2010 OASDI Trustees Report

C. FISCAL YEAR HISTORICAL DATA AND
PROJECTIONS THROUGH 2019

Tables VI.C1, VI.C2, and VI.C3 present detailed operations of the OASI, DI, and the combined OASI and DI Trust Funds, respectively, for fiscal year 2009, the most recent fiscal year for which complete actual information is available. These tables are similar to the calendar year operations tables in section III.A. Please see that section for a description of the various items of income and outgo.

 

Table VI.C1.—Operations of the OASI Trust Fund, Fiscal Year 2009

[In millions]

Total assets, September 30, 2008					$2,150,052
Receipts:
	Contributions:
		Employment taxes		$573,375
		Payments from the General Fund of the Treasury for contributions subject to refund		-2,146
			Net contributions		571,228
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		153
		All other, not subject to withholding		18,814
			Total income from taxation of benefits		18,967
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				a
	Investment income and interest adjustments:
		Interest on investments		107,226
		Net Interest adjustments b		-95
			Net investment income and interest adjustments		107,131
	Gifts				a
Total receipts					697,326
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		544,478
		Transfer to the DI Trust Fund to correct a trust fund allocation error made on payments to certain dually entitled disabled beneficiaries		62
		Reimbursement from the general fund for unnegotiated checks		-59
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		3
			Net benefit payments		544,484
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				3,690
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,607
			Department of the Treasury	767
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fund c		-4
			Net administrative expenses		3,369
Total disbursements					551,542
Net increase in assets					145,784
Total assets, September 30, 2009					2,295,835

---

a

Between -$0.5 and $0.5 million.

b

Includes (1) interest on transfers between the trust fund and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

c

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI program.

Note: Totals do not necessarily equal the sums of rounded components.

 

Table VI.C2.—Operations of the DI Trust Fund, Fiscal Year 2009 

[In millions]

	Contributions:
		Employment taxes		$97,372
		Payments from the General Fund of the Treasury for contributions subject to refund		-364
			Net contributions		97,008
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		4
		All other, not subject to withholding		1,837
			Total income from taxation of benefits		1,841
	Investment income and interest adjustments:
		Interest on investments		10,726
		Interest adjustmentsa		107
			Total investment income and interest adjustments		10,832
Total receipts					109,681
Disbursements:
	Benefit payments:
		Monthly benefits		115,087
		Transfer from the OASI Trust Fund to correct a trust fund allocation error made on payments to certain dually entitled disabled beneficiaries		-62
		Reimbursement from the general fund for unnegotiated checks		-30
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		78
			Net benefit payments		115,073
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				448
	Administrative expenses:
		Costs incurred by:
			Social Security Administration	2,439
			Department of the Treasury	142
		Miscellaneous reimbursements from the general fund b		42
			Total administrative expenses		2,623
Total disbursements					118,144
Net increase in assets					-8,462
Total assets, September 30, 2009					207,777

---

a

Includes (1) interest on transfers between the trust fund and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

b

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the DI program.

Note: Totals do not necessarily equal the sums of rounded components.

 

 

Table VI.C3.—Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2009 

[In millions]

Total assets, September 30, 2008					$2,366,291
Receipts:
	Contributions:
		Employment taxes		$670,747
		Payments from the General Fund of the Treasury for contributions subject to refund		-2,511
			Net contributions		668,236
	Income based on taxation of benefit payments:
		Withheld from benefit payments to nonresident aliens		156
		All other, not subject to withholding		20,651
			Total income from taxation of benefits		20,807
	Reimbursement from the general fund for costs of payments to unin- sured persons who attained age 72 before 1968				a
	Investment income and interest adjustments:
		Interest on investments		117,952
		Net Interest adjustmentsb		11
			Net investment income and interest adjustments		117,963
	Gifts				a
Total receipts					807,007
Disbursements:
	Benefit payments:
		Monthly benefits and lump-sum death benefits		659,565
		Reimbursement from the general fund for unnegotiated checks		-89
		Payment for costs of vocational rehabilitation services for disabled beneficiaries		81
			Net benefit payments		659,557
	Transfer to the Railroad Retirement “Social Security Equivalent Benefit Account”				4,137
		Costs incurred by:
		Offsetting receipts from sales of supplies, materials, etc.		a
		Miscellaneous reimbursements from the general fund3		38
			Net administrative expenses		5,992
Total disbursements					669,686
Net increase in assets					137,321
Total assets, September 30, 2009					2,503,612

