Proposed Provision: Progressive indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2018, continuing through 2055, and resuming in 2076: Create a new bend point at the 30th percentile of the AIME distribution of newly retired workers. Maintain current-law benefits for earners at the 30th percentile and below. Reduce the 32 and 15 percent factors above the 30th percentile such that the initial benefit for a worker with AIME equal to the taxable maximum is reduced by 1.17 percent per year as compared to current law (for the years that progressive indexing applies). 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.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Present Law |
Provision |
2015 | 308 | 308 |
2016 | 298 | 298 |
2017 | 280 | 280 |
2018 | 264 | 264 |
2019 | 248 | 248 |
2020 | 233 | 233 |
2021 | 219 | 219 |
2022 | 204 | 204 |
2023 | 189 | 189 |
2024 | 173 | 174 |
2025 | 157 | 159 |
2026 | 142 | 144 |
2027 | 126 | 129 |
2028 | 110 | 114 |
2029 | 94 | 98 |
2030 | 77 | 83 |
2031 | 60 | 67 |
2032 | 42 | 50 |
2033 | 23 | 33 |
2034 | 4 | 15 |
2035 | -16 | -3 |
2036 | -36 | -21 |
2037 | -57 | -39 |
2038 | -78 | -58 |
2039 | -100 | -76 |
2040 | -122 | -95 |
2041 | -144 | -114 |
2042 | -166 | -133 |
2043 | -189 | -151 |
2044 | -211 | -170 |
2045 | -234 | -188 |
2046 | -257 | -206 |
2047 | -280 | -225 |
2048 | -303 | -243 |
2049 | -327 | -260 |
2050 | -351 | -278 |
2051 | -375 | -296 |
2052 | -398 | -313 |
2053 | -423 | -330 |
2054 | -447 | -347 |
2055 | -472 | -364 |
2056 | -496 | -381 |
2057 | -522 | -398 |
2058 | -548 | -415 |
2059 | -574 | -432 |
2060 | -601 | -449 |
2061 | -629 | -467 |
2062 | -657 | -484 |
2063 | -685 | -501 |
2064 | -714 | -519 |
2065 | -744 | -536 |
2066 | -774 | -554 |
2067 | -804 | -572 |
2068 | -835 | -590 |
2069 | -867 | -608 |
2070 | -899 | -626 |
2071 | -932 | -644 |
2072 | -965 | -663 |
2073 | -1000 | -682 |
2074 | -1035 | -702 |
2075 | -1072 | -722 |
2076 | -1110 | -743 |
2077 | -1148 | -764 |
2078 | -1188 | -786 |
2079 | -1228 | -808 |
2080 | -1268 | -830 |
2081 | -1309 | -851 |
2082 | -1350 | -873 |
2083 | -1391 | -895 |
2084 | -1432 | -917 |
2085 | -1472 | -939 |
2086 | -1514 | -962 |
2087 | -1555 | -985 |
2088 | -1597 | -1008 |
2089 | -1640 | -1031 |
2090 | -1683 | -1055 |
back