Detailed Single Year Tables
Description of Proposed Provision:
B3.16: For retired worker and disabled worker beneficiaries becoming initially eligible in January 2030 or later, phase in a new benefit formula (from 2030 to 2039). Replace the existing two primary insurance amount (PIA) bend points with three new bend points as follows: (1) 25% AWI/12 from 2 years prior to initial eligibility; (2) 100% AWI/12 from 2 years prior to initial eligibility; and (3) 125% AWI/12 from 2 years prior to initial eligibility. The new PIA factors are 95%, 27.5%, 5% and 2%. During the phase in, those becoming newly eligible for benefits will receive an increasing portion of their benefits based on the new formula, reaching 100% of the new formula in 2039.
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 |
|||
| 2023 | 14.53 | 13.29 | -1.24 | 204 | 0.00 | 0.00 | 0.00 | ||
| 2024 | 14.87 | 12.89 | -1.98 | 187 | 0.00 | 0.00 | 0.00 | ||
| 2025 | 15.04 | 12.97 | -2.07 | 168 | 0.00 | 0.00 | 0.00 | ||
| 2026 | 15.23 | 13.08 | -2.15 | 149 | 0.00 | 0.00 | 0.00 | ||
| 2027 | 15.38 | 13.09 | -2.29 | 131 | 0.00 | 0.00 | 0.00 | ||
| 2028 | 15.55 | 13.13 | -2.42 | 114 | 0.00 | 0.00 | 0.00 | ||
| 2029 | 15.72 | 13.16 | -2.56 | 96 | 0.00 | 0.00 | 0.00 | ||
| 2030 | 15.87 | 13.18 | -2.69 | 78 | -0.00 | -0.00 | 0.00 | ||
| 2031 | 16.00 | 13.21 | -2.79 | 61 | -0.00 | -0.00 | 0.00 | ||
| 2032 | 16.14 | 13.24 | -2.90 | 43 | -0.00 | -0.00 | 0.00 | ||
| 2033 | 16.26 | 13.25 | -3.01 | 25 | -0.01 | -0.00 | 0.01 | ||
| 2034 | 16.37 | 13.26 | -3.11 | 7 | -0.02 | -0.00 | 0.01 | ||
| 2035 | 16.45 | 13.27 | -3.19 | ---- | -0.03 | -0.00 | 0.03 | ||
| 2036 | 16.51 | 13.27 | -3.24 | ---- | -0.04 | -0.00 | 0.04 | ||
| 2037 | 16.57 | 13.28 | -3.29 | ---- | -0.07 | -0.00 | 0.06 | ||
| 2038 | 16.60 | 13.28 | -3.32 | ---- | -0.10 | -0.01 | 0.09 | ||
| 2039 | 16.61 | 13.29 | -3.32 | ---- | -0.14 | -0.01 | 0.13 | ||
| 2040 | 16.60 | 13.29 | -3.31 | ---- | -0.18 | -0.01 | 0.17 | ||
| 2041 | 16.57 | 13.29 | -3.28 | ---- | -0.24 | -0.01 | 0.22 | ||
| 2042 | 16.52 | 13.28 | -3.24 | ---- | -0.30 | -0.02 | 0.28 | ||
| 2043 | 16.47 | 13.28 | -3.19 | ---- | -0.36 | -0.02 | 0.34 | ||
| 2044 | 16.41 | 13.28 | -3.13 | ---- | -0.43 | -0.03 | 0.41 | ||
| 2045 | 16.35 | 13.28 | -3.07 | ---- | -0.51 | -0.03 | 0.48 | ||
| 2046 | 16.29 | 13.28 | -3.02 | ---- | -0.59 | -0.03 | 0.55 | ||
| 2047 | 16.24 | 13.27 | -2.96 | ---- | -0.67 | -0.04 | 0.63 | ||
| 2048 | 16.18 | 13.27 | -2.91 | ---- | -0.75 | -0.04 | 0.70 | ||
| 2049 | 16.13 | 13.27 | -2.86 | ---- | -0.82 | -0.05 | 0.77 | ||
| 2050 | 16.09 | 13.27 | -2.82 | ---- | -0.90 | -0.05 | 0.84 | ||
| 2051 | 16.05 | 13.27 | -2.78 | ---- | -0.97 | -0.06 | 0.91 | ||
| 2052 | 16.01 | 13.26 | -2.75 | ---- | -1.05 | -0.06 | 0.98 | ||
| 2053 | 15.99 | 13.26 | -2.73 | ---- | -1.12 | -0.07 | 1.05 | ||
| 2054 | 15.98 | 13.26 | -2.71 | ---- | -1.19 | -0.07 | 1.11 | ||
| 2055 | 15.98 | 13.27 | -2.71 | ---- | -1.25 | -0.08 | 1.18 | ||
| 2056 | 15.99 | 13.27 | -2.72 | ---- | -1.32 | -0.08 | 1.24 | ||
| 2057 | 16.00 | 13.27 | -2.73 | ---- | -1.38 | -0.08 | 1.29 | ||
| 2058 | 16.02 | 13.27 | -2.75 | ---- | -1.44 | -0.09 | 1.35 | ||
