Proposed Provision: B5.3. Beginning for those newly eligible in 2024, 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 $1,416 in 2022). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,416/20 = $70.80. (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 |
2023 | 204 | 204 |
2024 | 187 | 187 |
2025 | 168 | 168 |
2026 | 149 | 149 |
2027 | 131 | 131 |
2028 | 114 | 113 |
2029 | 96 | 95 |
2030 | 78 | 77 |
2031 | 60 | 59 |
2032 | 43 | 41 |
2033 | 25 | 23 |
2034 | 7 | 4 |
2035 | -12 | -15 |
2036 | -31 | -35 |
2037 | -51 | -55 |
2038 | -70 | -75 |
2039 | -91 | -96 |
2040 | -112 | -118 |
2041 | -133 | -140 |
2042 | -154 | -162 |
2043 | -176 | -185 |
2044 | -198 | -208 |
2045 | -220 | -231 |
2046 | -243 | -254 |
2047 | -265 | -277 |
2048 | -288 | -301 |
2049 | -311 | -325 |
2050 | -333 | -349 |
2051 | -357 | -373 |
2052 | -380 | -397 |
2053 | -403 | -422 |
2054 | -427 | -446 |
2055 | -450 | -471 |
2056 | -474 | -496 |
2057 | -498 | -521 |
2058 | -522 | -546 |
2059 | -547 | -572 |
2060 | -572 | -599 |
2061 | -597 | -626 |
2062 | -623 | -653 |
2063 | -650 | -681 |
2064 | -677 | -710 |
2065 | -705 | -739 |
2066 | -733 | -769 |
2067 | -762 | -799 |
2068 | -791 | -829 |
2069 | -820 | -860 |
2070 | -850 | -891 |
2071 | -880 | -923 |
2072 | -911 | -955 |
2073 | -942 | -988 |
2074 | -974 | -1021 |
2075 | -1006 | -1055 |
2076 | -1039 | -1090 |
2077 | -1074 | -1126 |
2078 | -1108 | -1163 |
2079 | -1144 | -1200 |
2080 | -1181 | -1239 |
2081 | -1218 | -1278 |
2082 | -1256 | -1318 |
2083 | -1294 | -1358 |
2084 | -1333 | -1399 |
2085 | -1373 | -1440 |
2086 | -1413 | -1482 |
2087 | -1453 | -1525 |
2088 | -1494 | -1567 |
2089 | -1534 | -1610 |
2090 | -1574 | -1651 |
2091 | -1613 | -1693 |
2092 | -1651 | -1733 |
2093 | -1689 | -1773 |
2094 | -1726 | -1812 |
2095 | -1762 | -1851 |
2096 | -1798 | -1888 |
2097 | -1833 | -1926 |
2098 | -1868 | -1962 |
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