SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

April 9, 2019

The Honorable Marco Rubio

United States Senate

Washington, D.C. 20510

The Honorable Ann Wagner

United States House of Representatives

Washington, D.C. 20515

Dear Senator Rubio and Representative Wagner:

This letter is in response to your request for our estimates of the financial effects on the Social 

Security (OASDI) program assuming enactment of S. 920 and H.R. 1940, the “New Parents Act

of 2019”, which you introduced on March 27. We have enjoyed working with Caleb Orr and 

Zach Gates of your staffs in the development of the specifications for and intent of this Bill. The 

estimates provided here reflect the combined effort of many in the Office of the Chief Actuary, 

but particularly Karen Glenn, Chris Chaplain, Kyle Burkhalter, Daniel Nickerson, Anna 

Kirjusina, and Jacqueline Walsh.

This Bill would allow eligible parents to receive parental leave benefits based on births and 

adoptions in 2022 and in each year thereafter for which the OASDI trust fund ratio (the ratio of 

trust fund reserves at the beginning of the year to projected program cost during the year) is 

projected to be at least 20 percent for that year and for the following year. Based on the 

intermediate assumptions of the 2018 Trustees Report, the OASDI trust fund ratio is projected to 

be below 20 percent for 2034 and all years thereafter, in the absence of any other change in the 

law. Thus, applications for parental leave benefits would not be accepted in 2033 or thereafter 

under these assumptions.

Under the Bill, parents could apply for one, two, or three months of parental leave benefits for 

each birth or adoption. The basic monthly parental leave benefit would equal the primary 

insurance amount (PIA) as determined for the parent based on earnings prior to application for 

the parental leave payment, as if the parent had become disabled on that date (subject to the 

qualifying conditions listed below, which differ from the current-law insured requirements for a 

Social Security disabled worker benefit). Parental leave benefits would be repaid in the form of 

an increased Social Security normal retirement age (NRA) or 60 months of reduced Social 

Security benefits, as described in further detail below. The balance of this letter provides further 

description of our understanding of these provisions and our estimates of the effects on the 

financial status of the OASDI program and the effects on the federal budget.
Page 2 – The Honorable Marco Rubio and the Honorable Ann Wagner

Specifications of the Bill

To qualify for a parental leave benefit, the parent must have earned either (1) four quarters of 

coverage (QCs as defined for Social Security insured status) in the calendar year immediately 

preceding the year of the birth or adoption of the child, and eight QCs at any time prior to the 

application for parental leave benefit; or (2) 12 QCs at any time prior to application. The child 

must be residing with and under the care of the parent during the period of parental leave. In the 

case of an adopted child, the child must be under the age of 18 throughout the period of parental 

leave. Parents must attest that they intend to use the benefit to finance spending more time with 

the qualified child at home and away from employment during the benefit period. Qualifying 

parents would become eligible upon receipt of their application for parental leave benefit, but no 

sooner than the date at which they have met all requirements. Parents may receive parental leave 

benefits during the 1-year period beginning with the month after the month in which the child is 

born or adopted. Both parents can receive the parental leave benefit at the same time or for 

different periods within this 1-year window. Only one payment would be available in the event 

of multiple births (twins, for example). However, multiple parental leave benefits may be 

received if more than one child is born or adopted at different times during the period 2022 

through the current expected sunset year of 2032.

Eligible parents who elect to receive a parental leave benefit would have a choice at the time of 

application between two methods of repayment. Under option 1, parents would have their normal 

retirement age (NRA) and their earliest eligibility age (EEA) increased by a specified number of 

months (to be determined by the Commissioner of Social Security) for each month of parental 

leave benefit received. Currently, we expect that the increase in the NRA/EEA would be twice 

the number of months of parental leave benefits taken. Under option 2, parents would have their 

monthly Social Security old-age worker, spouse, or survivor benefit reduced by a specified 

percentage to be determined by the Commissioner, for each of the first 60 months of such benefit 

receipt. Currently, we expect that this option would call for a 4.5-percentage-point reduction in 

the age-related factor for a benefit, reflecting any reduction for early retirement or increase for 

delayed retirement, for each month of parental leave benefit taken. For example, a parent who 

receives parental leave benefits for two months and later starts receipt of their retired worker 

benefit at age 64 (3 years before reaching their current-law NRA) could have their NRA 

increased by four months under option 1, or could have their monthly retired worker benefit 

reduced for each of the first 60 months of benefit receipt under option 2. The benefit under 

option 2 would be reduced to 71 percent of PIA for the first 60 months under the proposal, 

increasing to 80 percent of PIA after the first 60 months. This compares to the 80 percent of PIA 

for all months that would be received under current law, with the 80 percent factor based on the 

age of starting receipt alone. 

