2024 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 2023

This section presents detailed information on the operations of the OASI and DI Trust Funds¹ during calendar year 2023. Chapter IV provides projections for calendar years 2024 through 2100.

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 2023, 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 2023 amounted to $1,166.9 billion, while cost totaled $1,237.3 billion, resulting in a decrease in trust fund reserves during 2023 of $70.4 billion.

Total income during calendar year 2023 included $1,059.4 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 $5.4 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 $1,054.1 billion in 2023.

Net reimbursements from the General Fund of the Treasury amounted to about $147 thousand in 2023. 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 $49.8 billion in 2023. 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 was one such adjustment made in 2023 resulting in a transfer from the OASI Trust Fund of $2.3 billion. 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 2023, the OASI Trust Fund earned $63.0 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 $48 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 2023 

[In millions]

Total asset reserves, December 31, 2022					$2,711,899
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$1,059,444
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-5,366
			Net payroll tax contributionsa		1,054,077
	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		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		285
		All other, not subject to withholdinga		49,479
			Total income from taxation of benefitsa		49,764
	Investment income and interest adjustments:
		Interest on investments		63,049
		Interest adjustmentsc		-5
			Total investment income and interest adjustments		63,043
	Gifts				b
Total income					1,166,885
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,227,389
		Reimbursement from the General Fund for unnegotiated checks		-58
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		19
			Net benefit paymentsd		1,227,351
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,576
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	3,752
			Department of the Treasury	624
		Offsetting miscellaneous receipts		-2
		Demonstration projects		—
		Miscellaneous reimbursements from the General Fund e		-7
			Net administrative expenses		4,367
Total cost					1,237,294
Net change in asset reserves					-70,409
	Total invested assets			2,641,388
	Undisbursed balances f			102
Total asset reserves, December 31, 2023					2,641,490

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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 positive balance represents a situation where the invested securities of the OASI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

Of the $1,237.3 billion in total OASI cost in 2023, $1,227.4 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 12.8 percent from calendar year 2022 to calendar year 2023. 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 2023 was due in part to the automatic cost-of-living benefit increase of 8.7 percent which became effective for December 2022 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 $5.6 billion from the OASI Trust Fund to the Social Security Equivalent Benefit Account for June 2023.

The remaining $4.4 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 2023, the cost incurred by the Social Security Administration to administer the OASI program was 86 percent of OASI net administrative expenses. The Social Security Administration charged such costs to the trust fund in the amount of $3.8 billion in 2023. In addition, the Department of the Treasury charged the trust fund $0.6 billion in 2023 for services provided in administering the OASI program. A relatively small offset to administrative expenses of $2 million in 2023 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 $3 million in costs of providing information to participants in certain pension plans in 2023. These miscellaneous reimbursements totaled $7 million in 2023.

The asset reserves shown for the OASI Trust Fund at the end of calendar year 2023 totaled $2,641.5 billion, consisting of $2,641.4 billion in U.S. Government obligations and cash totaling $0.1 billion. The effective annual rate of interest earned by the reserves in the OASI Trust Fund during calendar year 2023 was 2.4 percent, slightly higher than the 2.3 percent earned during calendar year 2022. 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 2022 and 2023.

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. 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 total portfolio of special issue securities maturing in each of the next 15 years are approximately equal. However, as of June 2023, the most recent projections in the 2023 Trustees Report indicated that the reserves in the OASI Trust Fund would become depleted within 15 years. Therefore, the Department of the Treasury, in consultation with the Chief Actuary of the Social Security Administration, selected the amounts and maturity dates of the OASI special-issue bonds purchased on June 30, 2023, so that the maturity dates of the total portfolio of special issue securities would be spread evenly to the extent possible over the 9‑year period 2024 through 2032. The bonds purchased on that date have an interest rate of 3.875 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 2023, including the amounts of bonds purchased on June 30, 2023.

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 2023, 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 $183.8 billion in total income, $179.0 billion was net payroll tax contributions.

Of the $154.8 billion of total cost, $151.9 billion was net benefit payments. The total level of net benefit payments increased by 5.8 percent from calendar year 2022 to calendar year 2023, largely due to increases in average monthly benefit amounts and the total amount of retroactive benefits, partially offset by a decrease in the average number of beneficiaries during the year. DI non-interest income, and total income, exceeded total cost in 2023.

