Proposed Provision: B1.6 (2022). Progressive price indexing (30th percentile) of PIA factors beginning with individuals newly eligible for OASI benefits in 2022: 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 grows by inflation rather than the growth in the SSA average wage index. 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. Young survivors (children of deceased workers and surviving spouses with a child in care) are not affected.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2018 | 288 | 288 |
2019 | 272 | 272 |
2020 | 256 | 256 |
2021 | 239 | 239 |
2022 | 223 | 223 |
2023 | 206 | 206 |
2024 | 188 | 188 |
2025 | 171 | 171 |
2026 | 154 | 154 |
2027 | 137 | 138 |
2028 | 120 | 121 |
2029 | 104 | 105 |
2030 | 86 | 88 |
2031 | 69 | 71 |
2032 | 51 | 54 |
2033 | 33 | 37 |
2034 | 14 | 19 |
2035 | -5 | 1 |
2036 | -25 | -17 |
2037 | -46 | -36 |
2038 | -67 | -55 |
2039 | -88 | -74 |
2040 | -110 | -94 |
2041 | -132 | -113 |
2042 | -154 | -133 |
2043 | -176 | -152 |
2044 | -199 | -171 |
2045 | -221 | -190 |
2046 | -244 | -208 |
2047 | -267 | -227 |
2048 | -289 | -245 |
2049 | -312 | -263 |
2050 | -335 | -280 |
2051 | -358 | -297 |
2052 | -381 | -314 |
2053 | -403 | -331 |
2054 | -426 | -347 |
2055 | -450 | -363 |
2056 | -473 | -379 |
2057 | -496 | -394 |
2058 | -520 | -410 |
2059 | -544 | -425 |
2060 | -569 | -441 |
2061 | -594 | -456 |
2062 | -619 | -471 |
2063 | -645 | -487 |
2064 | -671 | -502 |
2065 | -698 | -518 |
2066 | -725 | -533 |
2067 | -752 | -549 |
2068 | -780 | -564 |
2069 | -808 | -580 |
2070 | -837 | -595 |
2071 | -866 | -611 |
2072 | -896 | -627 |
2073 | -927 | -643 |
2074 | -958 | -659 |
2075 | -990 | -676 |
2076 | -1023 | -693 |
2077 | -1057 | -710 |
2078 | -1092 | -728 |
2079 | -1128 | -745 |
2080 | -1165 | -763 |
2081 | -1202 | -781 |
2082 | -1240 | -798 |
2083 | -1278 | -816 |
2084 | -1316 | -833 |
2085 | -1354 | -849 |
2086 | -1392 | -866 |
2087 | -1430 | -881 |
2088 | -1468 | -897 |
2089 | -1505 | -912 |
2090 | -1543 | -926 |
2091 | -1580 | -941 |
2092 | -1618 | -955 |
2093 | -1655 | -969 |
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