Table II.B1 shows the income, expenditures, and asset reserves for the OASI, the DI, and the combined OASI and DI Trust Funds in calendar year 2016.
Table II.B1.—Summary of 2016 Trust Fund Financial Operations Asset reserves at the end of 2015a
In 2016, net payroll tax contributions accounted for 87 percent of total trust fund income. Net payroll tax contributions consist of taxes paid by employees, employers, and the self-employed on earnings covered by Social Security. These taxes are paid on covered earnings up to a specified maximum annual amount, which was $118,500 in 2016. Table II.B2 shows the tax rates for 2016. Approximately 0.01 percent of OASI and DI combined Trust Fund income came from reimbursements from the General Fund of the Treasury.1The trust fund investments provide a reserve to pay benefits whenever total program cost exceeds income. Combined trust fund reserves increased by $35.2 billion for 2016 because income to each fund, including interest earned on trust fund reserves, exceeded total expenditures.2 At the end of 2016, the combined reserves of the OASI and the DI Trust Funds were $2,848 billion, or 298 percent of estimated expenditures3 for 2017. In comparison, the combined reserves at the end of 2015 were 305 percent of expenditures for 2016.
Table II.B2.—Payroll Tax Contribution Rates for 2016
As noted in footnote a of table II.B1 and elsewhere in this report, asset reserves shown for the end of 2015 reflect the 12 months of benefits scheduled for payment in 2015 and thus exclude the benefits scheduled for payment on January 3, 2016, which were actually paid on December 31, 2015 as required by the law.
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