2011 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL DATA AND
PROJECTIONS THROUGH 2020

Tables VI.C1, VI.C2, and VI.C3 present detailed operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively, for fiscal year 2010, the most recent fiscal year for which complete actual 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 2010

[In millions]

Total assets, September 30, 2009					$2,295,835
Receipts:
	Net payroll tax contributions:
		Payroll tax contributions		$553,531
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-1,495
			Net payroll tax contributions		552,037
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-147		725
		Reimbursements directed by P.L. 110-246		12
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		a
		Payroll tax credits due to P.L. 98-21		a
			Net general fund reimbursements		737
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		158
		All other, not subject to withholding		20,910
			Total income from taxation of benefits		21,068
	Investment income and interest adjustments:
		Interest on investments		108,600
		Net Interest adjustments b		6
			Net investment income and interest adjustments		108,606
	Gifts				a
Total receipts					682,448
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		572,569
		Reimbursement from the general fund for unnegotiated checks		-57
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		3
			Net benefit payments		572,515
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				3,930
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,829
			Department of the Treasury	639
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fund 3		-5
			Net administrative expenses		3,462
Total disbursements					579,907
Net increase in assets					102,541
Total assets, September 30, 2010					2,398,377

---

a

Between -$0.5 and $0.5 million.

b

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.

c

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 2010 

[In millions]

Total assets, September 30, 2009					$207,777
Receipts:
	Net payroll tax contributions:
		Payroll tax contributions		$93,993
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-254
			Net payroll tax contributions		93,739
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-147		123
		Reimbursements directed by P.L. 110-246		2
		Payroll tax credits due to P.L. 98-21		a
			Net general fund reimbursements		125
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,741
			Total income from taxation of benefits		1,745
	Investment income and interest adjustments:
		Interest on investments		9,902
		Interest adjustmentsb		2
			Total investment income and interest adjustments		9,904
Total receipts					105,513
Disbursements:
	Benefit payments:
		Monthly benefits		122,899
		Reimbursement from the general fund for unnegotiated checks		-28
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		64
			Net benefit payments		122,935
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				462
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,802
			Department of the Treasury	120
		Miscellaneous reimbursements from the general fund 3		25
			Total administrative expenses		2,947
Total disbursements					126,344
Net increase in assets					-20,831
Total assets, September 30, 2010					186,946

---

a

Between -$0.5 and $0.5 million.

b

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.

c

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 2010 

[In millions]

Total assets, September 30, 2009					$2,503,612
Receipts:
	Net payroll tax contributions:
		Payroll tax contributions		$647,524
		Payments from the General Fund of the Treasury for payroll tax contributions subject to refund		-1,748
			Net payroll tax contributions		645,776
	Reimbursements from the general fund:
		Reduction in payroll tax contributions due to P.L. 111-147		848
		Reimbursements directed by P.L. 110-246		14
		Reimbursement for the costs of payments to uninsured persons who attained age 72 before 1968		a
		Payroll tax credits due to P.L. 98-21		a
			Net general fund reimbursements		862
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		162
		All other, not subject to withholding		22,651
			Total income from taxation of benefits		22,813
	Investment income and interest adjustments:
		Interest on investments		118,502
		Net Interest adjustments2		8
			Net investment income and interest adjustments		118,510
	Gifts				a
Total receipts					787,961
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		695,469
		Reimbursement from the general fund for unnegotiated checks		-86
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		66
			Net benefit payments		695,449
	Financial interchange with the Railroad Retirement “Social Security Equivalent Benefit Account”				4,392
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	5,631
			Department of the Treasury	759
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fund3		20
			Net administrative expenses		6,410
Total disbursements					706,250
Net increase in assets					81,710
Total assets, September 30, 2010					2,585,323

---

a

Between -$0.5 and $0.5 million.

b

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.

c

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 present estimates of the operations and status of the OASI, DI, and the combined OASI and DI Trust Funds, respectively, during fiscal years (12 months ending on September 30) 2006-20.