---

a

Between -$0.5 and $0.5 million.

b

Includes (1) interest on transfers between the trust funds and the general fund account for the Supplemental Security Income program due to adjustments in the allocation of administrative expenses, (2) interest arising from the revised allocation of administrative expenses among the trust funds, and (3) interest on certain reimbursements to the trust fund.

c

Reimbursements for costs incurred in performing certain legislatively mandated activities not directly related to administering the OASI and DI programs.

Note: Totals do not necessarily equal the sums of rounded components.

Estimates of the operations and status of the OASI, DI and the combined OASI and DI Trust Funds during fiscal years (12 months ending on September 30) 2005-19 are presented in tables VI.C4, VI.C5 and VI.C6, respectively.

 

Table VI.C4.—Operations of the OASI Trust Fund, Fiscal Years 2005-19

[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Totala	Net contri- butions	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2005	$600.0	$503.0	$15.3	$81.7		$436.9	$430.4	$2.9	$3.6		$163.1	$1,615.6	332
	2006	632.2	530.0	15.2	87.3		455.6	449.2	2.9	3.5		176.6	1,792.2	355
	2007	663.4	553.4	16.7	93.3		488.6	481.8	3.2	3.6		174.8	1,967.0	367
	2008	692.9	573.8	16.4	102.7		509.9	503.0	3.3	3.6		183.0	2,150.1	386
	2009	697.3	571.2	19.0	107.1		551.5	544.5	3.4	3.7		145.8	2,295.8	390
Intermediate:
	2010	684.6	553.5	22.4	108.6		580.7	573.1	3.7	3.9		103.9	2,399.7	395
	2011	729.4	594.8	24.7	110.0		602.1	594.3	3.9	3.9		127.3	2,527.0	399
	2012	774.8	631.9	27.2	115.7		630.3	622.3	4.0	4.0		144.5	2,671.5	401
	2013	829.7	673.5	30.6	125.5		669.6	661.4	4.2	4.0		160.1	2,831.6	399
	2014	885.0	714.0	34.0	137.0		716.0	707.6	4.3	4.1		168.9	3,000.5	395
	2015	940.7	753.6	37.3	149.8		766.9	758.2	4.4	4.3		173.8	3,174.3	391
	2016	1,005.6	803.4	40.9	161.3		821.9	813.0	4.5	4.4		183.7	3,358.0	386
	2017	1,061.1	842.4	44.8	173.9		881.6	872.2	4.7	4.7		179.5	3,537.6	381
	2018	1,120.7	884.5	48.6	187.7		945.5	935.8	4.8	4.9		175.2	3,712.8	374
	2019	1,176.5	925.1	52.3	199.1		1,014.3	1,004.1	5.0	5.1		162.3	3,875.0	366
Low-cost:
	2010	685.7	554.7	22.4	108.6		580.6	572.9	3.7	3.9		105.2	2,401.0	395
	2011	738.9	603.5	24.7	110.8		601.7	593.8	3.9	3.9		137.3	2,538.3	399
	2012	784.5	640.9	27.0	116.7		625.8	617.8	4.0	4.0		158.8	2,697.1	406
	2013	839.0	683.2	30.1	125.7		659.7	651.6	4.1	3.9		179.3	2,876.4	409
	2014	893.1	722.6	33.2	137.3		699.2	690.9	4.2	4.0		193.9	3,070.4	411
	2015	945.9	761.1	36.1	148.7		741.3	732.9	4.3	4.1		204.6	3,274.9	414
	2016	1,008.6	808.6	39.2	160.8		786.4	777.8	4.4	4.1		222.2	3,497.2	416
	2017	1,059.2	843.3	42.5	173.4		835.1	826.1	4.6	4.4		224.1	3,721.3	419
	2018	1,114.9	881.3	45.5	188.1		886.9	877.7	4.7	4.6		228.0	3,949.3	420
	2019	1,167.9	917.5	48.6	201.8		942.3	932.8	4.8	4.7		225.6	4,175.0	419
High-cost:
	2010	683.5	552.5	22.4	108.5		580.9	573.2	3.7	3.9		102.6	2,398.5	395
	2011	722.2	588.0	24.8	109.5		602.6	594.8	3.9	3.9		119.5	2,518.0	398
	2012	773.0	629.1	27.4	116.6		636.0	628.0	4.0	4.0		137.1	2,655.0	396
	2013	835.4	672.6	31.5	131.3		688.8	680.5	4.2	4.1		146.6	2,801.6	385
	2014	895.8	715.9	35.6	144.3		749.7	741.1	4.4	4.3		146.1	2,947.7	374
	2015	954.5	759.4	39.6	155.5		812.7	803.6	4.5	4.6		141.8	3,089.5	363
	2016	1,024.5	814.1	43.9	166.6		880.2	870.8	4.7	4.7		144.3	3,233.8	351
	2017	1,082.8	856.9	48.5	177.4		953.9	943.8	4.9	5.2		128.9	3,362.7	339
	2018	1,144.7	903.6	53.1	188.0		1,033.4	1,022.9	5.1	5.5		111.3	3,474.0	325
	2019	1,205.3	951.4	57.8	196.1		1,119.5	1,108.5	5.3	5.8		85.7	3,559.7	310

