-312, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 112-78, the Temporary Payroll Tax Cut Continuation Act of 2011, and Public Law 112‑96, the Middle Class Tax Relief and Job Creation Act of 2012. These acts specified General Fund reimbursement for temporary reductions in employee and self-employment payroll taxes for earnings in 2011 and 2012.

Income to the OASI Trust Fund based on the taxation of OASI benefits amounted to $34.9 billion in 2019. As first required by the 1983 Social Security Amendments, this income comes from two separate sources: (1) Federal income taxation on up to 50 percent of an individual’s or couple’s OASI benefits under certain circumstances, and (2) a tax withheld from the benefits paid to certain nonresident alien beneficiaries. For the direct Federal income tax portion, Treasury transfers estimated amounts to the OASI Trust Fund in advance at the beginning of each calendar quarter. Treasury makes subsequent adjustments based on the actual amounts shown on annual income tax records. There were no such adjustments made in 2019. The amount of income from direct Federal income taxation on OASI benefits constituted approximately 99 percent of income from benefit taxation. The remaining one percent of the income from benefit taxation is the amounts withheld from the benefits paid to nonresident aliens.

In 2019, the OASI Trust Fund earned $77.9 billion in net interest, which consisted of: (1) interest earned on the investments held by the trust fund, (2) interest on adjustments in the allocation of administrative expenses between the trust fund and the General Fund account for the Supplemental Security Income program, (3) interest arising from the revised allocation of administrative expenses among the trust funds, and (4) interest on certain reimbursements to the trust fund.

The remaining income, about $182 thousand, consisted of gifts received under the provisions authorizing the deposit of monetary gifts or bequests in the trust funds.

Table III.A1.—Operations of the OASI Trust Fund, Calendar Year 2019 

[In millions]

Total asset reserves, December 31, 2018					$2,797,872
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$807,973
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-2,882
			Net payroll tax contributionsa		805,091
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		11
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		11
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		228
		All other, not subject to withholding		34,662
			Total income from taxation of benefits		34,890
	Investment income and interest adjustments:
		Interest on investments		77,880
		Interest adjustmentsc		1
			Total investment income and interest adjustments		77,881
	Gifts				b
Total income					917,873
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		902,833
		Reimbursement from the General Fund for unnegotiated checks		-36
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		13
			Net benefit paymentsd		902,809
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,880
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,343
			Department of the Treasury	396
		Offsetting miscellaneous receipts		-1
		Miscellaneous reimbursements from the General Fund e		-5
			Net administrative expenses		3,733
Total cost					911,423
Net increase in asset reserves					6,450
	Total invested assets			2,804,355
	Undisbursed balances f			-33
Total asset reserves, December 31, 2019					2,804,322

---

a

Includes adjustments for prior calendar 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.

f

A negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the OASI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

Of the $911.4 billion in total OASI cost in 2019, $902.8 billion was for net benefit payments, including recovered overpayments, reimbursements from the General Fund for unnegotiated checks, and the reimbursable costs of vocational rehabilitation services.² Net benefit payments increased by 6.9 percent from calendar year 2018 to calendar year 2019. This increase is due primarily to: (1) an increase in the average number of beneficiaries during the year and (2) an increase in the average monthly benefit amount. The increase in the average benefit amount in 2019 was due in part to the automatic cost-of-living benefit increase of 2.8 percent which became effective for December 2018 under the automatic-adjustment provisions in section 215(i) of the Social Security Act. In addition, new beneficiaries tend to have higher monthly benefit amounts than previous beneficiary cohorts, because their initial benefits are based on average wages, which tend to rise faster than the cost of living.

The Railroad Retirement Act requires an annual financial interchange between the Railroad Retirement program and the OASDI program. The purpose of the interchange is to put the OASI and DI Trust Funds in the same financial position in which they would have been had railroad employment always been covered directly by Social Security. The Railroad Retirement Board and the Social Security Administration calculated an interchange of $4.9 billion from the OASI Trust Fund to the Social Security Equivalent Benefit Account for June 2019.

