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Actuarial Publications |
Summary of Provisions That Would Change the Social Security Program |
Description of Proposed Provisions:
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Estimates based on the intermediate assumptions of the 2013 Trustees Report
Printer-friendly Version (PDF) |
Change from present law | Results with this provision | |||||
---|---|---|---|---|---|---|
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
|||
  | Present Law, Alternative II. |
  |   | -2.72 | -4.77 | |
D1 |
Beginning in 2014, continue benefits for children of disabled or deceased workers
until age 22 if the child is in high school, college or vocational school.
graph | table | pdf-graph | pdf-table | memo(Begich, Murray) | memo (Moore) | memo (National Academy of Social Insurance) |
-0.07 | -0.06 | -2.78 | -4.83 | |
D2 |
The current spouse benefit is based on 50 percent of the PIA of the other spouse.
Reduce this percent each year by 1 percentage point beginning with newly eligible
spouses in 2014, until the percent reaches 33 in 2030.
graph | table | pdf-graph | pdf-table | memo (National Academy of Social Insurance) |
0.12 | 0.18 | -2.60 | -4.59 | |
D3 |
Allow divorced aged spouses and divorced surviving spouses married 5 to 9 years to get
benefits based on the former spouse's account. Divorced aged and surviving spouses would
receive 50% of the applicable current-law PIA percentage if married 5 years, 60% of the
applicable PIA percentage if married 6 years,...,90% of the applicable PIA percentage if
married 9 years. This benefit would be available to divorced spouses on the rolls at the
beginning of 2015 and those becoming eligible after 2015.
graph | table | pdf-graph | pdf-table | memo(Begich, Murray) |
-0.02 | -0.01 | -2.74 | -4.78 | |
D4 |
Establish an alternative benefit for a surviving spouse. For the surviving spouse, the
alternative benefit would equal 75 percent of the sum of the survivor's own worker benefit
and the deceased worker's PIA (including any actuarial reductions or delayed retirement credits).
If the deceased worker died before becoming entitled, use the age 62 actuarial reduction if deceased
before age 62, or the applicable actuarial reduction/DRC for entitlement at the age of death if
deceased after 62. The alternative benefit would not exceed the PIA of a hypothetical earner who earns
the SSA average wage index (AWI) every year, and who becomes eligible for retired-worker benefits in the
same year in which the deceased worker became entitled to worker benefits or died (if before entitlement).
The alternative benefit would be paid only if more than the current-law benefit. This benefit would be
available to surviving spouses on the rolls at the beginning of 2015 and those becoming eligible after 2015.
graph | table | pdf-graph | pdf-table | memo(Begich, Murray) |
-0.11 | -0.12 | -2.83 | -4.88 |
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