| Benefit Offset 100.0% UltimateIA Contribution = 5.1%With Ultimate Real Trust Fund Interest Rate  3.0With Ultimate Real IA Net Yield Rate of: **6.03**With Offset Annuity Net Yield Rate of: **6.03**                                                       |
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| 2003                                                                                                                                                                                                                                                       | 10.89 | 12.70 | 1.81 | 288 |   | 12.40 |   |   |   |   |
| 2004                                                                                                                                                                                                                                                       | 10.82 | 12.69 | 1.88 | 309 |   | 12.40 |   |   |   |   |
| 2005                                                                                                                                                                                                                                                       | 10.73 | 8.41 | -2.32 | 330 | 35 | 8.11 | -39 | 1.52 | 4.29 |   |
| 2006                                                                                                                                                                                                                                                       | 10.65 | 8.16 | -2.50 | 326 | 35 | 7.85 | -43 | 1.66 | 4.55 |   |
| 2007                                                                                                                                                                                                                                                       | 10.67 | 8.08 | -2.58 | 320 | 35 | 7.77 | -46 | 1.74 | 4.63 |   |
| 2008                                                                                                                                                                                                                                                       | 10.73 | 8.02 | -2.71 | 314 | 35 | 7.69 | -51 | 1.82 | 4.71 |   |
| 2009                                                                                                                                                                                                                                                       | 10.84 | 7.96 | -2.88 | 305 | 35 | 7.62 | -59 | 1.90 | 4.78 |   |
| 2010                                                                                                                                                                                                                                                       | 10.99 | 7.91 | -3.07 | 296 | 35 | 7.55 | -69 | 1.98 | 4.85 |   |
| 2011                                                                                                                                                                                                                                                       | 11.16 | 7.91 | -3.25 | 285 | 35 | 7.51 | -79 | 2.06 | 4.89 |   |
| 2012                                                                                                                                                                                                                                                       | 11.33 | 7.89 | -3.44 | 275 | 35 | 7.47 | -91 | 2.12 | 4.93 |   |
| 2013                                                                                                                                                                                                                                                       | 11.52 | 7.87 | -3.65 | 262 | 35 | 7.43 | -106 | 2.18 | 4.97 |   |
| 2014                                                                                                                                                                                                                                                       | 11.73 | 7.86 | -3.87 | 249 | 35 | 7.40 | -123 | 2.24 | 5.00 |   |
| 2015                                                                                                                                                                                                                                                       | 11.95 | 7.85 | -4.09 | 235 | 35 | 7.37 | -142 | 2.30 | 5.03 |   |
| 2016                                                                                                                                                                                                                                                       | 12.19 | 7.86 | -4.33 | 219 | 35 | 7.36 | -163 | 2.35 | 5.04 |   |
| 2017                                                                                                                                                                                                                                                       | 12.43 | 7.87 | -4.56 | 202 | 35 | 7.35 | -187 | 2.41 | 5.05 |   |
| 2018                                                                                                                                                                                                                                                       | 12.68 | 7.88 | -4.80 | 185 | 35 | 7.34 | -212 | 2.45 | 5.06 |   |
| 2019                                                                                                                                                                                                                                                       | 12.92 | 7.90 | -5.02 | 166 | 35 | 7.33 | -238 | 2.50 | 5.07 |   |
| 2020                                                                                                                                                                                                                                                       | 13.16 | 7.91 | -5.24 | 147 | 35 | 7.33 | -267 | 2.55 | 5.07 |   |
| 2021                                                                                                                                                                                                                                                       | 13.40 | 7.93 | -5.46 | 126 | 35 | 7.32 | -297 | 2.59 | 5.08 |   |
| 2022                                                                                                                                                                                                                                                       | 13.60 | 10.05 | -3.55 | 106 | 35 | 9.42 | -326 | 2.63 | 5.08 | 2.10 |
| 2023                                                                                                                                                                                                                                                       | 13.75 | 11.07 | -2.69 | 100 | 35 | 10.42 | -351 | 2.66 | 5.08 | 3.10 |
| 2024                                                                                                                                                                                                                                                       | 13.88 | 11.08 | -2.80 | 100 | 35 | 10.41 | -376 | 2.70 | 5.09 | 3.10 |
| 2025                                                                                                                                                                                                                                                       | 14.00 | 11.10 | -2.90 | 100 | 35 | 10.41 | -401 | 2.73 | 5.09 | 3.10 |
| 2026                                                                                                                                                                                                                                                       | 14.08 | 11.12 | -2.96 | 100 | 35 | 10.41 | -423 | 2.76 | 5.09 | 3.10 |
| 2027                                                                                                                                                                                                                                                       | 14.13 | 11.13 | -3.00 | 100 | 35 | 10.41 | -444 | 2.78 | 5.09 | 3.10 |
| 2028                                                                                                                                                                                                                                                       | 14.15 | 11.15 | -3.00 | 100 | 35 | 10.41 | -462 | 2.80 | 5.09 | 3.10 |