The remaining $3.7 billion of cost for the OASI Trust Fund was for net administrative expenses. The Social Security Administration charges administrative expenses incurred to administer the OASI program directly to the trust fund on an estimated basis. Periodically, as actual expenses are recorded, adjustments are made to the allocations of administrative expenses for prior periods. These adjustments affect the OASI Trust Fund, the DI Trust Fund, the Hospital Insurance (HI) Trust Fund, the Supplementary Medical Insurance (SMI) Trust Fund, and the General Fund account for the Supplemental Security Income program, and include appropriate interest adjustments. As described earlier, the trust fund accounting records such interest adjustments under investment income.

For 2019, the cost incurred by the Social Security Administration to administer the OASI program was 90 percent of OASI net administrative expenses. The Social Security Administration charged such costs to the trust fund in the amount of $3.3 billion in 2019. In addition, the Department of the Treasury charged the trust fund $0.4 billion in 2019 for services provided in administering the OASI program. A relatively small offset to administrative expenses of $1 million in 2019 represents income from miscellaneous receipts due to the trust fund, which may include refunds, penalties, fees, and other receipts.

Finally, the General Fund of the Treasury makes net reimbursements for administrative costs incurred by the Social Security Administration in performing certain legislatively mandated activities that are not directly related to paying OASI benefits. These reimbursements include $4 million in costs associated with union activities related to administering the OASI program and $1 million in costs of providing information to participants in certain pension plans in 2019. These miscellaneous reimbursements totaled $5 million in 2019.

The asset reserves shown for the OASI Trust Fund at the end of calendar year 2019 totaled $2,804.3 billion, consisting of $2,804.4 billion in U.S. Government obligations and, as an offset, an extension of credit of $33 million against securities to be redeemed within the first few days of the following year. The effective annual rate of interest earned by the reserves in the OASI Trust Fund during calendar year 2019 was 2.8 percent, slightly lower than the 2.9 percent earned during calendar year 2018. Table VI.A4, presented in appendix A, shows a detailed listing of OASI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2018 and 2019.

By law, the Department of the Treasury must invest trust fund reserves in interest-bearing securities backed by the full faith and credit of the United States Government. The securities currently held by the OASI Trust Fund are entirely special issue securities sold by the Treasury only to the trust funds. These special issues are of two types: short-term certificates of indebtedness and longer-term bonds. Daily trust fund tax income is invested in the short-term certificates of indebtedness which mature on the next June 30 following the date of issue. The trust fund normally acquires long-term special-issue bonds when special issue securities of either type mature on June 30 and must be reinvested. The amount of long-term bonds acquired on June 30 is equal to the amount of special issue securities maturing (including accrued interest earnings), plus tax income for that day, less amounts required to meet cost on that day.

Section 201(d) of the Social Security Act provides that the obligations issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. The usual practice has been to reinvest the maturing special issue securities, as of each June 30, so that the value of the total portfolio of special issue securities maturing in each of the next 15 years are approximately equal. Accordingly, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the special-issue bonds purchased on June 30, 2019, so that the maturity dates of the total portfolio of special issue securities would be spread evenly to the extent possible over the 15‑year period 2020 through 2034. The bonds purchased on that date have an interest rate of 2.250 percent, reflecting the average market yield, as of the last business day of the prior month, on all of the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. Table III.A7 shows additional details on the investment transactions during 2019, including the amounts of bonds purchased on June 30, 2019.

2. DI Trust Fund

Table III.A2 presents a statement of the income and cost of the Federal Disability Insurance Trust Fund in calendar year 2019, and of the asset reserves in the fund at the beginning and end of the calendar year.

Line entries in the DI statement are similar to those in the OASI statement. The explanations of the OASI entries generally apply to DI as well.

Of the $143.9 billion in total income, $139.4 billion was net payroll tax contributions. Net payroll tax contributions in 2019 decreased by 18 percent from the level in 2018, largely due to the expiration of the payroll tax rate reallocation at the end of 2018.

Of the $147.9 billion of total cost, $145.1 billion was net benefit payments. The total level of net benefit payments in 2019 increased by 1.0 percent from total net benefit payments paid in 2018, largely due to an increase in average benefit amounts and an offsetting decrease in the average number of beneficiaries. DI total cost exceeded non-interest income and total income in 2019.

