Proposed Provision: Progressive price indexing (40th percentile) of PIA formula factors for individuals newly eligible for OASI benefits in 2020 through 2057: Create a new bend point at the 40th percentile of the AIME distribution of newly retired workers. Maintain current-law benefit credit for earners at the 40th percentile and below. Reduce the 32 and 15 formula factors above the 40th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum grows by inflation rather than the growth in the SSA average wage index. Disabled workers are: (a) not affected prior to normal retirement age; and (b) subject to a proportional reduction in benefits, based on the worker's years of disability, upon conversion to retired-worker beneficiary status. Young survivors (children of deceased workers and surviving spouses with a child in care) are not affected.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2012 | 340 | 340 |
2013 | 329 | 329 |
2014 | 315 | 315 |
2015 | 302 | 302 |
2016 | 290 | 290 |
2017 | 277 | 277 |
2018 | 265 | 265 |
2019 | 253 | 253 |
2020 | 240 | 240 |
2021 | 227 | 227 |
2022 | 212 | 213 |
2023 | 197 | 197 |
2024 | 181 | 182 |
2025 | 164 | 165 |
2026 | 147 | 148 |
2027 | 129 | 131 |
2028 | 110 | 112 |
2029 | 90 | 93 |
2030 | 70 | 74 |
2031 | 49 | 54 |
2032 | 27 | 33 |
2033 | 5 | 11 |
2034 | -18 | -10 |
2035 | -41 | -32 |
2036 | -65 | -54 |
2037 | -89 | -77 |
2038 | -114 | -99 |
2039 | -138 | -122 |
2040 | -163 | -145 |
2041 | -189 | -168 |
2042 | -215 | -192 |
2043 | -240 | -215 |
2044 | -266 | -238 |
2045 | -292 | -261 |
2046 | -319 | -284 |
2047 | -346 | -308 |
2048 | -373 | -331 |
2049 | -400 | -355 |
2050 | -428 | -378 |
2051 | -456 | -402 |
2052 | -484 | -425 |
2053 | -512 | -448 |
2054 | -540 | -471 |
2055 | -569 | -495 |
2056 | -598 | -518 |
2057 | -628 | -541 |
2058 | -657 | -565 |
2059 | -688 | -589 |
2060 | -719 | -613 |
2061 | -750 | -637 |
2062 | -782 | -661 |
2063 | -814 | -685 |
2064 | -847 | -709 |
2065 | -880 | -734 |
2066 | -913 | -758 |
2067 | -946 | -781 |
2068 | -980 | -805 |
2069 | -1014 | -829 |
2070 | -1049 | -853 |
2071 | -1084 | -878 |
2072 | -1120 | -902 |
2073 | -1156 | -927 |
2074 | -1193 | -952 |
2075 | -1230 | -977 |
2076 | -1268 | -1003 |
2077 | -1307 | -1028 |
2078 | -1346 | -1054 |
2079 | -1385 | -1080 |
2080 | -1425 | -1106 |
2081 | -1465 | -1132 |
2082 | -1505 | -1159 |
2083 | -1547 | -1186 |
2084 | -1588 | -1213 |
2085 | -1631 | -1240 |
2086 | -1673 | -1268 |
2087 | -1717 | -1297 |
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