Proposed Provision: B3.7. Progressive indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2020, continuing through 2029, and resuming in 2068: 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 1.20 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 |
Current Law |
Provision |
2017 | 298 | 298 |
2018 | 287 | 287 |
2019 | 273 | 273 |
2020 | 259 | 259 |
2021 | 245 | 245 |
2022 | 230 | 230 |
2023 | 215 | 215 |
2024 | 199 | 199 |
2025 | 182 | 183 |
2026 | 165 | 166 |
2027 | 148 | 149 |
2028 | 130 | 132 |
2029 | 112 | 114 |
2030 | 94 | 97 |
2031 | 75 | 79 |
2032 | 56 | 61 |
2033 | 37 | 42 |
2034 | 16 | 23 |
2035 | -4 | 4 |
2036 | -26 | -16 |
2037 | -47 | -36 |
2038 | -70 | -57 |
2039 | -92 | -77 |
2040 | -115 | -98 |
2041 | -138 | -119 |
2042 | -161 | -139 |
2043 | -184 | -160 |
2044 | -207 | -180 |
2045 | -230 | -200 |
2046 | -253 | -220 |
2047 | -276 | -241 |
2048 | -300 | -261 |
2049 | -323 | -280 |
2050 | -346 | -300 |
2051 | -370 | -320 |
2052 | -393 | -340 |
2053 | -417 | -359 |
2054 | -440 | -378 |
2055 | -464 | -398 |
2056 | -487 | -417 |
2057 | -511 | -437 |
2058 | -536 | -457 |
2059 | -560 | -477 |
2060 | -585 | -498 |
2061 | -611 | -519 |
2062 | -637 | -540 |
2063 | -663 | -562 |
2064 | -690 | -584 |
2065 | -717 | -606 |
2066 | -745 | -629 |
2067 | -772 | -652 |
2068 | -801 | -675 |
2069 | -829 | -699 |
2070 | -858 | -723 |
2071 | -888 | -748 |
2072 | -918 | -773 |
2073 | -949 | -799 |
2074 | -981 | -826 |
2075 | -1014 | -854 |
2076 | -1047 | -883 |
2077 | -1082 | -913 |
2078 | -1117 | -943 |
2079 | -1153 | -975 |
2080 | -1190 | -1007 |
2081 | -1227 | -1039 |
2082 | -1264 | -1071 |
2083 | -1300 | -1104 |
2084 | -1337 | -1137 |
2085 | -1374 | -1169 |
2086 | -1410 | -1202 |
2087 | -1446 | -1235 |
2088 | -1483 | -1268 |
2089 | -1520 | -1302 |
2090 | -1557 | -1336 |
2091 | -1595 | -1370 |
2092 | -1633 | -1405 |
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