Detailed Single Year Tables
Description of Proposed Provision:
B5.11: Beginning for those newly eligible in 2020, reconfigure the special minimum benefit: (a) The number of years of work (YOWs) is determined as total quarters of coverage divided by 4, ignoring any fraction. Childcare years are granted to parents who have a child under 6, with a limit of 5 such years. (b) For beneficiaries becoming newly eligible in 2020, set the initial special minimum benefit for 30+ YOWs equal to 100 percent of the monthly HHS poverty level for 2019. For beneficiaries becoming newly eligible after 2020, the initial special minimum benefit is indexed by the AWI. For workers between 11 and 29 YOWs, reduce the special minimum by 3 1/3 percentage points per YOW so that at 29 YOWs the minimum would be 96 2/3% of poverty, ..., down to 11 YOWs at 36 2/3% of poverty. No minimum for 10 or fewer YOWs.
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 | 14.09 | 12.90 | -1.19 | 245 | 0.00 | 0.00 | -0.00 | ||
| 2022 | 14.24 | 12.92 | -1.32 | 229 | 0.01 | 0.00 | -0.01 | ||
| 2023 | 14.41 | 12.94 | -1.47 | 213 | 0.01 | 0.00 | -0.01 | ||
| 2024 | 14.60 | 12.97 | -1.63 | 196 | 0.02 | 0.00 | -0.01 | ||
| 2025 | 14.81 | 12.99 | -1.82 | 180 | 0.02 | 0.00 | -0.02 | ||
| 2026 | 15.01 | 13.11 | -1.90 | 163 | 0.03 | 0.00 | -0.03 | ||
| 2027 | 15.22 | 13.13 | -2.09 | 146 | 0.03 | 0.00 | -0.03 | ||
| 2028 | 15.47 | 13.18 | -2.29 | 129 | 0.04 | 0.00 | -0.04 | ||
| 2029 | 15.67 | 13.19 | -2.48 | 112 | 0.05 | 0.00 | -0.04 | ||
| 2030 | 15.86 | 13.21 | -2.65 | 96 | 0.05 | 0.00 | -0.05 | ||
| 2031 | 16.02 | 13.22 | -2.80 | 79 | 0.06 | 0.00 | -0.05 | ||
| 2032 | 16.17 | 13.23 | -2.94 | 61 | 0.06 | 0.00 | -0.06 | ||
| 2033 | 16.30 | 13.24 | -3.06 | 43 | 0.07 | 0.00 | -0.06 | ||
| 2034 | 16.40 | 13.25 | -3.15 | 25 | 0.07 | 0.00 | -0.07 | ||
| 2035 | 16.48 | 13.26 | -3.22 | 7 | 0.08 | 0.00 | -0.07 | ||
| 2036 | 16.54 | 13.26 | -3.28 | ---- | 0.08 | 0.00 | -0.08 | ||
| 2037 | 16.61 | 13.27 | -3.34 | ---- | 0.09 | 0.00 | -0.08 | ||
| 2038 | 16.66 | 13.27 | -3.39 | ---- | 0.09 | 0.00 | -0.09 | ||
| 2039 | 16.70 | 13.28 | -3.42 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2040 | 16.72 | 13.28 | -3.44 | ---- | 0.10 | 0.01 | -0.10 | ||
| 2041 | 16.72 | 13.28 | -3.44 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2042 | 16.70 | 13.28 | -3.42 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2043 | 16.67 | 13.28 | -3.39 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2044 | 16.64 | 13.28 | -3.36 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2045 | 16.61 | 13.28 | -3.34 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2046 | 16.58 | 13.28 | -3.31 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2047 | 16.56 | 13.28 | -3.28 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2048 | 16.54 | 13.28 | -3.27 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2049 | 16.53 | 13.28 | -3.25 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2050 | 16.51 | 13.28 | -3.24 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2051 | 16.51 | 13.28 | -3.23 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2052 | 16.52 | 13.28 | -3.24 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2053 | 16.53 | 13.28 | -3.25 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2054 | 16.55 | 13.28 | -3.26 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2055 | 16.57 | 13.29 | -3.29 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2056 | 16.61 | 13.29 | -3.32 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2057 | 16.65 | 13.29 | -3.35 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2058 | 16.70 | 13.30 | -3.40 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2059 | 16.75 | 13.30 | -3.45 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2060 | 16.80 | 13.31 | -3.50 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2061 | 16.86 | 13.31 | -3.55 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2062 | 16.91 | 13.32 | -3.60 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2063 | 16.97 | 13.32 | -3.65 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2064 | 17.02 | 13.32 | -3.70 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2065 | 17.08 | 13.33 | -3.75 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2066 | 17.14 | 13.33 | -3.81 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2067 | 17.20 | 13.34 | -3.86 | ---- | 0.19 | 0.01 | -0.17 | ||
| 2068 | 17.26 | 13.34 | -3.92 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2069 | 17.32 | 13.34 | -3.98 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2070 | 17.38 | 13.35 | -4.03 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2071 | 17.44 | 13.35 | -4.09 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2072 | 17.49 | 13.36 | -4.13 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2073 | 17.54 | 13.36 | -4.18 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2074 | 17.58 | 13.36 | -4.22 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2075 | 17.62 | 13.37 | -4.25 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2076 | 17.65 | 13.37 | -4.28 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2077 | 17.67 | 13.37 | -4.30 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2078 | 17.68 | 13.37 | -4.30 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2079 | 17.67 | 13.37 | -4.30 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2080 | 17.65 | 13.37 | -4.28 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2081 | 17.64 | 13.37 | -4.26 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2082 | 17.61 | 13.37 | -4.24 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2083 | 17.59 | 13.37 | -4.22 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2084 | 17.57 | 13.37 | -4.20 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2085 | 17.55 | 13.37 | -4.18 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2086 | 17.53 | 13.36 | -4.16 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2087 | 17.52 | 13.36 | -4.15 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2088 | 17.52 | 13.36 | -4.15 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2089 | 17.53 | 13.36 | -4.16 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2090 | 17.55 | 13.36 | -4.18 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2091 | 17.58 | 13.37 | -4.21 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2092 | 17.62 | 13.37 | -4.25 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2093 | 17.66 | 13.37 | -4.29 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2094 | 17.71 | 13.38 | -4.34 | ---- | 0.19 | 0.01 | -0.18 | ||
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 | 16.73% | 13.82% | -2.91% | 2035 | 0.13% | 0.01% | -0.12% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2019 Trustees Report.