Description of Proposed Provision:
B5.2: Beginning for those newly eligible in 2018, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,238 in 2016). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,238/20 = $61.90. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
Financial Estimates for the OASDI Trust Fund Program
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Expressed as a percentage of current-law taxable payroll |
Trust fund ratio as of January 1 |
Expressed as a percentage of current-law taxable payroll |
|||||||
Calendar year |
Cost rate |
Income rate |
Annual balance |
Cost rate |
Income rate |
Annual balance |
|||
2017 | 13.41 | 13.03 | -0.38 | 298 | 0.00 | 0.00 | 0.00 | ||
2018 | 13.49 | 12.93 | -0.56 | 287 | 0.00 | 0.00 | -0.00 | ||
2019 | 13.71 | 12.95 | -0.76 | 273 | 0.01 | 0.00 | -0.01 | ||
2020 | 13.87 | 12.96 | -0.90 | 258 | 0.01 | 0.00 | -0.01 | ||
2021 | 14.03 | 12.99 | -1.04 | 244 | 0.02 | 0.00 | -0.02 | ||
2022 | 14.28 | 13.02 | -1.26 | 230 | 0.02 | 0.00 | -0.02 | ||
2023 | 14.58 | 13.05 | -1.53 | 214 | 0.03 | 0.00 | -0.03 | ||
2024 | 14.87 | 13.09 | -1.78 | 198 | 0.04 | 0.00 | -0.04 | ||
2025 | 15.15 | 13.11 | -2.04 | 181 | 0.05 | 0.00 | -0.05 | ||
2026 | 15.43 | 13.14 | -2.29 | 164 | 0.06 | 0.00 | -0.05 | ||
2027 | 15.68 | 13.15 | -2.53 | 146 | 0.06 | 0.00 | -0.06 | ||
2028 | 15.93 | 13.17 | -2.75 | 128 | 0.07 | 0.00 | -0.07 | ||
2029 | 16.15 | 13.19 | -2.96 | 109 | 0.08 | 0.00 | -0.08 | ||
2030 | 16.35 | 13.20 | -3.15 | 91 | 0.09 | 0.00 | -0.08 | ||
2031 | 16.54 | 13.21 | -3.33 | 72 | 0.09 | 0.00 | -0.09 | ||
2032 | 16.71 | 13.22 | -3.48 | 52 | 0.10 | 0.01 | -0.10 | ||
2033 | 16.85 | 13.23 | -3.62 | 32 | 0.11 | 0.01 | -0.10 | ||
2034 | 16.96 | 13.24 | -3.72 | 12 | 0.11 | 0.01 | -0.11 | ||
2035 | 17.05 | 13.25 | -3.80 | ---- | 0.12 | 0.01 | -0.11 | ||
2036 | 17.11 | 13.25 | -3.86 | ---- | 0.13 | 0.01 | -0.12 | ||
2037 | 17.15 | 13.25 | -3.90 | ---- | 0.13 | 0.01 | -0.12 | ||
2038 | 17.16 | 13.26 | -3.90 | ---- | 0.14 | 0.01 | -0.13 | ||
2039 | 17.14 | 13.26 | -3.88 | ---- | 0.14 | 0.01 | -0.13 | ||
2040 | 17.11 | 13.26 | -3.85 | ---- | 0.15 | 0.01 | -0.14 | ||
2041 | 17.07 | 13.25 | -3.81 | ---- | 0.15 | 0.01 | -0.14 | ||
2042 | 17.02 | 13.25 | -3.76 | ---- | 0.15 | 0.01 | -0.15 | ||
2043 | 16.97 | 13.25 | -3.72 | ---- | 0.16 | 0.01 | -0.15 | ||
2044 | 16.92 | 13.25 | -3.68 | ---- | 0.16 | 0.01 | -0.15 | ||
2045 | 16.89 | 13.25 | -3.64 | ---- | 0.17 | 0.01 | -0.16 | ||
2046 | 16.85 | 13.24 | -3.61 | ---- | 0.17 | 0.01 | -0.16 | ||
2047 | 16.82 | 13.24 | -3.58 | ---- | 0.18 | 0.01 | -0.17 | ||
2048 | 16.80 | 13.24 | -3.55 | ---- | 0.18 | 0.01 | -0.17 | ||
2049 | 16.77 | 13.24 | -3.53 | ---- | 0.18 | 0.01 | -0.17 | ||
2050 | 16.75 | 13.24 | -3.51 | ---- | 0.19 | 0.01 | -0.18 | ||
2051 | 16.75 | 13.24 | -3.50 | ---- | 0.19 | 0.01 | -0.18 | ||
