Proposed Provision: B7.10. Replace the current-law WEP with a new calculation for most OASI and DI benefits based on covered and non-covered earnings, phased in for beneficiaries becoming newly eligible in 2029 through 2038. For this new approach, compute a PIA based on all past earnings (covered and non-covered), and multiply by the "non-covered earnings ratio." This ratio is equal to the current-law concept of the average indexed monthly earnings computed without non-covered earnings divided by a modified average indexed monthly earnings that includes both covered and non-covered earnings in agency records.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
| Year |
Current Law |
Provision |
| 2022 | 230 | 230 |
| 2023 | 211 | 211 |
| 2024 | 194 | 194 |
| 2025 | 177 | 177 |
| 2026 | 160 | 160 |
| 2027 | 143 | 143 |
| 2028 | 126 | 126 |
| 2029 | 109 | 109 |
| 2030 | 91 | 91 |
| 2031 | 74 | 74 |
| 2032 | 57 | 57 |
| 2033 | 39 | 39 |
| 2034 | 21 | 21 |
| 2035 | 3 | 3 |
| 2036 | -16 | -16 |
| 2037 | -35 | -35 |
| 2038 | -54 | -54 |
| 2039 | -74 | -74 |
| 2040 | -95 | -95 |
| 2041 | -116 | -116 |
| 2042 | -137 | -137 |
| 2043 | -158 | -158 |
| 2044 | -180 | -179 |
| 2045 | -202 | -201 |
| 2046 | -224 | -223 |
| 2047 | -246 | -245 |
| 2048 | -268 | -267 |
| 2049 | -291 | -290 |
| 2050 | -313 | -312 |
| 2051 | -336 | -335 |
| 2052 | -359 | -358 |
| 2053 | -383 | -381 |
| 2054 | -406 | -404 |
| 2055 | -430 | -427 |
| 2056 | -453 | -451 |
| 2057 | -477 | -474 |
| 2058 | -501 | -498 |
| 2059 | -525 | -522 |
| 2060 | -550 | -547 |
| 2061 | -575 | -572 |
| 2062 | -601 | -597 |
| 2063 | -627 | -623 |
| 2064 | -654 | -649 |
| 2065 | -681 | -676 |
| 2066 | -708 | -703 |
| 2067 | -736 | -730 |
| 2068 | -764 | -758 |
| 2069 | -792 | -786 |
| 2070 | -821 | -814 |
| 2071 | -850 | -843 |
| 2072 | -880 | -873 |
| 2073 | -910 | -902 |
| 2074 | -940 | -932 |
| 2075 | -971 | -963 |
| 2076 | -1003 | -994 |
| 2077 | -1036 | -1027 |
| 2078 | -1069 | -1060 |
| 2079 | -1104 | -1094 |
| 2080 | -1139 | -1129 |
| 2081 | -1175 | -1164 |
| 2082 | -1212 | -1200 |
| 2083 | -1249 | -1237 |
| 2084 | -1286 | -1274 |
| 2085 | -1324 | -1312 |
| 2086 | -1363 | -1350 |
| 2087 | -1402 | -1389 |
| 2088 | -1442 | -1428 |
| 2089 | -1481 | -1466 |
| 2090 | -1520 | -1505 |
| 2091 | -1558 | -1542 |
| 2092 | -1595 | -1579 |
| 2093 | -1632 | -1616 |
| 2094 | -1668 | -1651 |
| 2095 | -1703 | -1686 |
| 2096 | -1738 | -1721 |
| 2097 | -1773 | -1754 |
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