 

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2006-20

[Dollar amounts in billions]

Fiscal year		Income						Cost					Assets
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2006	$632.2	$530.0	-$0.3	$15.2	$87.3		$455.6	$449.2	$2.9	$3.5		$176.6	$1,792.2	355
	2007	663.4	553.4	c	16.7	93.3		488.6	481.8	3.2	3.6		174.8	1,967.0	367
	2008	692.9	573.7	c	16.4	102.7		509.9	503.0	3.3	3.6		183.0	2,150.1	386
	2009	697.3	571.2	c	19.0	107.1		551.5	544.5	3.4	3.7		145.8	2,295.8	390
	2010	682.4	552.0	.7	21.1	108.6		579.9	572.5	3.5	3.9		102.5	2,398.4	396
Intermediate:
	2011	688.8	490.2	70.2	21.2	107.3		600.3	592.6	3.7	4.0		88.5	2,486.9	400
	2012	742.9	587.2	25.6	22.4	107.8		625.9	618.0	3.9	4.1		117.0	2,603.9	397
	2013	784.1	645.1	c	26.7	112.3		660.4	652.5	3.8	4.1		123.7	2,727.6	394
	2014	831.5	680.8	c	31.7	119.1		701.1	693.1	3.9	4.2		130.4	2,858.0	389
	2015	878.0	716.0	c	35.5	126.5		745.6	737.4	4.0	4.3		132.4	2,990.4	383
	2016	933.5	760.8	c	39.1	133.6		793.2	785.0	4.1	4.1		140.3	3,130.7	377
	2017	980.3	795.0	c	43.0	142.2		844.8	836.0	4.2	4.6		135.5	3,266.2	371
	2018	1,033.9	835.9	—	46.7	151.3		900.7	891.6	4.3	4.8		133.2	3,399.3	363
	2019	1,087.9	876.0	—	50.6	161.4		964.4	955.0	4.5	4.9		123.5	3,522.8	352
	2020	1,136.3	910.2	—	54.8	171.2		1,034.5	1,024.8	4.6	5.1		101.8	3,624.7	341
Low-cost:
	2011	689.6	490.6	70.4	21.2	107.4		600.1	592.5	3.7	4.0		89.5	2,487.9	400
	2012	749.9	593.9	25.8	22.3	107.9		625.0	617.1	3.9	4.0		124.9	2,612.7	398
	2013	794.2	654.9	c	26.5	112.7		656.5	648.7	3.8	4.1		137.7	2,750.4	398
	2014	846.5	694.8	c	31.3	120.4		692.6	684.6	3.9	4.1		153.9	2,904.3	397
	2015	896.1	732.8	c	34.8	128.4		731.7	723.5	3.9	4.2		164.4	3,068.7	397
	2016	955.4	778.9	c	38.1	138.4		773.7	765.8	4.0	3.9		181.7	3,250.4	397
	2017	1,002.2	812.9	c	41.8	147.5		820.1	811.5	4.1	4.4		182.1	3,432.5	396
	2018	1,056.7	852.3	—	45.1	159.3		869.9	861.0	4.3	4.6		186.8	3,619.3	395
	2019	1,110.5	890.9	—	48.5	171.1		923.8	914.7	4.4	4.7		186.7	3,806.1	392
	2020	1,159.5	923.9	—	52.0	183.6		981.4	972.0	4.5	4.9		178.1	3,984.2	388
High-cost:
	2011	687.8	489.6	69.7	21.2	107.3		600.5	592.8	3.7	4.0		87.3	2,485.7	399
	2012	735.5	579.8	25.4	22.5	107.8		628.8	620.8	3.9	4.1		106.8	2,592.4	395
	2013	777.5	638.1	c	27.0	112.3		668.1	660.2	3.8	4.1		109.4	2,701.8	388
	2014	824.4	672.7	c	32.4	119.3		715.9	707.8	3.9	4.2		108.5	2,810.2	377
	2015	872.7	709.5	c	36.6	126.6		769.5	761.0	4.0	4.4		103.3	2,913.5	365
	2016	932.8	758.1	c	40.9	133.9		828.8	820.4	4.2	4.2		104.1	3,017.6	352
	2017	984.9	797.8	c	45.6	141.6		893.9	884.7	4.3	4.8		91.0	3,108.6	338
	2018	1,042.7	842.4	—	50.1	150.2		965.0	955.4	4.5	5.1		77.7	3,186.3	322
	2019	1,098.1	886.4	—	54.8	156.9		1,043.7	1,033.7	4.7	5.3		54.4	3,240.7	305
	2020	1,147.8	925.3	—	60.0	162.5		1,130.7	1,120.2	4.8	5.6		17.1	3,257.8	287

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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 and 111-312.

b

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

c

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 2006-20

[Dollar amounts in billions]

