2002 OASDI Trustees Report
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III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND
LEGISLATIVE CHANGES IN THE LAST YEAR

A. OPERATIONS OF THE OLD-AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2001

Detailed information on the operations of the OASI and DI Trust Funds1 during calendar year 2001 is presented in this section. Section IV.A provides projections for calendar years 2002-11.

1. OASI Trust Fund

A statement of the income and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund in calendar year 2001, and of the assets of the fund at the beginning and end of the calendar year, is presented in table III.A1. Included in total receipts during calendar year 2001 were $444.1 billion in employment tax contributions. These contributions were partially offset by transfers totaling $2.7 billion to the General Fund of the Treasury for the estimated amount of refunds to employees who worked for more than one employer during a year and paid contributions on total earnings in excess of the contribution and benefit base.

In addition, $7 million was received from the General Fund of the Treasury representing partial payment for the taxes that were payable on estimated deemed wage credits for military service in 2001. The remainder of the amount that should have been received totals $264 million. This amount, together with the remainder of the amount that should have been received for deemed wage credits based on military service in 2000 ($219 million) totals $482 million. Estimates presented later in this report do not include receipt of this total amount because no date has been set for the transfer. Although recent legislation eliminated deemed wage credits for military service after 2001, current law still requires payments for military service through 2001 and periodic adjustments for 1984-2001 to the extent that estimated amounts differ from actual wage credits.

Net contributions thus amounted to $441.5 billion, an increase of 4.8 percent over the amount in the preceding year. The increase in OASI tax contributions from calendar year 2000 to calendar year 2001 is due to increased earnings and the increases in the contribution and benefit base that became effective on January 1 of each year 2000 and 2001. (Table VI.A1 shows the tax rates and contribution and benefit bases in effect for past years.)

Income based on taxation of benefits amounted to $11.9 billion in 2001. Nearly 99 percent represented amounts credited to the trust funds, on an estimated basis, generally in advance of the actual receipt of taxes by the Treasury. The remaining 1 percent of the total income from taxation of benefits represented amounts withheld from the benefits paid to nonresident aliens.

Table III.A1.—Operations of the OASI Trust Fund, Calendar Year 2001 
[In millions]

Total assets, December 31, 2000

$930,986
Receipts:
Contributions:
Employment taxes
$444,112

Payments from the General Fund of the Treasury for:


Contributions subject to refund
-2,660

Employee-employer contributions on deemed wage credits for military service
7

Net contributions

441,460
 
Income based on taxation of benefit payments:
Withheld from benefit payments to nonresident aliens
138

All other, not subject to withholding
11,765

Total income from taxation of benefits

11,903
 
Investment income and interest adjustments:


Interest on investments
64,733

Interest adjustments 1
4

Total investment income and interest adjustments

64,737
 
Gifts

2/
Total receipts

518,100
 
Disbursements:


Benefit payments:


Gross benefit payments
373,108

Offset for collected overpayments
-738

Reimbursement from the general fund for unnegotiated checks
-58

Net benefit payments

372,312
 
Transfer to the Railroad Retirement "Social Security Equivalent Benefit Account"

3,273
Administrative expenses:


Costs incurred by:


Social Security Administration
1,740

Department of the Treasury
229

Offsetting receipts from sales of supplies, materials, etc.
-3

Miscellaneous reimbursements from the general fund 3
-5

Net administrative expenses

1,961
Total disbursements

377,546
Net increase in assets

140,554
Total assets, December 31, 2001

1,071,540

1 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 reimbursements to the trust fund for costs associated with union activities and pension reform.

2 Less than $500,000.

3 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.


The OASI Trust Fund was credited with interest netting $64.7 billion which consisted of (1) interest earned on the investments of the trust fund, (2) 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, (3) interest arising from the revised allocation of administrative expenses among the trust funds, and (4) interest on reimbursements to the trust fund for costs associated with union activities and pension reform. The remaining $1,400 of receipts consisted of gifts received under the provisions authorizing the deposit of money gifts or bequests in the trust funds.

