2020 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029

Tables VI.C1, VI.C2, and VI.C3 contain details of the fiscal year 2019 operations of the OASI, DI, and the 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 2019 is the most recent fiscal year for which complete information is available. The descriptions of the values in these tables are similar to the corresponding descriptions and values in the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and cost.

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2019

[In millions]

Total asset reserves, September 30, 2018					$2,801,066
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$788,458
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-2,882
			Net payroll tax contributionsa		785,576
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		14
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		15
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		225
		All other, not subject to withholdinga		34,671
			Total income from taxation of benefitsa		34,896
	Investment income and interest adjustments:
		Interest on investments		79,588
		Interest adjustments c		b
			Total investment income and interest adjustments		79,589
	Gifts				b
Total income					900,075
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		888,091
		Reimbursement from the General Fund for unnegotiated checks		-36
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		12
			Net benefit paymentsd		888,068
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,880
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,350
			Department of the Treasury	537
		Offsetting miscellaneous receipts		-1
		Miscellaneous reimbursements from the General Fund e		-4
			Net administrative expenses		3,881
Total cost					896,829
Net increase in asset reserves					3,246
	Total invested assets			2,804,396
	Undisbursed balancesf			-84
Total asset reserves, September 30, 2019					2,804,312

---

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.

f

A negative balance represents a situation where the actual program 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.

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2019 

[In millions]

Total asset reserves, September 30, 2018					$93,141
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$147,531
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-683
			Net payroll tax contributionsa		146,848
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 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 withholdinga		1,205
			Total income from taxation of benefitsa		1,209
	Investment income and interest adjustments:
		Interest on investments		2,915
		Interest adjustmentsc		3
			Total investment income and interest adjustments		2,918
	Gifts				—
Total income					150,978
Cost:
	Benefit payments:
		Monthly benefitsd		144,824
		Reimbursement from the General Fund for unnegotiated checks		-19
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		88
			Net benefit paymentsd		144,893
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				66
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,643
			Department of the Treasury	97
		Demonstration projects		14
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,751
Total cost					147,710
Net increase in asset reserves					3,267
	Total invested assets			96,520
	Undisbursed balancesf			-111
Total asset reserves, September 30, 2019					96,409

---

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.

f

A negative balance represents a situation where the actual program 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.

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2019 

[In millions]

Total asset reserves, September 30, 2018					$2,894,208
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$935,989
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-3,565
			Net payroll tax contributionsa		932,424
	Reimbursements from the General Fund:
		Reduction in payroll tax contributions due to P.L.s 111-312, 112-78, and 112-96a		17
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		17
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		228
		All other, not subject to withholdinga		35,876
			Total income from taxation of benefitsa		36,104
	Investment income and interest adjustments:
		Interest on investments		82,503
		Interest adjustmentsc		4
			Total investment income and interest adjustments		82,507
	Gifts				b
Total income					1,051,053
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,032,915
		Reimbursement from the General Fund for unnegotiated checks		-55
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		100
			Net benefit paymentsd		1,032,961
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,946
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,992
			Department of the Treasury	633
		Offsetting miscellaneous receipts		-1
		Demonstration projects		14
		Miscellaneous reimbursements from the General Funde		-7
			Net administrative expenses		6,632
Total cost					1,044,540
Net increase in asset reserves					6,513
	Total invested assets			2,900,916
	Undisbursed balancesf			-195
Total asset reserves, September 30, 2019					2,900,721

---

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.

f

A negative net balance represents a situation where the actual combined program 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 net redemption of additional invested securities will be required to pay for this shortfall.

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 hypothetical combined OASI and DI Trust Funds, respectively, during fiscal years 2015 through 2029.