The NRA/EEA increase in option 1 and the specified percentage reductions in option 2 are 

determined with the goal that the present value of reductions in future OASDI benefits over the 

remaining lifetime of all parent recipients in a year would fully offset the parental leave 

payments made in that year. For individuals choosing option 1, their EEA and age at which their 

maximum Social Security retired worker benefit is available would be increased by the same 

number of months as the NRA. However, the insured status requirements for OASDI benefits 
Page 3 – The Honorable Marco Rubio and the Honorable Ann Wagner

and the method of computing the PIA would not be affected; that is, the PIA would be computed 

as if the EEA for the retired worker were still age 62.

Assumptions

For these estimates, we have assumed that approximately 40 percent of parents with a new birth 

or adoption would be qualified for and would choose to receive a parental leave benefit in the 

affected years. We assume that parental leave benefits would be received for 2.5 months on 

average for each participating parent, for each child. We further assume that half of all applicants 

would choose option 1 (NRA/EEA change) and half would choose option 2 (percentage benefit 

reduction over 60 months).

In addition, we have assumed that the administrative burden in determining eligibility for and 

paying parental leave benefits would be on the order of normal administrative costs, and that any 

administrative cost in excess of that level would be financed with transfers from the General 

Fund of the Treasury.

Results

We estimate that, if enacted, this Bill would have a negligible effect on the long-range OASDI 

actuarial balance (that is, less than 0.005 percent of taxable payroll). In early years (through 

2032), when parental leave benefits would be paid but few eligible parents would have 

experienced the effects of a delayed NRA/EEA or reductions to their OASDI benefits, this 

provision would result in more cost to the OASI Trust Fund. In years after 2032, when we 

project that no parental leave benefits would be paid, the OASI and DI Trust Funds would see a

reduction in benefit cost compared to current law, with the largest reductions coming in 2066, 

about 34 years after the last parental leave benefits would have been paid.

Table 1, enclosed, presents annual and 75-year-summarized cost rates, income rates, balances, 

and changes in annual cost and income rates and balances for the OASDI program under 

enactment of the Bill. Changes in annual balances are negative from 2022 through 2032 due to 

the parental leave benefit payments, and are then positive for 2033 through the end of the 

projection period because of future reductions in OASI and DI benefits.

Table 1b shows “off-budget,” “unified budget,” and “on-budget” effects of the Bill on a present 

value basis. Amounts are discounted to January 1, 2018 using the projected Trust Fund interest 

rates. Table 1b.n provides the estimated nominal dollar effect of the Bill on annual budget 

balances for years 2018 through 2028. All values in these tables represent the amount of change 

from the level projected under current law. In addition, changes reflect the budget scoring 

convention that presumes benefits, not payable under the law after depletion of trust fund 

reserves, would still be paid using revenue provided from the General Fund of the Treasury. The 

reader should be cautioned that this presumption of payment of benefits beyond the resources of 

the trust funds is prohibited under current law and is also inconsistent with all past experience 

under the Social Security program.
Page 4 – The Honorable Marco Rubio and the Honorable Ann Wagner

Column 1 shows the estimated annual amounts of specified General Fund transfers to and from 

the combined OASI and DI Trust Funds (zero under this Bill). Column 2 shows the annual cash 

flow off-budget effects for the combined OASI and DI Trust Funds. On a present value basis, the 

total net cost to OASDI over the 75-year period is slightly positive (about $0.4 billion), because 

by 2092 the parental leave payments from 2022 through 2032 are not yet fully offset by the later 

repayments to the trust funds. Columns 3 through 5 present the unified budget effects from 

enactment of the Bill. Column 4 shows that we estimate an increase in publicly held debt of 