Table III.A2.—Operations of the DI Trust Fund, Calendar Year 2019

[In millions]

Total asset reserves, December 31, 2018					$97,057
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$140,060
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-683
			Net payroll tax contributionsa		139,377
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		2
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		2
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,579
			Total income from taxation of benefits		1,583
	Investment income and interest adjustments:
		Interest on investments		2,937
		Interest adjustments c		3
			Total investment income and interest adjustments		2,940
	Gifts				—
Total income					143,901
Cost:
	Benefit payments:
		Monthly benefitsd		145,049
		Reimbursement from the General Fund for unnegotiated checks		-20
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		92
			Net benefit paymentsd		145,121
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				66
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,607
			Department of the Treasury	72
		Demonstration projects		13
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,689
Total cost					147,876
Net increase in asset reserves					-3,974
	Total invested assets			93,138
	Undisbursed balancesf			-55
Total asset reserves, December 31, 2019					93,083

---

a

Includes adjustments for prior calendar 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 legislatively mandated activities not directly related to administering the DI program.

f

A negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the DI Trust Fund that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

During 2019, the reserves in the DI Trust Fund decreased by $4.0 billion, from $97.1 billion at the end of 2018 to $93.1 billion at the end of 2019. This $93.1 billion consisted of $93.1 billion in U.S. Government obligations and, as an offset, an extension of credit of $55 million against securities to be redeemed within the first few days of the following year. The effective annual rate of interest earned by the asset reserves in the DI Trust Fund during calendar year 2019 was 3.1 percent, which was the same as the 3.1 percent earned during calendar year 2018. Table VI.A5 shows a detailed listing of DI Trust Fund holdings by type of security, interest rate, and year of maturity at the end of calendar years 2018 and 2019.

Section 201(d) of the Social Security Act provides that the Treasury securities issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. Each year, bond purchases for each trust fund are made on June 30, taking into account the projected reserve depletion date in the most recently issued Trustees Report. The usual practice has been to reinvest the maturing special issue securities, as of each June 30, so that the values of the securities maturing in each of the next 15 years are approximately equal. Accordingly, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the DI special-issue bonds purchased on June 30, 2019, so that the maturity dates of the total portfolio of special issue securities would be evenly spread to the extent possible over the 15‑year period 2020-34. The bonds purchased have an interest rate of 2.250 percent, reflecting the average market yield, as of the last business day of the prior month, on the outstanding marketable U.S. obligations that are due or callable more than 4 years in the future. Table III.A7 shows details on investment transactions during 2019.

3. OASI and DI Trust Funds, Combined

Table III.A3 presents a statement of the operations of the OASI and DI Trust Funds on a hypothetical combined basis.³ The entries in this table represent the sums of the corresponding values from tables III.A1 and III.A2. The two preceding subsections that cover OASI and DI provide a description of the nature of these income and cost transactions.

Table III.A3.—Operations of the Combined OASI and DI Trust Funds,
Calendar Year 2019 

[In millions]

Total asset reserves, December 31, 2018					$2,894,929
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$948,033
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-3,565
			Net payroll tax contributionsa		944,468
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L. 111-312, P.L. 112-78, and P.L. 112-96a		13
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		13
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		232
		All other, not subject to withholding		36,241
			Total income from taxation of benefits		36,473
	Investment income and interest adjustments:
		Interest on investments		80,817
		Interest adjustments c		4
			Total investment income and interest adjustments		80,821
	Gifts				b
Total income					1,061,775
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,047,882
		Reimbursement from the General Fund for unnegotiated checks		-56
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		105
			Net benefit paymentsd		1,047,930
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,946
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,950
			Department of the Treasury	468
		Offsetting miscellaneous receipts		-1
		Demonstration projects		13
		Miscellaneous reimbursements from the General Fund e		-8
			Net administrative expenses		6,422
Total cost					1,059,299
Net increase in asset reserves					2,476
	Total invested assets			2,897,493
	Undisbursed balancesf			-88
Total asset reserves, December 31, 2019					2,897,405

---

a

Includes adjustments for prior calendar 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.

f

A negative balance represents a situation where the actual cash payments exceeded the amount of invested securities of the OASI and DI Trust Funds that were redeemed to make such payments. In this situation, future redemption of additional invested securities will be required to pay for this shortfall.

