Description of Proposed Provision:
E3.17: Beginning in 2019, increase the taxable maximum by twice the rate of increase in the national Average Wage Index, but never by less than 3 percent. Provide benefit credit for earnings up to the revised taxable maximum levels.
Estimates based on the intermediate assumptions of the 2017 Trustees Report
Summary Measures | |||||||
---|---|---|---|---|---|---|---|
Current law [percent of payroll] |
Change from current law [percent of payroll] |
Shortfall eliminated | |||||
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
||
-2.83 | -4.48 | 1.06 | 1.47 | 37% | 33% |