| 2029                                                                                                                                                                                                                                                       | 14.13 | 10.97 | -3.16 | 100 | 35 | 10.20 | -475 | 2.81 | 5.10 | 2.90 |
| 2030                                                                                                                                                                                                                                                       | 14.07 | 10.88 | -3.18 | 100 | 35 | 10.10 | -483 | 2.82 | 5.10 | 2.80 |
| 2031                                                                                                                                                                                                                                                       | 13.96 | 10.80 | -3.16 | 100 | 35 | 10.00 | -485 | 2.82 | 5.10 | 2.70 |
| 2032                                                                                                                                                                                                                                                       | 13.81 | 10.61 | -3.20 | 100 | 35 | 9.80 | -480 | 2.82 | 5.10 | 2.50 |
| 2033                                                                                                                                                                                                                                                       | 13.62 | 10.32 | -3.30 | 100 | 35 | 9.50 | -468 | 2.81 | 5.10 | 2.20 |
| 2034                                                                                                                                                                                                                                                       | 13.40 | 10.13 | -3.26 | 100 | 35 | 9.30 | -448 | 2.80 | 5.10 | 2.00 |
| 2035                                                                                                                                                                                                                                                       | 13.17 | 9.94 | -3.23 | 100 | 35 | 9.10 | -428 | 2.77 | 5.10 | 1.80 |
| 2036                                                                                                                                                                                                                                                       | 12.92 | 9.66 | -3.26 | 100 | 35 | 8.80 | -400 | 2.75 | 5.10 | 1.50 |
| 2037                                                                                                                                                                                                                                                       | 12.63 | 9.47 | -3.17 | 100 | 35 | 8.60 | -364 | 2.71 | 5.10 | 1.30 |
| 2038                                                                                                                                                                                                                                                       | 12.33 | 9.08 | -3.25 | 100 | 35 | 8.20 | -321 | 2.67 | 5.10 | 0.90 |
| 2039                                                                                                                                                                                                                                                       | 12.00 | 8.89 | -3.11 | 100 | 35 | 8.00 | -270 | 2.61 | 5.10 | 0.70 |
| 2040                                                                                                                                                                                                                                                       | 11.65 | 8.50 | -3.15 | 100 | 35 | 7.60 | -213 | 2.55 | 5.10 | 0.30 |
| 2041                                                                                                                                                                                                                                                       | 11.30 | 8.21 | -3.08 | 100 | 35 | 7.30 | -148 | 2.48 | 5.10 |   |
| 2042                                                                                                                                                                                                                                                       | 10.93 | 8.22 | -2.71 | 100 | 35 | 7.30 | -78 | 2.40 | 5.10 |   |
| 2043                                                                                                                                                                                                                                                       | 10.56 | 8.24 | -2.32 | 102 | 35 | 7.30 | -1 | 2.31 | 5.10 |   |
| 2044                                                                                                                                                                                                                                                       | 10.18 | 8.25 | -1.93 | 108 | 34.93 | 7.30 | 7 | 1.95 | 5.10 |   |
| 2045                                                                                                                                                                                                                                                       | 9.82 | 8.27 | -1.54 | 114 | 34.79 | 7.30 | 3 | 1.55 | 5.10 |   |
| 2046                                                                                                                                                                                                                                                       | 9.48 | 8.29 | -1.19 | 120 | 34.60 | 7.30 | 8 | 1.21 | 5.10 |   |
| 2047                                                                                                                                                                                                                                                       | 9.14 | 8.31 | -0.83 | 127 | 34.36 | 7.30 | 6 | 0.85 | 5.10 |   |
| 2048                                                                                                                                                                                                                                                       | 8.80 | 8.33 | -0.46 | 135 | 34.08 | 7.30 | 12 | 0.50 | 5.10 |   |
| 2049                                                                                                                                                                                                                                                       | 8.41 | 8.36 | -0.05 | 144 | 33.75 | 7.30 | 5 | 0.06 | 5.10 |   |
| 2050                                                                                                                                                                                                                                                       | 8.04 | 8.39 | 0.35 | 153 | 33.38 | 7.30 | 1 | -0.35 | 5.10 |   |
| 2051                                                                                                                                                                                                                                                       | 7.72 | 8.42 | 0.70 | 163 | 32.99 | 7.30 | 13 | -0.67 | 5.10 |   |
| 2052                                                                                                                                                                                                                                                       | 7.42 | 8.45 | 1.03 | 172 | 32.58 | 7.30 | 14 | -0.99 | 5.10 |   |
| 2053                                                                                                                                                                                                                                                       | 7.26 | 8.48 | 1.21 | 180 | 32.17 | 7.30 | 19 | -1.17 | 5.10 |   |
| 2054                                                                                                                                                                                                                                                       | 7.13 | 8.51 | 1.38 | 187 | 31.76 | 7.30 | 15 | -1.34 | 5.10 |   |
| 2055                                                                                                                                                                                                                                                       | 6.91 | 8.53 | 1.63 | 197 | 31.33 | 7.30 | 8 | -1.61 | 5.10 |   |
