Detailed Single Year Tables
Description of Proposed Provision:
B5.3: Beginning for those newly eligible in 2020, reconfigure the special minimum benefit: (a) A year of coverage is defined to be either a year in which 4 quarters of coverage are earned or a child is in care. Childcare years are granted to parents who have a child under 5, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 125 percent of the monthly poverty level (about $1,265 in 2018). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,265/20 = $63.25. (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 |
|||
2019 | 13.91 | 12.85 | -1.06 | 273 | 0.00 | 0.00 | 0.00 | ||
2020 | 13.94 | 12.87 | -1.07 | 260 | 0.00 | 0.00 | -0.00 | ||
2021 | 14.10 | 12.90 | -1.20 | 245 | 0.01 | 0.00 | -0.01 | ||
2022 | 14.25 | 12.92 | -1.33 | 229 | 0.02 | 0.00 | -0.02 | ||
2023 | 14.42 | 12.94 | -1.49 | 213 | 0.03 | 0.00 | -0.03 | ||
2024 | 14.63 | 12.97 | -1.66 | 196 | 0.04 | 0.00 | -0.04 | ||
2025 | 14.84 | 12.99 | -1.85 | 179 | 0.05 | 0.00 | -0.05 | ||
2026 | 15.05 | 13.11 | -1.94 | 162 | 0.06 | 0.00 | -0.06 | ||
2027 | 15.27 | 13.14 | -2.13 | 145 | 0.08 | 0.00 | -0.07 | ||
2028 | 15.52 | 13.18 | -2.35 | 128 | 0.09 | 0.00 | -0.09 | ||
2029 | 15.73 | 13.20 | -2.54 | 111 | 0.10 | 0.00 | -0.10 | ||
2030 | 15.92 | 13.21 | -2.71 | 94 | 0.12 | 0.01 | -0.11 | ||
2031 | 16.10 | 13.22 | -2.87 | 76 | 0.13 | 0.01 | -0.12 | ||
2032 | 16.25 | 13.23 | -3.02 | 58 | 0.14 | 0.01 | -0.14 | ||
2033 | 16.39 | 13.25 | -3.14 | 40 | 0.15 | 0.01 | -0.15 | ||
2034 | 16.49 | 13.25 | -3.24 | 22 | 0.16 | 0.01 | -0.16 | ||
2035 | 16.57 | 13.26 | -3.31 | 3 | 0.17 | 0.01 | -0.17 | ||
2036 | 16.64 | 13.27 | -3.38 | ---- | 0.18 | 0.01 | -0.17 | ||
2037 | 16.71 | 13.27 | -3.44 | ---- | 0.19 | 0.01 | -0.18 | ||
2038 | 16.77 | 13.28 | -3.49 | ---- | 0.20 | 0.01 | -0.19 | ||
2039 | 16.82 | 13.28 | -3.53 | ---- | 0.21 | 0.01 | -0.20 | ||
2040 | 16.84 | 13.29 | -3.55 | ---- | 0.22 | 0.01 | -0.21 | ||
2041 | 16.84 | 13.29 | -3.56 | ---- | 0.23 | 0.01 | -0.22 | ||
2042 | 16.83 | 13.29 | -3.54 | ---- | 0.24 | 0.01 | -0.23 | ||
2043 | 16.81 | 13.29 | -3.52 | ---- | 0.25 | 0.01 | -0.24 | ||
2044 | 16.78 | 13.29 | -3.49 | ---- | 0.26 | 0.01 | -0.24 | ||
2045 | 16.75 | 13.29 | -3.47 | ---- | 0.27 | 0.01 | -0.25 | ||
2046 | 16.73 | 13.28 | -3.44 | ---- | 0.27 | 0.01 | -0.26 | ||
2047 | 16.71 | 13.28 | -3.42 | ---- | 0.28 | 0.02 | -0.27 | ||
2048 | 16.69 | 13.29 | -3.41 | ---- | 0.29 | 0.02 | -0.27 | ||
2049 | 16.68 | 13.29 | -3.39 | ---- | 0.30 | 0.02 | -0.28 | ||
2050 | 16.67 | 13.29 | -3.38 | ---- | 0.30 | 0.02 | -0.29 | ||
2051 | 16.67 | 13.29 | -3.38 | ---- | 0.31 | 0.02 | -0.29 | ||
2052 | 16.68 | 13.29 | -3.39 | ---- | 0.32 | 0.02 | -0.30 | ||
2053 | 16.69 | 13.29 | -3.40 | ---- | 0.32 | 0.02 | -0.30 | ||
2054 | 16.71 | 13.29 | -3.42 | ---- | 0.33 | 0.02 | -0.31 | ||