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

Table III.A4 compares estimates of total income and total cost for calendar year 2019 from the intermediate projections in the 2015 through 2019 Trustees Reports to the corresponding actual amounts for 2019.

Table III.A4.—Comparison of Actual Calendar Year 2019 Trust Fund Operations
With Estimates Made in Prior Reports, Based on Intermediate Assumptions ^a 

[Amounts in billions]

		Total income  b			Total cost
		Amount	Difference from actual (percent)		Amount	Difference from actual (percent)
OASI Trust Fund:
	Estimate in 2015 report	$1,005.4	9.5		$975.1	7.0
	Estimate in 2016 report	963.4	5.0		935.5	2.6
	Estimate in 2017 report	961.1	4.7		922.9	1.3
	Estimate in 2018 report	918.1	c		908.5	-.3
	Estimate in 2019 report	917.6	c		910.3	-.1
	Actual amount	917.9	—		911.4	—
DI Trust Fund:
	Estimate in 2015 report	d	d		173.3	17.2
	Estimate in 2016 report	149.0	3.5		166.1	12.3
	Estimate in 2017 report	149.8	4.1		158.7	7.3
	Estimate in 2018 report	143.2	-.5		153.0	3.5
	Estimate in 2019 report	143.4	-.4		149.8	1.3
	Actual amount	143.9	—		147.9	—
OASI and DI Trust Funds, combined:
	Estimate in 2015 report	1,150.9	8.4		1,148.3	8.4
	Estimate in 2016 report	1,112.4	4.8		1,101.6	4.0
	Estimate in 2017 report	1,110.9	4.6		1,081.6	2.1
	Estimate in 2018 report	1,061.4	c		1,061.5	.2
	Estimate in 2019 report	1,061.0	-.1		1,060.0	.1
	Actual amount	1,061.8	—		1,059.3	—

---

a

Percentage differences are calculated prior to rounding.

b

“Actual” income for 2019 reflects adjustments to payroll tax contributions for prior calendar years (see appendix A for description of these adjustments). “Estimated” income also includes such adjustments, but on an estimated basis.

c

Between -0.05 and 0.05 percent.

d

In the annual report for 2015, the DI Trust Fund was projected to become depleted in calendar year 2016 under the intermediate assumptions. Under those circumstances, scheduled benefits could not be paid in full on a timely basis, so that certain projected items of income such as income from taxing benefits and interest on trust fund reserves could not be meaningfully projected. Accordingly, total DI Trust Fund income was not reported for 2019 in the 2015 report. Following the tax rate reallocation enacted in the Bipartisan Budget Act of 2015, the DI Trust Fund was not projected to become depleted until after 2019 in the 2016 through 2019 reports, and thus an estimate for total income was reported. Appendix A presents a detailed description of the components of income and cost, along with complete historical values.

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

A number of factors contribute to differences between estimates and subsequent actual amounts, including: (1) actual values for key demographic, economic, and other variables that differ from earlier assumed levels; and (2) legislation that was enacted or other administrative initiatives that were finalized after the Trustees completed their estimates.

At the end of calendar year 2019, the OASDI program was providing monthly benefits to about 64.1 million people. The OASI Trust Fund was providing benefits to about 54.1 million people and the DI Trust Fund was providing benefits to about 9.9 million people. The number of people receiving benefits from the OASI Trust Fund grew by 2.6 percent while the number of people receiving DI benefits fell by 2.3 percent during calendar year 2019. These changes are in large part due to the gradual aging of the population, with the earliest cohorts of the baby-boom generation now moving above normal retirement age, where DI benefits are no longer applicable. Table III.A5 shows the estimated distributions of benefit payments in calendar years 2018 and 2019, by type of beneficiary, for each trust fund separately.

