Summary Measures and Graphs
Description of Proposed Provision:
B3.17: Increase the current-law first bend point by 22 percent and increase the 90 percent PIA factor to 95 percent for all beneficiaries eligible for benefits as of January 2024 and for those newly eligible for benefits after 2023. This provision will result in an approximate $257 increase in PIA for most workers newly eligible for retirement or disability benefits in 2024.
Estimates based on the intermediate assumptions
of the 2023 Trustees Report
Summary Measures | |||||||
---|---|---|---|---|---|---|---|
Current law [percent of payroll] |
Change from current law [percent of payroll] |
Shortfall eliminated | |||||
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
Long-range actuarial balance |
Annual balance in 75th year |
||
-3.61 | -4.35 | -1.49 | -1.54 | -41% | -35% |