Proposed Provision: B5.3. Beginning for those newly eligible in 2019, 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 $1,256 in 2017). For those with under 30 years of coverage, the PIA per year of coverage over 10 years is $1,256/20 = $62.80. (c) Index the initial PIA per year of coverage by wage growth for successive cohorts.
OASDI Trust Fund Ratio
(assets as a percentage of annual expenditures)
Year |
Current Law |
Provision |
2018 | 288 | 288 |
2019 | 272 | 272 |
2020 | 256 | 256 |
2021 | 239 | 239 |
2022 | 223 | 222 |
2023 | 206 | 204 |
2024 | 188 | 187 |
2025 | 171 | 169 |
2026 | 154 | 151 |
2027 | 137 | 134 |
2028 | 120 | 117 |
2029 | 104 | 99 |
2030 | 86 | 82 |
2031 | 69 | 64 |
2032 | 51 | 45 |
2033 | 33 | 26 |
2034 | 14 | 6 |
2035 | -5 | -14 |
2036 | -25 | -35 |
2037 | -46 | -56 |
2038 | -67 | -78 |
2039 | -88 | -101 |
2040 | -110 | -123 |
2041 | -132 | -147 |
2042 | -154 | -170 |
2043 | -176 | -194 |
2044 | -199 | -217 |
2045 | -221 | -241 |
2046 | -244 | -265 |
2047 | -267 | -289 |
2048 | -289 | -313 |
2049 | -312 | -337 |
2050 | -335 | -362 |
2051 | -358 | -386 |
2052 | -381 | -411 |
2053 | -403 | -435 |
2054 | -426 | -460 |
2055 | -450 | -484 |
2056 | -473 | -509 |
2057 | -496 | -535 |
2058 | -520 | -560 |
2059 | -544 | -586 |
2060 | -569 | -612 |
2061 | -594 | -639 |
2062 | -619 | -666 |
2063 | -645 | -694 |
2064 | -671 | -722 |
2065 | -698 | -751 |
2066 | -725 | -780 |
2067 | -752 | -809 |
2068 | -780 | -839 |
2069 | -808 | -869 |
2070 | -837 | -900 |
2071 | -866 | -931 |
2072 | -896 | -963 |
2073 | -927 | -995 |
2074 | -958 | -1029 |
2075 | -990 | -1063 |
2076 | -1023 | -1098 |
2077 | -1057 | -1134 |
2078 | -1092 | -1172 |
2079 | -1128 | -1210 |
2080 | -1165 | -1249 |
2081 | -1202 | -1289 |
2082 | -1240 | -1329 |
2083 | -1278 | -1369 |
2084 | -1316 | -1410 |
2085 | -1354 | -1451 |
2086 | -1392 | -1492 |
2087 | -1430 | -1532 |
2088 | -1468 | -1572 |
2089 | -1505 | -1612 |
2090 | -1543 | -1652 |
2091 | -1580 | -1692 |
2092 | -1618 | -1732 |
2093 | -1655 | -1772 |
back