$85.0 billion at the end of 2032 from the parental leave benefits. After 2032, because of the 

option 1 NRA/EEA increases and option 2 percentage reductions in OASDI benefit payments, 

annual reductions in debt held by the public occur through the end of the projection period, and 

by 2092 we estimate very little net change in publicly held debt. Columns 6 and 7 indicate that 

this Bill would have no expected direct effects on the on-budget cash flow, or on the total federal 

debt, in the future. It should again be noted that for Table 1b and Table 1.bn, we have not 

reflected the implications of reimbursements for administrative expenses in excess of normal 

operating costs and of the resulting changes in the federal budget to offset any net reduction in

annual unified budget balances. 

Table 1b.n shows the same information, but in nominal dollars. In this table, we show nominal 

dollar effects through 2028.

The estimates in Tables 1b and 1b.n are based on the baseline assumptions of the 2018 Trustees 

Report and thus differ from what would be estimated under the President’s Budget or the CBO 

baseline assumptions. 

We hope these estimates are helpful. Please let us know if we may provide further assistance.

Sincerely,

 

 Stephen C. Goss, ASA, MAAA

Chief Actuary

Enclosures
Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2018 13.81 12.64 -1.17 288 0.00 0.00 0.00

2019 13.95 12.87 -1.08 272 0.00 0.00 0.00

2020 14.12 12.89 -1.23 256 0.00 0.00 0.00

2021 14.27 12.92 -1.35 239 0.00 0.00 0.00

2022 14.53 12.95 -1.58 221 0.09 0.00 -0.09

2023 14.72 12.97 -1.75 204 0.10 0.00 -0.09

2024 14.90 13.00 -1.90 186 0.10 0.00 -0.09

2025 15.08 13.01 -2.07 168 0.10 0.00 -0.09

2026 15.26 13.14 -2.12 151 0.10 0.01 -0.09

2027 15.46 13.16 -2.30 134 0.10 0.01 -0.09

2028 15.68 13.18 -2.50 116 0.10 0.01 -0.09

2029 15.89 13.19 -2.70 99 0.10 0.01 -0.09

2030 16.08 13.21 -2.87 82 0.10 0.01 -0.09

2031 16.26 13.22 -3.04 64 0.10 0.01 -0.09

2032 16.42 13.23 -3.18 45 0.10 0.01 -0.09

2033 16.45 13.24 -3.21 27 -0.00 0.00 0.00

2034 16.57 13.25 -3.32 8 -0.00 0.00 0.00

2035 16.65 13.25 -3.40 ---- -0.00 0.00 0.00

2036 16.72 13.26 -3.46 ---- -0.00 0.00 0.00

2037 16.78 13.27 -3.52 ---- -0.00 0.00 0.00

2038 16.82 13.27 -3.55 ---- -0.00 -0.00 0.00

2039 16.83 13.27 -3.56 ---- -0.00 -0.00 0.00

2040 16.83 13.27 -3.56 ---- -0.00 -0.00 0.00

2041 16.81 13.27 -3.54 ---- -0.00 -0.00 0.00

2042 16.78 13.27 -3.50 ---- -0.00 -0.00 0.00

2043 16.73 13.27 -3.46 ---- -0.00 -0.00 0.00

2044 16.69 13.27 -3.42 ---- -0.00 -0.00 0.00

2045 16.66 13.27 -3.39 ---- -0.00 -0.00 0.00

2046 16.63 13.27 -3.36 ---- -0.00 -0.00 0.00

2047 16.60 13.27 -3.33 ---- -0.00 -0.00 0.00

2048 16.57 13.27 -3.30 ---- -0.01 -0.00 0.00

2049 16.55 13.27 -3.28 ---- -0.01 -0.00 0.01

2050 16.53 13.27 -3.27 ---- -0.01 -0.00 0.01

2051 16.52 13.27 -3.25 ---- -0.01 -0.00 0.01

2052 16.52 13.27 -3.25 ---- -0.02 -0.00 0.02

