Detailed Single Year Tables
Description of 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.
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 | -2.17 | 149 | 0.02 | 0.00 | -0.02 | ||
2027 | 15.41 | 13.10 | -2.32 | 131 | 0.03 | 0.00 | -0.03 | ||
2028 | 15.59 | 13.13 | -2.46 | 113 | 0.04 | 0.00 | -0.04 | ||
2029 | 15.77 | 13.16 | -2.61 | 95 | 0.05 | 0.00 | -0.05 | ||
2030 | 15.93 | 13.19 | -2.75 | 77 | 0.06 | 0.00 | -0.06 | ||
2031 | 16.08 | 13.22 | -2.86 | 59 | 0.07 | 0.00 | -0.07 | ||
2032 | 16.23 | 13.24 | -2.99 | 41 | 0.09 | 0.00 | -0.08 | ||
2033 | 16.37 | 13.25 | -3.11 | 23 | 0.10 | 0.00 | -0.09 | ||
2034 | 16.49 | 13.26 | -3.23 | 4 | 0.11 | 0.01 | -0.11 | ||
2035 | 16.60 | 13.27 | -3.33 | ---- | 0.12 | 0.01 | -0.12 | ||
2036 | 16.69 | 13.28 | -3.41 | ---- | 0.14 | 0.01 | -0.13 | ||
2037 | 16.78 | 13.29 | -3.49 | ---- | 0.15 | 0.01 | -0.14 | ||
2038 | 16.85 | 13.30 | -3.56 | ---- | 0.16 | 0.01 | -0.15 | ||
2039 | 16.91 | 13.30 | -3.61 | ---- | 0.17 | 0.01 | -0.16 | ||
2040 | 16.96 | 13.31 | -3.65 | ---- | 0.18 | 0.01 | -0.17 | ||
2041 | 16.99 | 13.31 | -3.68 | ---- | 0.19 | 0.01 | -0.18 | ||
2042 | 17.02 | 13.31 | -3.70 | ---- | 0.20 | 0.01 | -0.19 | ||
2043 | 17.04 | 13.31 | -3.72 | ---- | 0.21 | 0.01 | -0.20 | ||
2044 | 17.06 | 13.32 | -3.75 | ---- | 0.22 | 0.01 | -0.21 | ||
2045 | 17.09 | 13.32 | -3.77 | ---- | 0.23 | 0.01 | -0.22 | ||
2046 | 17.12 | 13.32 | -3.80 | ---- | 0.24 | 0.01 | -0.23 | ||
2047 | 17.15 | 13.33 | -3.83 | ---- | 0.25 | 0.01 | -0.23 | ||
2048 | 17.18 | 13.33 | -3.86 | ---- | 0.26 | 0.01 | -0.24 | ||
2049 | 17.22 | 13.33 | -3.89 | ---- | 0.27 | 0.01 | -0.25 | ||
2050 | 17.26 | 13.34 | -3.93 | ---- | 0.28 | 0.02 | -0.26 | ||
2051 | 17.30 | 13.34 | -3.96 | ---- | 0.29 | 0.02 | -0.27 | ||
2052 | 17.35 | 13.34 | -4.01 | ---- | 0.29 | 0.02 | -0.28 | ||
2053 | 17.41 | 13.35 | -4.06 | ---- | 0.30 | 0.02 | -0.29 | ||
2054 | 17.47 | 13.35 | -4.12 | ---- | 0.31 | 0.02 | -0.29 | ||
2055 | 17.55 | 13.36 | -4.19 | ---- | 0.32 | 0.02 | -0.30 | ||
2056 | 17.63 | 13.37 | -4.26 | ---- | 0.32 | 0.02 | -0.31 | ||
2057 | 17.71 | 13.37 | -4.34 | ---- | 0.33 | 0.02 | -0.31 | ||
2058 | 17.79 | 13.38 | -4.41 | ---- | 0.34 | 0.02 | -0.32 | ||
2059 | 17.88 | 13.39 | -4.49 | ---- | 0.34 | 0.02 | -0.32 | ||
2060 | 17.96 | 13.39 | -4.57 | ---- | 0.35 | 0.02 | -0.33 | ||
2061 | 18.04 | 13.40 | -4.64 | ---- | 0.35 | 0.02 | -0.33 | ||
2062 | 18.11 | 13.41 | -4.71 | ---- | 0.35 | 0.02 | -0.33 | ||
2063 | 18.18 | 13.41 | -4.77 | ---- | 0.36 | 0.02 | -0.34 | ||