---

a

“Total Income” column includes transfers made between the OASI Trust Fund and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of payments for (1) the cost of noncontributory wage credits for military service before 1957 and (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968. In December 2005, $350 million was transferred from the OASI Trust Fund to the General Fund of the Treasury for the cost of pre-1957 military service wage credits, and a similar transfer of $90 million is projected to occur in December 2010. After December 2010 such transfers are estimated to be less than $500,000 in each year.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

Note: Totals do not necessarily equal the sums of rounded components.

 

 

Table VI.C5.—Operations of the DI Trust Fund, Fiscal Years 2005-19

[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Totala	Net contri- butions	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2005	$96.8	$85.4	$1.2	$10.2		$86.4	$83.7	$2.3	$0.3		$10.4	$193.3	212
	2006	101.6	90.0	1.2	10.4		92.9	90.1	2.4	.4		8.6	201.9	208
	2007	108.4	94.0	1.4	13.1		96.8	94.0	2.4	.4		11.6	213.6	209
	2008	109.8	97.4	1.4	11.0		107.2	104.2	2.5	.4		2.7	216.2	199
	2009	109.7	97.0	1.8	10.8		118.1	115.1	2.6	.4		-8.5	207.8	183
Intermediate:
	2010	105.8	94.0	1.9	9.9		126.6	123.1	2.9	.5		-20.8	187.0	164
	2011	111.7	101.0	2.1	8.6		132.9	129.2	3.2	.6		-21.3	165.7	141
	2012	117.2	107.3	2.4	7.5		139.5	135.6	3.4	.5		-22.3	143.5	119
	2013	123.4	114.4	2.8	6.3		145.7	141.7	3.5	.5		-22.3	121.2	98
	2014	129.4	121.2	3.1	5.1		151.7	147.5	3.6	.5		-22.2	99.0	80
	2015	135.4	128.0	3.3	4.0		158.3	153.9	3.8	.5		-22.9	76.0	63
	2016	143.1	136.4	3.6	3.1		165.2	160.7	4.0	.5		-22.1	53.9	46
	2017	149.1	143.1	3.9	2.1		172.5	167.8	4.3	.5		-23.5	30.5	31
	2018	155.3	150.2	4.2	.9		180.2	175.2	4.5	.4		-24.8	5.6	17
	2019	c	157.1	4.5	c		188.2	183.0	4.8	.4		c	c	3
Low-cost:
	2010	105.9	94.2	1.9	9.9		125.3	121.9	2.9	.5		-19.3	188.4	166
	2011	113.3	102.5	2.1	8.7		129.2	125.4	3.2	.6		-15.9	172.5	146