Fiscal year		Income						Cost					Assets
		Total	Net pay- roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2006	$101.6	$90.0	c	$1.2	$10.4		$92.9	$90.1	$2.4	$0.4		$8.6	$201.9	208
	2007	108.4	94.0	c	1.4	13.1		96.8	94.0	2.4	.4		11.6	213.6	209
	2008	109.8	97.4	c	1.4	11.0		107.2	104.2	2.5	.4		2.7	216.2	199
	2009	109.7	97.0	c	1.8	10.8		118.1	115.1	2.6	.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
Intermediate:
	2011	105.6	83.2	11.9	1.9	8.6		131.3	127.9	3.0	.4		-25.7	161.3	142
	2012	113.3	99.7	4.3	2.0	7.3		137.5	133.8	3.2	.5		-24.2	137.0	117
	2013	117.9	109.5	c	2.4	5.9		142.8	139.0	3.3	.5		-24.9	112.2	96
	2014	123.1	115.6	c	2.8	4.6		147.6	143.7	3.5	.4		-24.5	87.7	76
	2015	128.3	121.6	c	3.1	3.6		152.6	148.5	3.6	.4		-24.3	63.4	57
	2016	135.2	129.2	c	3.4	2.6		157.9	153.7	3.8	.4		-22.7	40.7	40
	2017	140.2	135.0	c	3.7	1.5		163.6	159.2	4.0	.4		-23.4	17.3	25
	2018	d	141.9	—	4.0	d		170.0	165.4	4.3	.3		d	d	10
	2019	d	148.7	—	4.3	d		177.5	172.7	4.5	.3		d	d	d
	2020	d	154.6	—	4.6	d		185.8	180.7	4.8	.3		d	d	d
Low-cost:
	2011	105.7	83.3	12.0	1.9	8.6		129.8	126.3	3.0	.4		-24.0	162.9	144
	2012	114.5	100.8	4.4	1.9	7.4		133.7	130.0	3.2	.5		-19.2	143.7	122
	2013	119.9	111.2	c	2.3	6.4		136.6	132.8	3.3	.5		-16.6	127.1	105
	2014	126.2	118.0	c	2.7	5.6		138.5	134.6	3.5	.4		-12.3	114.8	92
	2015	132.3	124.4	c	2.9	5.0		140.5	136.5	3.6	.4		-8.2	106.6	82
	2016	140.0	132.3	c	3.1	4.6		142.9	138.7	3.8	.4		-2.9	103.6	75
	2017	146.0	138.0	c	3.3	4.6		146.1	141.8	4.0	.4		-.2	103.5	71
	2018	153.0	144.7	—	3.5	4.8		150.0	145.5	4.2	.3		3.0	106.5	69
	2019	160.1	151.3	—	3.7	5.1		154.4	149.7	4.4	.3		5.7	112.2	69
	2020	166.4	156.9	—	4.0	5.6		159.1	154.2	4.7	.3		7.3	119.5	71
High-cost:
	2011	105.4	83.2	11.8	1.9	8.6		132.9	129.4	3.0	.4		-27.4	159.5	141
	2012	111.9	98.4	4.3	2.1	7.1		141.9	138.3	3.2	.5		-30.0	129.5	112
	2013	116.4	108.4	c	2.5	5.4		150.1	146.3	3.3	.5		-33.7	95.8	86
	2014	121.1	114.2	c	3.1	3.8		158.2	154.3	3.5	.5		-37.1	58.6	61
	2015	126.1	120.5	c	3.4	2.2		167.0	162.8	3.7	.4		-40.9	17.8	35
	2016	d	128.7	c	3.8	d		176.3	172.0	3.9	.4		d	d	10
	2017	d	135.5	c	4.3	d		186.3	181.7	4.2	.4		d	d	d
	2018	d	143.1	—	4.7	d		196.9	192.1	4.5	.4		d	d	d
	2019	d	150.5	—	5.1	d		208.3	203.2	4.7	.3		d	d	d
	2020	d	157.1	—	5.5	d		220.7	215.4	5.0	.3		d	d	d

---

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 and 111-312.

b

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

c

Less than $50 million.

d

The DI Trust Fund is projected to be exhausted in fiscal years 2018 and 2016 under the intermediate and the high-cost assumptions, respectively. Therefore, certain trust fund operation values from the year of trust fund exhaustion through 2020 are not meaningful under present law and are not 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 2006-20 

[Dollar amounts in billions]