 

Table III.A5.—Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2018 and 2019 

[Amounts in millions]

				Calendar year 2018			Calendar year 2019
				Amount	Percentage of total		Amount	Percentage of total
Total OASDI benefit payments				$988,580	100.0		$1,047,882	100.0
	OASI benefit payments			844,924	85.5		902,833	86.2
	DI benefit payments			143,656	14.5		145,049	13.8
OASI benefit payments, total				844,924	100.0		902,833	100.0
	Monthly benefits:
		Retired workers and auxiliaries		723,542	85.6		777,258	86.1
			Retired workers	686,099	81.2		737,809	81.7
			Spouses	31,615	3.7		33,323	3.7
			Children	5,828	.7		6,127	.7
		Survivors of deceased workers		121,175	14.3		125,369	13.9
			Aged widows and widowers	96,623	11.4		100,190	11.1
			Disabled widows and widowers	2,372	.3		2,362	.3
			Parents	20	a		20	a
			Children	20,660	2.4		21,310	2.4
			Widowed mothers and fathers caring for child beneficiaries	1,500	.2		1,488	.2
	Lump-sum death payments			207	a		206	a
DI benefit payments, total				143,656	100.0		145,049	100.0
		Disabled workers		134,962	93.9		136,512	94.1
		Spouses		536	.4		532	.4
		Children		8,158	5.7		8,004	5.5

---

a

Less than 0.05 percent.

Note: Benefits are monthly benefits and lump-sum death payments. Totals do not necessarily equal the sums of rounded components.

Net administrative expenses of the OASI and DI Trust Funds in calendar year 2019 totaled $6.4 billion, equal to 0.6 percent each of total cost and total income. Table III.A6 shows corresponding percentages for each trust fund separately and for OASDI as a whole for the last 5 years.

Table III.A6.—Administrative Expenses as a Percentage of Total Income and
of Total Cost, Calendar Years 2015-2019

Calendar year	OASI Trust Fund			DI Trust Fund			OASI and DI Trust Funds, combined
	Total income	Total cost		Total income	Total cost		Total income	Total cost
2015	0.4	0.4		2.4	1.9		0.7	0.7
2016	.4	.4		1.7	1.9		.7	.7
2017	.4	.5		1.6	1.9		.6	.7
2018	.5	.4		1.7	1.9		.7	.7
2019	.4	.4		1.9	1.8		.6	.6

The acquisition and redemption of securities during calendar year 2019 changed the invested reserves of the OASI and DI Trust Funds. Table III.A7 presents investment transactions for each fund separately and combined.

 

Table III.A7.—Trust Fund Investment Transactions, Calendar Year 2019

[In millions]

			OASI Trust Fund	DI Trust Fund	OASI and DI Trust Funds, combined
Invested asset reserves, December 31, 2018a			$2,797,974	$97,201	$2,895,175
Acquisitions:
	Special issue securities:
		Certificates of indebtedness	879,249	143,004	1,022,253
		Bonds b	190,718	20,940	211,658
		Total acquisitions	1,069,967	163,944	1,233,911
Redemptions:
	Special issue securities:
		Certificates of indebtedness	878,218	153,823	1,032,040
		Bonds	185,368	14,184	199,553
		Total redemptions	1,063,586	168,007	1,231,593
Net increase in invested asset reserves			6,381	-4,063	2,318
Invested asset reserves, December 31, 2019a			2,804,355	93,138	2,897,493

---

a

Invested asset reserves differ from total asset reserves by the amount of undisbursed balances. See tables VI.A4 and VI.A5 for details.

b

Purchased on June 30, 2019. The interest rate on these purchases was 2.250 percent.

Note: Investments are shown at par value. Totals do not necessarily equal the sums of rounded components.

---

1

See www.ssa.gov/oact/ProgData/fundsQuery.html.

2

Vocational rehabilitation services under the OASI program are furnished to disabled widow(er) beneficiaries and to those children of retired or deceased workers who receive benefits based on disabilities that began before age 22. The trust funds reimburse the providers of such services only in those cases where the services contributed to the successful rehabilitation of the beneficiary.

3

The OASI and DI Trust Funds are distinct legal entities which operate independently. To illustrate the actuarial status of the program as a whole, the fund operations are often combined on a hypothetical basis.