2055 | 16.74 | 13.30 | -3.44 | ---- | 0.33 | 0.02 | -0.31 | ||
2056 | 16.78 | 13.30 | -3.48 | ---- | 0.34 | 0.02 | -0.32 | ||
2057 | 16.82 | 13.30 | -3.52 | ---- | 0.34 | 0.02 | -0.32 | ||
2058 | 16.87 | 13.31 | -3.56 | ---- | 0.34 | 0.02 | -0.32 | ||
2059 | 16.92 | 13.31 | -3.61 | ---- | 0.35 | 0.02 | -0.33 | ||
2060 | 16.98 | 13.32 | -3.66 | ---- | 0.35 | 0.02 | -0.33 | ||
2061 | 17.03 | 13.32 | -3.71 | ---- | 0.35 | 0.02 | -0.33 | ||
2062 | 17.09 | 13.33 | -3.76 | ---- | 0.36 | 0.02 | -0.34 | ||
2063 | 17.15 | 13.33 | -3.82 | ---- | 0.36 | 0.02 | -0.34 | ||
2064 | 17.20 | 13.33 | -3.87 | ---- | 0.36 | 0.02 | -0.34 | ||
2065 | 17.26 | 13.34 | -3.92 | ---- | 0.36 | 0.02 | -0.34 | ||
2066 | 17.32 | 13.34 | -3.98 | ---- | 0.36 | 0.02 | -0.34 | ||
2067 | 17.38 | 13.35 | -4.03 | ---- | 0.37 | 0.02 | -0.35 | ||
2068 | 17.44 | 13.35 | -4.09 | ---- | 0.37 | 0.02 | -0.35 | ||
2069 | 17.50 | 13.35 | -4.15 | ---- | 0.37 | 0.02 | -0.35 | ||
2070 | 17.57 | 13.36 | -4.21 | ---- | 0.37 | 0.02 | -0.35 | ||
2071 | 17.62 | 13.36 | -4.26 | ---- | 0.37 | 0.02 | -0.35 | ||
2072 | 17.68 | 13.37 | -4.31 | ---- | 0.37 | 0.02 | -0.35 | ||
2073 | 17.72 | 13.37 | -4.35 | ---- | 0.38 | 0.02 | -0.35 | ||
2074 | 17.77 | 13.37 | -4.39 | ---- | 0.38 | 0.02 | -0.35 | ||
2075 | 17.81 | 13.38 | -4.43 | ---- | 0.38 | 0.02 | -0.35 | ||
2076 | 17.84 | 13.38 | -4.46 | ---- | 0.38 | 0.02 | -0.35 | ||
2077 | 17.85 | 13.38 | -4.47 | ---- | 0.38 | 0.02 | -0.35 | ||
2078 | 17.86 | 13.38 | -4.48 | ---- | 0.38 | 0.02 | -0.35 | ||
2079 | 17.85 | 13.38 | -4.47 | ---- | 0.38 | 0.02 | -0.35 | ||
2080 | 17.84 | 13.38 | -4.46 | ---- | 0.38 | 0.02 | -0.35 | ||
2081 | 17.82 | 13.38 | -4.44 | ---- | 0.37 | 0.02 | -0.35 | ||
2082 | 17.80 | 13.38 | -4.42 | ---- | 0.37 | 0.02 | -0.35 | ||
2083 | 17.77 | 13.38 | -4.40 | ---- | 0.37 | 0.02 | -0.35 | ||
2084 | 17.75 | 13.38 | -4.37 | ---- | 0.37 | 0.02 | -0.35 | ||
2085 | 17.73 | 13.38 | -4.35 | ---- | 0.37 | 0.02 | -0.35 | ||
2086 | 17.71 | 13.37 | -4.34 | ---- | 0.37 | 0.02 | -0.35 | ||
2087 | 17.70 | 13.37 | -4.33 | ---- | 0.37 | 0.02 | -0.35 | ||
2088 | 17.70 | 13.37 | -4.32 | ---- | 0.37 | 0.02 | -0.35 | ||
2089 | 17.71 | 13.37 | -4.33 | ---- | 0.37 | 0.02 | -0.35 | ||
2090 | 17.73 | 13.38 | -4.35 | ---- | 0.37 | 0.02 | -0.35 | ||
2091 | 17.76 | 13.38 | -4.38 | ---- | 0.37 | 0.02 | -0.35 | ||
2092 | 17.80 | 13.38 | -4.42 | ---- | 0.37 | 0.02 | -0.35 | ||
2093 | 17.85 | 13.38 | -4.46 | ---- | 0.37 | 0.02 | -0.35 | ||
2094 | 17.90 | 13.39 | -4.51 | ---- | 0.37 | 0.02 | -0.35 |
Summarized Estimates
Proposal | Change from Current Law | ||||||||
---|---|---|---|---|---|---|---|---|---|
Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
2019-2093 | 16.86% | 13.83% | -3.03% | 2035 | 0.26% | 0.01% | -0.25% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
Based on Intermediate Assumptions of the 2019 Trustees Report.