Fiscal year		Income						Cost					Assets
		Total	Net pay-roll tax contri- butions	GF reim- burse- mentsa	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2006	$733.7	$620.0	-$0.3	$16.4	$97.7		$548.5	$539.3	$5.3	$3.8		$185.2	$1,994.2	330
	2007	771.8	647.4	c	18.0	106.4		585.3	575.8	5.5	4.0		186.5	2,180.6	341
	2008	802.7	671.2	c	17.8	113.7		617.0	607.2	5.8	4.0		185.7	2,366.3	353
	2009	807.0	668.2	c	20.8	118.0		669.7	659.6	6.0	4.1		137.3	2,503.6	353
	2010	788.0	645.8	.9	22.8	118.5		706.3	695.4	6.4	4.4		81.7	2,585.3	354
Intermediate:
	2011	794.4	573.4	82.1	23.0	115.9		731.6	720.5	6.7	4.4		62.9	2,648.2	353
	2012	856.2	686.9	29.9	24.4	115.1		763.5	751.8	7.1	4.5		92.8	2,740.9	347
	2013	902.0	754.6	c	29.1	118.2		803.2	791.5	7.1	4.5		98.8	2,839.7	341
	2014	954.6	796.4	c	34.5	123.7		848.7	836.7	7.3	4.6		106.0	2,945.7	335
	2015	1,006.3	837.6	c	38.6	130.1		898.2	885.9	7.6	4.7		108.1	3,053.8	328
	2016	1,068.6	890.0	c	42.5	136.2		951.0	938.7	7.9	4.4		117.6	3,171.4	321
	2017	1,120.5	930.1	c	46.8	143.7		1,008.4	995.3	8.2	5.0		112.1	3,283.5	314
	2018	1,180.2	977.8	—	50.8	151.6		1,070.7	1,057.1	8.6	5.1		109.4	3,392.9	307
	2019	1,240.1	1,024.7	—	54.9	160.5		1,141.9	1,127.7	9.0	5.2		98.2	3,491.1	297
	2020	1,293.1	1,064.8	—	59.5	168.9		1,220.2	1,205.5	9.3	5.4		72.9	3,564.0	286
Low-cost:
	2011	795.3	574.0	82.4	23.0	115.9		729.9	718.8	6.7	4.4		65.4	2,650.8	354
	2012	864.4	694.7	30.1	24.3	115.3		758.7	747.1	7.1	4.5		105.7	2,756.5	349
	2013	914.1	766.1	c	28.8	119.2		793.1	781.5	7.1	4.5		121.0	2,877.5	348
	2014	972.7	812.8	c	34.0	125.9		831.1	819.2	7.3	4.5		141.6	3,019.1	346
	2015	1,028.4	857.2	c	37.7	133.4		872.2	860.1	7.6	4.6		156.1	3,175.2	346
	2016	1,095.4	911.2	c	41.2	143.0		916.6	904.5	7.8	4.3		178.8	3,354.0	346
	2017	1,148.2	950.9	c	45.1	152.1		966.2	953.3	8.1	4.8		181.9	3,536.0	347
	2018	1,209.7	997.0	—	48.7	164.1		1,019.9	1,006.5	8.5	4.9		189.9	3,725.9	347
	2019	1,270.6	1,042.2	—	52.2	176.2		1,078.2	1,064.4	8.8	5.0		192.4	3,918.3	346
	2020	1,325.9	1,080.7	—	56.0	189.2		1,140.5	1,126.2	9.2	5.1		185.4	4,103.7	344
High-cost:
	2011	793.2	572.8	81.5	23.1	115.8		733.4	722.3	6.7	4.4		59.9	2,645.2	353
	2012	847.5	678.2	29.8	24.5	114.9		770.7	759.1	7.1	4.5		76.7	2,721.9	343
	2013	893.9	746.5	c	29.6	117.8		818.2	806.5	7.1	4.6		75.6	2,797.6	333
	2014	945.5	787.0	c	35.4	123.0		874.1	862.1	7.4	4.7		71.3	2,868.9	320
	2015	998.8	830.0	c	40.1	128.8		936.4	923.9	7.7	4.8		62.4	2,931.3	306
	2016	1,065.5	886.8	c	44.7	134.0		1,005.1	992.3	8.1	4.6		60.4	2,991.6	292
	2017	1,122.4	933.3	c	49.8	139.2		1,080.2	1,066.5	8.5	5.2		42.1	3,033.8	277
	2018	1,185.2	985.5	—	54.8	145.0		1,161.9	1,147.5	8.9	5.4		23.3	3,057.1	261
	2019	1,245.2	1,036.9	—	59.9	148.4		1,252.0	1,237.0	9.4	5.7		-6.8	3,050.3	244
	2020	1,298.2	1,082.4	—	65.5	150.3		1,351.4	1,335.6	9.8	5.9		-53.2	2,997.1	226

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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 and 111-312.

b

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

c

Between -$50 million and $50 million.

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