Proposed Provision: B5.3. Beginning for those newly eligible in 2023, reconfigure the special minimum benefit: (a) A year of coverage is defined to be either a year in which 4 quarters of coverage are earned or a child is in care. Childcare years are granted to parents who have a child under 5, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,342 in 2021). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,342/20 = $67.10. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.

OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)

Year Current Law Provision
2022230230
2023211211
2024194194
2025177177
2026160159
2027143142
2028126125
2029109107
20309190
20317472
20325754
20333936
20342118
20353-1
2036-16-20
2037-35-40
2038-54-60
2039-74-81
2040-95-102
2041-116-124
2042-137-146
2043-158-168
2044-180-191
2045-202-214
2046-224-237
2047-246-260
2048-268-283
2049-291-307
2050-313-331
2051-336-355
2052-359-379
2053-383-403
2054-406-428
2055-430-453
2056-453-478
2057-477-503
2058-501-528
2059-525-554
2060-550-580
2061-575-606
2062-601-634
2063-627-661
2064-654-689
2065-681-718
2066-708-747
2067-736-776
2068-764-806
2069-792-836
2070-821-866
2071-850-897
2072-880-928
2073-910-960
2074-940-992
2075-971-1024
2076-1003-1058
2077-1036-1092
2078-1069-1128
2079-1104-1164
2080-1139-1201
2081-1175-1239
2082-1212-1277
2083-1249-1317
2084-1286-1356
2085-1324-1397
2086-1363-1437
2087-1402-1479
2088-1442-1520
2089-1481-1562
2090-1520-1602
2091-1558-1643
2092-1595-1682
2093-1632-1721
2094-1668-1759
2095-1703-1797
2096-1738-1834
2097-1773-1870
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