Of the $377.5 billion in total disbursements, $372.3 billion was for net benefit payments. The amount of net benefit payments in calendar year 2001 represents an increase of 5.6 percent over the corresponding amount in calendar year 2000. This increase is due primarily to (1) the automatic cost-of-living benefit increase of 3.5 percent which became effective for December 2000 under the automatic-adjustment provisions in section 215(i) of the Social Security Act, (2) an increase in the total number of beneficiaries, (3) an increase in the average benefit amount, and (4) an adjustment to the December 1999 benefit increase, effectively changing that increase from 2.4 percent to 2.5 percent, reflected in August 2001 benefit payments.

Provisions of the Railroad Retirement Act require an annual financial interchange between the Railroad Retirement and OASDI programs. The purpose of such provisions is to put the OASI and DI Trust Funds in the same financial position they would have been had railroad employment always been covered by Social Security. Under those provisions, the Railroad Retirement Board and the Commissioner of Social Security determined that a transfer of $3.3 billion to the Social Security Equivalent Benefit Account from the OASI Trust Fund was required in June 2001.

The remaining $2.0 billion of disbursements from the OASI Trust Fund represented net administrative expenses. The expenses of administering the OASDI and Medicare programs are allocated and charged directly to each of the various trust funds through which those programs are financed, on the basis of provisional estimates. Similarly, the expenses allocated for administering the Supplemental Security Income program are charged directly to the General Fund of the Treasury on a provisional basis. Periodically, as actual experience develops and is analyzed, adjustments to the allocations of administrative expenses for prior periods are effected by interfund transfers and transfers between the OASI Trust Fund and the general fund account for the Supplemental Security Income program, with appropriate interest adjustments. As described earlier, the interest adjustments arising from the reallocation of administrative expenses are recorded in the trust fund accounting under investment income.

The vast majority of OASI disbursements recorded as administrative expenses represent the cost of administering the program and are charged to the trust fund by the Social Security Administration ($1.7 billion in 2001). In addition, the Department of the Treasury charges directly to the trust fund certain expenses that it incurs in helping to administer the OASI program ($229 million in 2001). Finally, there are some relatively small adjustments which reduced total administrative expenses by $8 million in 2001. The first of these adjustments is an offset ($3 million in 2001) representing income from the sale of excess supplies and equipment. The second adjustment represents net reimbursements from the General Fund of the Treasury for administrative costs incurred by the Social Security Administration in performing certain legislatively mandated activities that are not directly related to the OASI program. Such reimbursements totaled $5 million in 2001.

The assets of the OASI Trust Fund at the end of calendar year 2001 totaled $1,071.5 billion, consisting of $1,071.8 billion in U.S. Government obligations and, as an offset, an extension of credit amounting to $0.3 billion against securities to be redeemed within the following few days. The effective annual rate of interest earned by the assets of the OASI Trust Fund during calendar year 2001 was 6.7 percent, as compared to 6.9 percent earned during calendar year 2000. Table III.A2 shows the total assets of the fund and their distribution at the end of each calendar year 2000 and 2001.

Table III.A2.—Assets of the OASI Trust Fund, End of Calendar Years 2000 and 2001
[In thousands]
 
  December 31, 2000
  December 31, 2001
Obligations sold only to the trust funds (special issues):


Certificates of indebtedness:


5 percent, 2002
$54,987,439
5.125 percent, 2002
8,866,909
5.625 percent, 2001
$54,046,271
5.625 percent, 2002
677,850
6 percent, 2001
8,531,241
6.125 percent, 2001
1,837,302
6.25 percent, 2001
8,071,035
Bonds:


