Proposed Provision: B5.3. Beginning for those newly eligible in 2021, 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 $1,301 in 2019). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,301/20 = $65.05. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2020 | 261 | 261 |
2021 | 248 | 248 |
2022 | 233 | 233 |
2023 | 217 | 216 |
2024 | 200 | 199 |
2025 | 183 | 182 |
2026 | 165 | 164 |
2027 | 148 | 146 |
2028 | 130 | 128 |
2029 | 112 | 110 |
2030 | 94 | 91 |
2031 | 76 | 73 |
2032 | 58 | 54 |
2033 | 39 | 35 |
2034 | 20 | 15 |
2035 | 1 | -4 |
2036 | -19 | -25 |
2037 | -38 | -45 |
2038 | -59 | -66 |
2039 | -80 | -88 |
2040 | -101 | -110 |
2041 | -122 | -132 |
2042 | -144 | -155 |
2043 | -166 | -177 |
2044 | -188 | -201 |
2045 | -210 | -224 |
2046 | -232 | -247 |
2047 | -255 | -271 |
2048 | -277 | -294 |
2049 | -299 | -318 |
2050 | -322 | -341 |
2051 | -344 | -365 |
2052 | -367 | -388 |
2053 | -389 | -412 |
2054 | -412 | -436 |
2055 | -434 | -460 |
2056 | -457 | -484 |
2057 | -480 | -509 |
2058 | -504 | -534 |
2059 | -527 | -558 |
2060 | -551 | -584 |
2061 | -575 | -609 |
2062 | -599 | -635 |
2063 | -624 | -662 |
2064 | -650 | -688 |
2065 | -676 | -716 |
2066 | -702 | -743 |
2067 | -728 | -771 |
2068 | -755 | -800 |
2069 | -782 | -828 |
2070 | -809 | -857 |
2071 | -837 | -887 |
2072 | -866 | -917 |
2073 | -895 | -948 |
2074 | -925 | -979 |
2075 | -955 | -1011 |
2076 | -986 | -1044 |
2077 | -1018 | -1077 |
2078 | -1051 | -1112 |
2079 | -1084 | -1147 |
2080 | -1119 | -1184 |
2081 | -1154 | -1221 |
2082 | -1190 | -1259 |
2083 | -1226 | -1297 |
2084 | -1263 | -1335 |
2085 | -1300 | -1375 |
2086 | -1337 | -1414 |
2087 | -1374 | -1453 |
2088 | -1411 | -1492 |
2089 | -1448 | -1531 |
2090 | -1484 | -1569 |
2091 | -1520 | -1607 |
2092 | -1554 | -1644 |
2093 | -1589 | -1680 |
2094 | -1623 | -1716 |
2095 | -1657 | -1751 |
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