Proposed Provision: Reconfigure the special minimum benefit to ensure that an individual with at least 30 creditable years of earnings (equal to at least 20% of the old law taxable maximum) would receive a PIA of 133 percent of the Aged Federal poverty level, with the formula phased linearly from zero for workers with 19 creditable years to 133 percent of poverty for those with 30 creditable years. Up to 8 years with own child under the age of 6 could be used as creditable years, if not otherwise counted as a creditable year. Scale the creditable year requirements and number of child-care years for disabled workers and workers dying under age 62 based on the proportion of years from 22 through 61 alive and not disabled. This provision is effective for individuals newly eligible for benefits in 2012 and later. Wage-index the poverty level from 2009 up to 2 years prior to benefit eligibility.

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

Year Present Law Provision
2010355355
2011353353
2012350350
2013346345
2014341340
2015335335
2016330329
2017324323
2018317316
2019309307
2020299298
2021289287
2022277275
2023264262
2024251248
2025237233
2026221217
2027205201
2028189184
2029171166
2030154148
2031136130
2032117111
20339891
20347972
20355951
20363931
20371910
2038-1-10
2039-21-31
2040-42-53
2041-63-74
2042-84-95
2043-105-117
2044-126-139
2045-147-161
2046-168-182
2047-189-205
2048-211-227
2049-233-249
2050-255-272
2051-277-295
2052-299-318
2053-321-341
2054-344-364
2055-366-388
2056-389-411
2057-412-435
2058-436-460
2059-460-485
2060-485-510
2061-509-536
2062-534-562
2063-560-588
2064-586-615
2065-612-642
2066-638-669
2067-665-697
2068-692-725
2069-720-754
2070-748-782
2071-776-812
2072-805-842
2073-834-872
2074-864-903
2075-894-934
2076-925-966
2077-957-998
2078-989-1031
2079-1021-1065
2080-1054-1099
2081-1087-1133
2082-1121-1168
2083-1156-1204
2084-1191-1240
2085-1227-1277
back