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2015-2029

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of bene-fitsb	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2015	$795.3	$672.2	$0.2	$29.6	$93.2		$741.5	$733.7	$3.5	$4.3		$53.9	$2,766.6	366
	2016	799.9	679.6	.1	31.1	89.1		769.8	762.1	3.4	4.3		30.1	2,796.6	359
	2017	822.4	702.1	d	35.4	84.9		799.0	791.1	3.6	4.3		23.5	2,820.1	350
	2018	822.4	706.1	d	34.7	81.6		841.5	833.0	3.7	4.8		-19.0	2,801.1	335
	2019	900.1	785.6	d	34.9	79.6		896.8	888.1	3.9	4.9		3.2	2,804.3	312
Intermediate:
	2020	954.6	840.7	d	37.7	76.2		949.9	940.9	3.9	5.2		4.7	2,809.0	295
	2021	989.9	875.2	d	41.3	73.4		1,004.8	996.3	3.6	4.9		-14.9	2,794.1	280
	2022	1,029.6	914.0	d	44.9	70.7		1,066.4	1,057.5	3.7	5.2		-36.8	2,757.3	262
	2023	1,067.0	950.0	d	48.8	68.2		1,132.3	1,123.1	3.8	5.3		-65.3	2,692.0	244
	2024	1,111.0	992.1	d	53.0	66.0		1,202.5	1,193.1	4.0	5.4		-91.5	2,600.5	224
	2025	1,155.2	1,032.4	d	57.8	65.0		1,276.2	1,266.6	4.1	5.4		-121.0	2,479.6	204
	2026	1,212.0	1,078.0	d	70.2	63.8		1,354.2	1,344.3	4.3	5.6		-142.2	2,337.4	183
	2027	1,263.0	1,120.5	d	78.8	63.6		1,436.3	1,426.3	4.4	5.6		-173.4	2,164.0	163
	2028	1,322.7	1,175.6	d	85.5	61.6		1,525.7	1,515.5	4.5	5.7		-202.9	1,961.1	142
	2029	1,369.4	1,220.2	d	92.6	56.6		1,617.9	1,607.5	4.7	5.7		-248.5	1,712.6	121
Low-cost:
	2020	959.4	845.2	d	37.7	76.4		949.7	940.6	3.9	5.2		9.8	2,814.1	295
	2021	1,021.1	903.1	d	41.6	76.4		1,010.6	1,002.0	3.6	4.9		10.5	2,824.6	278
	2022	1,082.9	960.6	d	45.4	76.9		1,076.9	1,068.0	3.7	5.2		6.0	2,830.6	262
	2023	1,140.9	1,014.5	d	49.5	76.9		1,148.2	1,138.9	3.9	5.3		-7.3	2,823.3	247
	2024	1,210.4	1,076.2	d	54.0	80.1		1,224.9	1,215.3	4.1	5.4		-14.5	2,808.8	231
	2025	1,280.8	1,137.7	d	59.1	83.9		1,305.6	1,295.8	4.3	5.5		-24.9	2,784.0	215
	2026	1,366.4	1,205.9	d	72.2	88.3		1,391.7	1,381.6	4.5	5.6		-25.3	2,758.6	200
	2027	1,447.8	1,271.6	d	81.4	94.9		1,483.0	1,472.6	4.7	5.7		-35.2	2,723.4	186
	2028	1,542.2	1,353.0	d	88.7	100.5		1,583.0	1,572.3	4.9	5.7		-40.7	2,682.7	172
	2029	1,625.4	1,424.7	d	96.5	104.2		1,687.2	1,676.2	5.1	5.8		-61.8	2,620.9	159
High-cost:
	2020	947.8	834.0	d	37.8	76.0		950.2	941.1	3.9	5.2		-2.4	2,801.9	295
	2021	927.4	815.9	d	41.1	70.5		998.5	989.9	3.6	4.9		-71.0	2,730.9	281
	2022	945.5	837.8	d	44.3	63.4		1,050.6	1,041.6	3.7	5.3		-105.0	2,625.9	260
	2023	964.9	859.3	d	47.7	57.9		1,107.6	1,098.5	3.8	5.4		-142.7	2,483.2	237
	2024	990.8	885.4	d	51.6	53.8		1,170.4	1,161.1	3.9	5.4		-179.7	2,303.5	212
	2025	1,016.5	911.8	d	56.0	48.8		1,236.5	1,227.2	4.0	5.4		-220.0	2,083.5	186
	2026	1,055.8	944.2	d	67.7	44.0		1,306.3	1,296.7	4.0	5.5		-250.4	1,833.1	160
	2027	1,089.0	973.2	d	75.6	40.2		1,379.0	1,369.4	4.1	5.5		-290.0	1,543.1	133
	2028	1,127.9	1,011.9	d	81.7	34.2		1,457.6	1,447.8	4.2	5.5		-329.7	1,213.4	106
	2029	1,152.0	1,038.3	d	88.0	25.7		1,537.5	1,527.6	4.3	5.6		-385.5	827.9	79

---

a

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

b

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the 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 2015-2029^a

