Proposed Provision: Beginning in 2013, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,134 in 2011). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,134/20 = $56.70. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201212.912.913.813.8
201312.812.814.014.0
201412.912.914.014.0
201513.013.014.014.0
201613.013.013.914.0
201713.013.013.914.0
201813.013.014.014.0
201913.113.114.114.2
202013.113.114.414.4
202113.113.114.714.7
202213.113.115.015.1
202313.113.215.315.4
202413.213.215.615.7
202513.213.215.916.0
202613.213.216.216.3
202713.213.216.416.6
202813.213.216.616.8
202913.213.216.817.0
203013.213.317.017.2
203113.313.317.117.3
203213.313.317.217.4
203313.313.317.317.5
203413.313.317.417.6
203513.313.317.417.6
203613.313.317.417.7
203713.313.317.417.7
203813.313.317.417.7
203913.313.317.417.6
204013.313.317.417.6
204113.313.317.317.6
204213.313.317.317.5
204313.313.317.217.5
204413.313.317.217.5
204513.313.317.217.4
204613.313.317.217.4
204713.313.317.117.4
204813.313.317.117.4
204913.313.317.117.4
205013.313.317.117.3
205113.313.317.117.3
205213.313.317.117.3
205313.313.317.117.3
205413.313.317.117.3
205513.313.317.117.4
205613.313.317.117.4
205713.313.317.117.4
205813.313.317.117.4
205913.313.317.117.4
206013.313.317.217.4
206113.313.317.217.4
206213.313.317.217.4
206313.313.317.217.5
206413.313.317.217.5
206513.313.317.217.5
206613.313.317.217.5
206713.313.317.217.5
206813.313.317.317.5
206913.313.317.317.6
207013.313.317.317.6
207113.313.317.417.6
207213.313.317.417.7
207313.313.317.417.7
207413.313.317.417.7
207513.313.317.517.7
207613.313.317.517.8
207713.313.317.517.8
207813.313.317.517.8
207913.313.317.617.9
208013.313.317.617.9
208113.313.317.617.9
208213.313.317.718.0
208313.313.317.718.0
208413.313.317.818.0
208513.313.317.818.1
208613.313.317.818.1
208713.313.317.918.2
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