2053 16.52 13.27 -3.25 ---- -0.02 -0.00 0.02

2054 16.54 13.27 -3.26 ---- -0.02 -0.00 0.02

2055 16.56 13.27 -3.29 ---- -0.03 -0.00 0.03

2056 16.59 13.28 -3.31 ---- -0.03 -0.00 0.03

2057 16.63 13.28 -3.34 ---- -0.04 -0.00 0.04

2058 16.67 13.28 -3.38 ---- -0.04 -0.00 0.04

2059 16.71 13.29 -3.42 ---- -0.05 -0.00 0.05

2060 16.75 13.29 -3.46 ---- -0.05 -0.00 0.05

2061 16.80 13.30 -3.50 ---- -0.06 -0.00 0.06

2062 16.85 13.30 -3.55 ---- -0.06 -0.00 0.06

2063 16.90 13.30 -3.59 ---- -0.07 -0.00 0.06

2064 16.95 13.31 -3.64 ---- -0.07 -0.00 0.06

2065 17.00 13.31 -3.69 ---- -0.07 -0.00 0.07

2066 17.06 13.31 -3.74 ---- -0.07 -0.00 0.07

2067 17.11 13.32 -3.79 ---- -0.07 -0.00 0.07

2068 17.17 13.32 -3.85 ---- -0.07 -0.00 0.06

2069 17.24 13.33 -3.91 ---- -0.07 -0.00 0.06

2070 17.30 13.33 -3.97 ---- -0.07 -0.00 0.06

2071 17.36 13.34 -4.02 ---- -0.06 -0.00 0.06

2072 17.41 13.34 -4.07 ---- -0.06 -0.00 0.06

2073 17.45 13.34 -4.11 ---- -0.06 -0.00 0.06

2074 17.50 13.35 -4.15 ---- -0.06 -0.00 0.05

2075 17.54 13.35 -4.19 ---- -0.05 -0.00 0.05

2076 17.57 13.35 -4.21 ---- -0.04 -0.00 0.04

2077 17.59 13.35 -4.23 ---- -0.04 -0.00 0.04

2078 17.59 13.35 -4.24 ---- -0.03 -0.00 0.03

2079 17.59 13.35 -4.24 ---- -0.03 -0.00 0.03

2080 17.58 13.35 -4.23 ---- -0.02 -0.00 0.02

2081 17.57 13.35 -4.22 ---- -0.02 -0.00 0.02

2082 17.56 13.35 -4.21 ---- -0.01 -0.00 0.01

2083 17.55 13.35 -4.19 ---- -0.01 -0.00 0.01

2084 17.54 13.35 -4.18 ---- -0.00 -0.00 0.00

2085 17.53 13.35 -4.18 ---- -0.00 -0.00 0.00

2086 17.53 13.35 -4.18 ---- -0.00 -0.00 0.00

2087 17.53 13.35 -4.18 ---- -0.00 -0.00 0.00

2088 17.55 13.35 -4.19 ---- -0.00 -0.00 0.00

2089 17.57 13.35 -4.21 ---- -0.00 -0.00 0.00

2090 17.60 13.35 -4.24 ---- -0.00 -0.00 0.00

2091 17.64 13.36 -4.28 ---- -0.00 -0.00 0.00

2092 17.68 13.36 -4.32 ---- -0.00 -0.00 0.00

2093 17.72 13.36 -4.36 ---- -0.00 -0.00 0.00

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

16.69% 13.84% -2.84% 2034 0.00% -0.00% -0.00%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2018 Trustees Report. Social Security Administration 1 Under current law the year of combined Trust Fund reserve depletion is 2034.

Expressed as a percentage of current-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of current-law

taxable payroll

Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

"New Parents Act of 2019," Introduced by Senator Rubio and Representative Wagner

Proposal Change from Current Law

Summarized Rates: OASDI

Year of reserve 

depletion1

Summarized Rates: OASDI

2018 - 2092

April 9, 2019
Table 1b - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI (Present Value Dollars)

Year

Specified 

General Fund 

Transfers

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Total

Federal Debt

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7)

2018 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2022 0.0 -7.0 -7.0 7.0 -7.0 0.0 0.0