	2012	119.1	108.8	2.3	7.9		133.0	129.1	3.4	.5		-14.0	158.5	130
	2013	125.8	116.0	2.6	7.2		136.1	132.1	3.5	.5		-10.2	148.3	116
	2014	132.3	122.7	2.8	6.7		138.6	134.5	3.6	.5		-6.4	141.9	107
	2015	138.6	129.2	3.0	6.4		141.5	137.3	3.7	.5		-2.8	139.1	100
	2016	146.9	137.3	3.1	6.5		144.6	140.2	3.9	.5		2.4	141.5	96
	2017	153.2	143.2	3.4	6.6		148.2	143.6	4.1	.4		5.0	146.4	95
	2018	160.4	149.6	3.5	7.2		152.2	147.5	4.3	.4		8.2	154.6	96
	2019	167.3	155.8	3.7	7.8		156.5	151.6	4.6	.4		10.8	165.4	99
High-cost:
	2010	105.6	93.8	1.9	9.9		127.9	124.5	2.9	.5		-22.3	185.5	162
	2011	110.5	99.8	2.2	8.4		136.8	133.1	3.2	.6		-26.3	159.2	136
	2012	116.4	106.8	2.6	7.1		146.1	142.2	3.4	.5		-29.7	129.5	109
	2013	122.6	114.2	3.0	5.4		157.3	153.2	3.5	.5		-34.6	94.9	82
	2014	128.7	121.6	3.4	3.7		168.4	164.1	3.7	.5		-39.7	55.2	56
	2015	134.6	129.0	3.8	1.9		179.5	175.0	4.0	.5		-44.9	10.3	31
	2016	c	138.2	4.2	c		190.9	186.1	4.2	.5		c	c	5
	2017	c	145.5	4.6	c		202.6	197.7	4.5	.5		c	c	c
	2018	c	153.4	5.0	c		214.9	209.7	4.8	.5		c	c	c
	2019	c	161.6	5.5	c		227.9	222.3	5.0	.5		c	c	c

---

a

“Total Income” column includes transfers made between the DI Trust Fund and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of payments for the cost of noncontributory wage credits for military service before 1957. In particular, a transfer was made in December 2007 in the amount of $7.7 million from the General Fund of the Treasury to the DI Trust Fund. After 2009 such transfers are estimated to be less than $500,000 in each year.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

c

The DI Trust Fund is projected to be exhausted in fiscal years 2019 and 2016 under the intermediate and the high-cost assumptions, respectively. Therefore, certain trust fund operation values from the year of trust fund exhaustion through 2019 are not meaningful under present law and are not shown in this table.

Note: Totals do not necessarily equal the sums of rounded components.

 

 

Table VI.C6.—Operations of the Combined OASI and DI Trust Funds,
Fiscal Years 2005-19 

[Dollar amounts in billions]