| 2059 | 16.05 | 13.28 | -2.77 | ---- | -1.49 | -0.09 | 1.40 | ||
| 2060 | 16.08 | 13.28 | -2.80 | ---- | -1.54 | -0.09 | 1.45 | ||
| 2061 | 16.10 | 13.28 | -2.82 | ---- | -1.59 | -0.10 | 1.49 | ||
| 2062 | 16.13 | 13.28 | -2.85 | ---- | -1.63 | -0.10 | 1.53 | ||
| 2063 | 16.16 | 13.29 | -2.87 | ---- | -1.67 | -0.10 | 1.56 | ||
| 2064 | 16.18 | 13.29 | -2.89 | ---- | -1.70 | -0.10 | 1.60 | ||
| 2065 | 16.21 | 13.29 | -2.92 | ---- | -1.73 | -0.11 | 1.62 | ||
| 2066 | 16.25 | 13.30 | -2.95 | ---- | -1.76 | -0.11 | 1.65 | ||
| 2067 | 16.28 | 13.30 | -2.98 | ---- | -1.78 | -0.11 | 1.67 | ||
| 2068 | 16.31 | 13.30 | -3.01 | ---- | -1.80 | -0.11 | 1.69 | ||
| 2069 | 16.35 | 13.31 | -3.05 | ---- | -1.82 | -0.11 | 1.71 | ||
| 2070 | 16.39 | 13.31 | -3.08 | ---- | -1.84 | -0.11 | 1.72 | ||
| 2071 | 16.43 | 13.31 | -3.12 | ---- | -1.85 | -0.11 | 1.74 | ||
| 2072 | 16.47 | 13.32 | -3.15 | ---- | -1.86 | -0.12 | 1.75 | ||
| 2073 | 16.51 | 13.32 | -3.19 | ---- | -1.88 | -0.12 | 1.76 | ||
| 2074 | 16.54 | 13.32 | -3.22 | ---- | -1.88 | -0.12 | 1.77 | ||
| 2075 | 16.57 | 13.32 | -3.25 | ---- | -1.89 | -0.12 | 1.78 | ||
| 2076 | 16.59 | 13.33 | -3.26 | ---- | -1.90 | -0.12 | 1.78 | ||
| 2077 | 16.60 | 13.33 | -3.27 | ---- | -1.90 | -0.12 | 1.79 | ||
| 2078 | 16.60 | 13.33 | -3.27 | ---- | -1.91 | -0.12 | 1.79 | ||
| 2079 | 16.58 | 13.33 | -3.25 | ---- | -1.91 | -0.12 | 1.79 | ||
| 2080 | 16.56 | 13.33 | -3.23 | ---- | -1.91 | -0.12 | 1.79 | ||
| 2081 | 16.53 | 13.33 | -3.20 | ---- | -1.90 | -0.12 | 1.78 | ||
| 2082 | 16.49 | 13.32 | -3.17 | ---- | -1.90 | -0.12 | 1.78 | ||
| 2083 | 16.45 | 13.32 | -3.13 | ---- | -1.90 | -0.12 | 1.78 | ||
| 2084 | 16.40 | 13.32 | -3.08 | ---- | -1.89 | -0.12 | 1.77 | ||
| 2085 | 16.34 | 13.32 | -3.03 | ---- | -1.88 | -0.12 | 1.77 | ||
| 2086 | 16.28 | 13.31 | -2.97 | ---- | -1.88 | -0.12 | 1.76 | ||
| 2087 | 16.22 | 13.31 | -2.91 | ---- | -1.87 | -0.12 | 1.75 | ||
| 2088 | 16.16 | 13.30 | -2.85 | ---- | -1.86 | -0.12 | 1.75 | ||
| 2089 | 16.10 | 13.30 | -2.80 | ---- | -1.86 | -0.12 | 1.74 | ||
| 2090 | 16.04 | 13.30 | -2.75 | ---- | -1.85 | -0.12 | 1.73 | ||
| 2091 | 16.00 | 13.29 | -2.70 | ---- | -1.84 | -0.12 | 1.73 | ||
| 2092 | 15.96 | 13.29 | -2.67 | ---- | -1.84 | -0.12 | 1.72 | ||
| 2093 | 15.94 | 13.29 | -2.65 | ---- | -1.84 | -0.12 | 1.72 | ||
| 2094 | 15.92 | 13.29 | -2.63 | ---- | -1.83 | -0.11 | 1.72 | ||
| 2095 | 15.91 | 13.29 | -2.62 | ---- | -1.83 | -0.11 | 1.72 | ||
| 2096 | 15.91 | 13.29 | -2.62 | ---- | -1.83 | -0.11 | 1.72 | ||
| 2097 | 15.92 | 13.29 | -2.63 | ---- | -1.84 | -0.12 | 1.72 | ||
| 2098 | 15.93 | 13.29 | -2.64 | ---- | -1.84 | -0.12 | 1.72 | ||
Summarized Estimates
| Proposal | Change from Current Law | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Years | Cost rate |
Income rate |
Actuarial balance |
Year of reserve depletion1 |
Cost rate |
Income rate |
Actuarial balance |
||
| 2023-2097 | 16.32% | 13.71% | -2.60% | 2034 | -1.07% | -0.07% | 1.00% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
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Based on Intermediate Assumptions of the 2023 Trustees Report.