5.625 percent, 2003
9,621,438
5.625 percent, 2004
9,621,437
5.625 percent, 2005-11
67,350,066
5.625 percent, 2012-15
38,485,748
5.625 percent, 2016
68,151,331
5.875 percent, 2002
6,169,273
783,303
5.875 percent, 2003-12
61,692,730
61,692,730
5.875 percent, 2013
43,258,869
43,258,869
6 percent, 2002-11
66,936,270
66,936,270
6 percent, 2012-13
13,387,256
13,387,256
6 percent, 2014
49,952,497
49,952,497
6.25 percent, 2002-06
15,754,875
15,754,875
6.25 percent, 2007
3,150,974
3,150,974
6.25 percent, 2008
23,350,034
23,350,034
6.5 percent, 2001
7,493,737
6.5 percent, 2002-03
22,017,298
22,017,298
6.5 percent, 2004-09
66,051,900
66,051,900
6.5 percent, 2010
38,320,240
38,320,240
6.5 percent, 2011-14
34,309,584
34,309,584
6.5 percent, 2015
58,529,893
58,529,893
6.875 percent, 2001
3,975,270
6.875 percent, 2002-03
7,950,540
7,950,540
6.875 percent, 2004-09
23,851,626
23,851,626
6.875 percent, 2010-11
7,950,544
7,950,544
6.875 percent, 2012
37,089,596
37,089,596
7 percent, 2001
3,371,481
7 percent, 2002-03
6,742,962
6,742,962
7 percent, 2004-10
23,600,360
23,600,360
7 percent, 2011
33,114,324
33,114,324
7.25 percent, 2001
3,961,556
7.25 percent, 2002-06
19,807,780
19,807,780
7.25 percent, 2007-08
7,923,114
7,923,114
7.25 percent, 2009
27,311,591
27,311,591
7.375 percent, 2001
3,575,474
7.375 percent, 2002-06
17,877,370
17,877,370
7.375 percent, 2007
20,199,060
20,199,060
8.125 percent, 2001
3,611,348
8.125 percent, 2002-05
14,445,392
14,445,392
8.125 percent, 2006
16,623,586
16,623,586
8.375 percent, 2001
2,370,396
8.625 percent, 2001
1,301,731
8.625 percent, 2002
3,672,127
3,672,127
8.75 percent, 2001
7,099,803
8.75 percent, 2002-03
14,199,606
14,199,606
8.75 percent, 2004-05
26,024,476
26,024,476
9.25 percent, 2001
2,240,308
9.25 percent, 2002
2,240,308
2,240,308
9.25 percent, 2003
5,912,435
5,912,435
Total investments
930,905,443
1,071,794,738
Undisbursed balances 1
80,780
-254,822
Total assets
930,986,223
1,071,539,916

1 Negative figure represents an extension of credit against securities to be redeemed within the following few days.

Note: Special issues are always purchased at par value. Therefore, book value and par value are the same for each special issue, and the common value is shown above. Where the maturity years are grouped, the amount maturing in each year is the amount shown divided by the number of years.


All securities held by the trust funds are backed by the full faith and credit of the United States Government. Those currently held by the OASI Trust Fund are special issues (i.e., securities sold only to the trust funds). These are of two types: short-term certificates of indebtedness and long-term bonds. The certificates of indebtedness are issued on a daily basis for the investment of receipts not required to meet current expenditures, and they mature on the next June 30 following the date of issue. Special-issue bonds, on the other hand, are normally acquired only when special issues of either type mature on June 30. The amount of bonds acquired on June 30 is equal to the amount of special issues maturing, less amounts required to meet expenditures on that day.

Section 201(d) of the Social Security Act provides that the obligations issued for purchase by the OASI and DI Trust Funds shall have maturities fixed with due regard for the needs of the funds. The usual practice has been to spread the holdings of special issues, as of each June 30, so that the amounts maturing in each of the next 15 years are approximately equal. Accordingly, the amounts and maturity dates of the OASI special-issue bonds purchased on June 30, 2001, were selected so that the maturity dates of the total portfolio of special issues were spread evenly over the 15-year period 2002-16. The amount of bonds purchased on June 30, 2001 is shown in table III.A9.

