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Summary of Provisions That Would Change the Social Security Program 
Description of Proposed Provisions:


Estimates based on the intermediate assumptions of the 2015 Trustees Report
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Change from present law [percent of payroll] 
Shortfall eliminated  

Longrange actuarial balance 
Annual balance in 75th year 
Longrange actuarial balance 
Annual balance in 75th year 

Present law shortfall in longrange actuarial balance is 2.68 percent of payroll and in annual balance for the 75th year is 4.65 percent of payroll.  
A1 
Starting December 2016, reduce the annual COLA by 1 percentage point. graph  table  pdfgraph  pdftable  memo (Social Security Advisory Board) 
1.73  2.35  65%  51%  
A2 
Starting December 2016, reduce the annual COLA by 0.5 percentage point.
graph  table  pdfgraph  pdftable  memo (Social Security Advisory Board) 
0.90  1.23  34%  27%  
A3 
Starting December 2016, compute the COLA using a chained version of the consumer
price index for wage and salary workers (CPIW). We estimate this new computation
will reduce the annual COLA by about 0.3 percentage point, on average.
graph  table  pdfgraph  pdftable  memo (FY 2014 Budget)  memo (Chaffetz)  memo (Becerra)  memo (Fiscal Commission)  memo (Bipartisan Policy Center)  memo (Social Security Advisory Board) 
0.55  0.76  21%  16%  
A4 
Starting December 2018, compute the COLA using a chained version of the consumer
price index for wage and salary workers (CPIW). We estimate this new computation
will reduce the annual COLA by about 0.3 percentage point, on average. The new COLA
will not apply to DI benefits. It will apply to OASI benefits, except for those of
formerly disabledworkers who converted to retiredworker status.
graph  table  pdfgraph  pdftable  memo (NRC/NAPA) 
0.41  0.56  15%  12%  
A5 
Starting December 2016, add 1 percentage point to the annual COLA for beneficiaries
who have lived past a "specified age". The "specified age" is the sum of: (1) 65 and
(2) the unisex cohort life expectancy at age 65.
graph  table  pdfgraph  pdftable  memo (Senate Special Committee on Aging) 
0.09  0.11  3%  2%  
A6 
Starting December 2017, compute the COLA using the Consumer Price Index for the
Elderly (CPIE). We estimate this new computation will increase the annual COLA
by about 0.2 percentage point, on average.
graph  table  pdfgraph  pdftable  memo (Schatz)  memo (Deutch 2015)  memo (DeFazio 2015)  memo (Sanders 2015)  memo (Larson 2015)  memo (Larson 2014)  memo (Harkin 2013)  memo (Harkin 2012)  memo (Becerra)  memo (Deutch 2010) 
0.38  0.53  14%  11%  
A7 
Starting December 2016, reduce the annual COLA by 1 percentage point, but not to less
than zero. In cases where the unreduced COLA is less than 1 percentage point, do not
carry over the unused reduction into future years.
graph  table  pdfgraph  pdftable  memo (Hutchison) 
1.63  2.22  61%  48% 
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