2052 | 16.75 | 13.24 | -3.51 | ---- | 0.19 | 0.01 | -0.18 | ||
2053 | 16.76 | 13.24 | -3.52 | ---- | 0.20 | 0.01 | -0.19 | ||
2054 | 16.79 | 13.25 | -3.54 | ---- | 0.20 | 0.01 | -0.19 | ||
2055 | 16.82 | 13.25 | -3.57 | ---- | 0.20 | 0.01 | -0.19 | ||
2056 | 16.86 | 13.25 | -3.61 | ---- | 0.20 | 0.01 | -0.19 | ||
2057 | 16.90 | 13.25 | -3.65 | ---- | 0.21 | 0.01 | -0.19 | ||
2058 | 16.95 | 13.26 | -3.69 | ---- | 0.21 | 0.01 | -0.20 | ||
2059 | 16.99 | 13.26 | -3.73 | ---- | 0.21 | 0.01 | -0.20 | ||
2060 | 17.04 | 13.26 | -3.78 | ---- | 0.21 | 0.01 | -0.20 | ||
2061 | 17.09 | 13.27 | -3.82 | ---- | 0.21 | 0.01 | -0.20 | ||
2062 | 17.14 | 13.27 | -3.87 | ---- | 0.22 | 0.01 | -0.20 | ||
2063 | 17.19 | 13.27 | -3.91 | ---- | 0.22 | 0.01 | -0.21 | ||
2064 | 17.24 | 13.28 | -3.96 | ---- | 0.22 | 0.01 | -0.21 | ||
2065 | 17.29 | 13.28 | -4.01 | ---- | 0.22 | 0.01 | -0.21 | ||
2066 | 17.34 | 13.28 | -4.06 | ---- | 0.22 | 0.01 | -0.21 | ||
2067 | 17.39 | 13.29 | -4.11 | ---- | 0.22 | 0.01 | -0.21 | ||
2068 | 17.45 | 13.29 | -4.16 | ---- | 0.22 | 0.01 | -0.21 | ||
2069 | 17.50 | 13.29 | -4.21 | ---- | 0.23 | 0.01 | -0.21 | ||
2070 | 17.55 | 13.30 | -4.26 | ---- | 0.23 | 0.01 | -0.21 | ||
2071 | 17.60 | 13.30 | -4.30 | ---- | 0.23 | 0.01 | -0.22 | ||
2072 | 17.64 | 13.30 | -4.34 | ---- | 0.23 | 0.01 | -0.22 | ||
2073 | 17.68 | 13.31 | -4.37 | ---- | 0.23 | 0.01 | -0.22 | ||
2074 | 17.71 | 13.31 | -4.40 | ---- | 0.23 | 0.01 | -0.22 | ||
2075 | 17.73 | 13.31 | -4.42 | ---- | 0.23 | 0.01 | -0.22 | ||
2076 | 17.75 | 13.31 | -4.44 | ---- | 0.23 | 0.01 | -0.22 | ||
2077 | 17.75 | 13.31 | -4.44 | ---- | 0.23 | 0.01 | -0.22 | ||
2078 | 17.75 | 13.31 | -4.44 | ---- | 0.23 | 0.01 | -0.22 | ||
2079 | 17.75 | 13.31 | -4.44 | ---- | 0.23 | 0.01 | -0.22 | ||
2080 | 17.74 | 13.31 | -4.43 | ---- | 0.23 | 0.01 | -0.22 | ||
2081 | 17.73 | 13.31 | -4.42 | ---- | 0.23 | 0.01 | -0.22 | ||
2082 | 17.73 | 13.31 | -4.42 | ---- | 0.23 | 0.01 | -0.22 | ||
2083 | 17.74 | 13.31 | -4.43 | ---- | 0.23 | 0.01 | -0.22 | ||
2084 | 17.76 | 13.31 | -4.45 | ---- | 0.23 | 0.01 | -0.22 | ||
2085 | 17.78 | 13.31 | -4.47 | ---- | 0.23 | 0.01 | -0.22 | ||
2086 | 17.81 | 13.31 | -4.50 | ---- | 0.23 | 0.01 | -0.22 | ||
2087 | 17.85 | 13.32 | -4.53 | ---- | 0.23 | 0.01 | -0.22 | ||
2088 | 17.89 | 13.32 | -4.57 | ---- | 0.23 | 0.01 | -0.22 | ||
2089 | 17.93 | 13.32 | -4.61 | ---- | 0.23 | 0.01 | -0.22 | ||
2090 | 17.98 | 13.32 | -4.66 | ---- | 0.23 | 0.01 | -0.22 | ||
2091 | 18.03 | 13.33 | -4.70 | ---- | 0.23 | 0.01 | -0.22 | ||
2092 | 18.07 | 13.33 | -4.74 | ---- | 0.23 | 0.01 | -0.22 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2017-2091 | 16.82% | 13.85% | -2.98% | 2034 | 0.16% | 0.01% | -0.15% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2017 Trustees Report.