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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 2015 Trustees Report
Printer-friendly Version (PDF) |
Change from present law [percent of payroll] |
Shortfall eliminated | |||||
---|---|---|---|---|---|---|
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
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Present law shortfall in long-range actuarial balance is 2.68 percent of payroll and in annual balance for the 75th year is 4.65 percent of payroll. | ||||||
D1 |
Beginning in 2016, 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) |
-0.06 | -0.06 | -2% | -1% | |
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 2016, until the percent reaches 33 in 2032.
graph | table | pdf-graph | pdf-table | memo (National Academy of Social Insurance) |
0.12 | 0.19 | 5% | 4% | |
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 2017 and those becoming eligible
after 2017.
graph | table | pdf-graph | pdf-table | memo (Begich, Murray) |
-0.02 | -0.01 | -1% | 0% | |
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 2017 and those becoming eligible after 2017.
graph | table | pdf-graph | pdf-table | memo (Begich, Murray) |
-0.11 | -0.11 | -4% | -2% |
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