Table III.A2.—Operations of the DI Trust Fund, Calendar Year 2023

[In millions]

Total asset reserves, December 31, 2022					$117,988
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$179,933
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-911
			Net payroll tax contributionsa		179,023
	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		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholdinga		946
			Total income from taxation of benefitsa		950
	Investment income and interest adjustments:
		Interest on investments		3,826
		Interest adjustments c		3
			Total investment income and interest adjustments		3,828
	Gifts				b
Total income					183,801
Cost:
	Benefit payments:
		Monthly benefitsd		151,845
		Reimbursement from the General Fund for unnegotiated checks		-29
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		101
			Net benefit paymentsd		151,917
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				60
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,733
			Department of the Treasury	108
		Offsetting miscellaneous receipts		—
		Demonstration projects		1
		Miscellaneous reimbursements from the General Fund e		-3
			Net administrative expenses		2,839
Total cost					154,815
Net change in asset reserves					28,985
	Total invested assets			146,892
	Undisbursed balancesf			81
Total asset reserves, December 31, 2023					146,973

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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 positive balance represents a situation where the invested securities of the DI Trust Fund that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

During 2023, the reserves in the DI Trust Fund increased by $29.0 billion, from $118.0 billion at the end of 2022 to $147.0 billion at the end of 2023. This $147.0 billion consisted of $146.9 billion in U.S. Government obligations and cash totaling $81 million. The effective annual rate of interest earned by the asset reserves in the DI Trust Fund during calendar year 2023 was 2.9 percent, somewhat higher than the 2.7 percent earned during calendar year 2022. 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 2022 and 2023.

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, 2023, 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 2024-38. The bonds purchased have an interest rate of 3.875 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 2023.

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 2023 

[In millions]

Total asset reserves, December 31, 2022					$2,829,887
Income:
	Net payroll tax contributions:
		Payroll tax contributionsa		$1,239,377
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refunda		-6,277
			Net payroll tax contributionsa		1,233,100
	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		b
		Payroll tax credits due to P.L. 98-21a		b
			Net General Fund reimbursementsa		b
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		289
		All other, not subject to withholdinga		50,425
			Total income from taxation of benefitsa		50,714
	Investment income and interest adjustments:
		Interest on investments		66,874
		Interest adjustments c		-2
			Total investment income and interest adjustments		66,872
	Gifts				b
Total income					1,350,686
Cost:
	Benefit payments:
		Monthly benefits and lump-sum death paymentsd		1,379,234
		Reimbursement from the General Fund for unnegotiated checks		-87
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		120
			Net benefit paymentsd		1,379,268
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				5,636
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	6,485
			Department of the Treasury	731
		Offsetting miscellaneous receipts		-2
		Demonstration projects		1
		Miscellaneous reimbursements from the General Fund e		-10
			Net administrative expenses		7,206
Total cost					1,392,110
Net change in asset reserves					-41,424
	Total invested assets			2,788,280
	Undisbursed balancesf			183
Total asset reserves, December 31, 2023					2,788,463

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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 positive balance represents a situation where the invested securities of the combined OASI and DI Trust Funds that were redeemed to make cash payments exceeded actual program cash payments. In this situation, this excess amount will be used to partially offset future redemption of additional invested securities.

Note: Components may not sum to totals because of rounding.

Table III.A4 compares estimates of total income and total cost for calendar year 2023 from the intermediate projections in the 2019 through 2023 Trustees Reports to the corresponding actual amounts for 2023.

Table III.A4.—Comparison of Actual Calendar Year 2023 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 2019 report	$1,100.9	-5.7		$1,164.2	-5.9
	Estimate in 2020 report	1,075.9	-7.8		1,149.1	-7.1
	Estimate in 2021 report	1,056.5	-9.5		1,139.6	-7.9
	Estimate in 2022 report	1,100.8	-5.7		1,179.4	-4.7
	Estimate in 2023 report	1,153.3	-1.2		1,235.1	-.2
	Actual amount	1,166.9	—		1,237.3	—
DI Trust Fund:
	Estimate in 2019 report	171.1	-6.9		164.5	6.2
	Estimate in 2020 report	168.0	-8.6		160.2	3.5
	Estimate in 2021 report	165.6	-9.9		159.9	3.3
	Estimate in 2022 report	173.1	-5.8		152.7	-1.4
	Estimate in 2023 report	181.4	-1.3		152.9	-1.3
	Actual amount	183.8	—		154.8	—
OASI and DI Trust Funds, combined:
	Estimate in 2019 report	1,272.0	-5.8		1,328.7	-4.6
	Estimate in 2020 report	1,243.9	-7.9		1,309.3	-5.9
	Estimate in 2021 report	1,222.1	-9.5		1,299.5	-6.7
	Estimate in 2022 report	1,273.9	-5.7		1,332.1	-4.3
	Estimate in 2023 report	1,334.7	-1.2		1,387.9	-.3
	Actual amount	1,350.7	—		1,392.1	—

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a

Percentage differences are calculated prior to rounding.

b

“Actual” income for 2023 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.