2. DI Trust Fund

A statement of the income and disbursements of the Federal Disability Insurance Trust Fund in calendar year 2001, and of the assets of the fund at the beginning and end of the calendar year, is presented in table III.A3.

Line entries in the DI statement are similar to those in the OASI statement and the explanations of the OASI entries generally apply to DI as well. One additional source of disbursements in the DI statement is $58 million for the costs of vocational rehabilitation services furnished to disabled-worker beneficiaries and to those children of disabled workers who were receiving benefits on the basis of disabilities that began before age 22. Reimbursement from the trust funds for the costs of vocational rehabilitation services is made only in those cases where the services contributed to the successful rehabilitation of the beneficiaries.

Net contributions amounted to $74.9 billion, an increase of 5.4 percent from the amount in the preceding calendar year. This increase is attributable to the same factors, insofar as they apply to the DI program, that accounted for the change in contributions to the OASI Trust Fund.

Of the $61.4 billion in total disbursements, $59.6 billion was for net benefit payments. This represents an increase of 8.4 percent over the corresponding amount of benefit payments in calendar year 2000. This increase in DI benefit payments was due to the same factors that resulted in the net increase in benefit payments from the OASI Trust Fund. However, the number of persons receiving benefits from the DI Trust Fund increased more rapidly in 2001 than the number receiving benefits from the OASI Trust Fund.

Table III.A3.—Operations of the DI Trust Fund, Calendar Year 2001 
[In millions]

Total assets, December 31, 2000

$118,459
Receipts:


Contributions:


Employment taxes
$75,378

Payments from the General Fund of the Treasury for:


Contributions subject to refund
-447

Employee-employer contributions on deemed wage credits for military service
2

Net contributions

74,933
 
Income based on taxation of benefit payments:


Withheld from benefit payments to nonresident aliens
5

All other, not subject to withholding
806

Total income from taxation of benefits

811
 
Investment income and interest adjustments:


Interest on investments
8,158

Interest adjustments 1
1

Total investment income and interest adjustments

8,158
Total receipts

83,903
 
Disbursements:


Benefit payments:


Gross benefit payments
59,952

Offset for collected overpayments
-372

Reimbursement from the general fund for unnegotiated checks
-18

Net benefit payments

59,561
 
Transfer to the Railroad Retirement "Social Security Equivalent Benefit Account"

10
Payment for costs of vocational rehabilitation services for disabled beneficiaries

58
Administrative expenses:


Costs incurred by:


Social Security Administration
1,702

Department of the Treasury
42

Miscellaneous reimbursements from the general fund 2
-2

Net administrative expenses

1,741
Total disbursements

61,369
Net increase in assets

22,534
Total assets, December 31, 2001

140,993

1 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, (3) interest earned on the investments of the trust fund, and (4) interest on reimbursements to the trust fund for costs associated with union activities and pension reform.

2 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.


The assets of the DI Trust Fund at the end of calendar year 2001 totaled $141.0 billion, consisting of $140.9 billion in U.S. Government obligations and cash totaling $46 million. The effective annual rate of interest earned by the assets of the DI Trust Fund during calendar year 2001 was 6.5 percent, compared to 6.6 percent earned during calendar year 2000. Table III.A4 shows the total assets of the fund and their distribution at the end of each calendar year 2000 and 2001.

