Proposed Provision: Increase the PIA to a level such that a worker with 30 years of earnings at the minimum wage level receives an adjusted PIA equal to 120 percent of the Federal poverty level for an aged individual. This provision takes full effect for all newly eligible OASDI workers in 2029, and is phased in for new eligibles in 2020 through 2028. The percentage increase in PIA is lowered proportionately for those with fewer than 30 years of earnings, down to no enhancement for workers with 20 or fewer years of earnings. (Year-of-work requirements are scaled for disabled workers based on their years of potential work from age 22 to benefit eligibility). The benefit enhancement percentage is reduced proportionately for workers with higher average indexed monthly earnings (AIME), down to no enhancement for those with AIME at least twice that of a 35-year steady minimum wage earner.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2011 | 353 | 353 |
2012 | 347 | 347 |
2013 | 341 | 341 |
2014 | 334 | 334 |
2015 | 328 | 328 |
2016 | 321 | 321 |
2017 | 314 | 314 |
2018 | 306 | 306 |
2019 | 296 | 296 |
2020 | 284 | 284 |
2021 | 272 | 272 |
2022 | 259 | 259 |
2023 | 245 | 245 |
2024 | 230 | 230 |
2025 | 214 | 214 |
2026 | 198 | 198 |
2027 | 181 | 181 |
2028 | 164 | 163 |
2029 | 145 | 145 |
2030 | 127 | 125 |
2031 | 107 | 106 |
2032 | 87 | 86 |
2033 | 67 | 65 |
2034 | 46 | 44 |
2035 | 25 | 23 |
2036 | 4 | 1 |
2037 | -18 | -21 |
2038 | -40 | -43 |
2039 | -62 | -65 |
2040 | -85 | -88 |
2041 | -108 | -111 |
2042 | -130 | -134 |
2043 | -153 | -157 |
2044 | -176 | -180 |
2045 | -200 | -204 |
2046 | -223 | -227 |
2047 | -247 | -251 |
2048 | -271 | -275 |
2049 | -295 | -299 |
2050 | -319 | -324 |
2051 | -343 | -348 |
2052 | -368 | -373 |
2053 | -393 | -398 |
2054 | -418 | -423 |
2055 | -443 | -449 |
2056 | -468 | -474 |
2057 | -494 | -500 |
2058 | -521 | -527 |
2059 | -548 | -554 |
2060 | -575 | -581 |
2061 | -602 | -609 |
2062 | -630 | -637 |
2063 | -659 | -666 |
2064 | -687 | -695 |
2065 | -716 | -724 |
2066 | -746 | -753 |
2067 | -775 | -783 |
2068 | -805 | -813 |
2069 | -835 | -843 |
2070 | -866 | -874 |
2071 | -897 | -905 |
2072 | -928 | -936 |
2073 | -960 | -968 |
2074 | -992 | -1000 |
2075 | -1025 | -1033 |
2076 | -1058 | -1067 |
2077 | -1092 | -1101 |
2078 | -1126 | -1135 |
2079 | -1161 | -1170 |
2080 | -1196 | -1205 |
2081 | -1232 | -1241 |
2082 | -1268 | -1278 |
2083 | -1305 | -1314 |
2084 | -1342 | -1352 |
2085 | -1380 | -1390 |
2086 | -1419 | -1428 |
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