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Summary Measures and Graphs

Description of Proposed Provision:
Beginning in 2014, reconfigure the special minimum benefit: (a) A year of coverage is defined as a year in which either 20 percent of the old law maximum is earned or a child is in care. Childcare years are granted to parents who have a child under 6, with a limit of 8 such years. (b) At implementation, set the PIA for 30 years of coverage equal to 133 percent of the poverty level. For those with under 30 years of coverage, the PIA per year of coverage over 19 is 12.09 percent of poverty. (c) Use the 2011 Aged Federal poverty level, increased by the SSA average wage index to 2 years prior to benefit eligibility. (d) Scale work requirements for disabled workers, based on the number of years of non-disabled potential work.

Estimates based on the intermediate assumptions of the 2012 Trustees Report

Summary Measures
[As a percentage of taxable payroll]
Present Law Change from present law Results with this provision
Long-range
actuarial
balance
Annual
balance in
75th year
Long-range
actuarial
balance
Annual
balance in
75th year
Long-range
actuarial
balance
Annual
balance in
75th year
-2.67 -4.50 -0.10 -0.16 -2.76 -4.66


graph of OASDI cost rates and income rates by year, under
                 present law and provision. click on graph to view underlying
                 data. graph of OASDI trust fund ratio by year, under present law
                 and provision. click on graph to view underlying data.
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Last reviewed or modified February 20, 2013