Table III.A4.—Assets of the DI Trust Fund, End of Calendar Years 2000 and 2001
[In thousands]
 
  December 31, 2000
  December 31, 2001
Investments in public-debt obligations:


Obligations sold only to the trust funds (special issues):


Certificates of indebtedness:


5 percent, 2002
$7,948,770
5.125 percent, 2002
1,011,890
5.25 percent, 2002
275,928
5.625 percent, 2001
$6,503,860
5.625 percent, 2002
497,885
6 percent, 2001
2,095,895
6.125 percent, 2001
847,414
6.25 percent, 2001
735,407
Bonds:


5.625 percent, 2003-06
6,099,868
5.625 percent, 2007-13
10,674,776
5.625 percent, 2014-15
3,049,934
5.625 percent, 2016
8,899,848
5.875 percent, 2002
916,286
116,192
5.875 percent, 2003-12
9,162,860
9,162,860
5.875 percent, 2013
5,361,805
5,361,805
6 percent, 2002
1,612,426
1,612,426
6 percent, 2003
1,437,946
1,437,946
6 percent, 2004-06
2,087,895
2,087,895
6 percent, 2007-12
4,175,796
4,175,796
6 percent, 2013
695,967
695,967
6 percent, 2014
6,057,772
6,057,772
6.5 percent, 2001
3,464,768
6.5 percent, 2002-06
17,323,840
17,323,840
6.5 percent, 2007
3,464,767
3,464,767
6.5 percent, 2008
4,381,228
4,381,228
6.5 percent, 2009-13
6,585,540
6,585,540
6.5 percent, 2014
1,317,109
1,317,109
6.5 percent, 2015
7,374,881
7,374,881
6.875 percent, 2001
265,249
6.875 percent, 2002
265,249
265,249
6.875 percent, 2003
265,252
265,252
6.875 percent, 2004-07
1,061,000
1,061,000
6.875 percent, 2008-09
530,498
530,498
6.875 percent, 2010-12
13,336,560
13,336,560
7 percent, 2001
1,116,151
7 percent, 2002-08
7,813,057
7,813,057
7 percent, 2009
4,180,271
4,180,271
7.375 percent, 2004-06
142,803
142,803
7.375 percent, 2007
916,460
916,460
8.125 percent, 2004-05
300,322
300,322
8.125 percent, 2006
868,859
868,859
8.75 percent, 2003
174,477
174,477
8.75 percent, 2004-05
1,437,396
1,437,396
Total obligations sold only to the trust funds (special issues)
118,277,066
140,907,127
Public issus:


Treasury bonds:


7.625 percent, 2007
10,000
10,000
11.75 percent, 2010
30,250
30,250
Total investments in public issues at par value, as shown above
40,250
40,250
Unamortized premium or discount, net
-156
-146
Total investments in public issues at book value
40,094
40,104
Total investments in public-debt obligations (book value 1)
118,317,160
140,947,231
Undisbursed balances
142,013
45,925
Total assets (book value 1)
118,459,173
140,993,156

1 Par value, plus unamortized premium or less discount outstanding.

Note: Special issues are always purchased at par value. Therefore, book value and par value are the same for each special issue, and the common value is shown above. Where the maturity years are grouped for special issues, the amount maturing in each year is the amount shown divided by the number of years.


3. OASI and DI Trust Funds, Combined

A statement of the operations of the income and disbursements of the OASI and DI Trust Funds, on a combined basis, is presented in table III.A5. The entries in this table represent the sums of the corresponding values from tables III.A1 and III.A3. For a discussion of the nature of these income and expenditure transactions, reference should be made to the two preceding subsections covering OASI and DI separately.

Table III.A5.—Operations of the Combined OASI and DI Trust Funds,
Calendar Year 2001 
[In millions]

Total assets, December 31, 2000

$1,049,445
Receipts:


Contributions:


Employment taxes
$519,490

Payments from the General Fund of the Treasury for:


Contributions subject to refund
-3,106

Employee-employer contributions on deemed wage credits for military service
9

Net contributions

516,393
 
Income based on taxation of benefit payments:


Withheld from benefit payments to nonresident aliens
144

All other, not subject to withholding
12,571

Total income from taxation of benefits

12,715
 
Investment income and interest adjustments:


Interest on investments
72,891

Interest adjustments 1
5

Total investment income and interest adjustments

72,895
 
Gifts

2/
Total receipts

602,003
 
Disbursements:


Benefit payments:


Gross benefit payments
433,059

Offset for collected overpayments
-1,110

Reimbursement from the general fund for unnegotiated checks
-76

Net benefit payments

431,873
 
Transfer to the Railroad Retirement "Social Security Equivalent Benefit Account"

3,283
Payment for costs of vocational rehabilitation services for disabled beneficiaries

58
Administrative expenses:


Costs incurred by:


Social Security Administration
3,442

Department of the Treasury
271

Offsetting receipts from sales of supplies, materials, etc.
-3

Miscellaneous reimbursements from the general fund 3
-8

Net administrative expenses

3,702
Total disbursements

438,916
Net increase in assets

163,088
Total assets, December 31, 2001

1,212,533

1 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, (3) interest earned on the investments of the trust fund, and (4) interest on reimbursements to the trust fund for costs associated with union activities and pension reform.

2 Less than $500,000.

3 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.


To provide a context for estimates of future trust fund income and expenditures provided later in this report, table III.A6 compares past estimates of contributions and benefit payments for calendar year 2001, as shown in the 1997-2001 Annual Reports, with the corresponding actual amounts in 2001.

A number of factors can contribute to differences between estimates and subsequent actual amounts, including actual values for key demographic, economic, and other variables that differ from assumed levels. Another factor contributing to such differences is new legislation. In particular, legislation eliminating the retirement earnings test for workers over the normal retirement age was enacted shortly after publication of the 2000 report. Consequently, actual OASI benefit payments in 2001 were larger than estimated for the 1998-2000 reports.

Table III.A6.- Comparison of Actual Calendar Year 2001 Trust Fund Operations
With Estimates Made in Prior Reports 1 
[Amounts in billions]
 
Net contributions 2

Benefit payments 3
  Amount
  Difference
from actual
(percent)
  Amount
  Difference
from actual
(percent)
OASI Trust Fund:
Estimate in 1997 report
$408.4
-7.5

$382.9
2.8
Estimate in 1998 report
408.5
-7.5

366.4
-1.6
Estimate in 1999 report
417.9
-5.3

360.9
-3.1
Estimate in 2000 report
441.9
.1

365.5
-1.8
Estimate in 2001 report
443.0
.3

372.6
.1
Actual amount
441.5

372.3
DI Trust Fund:
Estimate in 1997 report
69.4
-7.4

63.4
6.4
Estimate in 1998 report
69.4
-7.4

59.2
-.6
Estimate in 1999 report
71.0
-5.3

59.2
-.7
Estimate in 2000 report
75.1
.2

59.4
-.4
Estimate in 2001 report
75.2
.4

59.1
-.8
Actual amount
74.9

59.6
OASI and DI Trust Funds, combined:
Estimate in 1997 report
477.7
-7.5

446.3
3.3
Estimate in 1998 report
477.9
-7.4

425.6
-1.5
Estimate in 1999 report
488.9
-5.3

420.0
-2.8
Estimate in 2000 report
517.0
.1

424.9
-1.6
Estimate in 2001 report
518.2
.4

431.8
4/
Actual amount
516.4

431.9

1 The estimates shown are based on the intermediate assumptions.

2 "Actual" contributions for 2001 reflect adjustments for prior calendar years (see appendix A on page 127 for description of these adjustments). "Estimated" contributions also include such adjustments, but on an estimated basis.

3 Includes payments, if any, for vocational rehabilitation services furnished to disabled persons receiving benefits because of their disabilities.

4 Between 0.00 and -0.05 percent.


At the end of calendar year 2001, about 45.9 million persons were receiving monthly benefits under the OASDI program. Of these persons, about 39.0 million and 6.9 million were receiving monthly benefits from the OASI Trust Fund and the DI Trust Fund, respectively. The number of persons receiving benefits from the OASI and DI Trust Funds grew by 0.6 percent and 3.6 percent, respectively, during the calendar year. The estimated distribution of benefit payments in calendar years 2000 and 2001, by type of beneficiary, is shown in table III.A7 for each trust fund separately.