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsb	Taxa- tion of bene-fitsc	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio d
Historical data:
	2015	$118.0	$114.2	e	$1.0	$2.7		$146.2	$142.9	$2.9	$0.4		-$28.3	$41.7	48
	2016	150.3	147.6	e	1.2	1.5		146.2	143.1	2.8	.4		4.1	45.7	28
	2017	169.5	165.9	e	2.0	1.6		145.8	142.9	2.7	.2		23.7	69.4	31
	2018	170.3	167.0	e	1.0	2.2		146.6	143.6	2.8	.2		23.7	93.1	47
	2019	151.0	146.8	e	1.2	2.9		147.7	144.9	2.8	.1		3.3	96.4	63
Intermediate:
	2020	147.3	142.9	e	1.7	2.8		148.4	145.5	2.8	.1		-1.0	95.4	65
	2021	153.2	148.6	e	1.8	2.9		151.0	148.4	2.5	.1		2.2	97.6	63
	2022	159.9	155.2	e	1.9	2.8		154.4	151.8	2.6	.1		5.4	103.0	63
	2023	166.2	161.3	e	2.0	2.9		158.9	156.1	2.7	e		7.3	110.4	65
	2024	173.9	168.5	e	2.1	3.3		164.1	161.2	2.9	e		9.7	120.1	67
	2025	181.4	175.3	e	2.3	3.8		170.8	167.8	3.1	e		10.5	130.6	70
	2026	190.2	183.1	e	2.8	4.3		178.0	174.7	3.2	e		12.2	142.8	73
	2027	198.4	190.3	e	3.1	5.0		185.5	182.1	3.4	e		12.9	155.7	77
	2028	208.7	199.6	e	3.3	5.8		191.9	188.2	3.6	e		16.9	172.6	81
	2029	217.5	207.2	e	3.6	6.7		198.4	194.6	3.8	e		19.1	191.7	87
Low-cost:
	2020	148.1	143.6	e	1.7	2.9		147.6	144.7	2.8	.1		.5	96.9	65
	2021	158.2	153.4	e	1.7	3.1		150.0	147.4	2.5	.1		8.2	105.2	65
	2022	168.5	163.1	e	1.8	3.6		152.5	149.8	2.6	e		16.0	121.2	69
	2023	178.5	172.3	e	1.9	4.3		155.5	152.7	2.8	e		22.9	144.1	78
	2024	190.5	182.8	e	2.0	5.7		159.0	156.1	2.9	e		31.4	175.6	91
	2025	202.9	193.2	e	2.2	7.5		163.7	160.6	3.1	e		39.2	214.8	107
	2026	217.3	204.8	e	2.6	10.0		168.8	165.5	3.3	e		48.6	263.3	127
	2027	231.8	215.9	e	2.9	13.0		174.3	170.8	3.5	e		57.6	320.9	151
	2028	249.5	229.8	e	3.1	16.7		178.9	175.1	3.7	e		70.7	391.6	179
	2029	266.4	241.9	e	3.3	21.2		183.9	179.9	3.9	e		82.6	474.2	213
High-cost:
	2020	146.2	141.7	e	1.7	2.8		149.1	146.2	2.8	.1		-2.9	93.5	65
	2021	142.9	138.5	e	1.8	2.6		152.8	150.3	2.5	.1		-9.9	83.5	61
	2022	146.2	142.3	e	1.9	2.0		157.6	154.9	2.6	.1		-11.4	72.1	53
	2023	149.5	145.9	e	2.0	1.6		163.2	160.4	2.8	.1		-13.7	58.4	44
	2024	153.8	150.4	e	2.2	1.3		169.6	166.6	2.9	e		-15.7	42.6	34
	2025	158.1	154.8	e	2.4	.9		177.1	174.0	3.1	e		-19.0	23.7	24
	2026	163.6	160.3	e	2.9	.4		185.1	181.8	3.2	e		-21.5	2.2	13
	2027	f	165.3	e	3.2	f		193.6	190.2	3.4	e		f	f	1
	2028	f	171.8	e	3.5	f		201.0	197.4	3.5	.1		f	f	f
	2029	f	176.3	e	3.8	f		208.4	204.6	3.7	.1		f	f	f

---

a

The DI Trust Fund becomes depleted in fiscal year 2027 under the high-cost assumptions. For any period during which reserves would be depleted, scheduled benefits could not be paid in full on a timely basis, income from taxing benefits would be less than would apply to scheduled benefits, and interest on trust fund reserves would be negligible.

b

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

c

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the law.

d

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.

e

Between -$50 million and $50 million.

f

While the fund is depleted, values under current law would reflect permissible expenditures only, which are inconsistent with the cost of scheduled benefits shown in this table.