Fiscal year		Income					Cost					Assets
		Totala	Net contri- butions	Taxa- tion of benefits	Net interest		Total	Benefit pay- ments	Admin- istra- tive costs	RRB inter- change		Net increase during year	Amount at end of year	Trust fund ratio b
Historical data:
	2005	$696.8	$588.4	$16.5	$91.8		$523.3	$514.2	$5.2	$3.9		$173.5	$1,808.9	313
	2006	733.7	620.0	16.4	97.7		548.5	539.3	5.3	3.8		185.2	1,994.2	330
	2007	771.8	647.4	18.0	106.4		585.3	575.8	5.5	4.0		186.5	2,180.6	341
	2008	802.7	671.2	17.8	113.7		617.0	607.2	5.8	4.1		185.7	2,366.3	353
	2009	807.0	668.2	20.8	118.0		669.7	659.6	6.0	4.1		137.3	2,503.6	353
Intermediate:
	2010	790.3	647.5	24.3	118.5		707.3	696.2	6.6	4.4		83.1	2,586.7	354
	2011	841.1	695.8	26.9	118.5		735.1	723.5	7.1	4.5		106.0	2,692.7	352
	2012	892.0	739.2	29.6	123.2		769.8	757.8	7.4	4.5		122.2	2,814.9	350
	2013	953.1	787.9	33.4	131.8		815.3	803.1	7.6	4.5		137.8	2,952.8	345
	2014	1,014.4	835.2	37.1	142.1		867.7	855.1	7.9	4.6		146.7	3,099.4	340
	2015	1,076.1	881.6	40.7	153.8		925.2	912.2	8.2	4.8		150.9	3,250.3	335
	2016	1,148.7	939.8	44.6	164.4		987.1	973.7	8.6	4.8		161.6	3,412.0	329
	2017	1,210.2	985.5	48.8	175.9		1,054.1	1,040.0	9.0	5.2		156.1	3,568.0	324
	2018	1,276.1	1,034.7	52.8	188.6		1,125.7	1,111.0	9.3	5.4		150.3	3,718.4	317
	2019	1,337.8	1,082.1	56.8	198.8		1,202.5	1,187.2	9.8	5.6		135.3	3,853.7	309
Low-cost:
	2010	791.7	648.9	24.3	118.5		705.8	694.8	6.6	4.4		85.8	2,589.5	355
	2011	852.2	706.0	26.8	119.5		730.8	719.3	7.1	4.5		121.4	2,710.8	354
	2012	903.6	749.7	29.3	124.6		758.8	746.9	7.4	4.5		144.8	2,855.6	357
	2013	964.8	799.2	32.7	132.9		795.7	783.7	7.6	4.4		169.1	3,024.7	359
	2014	1,025.4	845.4	36.0	144.0		837.8	825.5	7.8	4.5		187.6	3,212.3	361
	2015	1,084.5	890.3	39.0	155.2		882.8	870.1	8.1	4.6		201.7	3,414.0	364
	2016	1,155.5	945.9	42.3	167.3		930.9	918.0	8.4	4.6		224.6	3,638.6	367
	2017	1,212.4	986.6	45.8	180.0		983.3	969.8	8.7	4.8		229.1	3,867.7	370
	2018	1,275.3	1,030.9	49.1	195.3		1,039.1	1,025.1	9.0	4.9		236.2	4,103.9	372
	2019	1,335.2	1,073.2	52.3	209.6		1,098.8	1,084.3	9.4	5.1		236.4	4,340.3	373
High-cost:
	2010	789.1	646.3	24.3	118.4		708.7	697.7	6.6	4.4		80.3	2,583.9	353
	2011	832.6	687.8	27.0	117.9		739.4	727.9	7.1	4.5		93.2	2,677.2	349
	2012	889.5	735.9	30.0	123.6		782.1	770.2	7.4	4.5		107.4	2,784.5	342
	2013	958.0	786.8	34.5	136.7		846.1	833.7	7.7	4.6		111.9	2,896.5	329
	2014	1,024.5	837.5	39.0	148.0		918.1	905.2	8.1	4.8		106.4	3,002.9	315
	2015	1,089.1	888.4	43.4	157.4		992.3	978.7	8.5	5.1		96.9	3,099.8	303
	2016	1,166.5	952.3	48.0	166.2		1,071.1	1,056.9	8.9	5.3		95.4	3,195.2	289
	2017	1,229.6	1,002.5	53.2	173.9		1,156.5	1,141.5	9.4	5.7		73.0	3,268.2	276
	2018	1,296.3	1,057.0	58.1	181.1		1,248.3	1,232.5	9.8	6.0		48.0	3,316.2	262
	2019	1,361.6	1,113.0	63.3	185.4		1,347.4	1,330.8	10.3	6.3		14.3	3,330.4	246

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a

“Total Income” column includes transfers made between the OASI and DI Trust Funds and the General Fund of the Treasury that are not included in the separate components of income shown. These transfers consist of payments for (1) the cost of noncontributory wage credits for military service before 1957 and (2) the cost of benefits to certain uninsured persons who attained age 72 before 1968.

b

The “Trust fund ratio” column represents assets at the beginning of a year (which are identical to assets at the end of the prior year shown in the “Amount at end of year” column) as a percentage of cost for the year.

Note: Totals do not necessarily equal the sums of rounded components.