Note: Components may not sum to totals because of rounding.

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. In addition, estimates for the 2019 and 2020 Trustees Reports did not anticipate the pandemic and recession, while the actual income and cost for 2023 do reflect the pandemic, contributing to these differences as well.

At the end of calendar year 2023, the OASDI program was providing monthly benefits to about 67.1 million people. The OASI Trust Fund was providing benefits to about 58.6 million people and the DI Trust Fund was providing benefits to about 8.5 million people. The number of people receiving benefits from the OASI Trust Fund grew by 2.5 percent while the number of people receiving DI benefits fell by 3.7 percent during calendar year 2023. These changes are in large part due to the shifting age distribution of the adult population, with the baby-boom generation (born in 1946-1965) moving increasingly above age 62 for retired worker benefits, and above normal retirement age, where DI benefits are no longer applicable. Table III.A5 shows the estimated distributions of benefit payments in calendar years 2022 and 2023, by type of beneficiary, for each trust fund separately.

Table III.A5.—Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2022 and 2023 

[Amounts in millions]

				Calendar year 2022			Calendar year 2023
				Amount	Percentage of total		Amount	Percentage of total
Total OASDI benefit payments				$1,231,646	100.0		$1,379,234	100.0
	OASI benefit payments			1,088,170	88.4		1,227,389	89.0
	DI benefit payments			143,475	11.6		151,845	11.0
OASI benefit payments, total				1,088,170	100.0		1,227,389	100.0
	Monthly benefits:
		Retired workers and auxiliaries		947,071	87.0		1,072,645	87.4
			Retired workers	906,826	83.3		1,030,242	83.9
			Spouses	33,491	3.1		34,991	2.9
			Children	6,754	.6		7,411	.6
		Survivors of deceased workers		140,870	12.9		154,530	12.6
			Aged widows and widowers	112,339	10.3		123,182	10.0
			Disabled widows and widowers	2,245	.2		2,350	.2
			Parents	19	a		20	a
			Children	24,674	2.3		27,305	2.2
			Widowed mothers and fathers caring for child beneficiaries	1,593	.1		1,673	.1
	Lump-sum death payments			229	a		215	a
DI benefit payments, total				143,475	100.0		151,845	100.0
		Disabled workers		135,978	94.8		144,103	94.9
		Spouses		458	.3		472	.3
		Children		7,039	4.9		7,270	4.8

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a

Less than 0.05 percent.

Note: Benefits are monthly benefits and lump-sum death payments. Components may not sum to totals because of rounding.

Net administrative expenses of the OASI and DI Trust Funds in calendar year 2023 totaled $7.2 billion, equal to 0.5 percent of total cost and 0.6 percent of 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 2019-2023

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
2019	0.4	0.4		1.9	1.8		0.6	0.6
2020	.4	.4		1.7	1.7		.6	.6
2021	.4	.4		1.7	1.7		.6	.6
2022	.4	.4		1.7	1.9		.6	.5
2023	.4	.4		1.5	1.8		.5	.5

The acquisition and redemption of securities during calendar year 2023 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 2023

[In millions]

			OASI Trust Fund	DI Trust Fund	OASI and DI Trust Funds, combined
Invested asset reserves, December 31, 2022a			$2,711,919	$118,032	$2,829,950
Acquisitions:
	Special issue securities:
		Certificates of indebtedness	1,134,878	182,712	1,317,590
		Bonds b	204,966	42,909	247,875
		Total acquisitions	1,339,843	225,621	1,565,465
Redemptions:
	Special issue securities:
		Certificates of indebtedness	1,152,998	187,384	1,340,382
		Bonds	257,376	9,377	266,753
		Total redemptions	1,410,374	196,761	1,607,135
Net change in invested asset reserves			-70,531	28,860	-41,670
Invested asset reserves, December 31, 2023a			2,641,388	146,892	2,788,280

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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, 2023. The interest rate on these purchases was 3.875 percent.

Note: Investments are shown at par value. Components may not sum to totals because of rounding.

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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.