| 2056                                                                                                                                                                                                                                                       | 6.70 | 8.56 | 1.86 | 207 | 30.89 | 7.30 | 16 | -1.83 | 5.10 |   |
| 2057                                                                                                                                                                                                                                                       | 6.51 | 8.59 | 2.08 | 217 | 30.44 | 7.30 | 19 | -2.04 | 5.10 |   |
| 2058                                                                                                                                                                                                                                                       | 6.34 | 8.62 | 2.28 | 227 | 30.00 | 7.30 | 71 | -2.14 | 5.10 |   |
| 2059                                                                                                                                                                                                                                                       | 6.18 | 8.65 | 2.46 | 239 | 29.53 | 7.30 | 9 | -2.45 | 5.10 |   |
| 2060                                                                                                                                                                                                                                                       | 6.04 | 8.67 | 2.63 | 249 | 29.06 | 7.30 | 23 | -2.59 | 5.10 |   |
| 2061                                                                                                                                                                                                                                                       | 5.93 | 8.70 | 2.78 | 259 | 28.59 | 7.30 | 32 | -2.72 | 5.10 |   |
| 2062                                                                                                                                                                                                                                                       | 5.84 | 8.73 | 2.90 | 269 | 28.12 | 7.30 | 31 | -2.85 | 5.10 |   |
| 2063                                                                                                                                                                                                                                                       | 5.77 | 8.76 | 2.99 | 278 | 27.65 | 7.30 | 19 | -2.96 | 5.10 |   |
| 2064                                                                                                                                                                                                                                                       | 5.73 | 8.79 | 3.06 | 285 | 27.19 | 7.30 | 34 | -3.01 | 5.10 |   |
| 2065                                                                                                                                                                                                                                                       | 5.57 | 8.81 | 3.24 | 299 | 26.71 | 7.30 | 11 | -3.23 | 5.10 |   |
| 2066                                                                                                                                                                                                                                                       | 5.43 | 8.83 | 3.40 | 313 | 26.22 | 7.30 | 18 | -3.38 | 5.10 |   |
| 2067                                                                                                                                                                                                                                                       | 5.31 | 8.85 | 3.54 | 326 | 25.72 | 7.30 | 16 | -3.52 | 5.10 |   |
| 2068                                                                                                                                                                                                                                                       | 5.20 | 8.86 | 3.66 | 338 | 25.21 | 7.30 | 3 | -3.66 | 5.10 |   |
| 2069                                                                                                                                                                                                                                                       | 5.12 | 8.88 | 3.76 | 350 | 24.70 | 7.30 | 30 | -3.72 | 5.10 |   |
| 2070                                                                                                                                                                                                                                                       | 5.06 | 8.90 | 3.84 | 361 | 24.19 | 7.30 | 50 | -3.78 | 5.10 |   |
| 2071                                                                                                                                                                                                                                                       | 5.01 | 8.91 | 3.90 | 372 | 23.67 | 7.30 | 6 | -3.89 | 5.10 |   |
| 2072                                                                                                                                                                                                                                                       | 4.99 | 8.93 | 3.94 | 380 | 23.15 | 7.30 | 6 | -3.94 | 5.10 |   |
| 2073                                                                                                                                                                                                                                                       | 4.97 | 8.95 | 3.97 | 388 | 22.64 | 7.30 | 60 | -3.91 | 5.10 |   |
| 2074                                                                                                                                                                                                                                                       | 4.98 | 8.96 | 3.98 | 396 | 22.13 | 7.30 | 44 | -3.94 | 5.10 |   |
| 2075                                                                                                                                                                                                                                                       | 4.99 | 8.97 | 3.98 | 402 | 21.62 | 7.30 | 16 | -3.97 | 5.10 |   |
| 2076                                                                                                                                                                                                                                                       | 5.02 | 8.99 | 3.96 | 407 | 21.12 | 7.30 | 51 | -3.92 | 5.10 |   |
| 2077                                                                                                                                                                                                                                                       | 5.06 | 9.00 | 3.94 | 412 | 20.62 | 7.30 | 4 | -3.93 | 5.10 |   |
| 2078                                                                                                                                                                                                                                                       | 5.11 | 9.01 | 3.90 | 415 | 20.13 | 7.30 | 25 | -3.88 | 5.10 |   |
|                                                                                                                                                                                                                                                       | Summarized |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                       | CostRateOASDI |  IncomeRateOASDI |  ActuarialBalanceOASDI |  Change inActuarialBalance |   |   |   |   |   |   |
| 2003-2077                                                                                                                                                                                                                                                  | 10.61 | 9.74 | -0.87 | 1.04 |   |   |   |   |   |   |
| 1 Net of Benefit Offset.2 Including borrowing from Individual Accounts in Form of Social Security Transition Bonds.3 Excluding reinvestment of interest in Social Security Transition Bonds.Based on Intermediate Assumptions of the 2003 Trustees Report. |
|                                                                                                                                                                                                                                                       | Office of the Chief ActuarySocial Security AdministrationSeptember 9, 2003 |

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