Table III.A7.—Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2000 and 2001 
[Amounts in millions]

Calendar year 2000

Calendar year 2001
  Amount
  Percentage
of total
  Amount
  Percentage
of total
Total OASDI benefit payments
$407,572
100.0

$431,873
100.0
OASI benefit payments
352,652
86.5

372,312
86.2
DI benefit payments
54,921
13.5

59,561
13.8
OASI benefit payments, total
352,652
100.0

372,312
100.0
Monthly benefits:





Retired workers and auxiliaries
274,602
77.9

290,754
78.1
Retired workers
253,503
71.9

268,934
72.2
Wives and husbands
18,966
5.4

19,488
5.2
Children
2,133
.6

2,331
.6
Survivors of deceased workers
77,836
22.1

81,347
21.8
Aged widows and widowers
62,556
17.7

65,356
17.6
Disabled widows and widowers
1,318
.4

1,392
.4
Parents
26
1/

26
1/
Children
12,530
3.6

13,132
3.5
Widowed mothers and fathers caring for child beneficiaries
1,406
.4

1,441
.4
Uninsured persons generally aged 72 before 1968
2/
1/

2/
1/
214
.1

212
.1
DI benefit payments, total
54,921
100.0

59,561
100.0
Disabled workers
49,831
90.7

54,230
91.0
Wives and husbands
421
.8

416
.7
Children
4,668
8.5

4,916
8.3

1 Less than 0.5 percent.

2 Less than $500,000.

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


Net administrative expenses charged to the OASI and DI Trust Funds in calendar year 2001 totaled $3.7 billion. This amount represented 0.7 percent of contribution income and 0.8 percent of expenditures. Corresponding percentages for each trust fund separately and for the OASDI program as a whole are shown in table III.A8 for each of the last 5 years.

Table III.A8.- Administrative Expenses as a Percentage of Contribution Income and of Total Expenditures, Calendar Years 1997-2001
Calendar year
OASI Trust Fund

DI Trust Fund

OASI and DI
Trust Funds, combined
  Contribution
income
  Total
expenditures
  Contribution
income
  Total
expenditures
  Contribution
income
  Total
expenditures
1997
0.6
0.7

2.3
2.7

0.8
0.9
1998
.5
.6

2.7
3.1

.8
.9
1999
.5
.5

2.4
2.9

.7
.8
2000
.5
.6

2.3
2.9

.8
.9
2001
.4
.5

2.3
2.8

.7
.8


Tables III.A2 and III.A4, presented earlier, showed the assets of the OASI and DI Trust Funds at the end of calendar years 2000 and 2001. The changes in the invested assets of the funds between those two dates are a result of the acquisition and disposition of securities during calendar year 2001. Table III.A9 presents these investment transactions for each trust fund separately and combined.

Table III.A9.—Trust Fund Investment Transactions, Calendar Year 2001
[In millions]

OASI Trust Fund
DI Trust Fund
OASI and DI
Trust Funds, combined
Invested assets, December 31, 2000
$930,905
$118,317
$1,049,223
Acquisitions:
Special issues:



Certificates of indebtedness
492,089
80,963
573,052
Bonds 1
202,851
30,249
233,101
Public issues:



Treasury bonds
Total acquisitions
694,941
111,213
806,153
Dispositions:
Special issues:



Certificates of indebtedness
500,043
81,411
581,454
Bonds
54,009
7,171
61,180
Public issues:



Treasury bonds
Total dispositions
554,051
88,582
642,634
Net increase in invested assets
140,889
22,630
163,519
Invested assets, December 31, 2001
1,071,795
140,947
1,212,742

1 Amounts shown were purchased on June 30, 2001. The interest rate on such purchases was 5.625 percent.

Note: All investments are shown at par value.


1 Trust fund data are available by month, quarter, or year on the Internet at http://www.ssa.gov/OACT/ProgData/fundsQuery.html.


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