Detailed Single Year Tables
Description of Proposed Provision:
B5.2: Beginning for those newly eligible in 2024, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which 4 quarters of coverage are earned. (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.
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 | 15.05 | 12.97 | -2.08 | 168 | 0.01 | 0.00 | -0.01 | ||
| 2026 | 15.25 | 13.08 | -2.16 | 149 | 0.01 | 0.00 | -0.01 | ||
| 2027 | 15.40 | 13.10 | -2.30 | 131 | 0.02 | 0.00 | -0.02 | ||
| 2028 | 15.58 | 13.13 | -2.45 | 113 | 0.02 | 0.00 | -0.02 | ||
| 2029 | 15.75 | 13.16 | -2.59 | 95 | 0.03 | 0.00 | -0.03 | ||
| 2030 | 15.91 | 13.19 | -2.72 | 78 | 0.04 | 0.00 | -0.04 | ||
| 2031 | 16.05 | 13.21 | -2.83 | 60 | 0.04 | 0.00 | -0.04 | ||
| 2032 | 16.20 | 13.24 | -2.96 | 42 | 0.05 | 0.00 | -0.05 | ||
| 2033 | 16.33 | 13.25 | -3.08 | 24 | 0.06 | 0.00 | -0.06 | ||
| 2034 | 16.45 | 13.26 | -3.19 | 5 | 0.07 | 0.00 | -0.06 | ||
| 2035 | 16.55 | 13.27 | -3.28 | ---- | 0.08 | 0.00 | -0.07 | ||
| 2036 | 16.64 | 13.28 | -3.36 | ---- | 0.08 | 0.00 | -0.08 | ||
| 2037 | 16.73 | 13.29 | -3.44 | ---- | 0.09 | 0.00 | -0.09 | ||
| 2038 | 16.79 | 13.29 | -3.50 | ---- | 0.10 | 0.01 | -0.09 | ||
| 2039 | 16.85 | 13.30 | -3.55 | ---- | 0.11 | 0.01 | -0.10 | ||
| 2040 | 16.89 | 13.30 | -3.59 | ---- | 0.11 | 0.01 | -0.11 | ||
| 2041 | 16.92 | 13.31 | -3.62 | ---- | 0.12 | 0.01 | -0.11 | ||
| 2042 | 16.94 | 13.31 | -3.64 | ---- | 0.13 | 0.01 | -0.12 | ||
| 2043 | 16.96 | 13.31 | -3.65 | ---- | 0.13 | 0.01 | -0.13 | ||
| 2044 | 16.99 | 13.31 | -3.67 | ---- | 0.14 | 0.01 | -0.13 | ||
| 2045 | 17.01 | 13.32 | -3.70 | ---- | 0.15 | 0.01 | -0.14 | ||
| 2046 | 17.04 | 13.32 | -3.72 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2047 | 17.07 | 13.32 | -3.75 | ---- | 0.16 | 0.01 | -0.15 | ||
| 2048 | 17.10 | 13.32 | -3.77 | ---- | 0.17 | 0.01 | -0.16 | ||
| 2049 | 17.13 | 13.33 | -3.81 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2050 | 17.17 | 13.33 | -3.84 | ---- | 0.18 | 0.01 | -0.17 | ||
| 2051 | 17.21 | 13.33 | -3.88 | ---- | 0.19 | 0.01 | -0.18 | ||
| 2052 | 17.26 | 13.34 | -3.92 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2053 | 17.31 | 13.34 | -3.97 | ---- | 0.20 | 0.01 | -0.19 | ||
| 2054 | 17.38 | 13.35 | -4.03 | ---- | 0.21 | 0.01 | -0.20 | ||
| 2055 | 17.45 | 13.35 | -4.09 | ---- | 0.22 | 0.01 | -0.20 | ||
| 2056 | 17.52 | 13.36 | -4.16 | ---- | 0.22 | 0.01 | -0.21 | ||
| 2057 | 17.60 | 13.37 | -4.24 | ---- | 0.23 | 0.01 | -0.21 | ||
| 2058 | 17.69 | 13.37 | -4.32 | ---- | 0.23 | 0.01 | -0.22 | ||
| 2059 | 17.78 | 13.38 | -4.39 | ---- | 0.24 | 0.01 | -0.22 | ||
| 2060 | 17.86 | 13.39 | -4.47 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2061 | 17.93 | 13.39 | -4.54 | ---- | 0.24 | 0.01 | -0.23 | ||
| 2062 | 18.01 | 13.40 | -4.61 | ---- | 0.25 | 0.01 | -0.23 | ||
| 2063 | 18.07 | 13.41 | -4.67 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2064 | 18.14 | 13.41 | -4.73 | ---- | 0.25 | 0.01 | -0.24 | ||
| 2065 | 18.20 | 13.42 | -4.79 | ---- | 0.26 | 0.01 | -0.24 | ||
| 2066 | 18.26 | 13.42 | -4.84 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2067 | 18.32 | 13.42 | -4.89 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2068 | 18.38 | 13.43 | -4.95 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2069 | 18.44 | 13.43 | -5.00 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2070 | 18.50 | 13.44 | -5.06 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2071 | 18.55 | 13.44 | -5.11 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2072 | 18.60 | 13.45 | -5.15 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2073 | 18.65 | 13.45 | -5.20 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2074 | 18.70 | 13.46 | -5.24 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2075 | 18.73 | 13.46 | -5.28 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2076 | 18.76 | 13.46 | -5.30 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2077 | 18.77 | 13.46 | -5.31 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2078 | 18.77 | 13.46 | -5.31 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2079 | 18.76 | 13.46 | -5.30 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2080 | 18.74 | 13.46 | -5.27 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2081 | 18.70 | 13.46 | -5.24 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2082 | 18.66 | 13.46 | -5.20 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2083 | 18.61 | 13.46 | -5.16 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2084 | 18.56 | 13.45 | -5.10 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2085 | 18.49 | 13.45 | -5.04 | ---- | 0.27 | 0.02 | -0.25 | ||
| 2086 | 18.42 | 13.45 | -4.98 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2087 | 18.35 | 13.44 | -4.91 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2088 | 18.28 | 13.44 | -4.84 | ---- | 0.26 | 0.02 | -0.25 | ||
| 2089 | 18.21 | 13.43 | -4.78 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2090 | 18.15 | 13.43 | -4.72 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2091 | 18.10 | 13.43 | -4.67 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2092 | 18.06 | 13.42 | -4.63 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2093 | 18.03 | 13.42 | -4.61 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2094 | 18.01 | 13.42 | -4.59 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2095 | 18.00 | 13.42 | -4.58 | ---- | 0.26 | 0.02 | -0.24 | ||
| 2096 | 18.00 | 13.42 | -4.58 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2097 | 18.01 | 13.42 | -4.59 | ---- | 0.25 | 0.02 | -0.24 | ||
| 2098 | 18.03 | 13.42 | -4.60 | ---- | 0.25 | 0.02 | -0.24 | ||
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 | 17.56% | 13.79% | -3.78% | 2034 | 0.18% | 0.01% | -0.17% | ||
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.