2064 | 18.25 | 13.42 | -4.83 | ---- | 0.36 | 0.02 | -0.34 | ||
2065 | 18.31 | 13.42 | -4.89 | ---- | 0.36 | 0.02 | -0.34 | ||
2066 | 18.37 | 13.43 | -4.94 | ---- | 0.37 | 0.02 | -0.34 | ||
2067 | 18.43 | 13.43 | -5.00 | ---- | 0.37 | 0.02 | -0.35 | ||
2068 | 18.49 | 13.44 | -5.05 | ---- | 0.37 | 0.02 | -0.35 | ||
2069 | 18.55 | 13.44 | -5.11 | ---- | 0.37 | 0.02 | -0.35 | ||
2070 | 18.61 | 13.45 | -5.16 | ---- | 0.37 | 0.02 | -0.35 | ||
2071 | 18.66 | 13.45 | -5.21 | ---- | 0.38 | 0.02 | -0.35 | ||
2072 | 18.71 | 13.45 | -5.26 | ---- | 0.38 | 0.02 | -0.36 | ||
2073 | 18.76 | 13.46 | -5.30 | ---- | 0.38 | 0.02 | -0.36 | ||
2074 | 18.81 | 13.46 | -5.35 | ---- | 0.38 | 0.02 | -0.36 | ||
2075 | 18.84 | 13.47 | -5.38 | ---- | 0.38 | 0.02 | -0.36 | ||
2076 | 18.87 | 13.47 | -5.40 | ---- | 0.38 | 0.02 | -0.36 | ||
2077 | 18.88 | 13.47 | -5.41 | ---- | 0.38 | 0.02 | -0.36 | ||
2078 | 18.88 | 13.47 | -5.41 | ---- | 0.38 | 0.02 | -0.36 | ||
2079 | 18.87 | 13.47 | -5.40 | ---- | 0.38 | 0.02 | -0.36 | ||
2080 | 18.85 | 13.47 | -5.38 | ---- | 0.38 | 0.02 | -0.36 | ||
2081 | 18.81 | 13.47 | -5.35 | ---- | 0.38 | 0.02 | -0.36 | ||
2082 | 18.77 | 13.47 | -5.31 | ---- | 0.38 | 0.02 | -0.36 | ||
2083 | 18.72 | 13.46 | -5.26 | ---- | 0.38 | 0.02 | -0.35 | ||
2084 | 18.66 | 13.46 | -5.20 | ---- | 0.37 | 0.02 | -0.35 | ||
2085 | 18.60 | 13.46 | -5.14 | ---- | 0.37 | 0.02 | -0.35 | ||
2086 | 18.53 | 13.45 | -5.08 | ---- | 0.37 | 0.02 | -0.35 | ||
2087 | 18.46 | 13.45 | -5.01 | ---- | 0.37 | 0.02 | -0.35 | ||
2088 | 18.39 | 13.44 | -4.94 | ---- | 0.37 | 0.02 | -0.35 | ||
2089 | 18.32 | 13.44 | -4.88 | ---- | 0.37 | 0.02 | -0.35 | ||
2090 | 18.26 | 13.43 | -4.82 | ---- | 0.37 | 0.02 | -0.34 | ||
2091 | 18.21 | 13.43 | -4.77 | ---- | 0.36 | 0.02 | -0.34 | ||
2092 | 18.16 | 13.43 | -4.73 | ---- | 0.36 | 0.02 | -0.34 | ||
2093 | 18.13 | 13.43 | -4.71 | ---- | 0.36 | 0.02 | -0.34 | ||
2094 | 18.11 | 13.43 | -4.69 | ---- | 0.36 | 0.02 | -0.34 | ||
2095 | 18.11 | 13.43 | -4.68 | ---- | 0.36 | 0.02 | -0.34 | ||
2096 | 18.10 | 13.43 | -4.68 | ---- | 0.36 | 0.02 | -0.34 | ||
2097 | 18.11 | 13.43 | -4.69 | ---- | 0.36 | 0.02 | -0.34 | ||
2098 | 18.13 | 13.43 | -4.70 | ---- | 0.36 | 0.02 | -0.34 |
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 | 17.65% | 13.79% | -3.86% | 2034 | 0.26% | 0.01% | -0.25% | ||
1 Under current law, the year of Trust Fund reserve depletion is 2034. |
Based on Intermediate Assumptions of the 2023 Trustees Report.