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 2015-2029 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Asset Reserves
		Total	Net pay-roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of bene‑ fitsb	Net interest		Total	Sched-uled benefits	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio c
Historical data:
	2015	$913.3	$786.4	$0.3	$30.7	$96.0		$887.7	$876.6	$6.4	$4.7		$25.6	$2,808.2	313
	2016	950.2	827.1	.2	32.3	90.6		916.0	905.2	6.2	4.7		34.1	2,842.4	307
	2017	991.9	868.0	d	37.4	86.5		944.7	934.0	6.2	4.5		47.2	2,889.5	301
	2018	992.7	873.2	d	35.7	83.8		988.0	976.7	6.4	4.9		4.7	2,894.2	292
	2019	1,051.1	932.4	d	36.1	82.5		1,044.5	1,033.0	6.6	4.9		6.5	2,900.7	277
Intermediate:
	2020	1,102.0	983.6	d	39.4	79.0		1,098.3	1,086.3	6.7	5.3		3.7	2,904.4	264
	2021	1,143.1	1,023.8	d	43.1	76.3		1,155.8	1,144.7	6.1	5.0		-12.7	2,891.7	251
	2022	1,189.5	1,069.2	d	46.8	73.5		1,220.8	1,209.3	6.3	5.2		-31.3	2,860.4	237
	2023	1,233.2	1,111.4	d	50.8	71.1		1,291.2	1,279.2	6.6	5.3		-57.9	2,802.4	222
	2024	1,284.9	1,160.5	d	55.1	69.2		1,366.7	1,354.3	6.9	5.4		-81.8	2,720.6	205
	2025	1,336.5	1,207.7	d	60.1	68.7		1,447.0	1,434.3	7.2	5.5		-110.4	2,610.2	188
	2026	1,402.2	1,261.1	d	73.0	68.1		1,532.2	1,519.1	7.5	5.6		-130.0	2,480.2	170
	2027	1,461.3	1,310.8	d	81.9	68.6		1,621.8	1,608.4	7.8	5.6		-160.5	2,319.8	153
	2028	1,531.5	1,375.3	d	88.9	67.4		1,717.5	1,703.7	8.1	5.7		-186.0	2,133.7	135
	2029	1,586.9	1,427.4	d	96.1	63.3		1,816.2	1,802.0	8.4	5.8		-229.4	1,904.4	117
Low-cost:
	2020	1,107.6	988.9	d	39.4	79.3		1,097.3	1,085.3	6.7	5.3		10.3	2,911.0	264
	2021	1,179.3	1,056.4	d	43.3	79.5		1,160.6	1,149.5	6.1	5.0		18.7	2,929.7	251
	2022	1,251.4	1,123.7	d	47.2	80.4		1,229.3	1,217.8	6.3	5.2		22.1	2,951.8	238
	2023	1,319.4	1,186.7	d	51.4	81.2		1,303.7	1,291.7	6.7	5.3		15.7	2,967.4	226
	2024	1,400.8	1,259.0	d	56.0	85.8		1,383.9	1,371.4	7.1	5.4		16.9	2,984.4	214
	2025	1,483.7	1,330.9	d	61.3	91.4		1,469.3	1,456.4	7.4	5.5		14.3	2,998.7	203
	2026	1,583.7	1,410.6	d	74.8	98.3		1,560.5	1,547.0	7.8	5.6		23.2	3,021.9	192
	2027	1,679.7	1,487.5	d	84.3	107.9		1,657.3	1,643.4	8.2	5.7		22.4	3,044.3	182
	2028	1,791.8	1,582.7	d	91.8	117.2		1,761.8	1,747.4	8.7	5.7		29.9	3,074.2	173
	2029	1,891.8	1,666.6	d	99.8	125.4		1,871.0	1,856.1	9.1	5.8		20.8	3,095.1	164
High-cost:
	2020	1,093.9	975.7	d	39.4	78.9		1,099.3	1,087.4	6.7	5.3		-5.3	2,895.4	264
	2021	1,070.3	954.4	d	42.8	73.1		1,151.3	1,140.1	6.1	5.0		-81.0	2,814.4	251
	2022	1,091.7	980.1	d	46.2	65.4		1,208.1	1,196.5	6.3	5.3		-116.4	2,698.0	233
	2023	1,114.5	1,005.2	d	49.7	59.5		1,270.9	1,258.9	6.5	5.4		-156.4	2,541.6	212
	2024	1,144.6	1,035.8	d	53.8	55.1		1,340.0	1,327.8	6.8	5.5		-195.4	2,346.2	190
	2025	1,174.7	1,066.6	d	58.3	49.7		1,413.7	1,401.2	7.0	5.4		-239.0	2,107.2	166
	2026	1,219.4	1,104.5	d	70.6	44.3		1,491.3	1,478.5	7.3	5.5		-271.9	1,835.3	141
	2027	1,257.2	1,138.4	d	78.9	39.8		1,572.6	1,559.5	7.5	5.6		-315.5	1,519.8	117
	2028	1,302.0	1,183.8	d	85.2	33.0		1,658.5	1,645.2	7.8	5.6		-356.5	1,163.3	92
	2029	1,329.8	1,214.7	d	91.7	23.5		1,745.8	1,732.2	8.0	5.7		-416.0	747.4	67

---

a

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

b

Revenue from taxation of benefits is the amount that would be assessed on benefit amounts scheduled in the 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.