Detailed Single Year Tables
Description of Proposed Provision:
B5.7: Beginning for those newly eligible in 2023, 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) At implementation, set the PIA for 30+ YOWs equal to 100 percent of the monthly HHS poverty level for the year prior to eligibility. 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 |
|||
| 2020 | 13.92 | 13.00 | -0.92 | 261 | 0.00 | 0.00 | 0.00 | ||
| 2021 | 14.05 | 12.90 | -1.15 | 248 | 0.00 | 0.00 | 0.00 | ||
| 2022 | 14.25 | 12.93 | -1.32 | 233 | 0.00 | 0.00 | 0.00 | ||
| 2023 | 14.44 | 12.94 | -1.49 | 217 | 0.00 | 0.00 | -0.00 | ||
| 2024 | 14.65 | 12.98 | -1.67 | 200 | 0.00 | 0.00 | -0.00 | ||
| 2025 | 14.88 | 13.00 | -1.89 | 183 | 0.01 | 0.00 | -0.01 | ||
| 2026 | 15.12 | 13.12 | -2.00 | 165 | 0.01 | 0.00 | -0.01 | ||
| 2027 | 15.36 | 13.15 | -2.21 | 148 | 0.01 | 0.00 | -0.01 | ||
| 2028 | 15.60 | 13.19 | -2.41 | 130 | 0.01 | 0.00 | -0.01 | ||
| 2029 | 15.85 | 13.23 | -2.62 | 112 | 0.02 | 0.00 | -0.02 | ||
| 2030 | 16.04 | 13.24 | -2.80 | 93 | 0.02 | 0.00 | -0.02 | ||
| 2031 | 16.21 | 13.26 | -2.95 | 75 | 0.02 | 0.00 | -0.02 | ||
| 2032 | 16.36 | 13.27 | -3.09 | 57 | 0.03 | 0.00 | -0.03 | ||
| 2033 | 16.48 | 13.28 | -3.20 | 38 | 0.03 | 0.00 | -0.03 | ||
| 2034 | 16.58 | 13.29 | -3.29 | 19 | 0.03 | 0.00 | -0.03 | ||
| 2035 | 16.66 | 13.29 | -3.36 | 0 | 0.03 | 0.00 | -0.03 | ||
| 2036 | 16.72 | 13.30 | -3.42 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2037 | 16.78 | 13.31 | -3.47 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2038 | 16.82 | 13.31 | -3.51 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2039 | 16.86 | 13.32 | -3.54 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2040 | 16.89 | 13.32 | -3.57 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2041 | 16.90 | 13.32 | -3.58 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2042 | 16.90 | 13.32 | -3.58 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2043 | 16.89 | 13.32 | -3.57 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2044 | 16.88 | 13.32 | -3.56 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2045 | 16.86 | 13.32 | -3.54 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2046 | 16.85 | 13.32 | -3.53 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2047 | 16.84 | 13.32 | -3.52 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2048 | 16.84 | 13.32 | -3.51 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2049 | 16.83 | 13.32 | -3.51 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2050 | 16.84 | 13.33 | -3.51 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2051 | 16.84 | 13.33 | -3.51 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2052 | 16.86 | 13.33 | -3.53 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2053 | 16.88 | 13.33 | -3.55 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2054 | 16.91 | 13.33 | -3.57 | ---- | 0.05 | 0.00 | -0.05 | ||
| 2055 | 16.94 | 13.34 | -3.60 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2056 | 16.98 | 13.34 | -3.64 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2057 | 17.02 | 13.35 | -3.68 | ---- | 0.05 | 0.00 | -0.04 | ||
| 2058 | 17.07 | 13.35 | -3.72 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2059 | 17.13 | 13.35 | -3.77 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2060 | 17.19 | 13.36 | -3.83 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2061 | 17.25 | 13.36 | -3.88 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2062 | 17.31 | 13.37 | -3.94 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2063 | 17.37 | 13.37 | -3.99 | ---- | 0.04 | 0.00 | -0.04 | ||
| 2064 | 17.43 | 13.38 | -4.05 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2065 | 17.49 | 13.38 | -4.11 | ---- | 0.04 | 0.00 | -0.03 | ||
| 2066 | 17.56 | 13.39 | -4.17 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2067 | 17.63 | 13.39 | -4.23 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2068 | 17.69 | 13.40 | -4.30 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2069 | 17.76 | 13.40 | -4.36 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2070 | 17.83 | 13.41 | -4.43 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2071 | 17.90 | 13.41 | -4.49 | ---- | 0.03 | 0.00 | -0.03 | ||
| 2072 | 17.96 | 13.42 | -4.54 | ---- | 0.03 | 0.00 | -0.02 | ||
| 2073 | 18.01 | 13.42 | -4.59 | ---- | 0.03 | 0.00 | -0.02 | ||
| 2074 | 18.06 | 13.42 | -4.63 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2075 | 18.10 | 13.43 | -4.67 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2076 | 18.14 | 13.43 | -4.71 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2077 | 18.16 | 13.43 | -4.73 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2078 | 18.17 | 13.43 | -4.74 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2079 | 18.17 | 13.44 | -4.73 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2080 | 18.16 | 13.43 | -4.72 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2081 | 18.14 | 13.43 | -4.70 | ---- | 0.02 | 0.00 | -0.02 | ||
| 2082 | 18.11 | 13.43 | -4.68 | ---- | 0.02 | 0.00 | -0.01 | ||
| 2083 | 18.08 | 13.43 | -4.65 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2084 | 18.05 | 13.43 | -4.62 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2085 | 18.01 | 13.43 | -4.58 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2086 | 17.97 | 13.42 | -4.55 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2087 | 17.94 | 13.42 | -4.51 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2088 | 17.91 | 13.42 | -4.49 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2089 | 17.89 | 13.42 | -4.47 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2090 | 17.88 | 13.42 | -4.46 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2091 | 17.88 | 13.42 | -4.46 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2092 | 17.89 | 13.42 | -4.47 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2093 | 17.91 | 13.42 | -4.49 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2094 | 17.94 | 13.42 | -4.52 | ---- | 0.01 | 0.00 | -0.01 | ||
| 2095 | 17.98 | 13.43 | -4.55 | ---- | 0.01 | 0.00 | -0.01 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2020-2094 | 17.09% | 13.85% | -3.24% | 2035 | 0.03% | 0.00% | -0.03% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2035. |
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Based on Intermediate Assumptions of the 2020 Trustees Report.