2023 0.0 -7.3 -7.3 14.3 -7.5 0.0 0.0

2024 0.0 -7.5 -7.5 21.8 -7.9 0.0 0.0

2025 0.0 -7.7 -7.7 29.5 -8.4 0.0 0.0

2026 0.0 -7.8 -7.8 37.3 -8.7 0.0 0.0

2027 0.0 -7.9 -7.9 45.2 -9.2 0.0 0.0

2028 0.0 -8.0 -8.0 53.2 -9.6 0.0 0.0

2029 0.0 -8.0 -8.0 61.2 -10.1 0.0 0.0

2030 0.0 -8.0 -8.0 69.2 -10.7 0.0 0.0

2031 0.0 -7.9 -7.9 77.1 -11.2 0.0 0.0

2032 0.0 -7.9 -7.9 85.0 -11.8 0.0 0.0

2033 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2034 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2035 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2036 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2037 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2038 0.0 0.0 0.0 85.0 -4.3 0.0 0.0

2039 0.0 0.0 0.0 84.9 -4.3 0.0 0.0

2040 0.0 0.0 0.0 84.9 -4.3 0.0 0.0

2041 0.0 0.0 0.0 84.9 -4.3 0.0 0.0

2042 0.0 0.0 0.0 84.9 -4.3 0.0 0.0

2043 0.0 0.0 0.0 84.8 -4.3 0.0 0.0

2044 0.0 0.1 0.1 84.8 -4.2 0.0 0.0

2045 0.0 0.1 0.1 84.6 -4.2 0.0 0.0

2046 0.0 0.2 0.2 84.5 -4.1 0.0 0.0

2047 0.0 0.2 0.2 84.2 -4.1 0.0 0.0

2048 0.0 0.3 0.3 83.9 -3.9 0.0 0.0

2049 0.0 0.5 0.5 83.4 -3.8 0.0 0.0

2050 0.0 0.6 0.6 82.8 -3.6 0.0 0.0

2051 0.0 0.8 0.8 82.0 -3.4 0.0 0.0

2052 0.0 1.0 1.0 80.9 -3.2 0.0 0.0

2053 0.0 1.3 1.3 79.7 -2.8 0.0 0.0

2054 0.0 1.5 1.5 78.1 -2.5 0.0 0.0

2055 0.0 1.8 1.8 76.3 -2.1 0.0 0.0

2056 0.0 2.1 2.1 74.1 -1.7 0.0 0.0

2057 0.0 2.4 2.4 71.7 -1.3 0.0 0.0

2058 0.0 2.7 2.7 69.0 -0.9 0.0 0.0

2059 0.0 3.0 3.0 66.0 -0.5 0.0 0.0

2060 0.0 3.3 3.3 62.7 -0.1 0.0 0.0

2061 0.0 3.5 3.5 59.2 0.3 0.0 0.0

2062 0.0 3.6 3.6 55.6 0.6 0.0 0.0

2063 0.0 3.8 3.8 51.8 0.9 0.0 0.0

2064 0.0 3.9 3.9 48.0 1.2 0.0 0.0

2065 0.0 3.9 3.9 44.1 1.4 0.0 0.0

2066 0.0 3.9 3.9 40.2 1.6 0.0 0.0

2067 0.0 3.8 3.8 36.4 1.7 0.0 0.0

2068 0.0 3.7 3.7 32.7 1.8 0.0 0.0

2069 0.0 3.6 3.6 29.1 1.9 0.0 0.0

2070 0.0 3.4 3.4 25.7 2.0 0.0 0.0

2071 0.0 3.3 3.3 22.4 2.0 0.0 0.0

2072 0.0 3.1 3.1 19.2 2.0 0.0 0.0

2073 0.0 3.0 3.0 16.2 2.0 0.0 0.0

2074 0.0 2.8 2.8 13.4 2.0 0.0 0.0

2075 0.0 2.5 2.5 10.9 1.8 0.0 0.0

2076 0.0 2.2 2.2 8.7 1.6 0.0 0.0

2077 0.0 1.9 1.9 6.8 1.4 0.0 0.0

2078 0.0 1.6 1.6 5.2 1.3 0.0 0.0

2079 0.0 1.3 1.3 3.9 1.1 0.0 0.0

2080 0.0 1.1 1.1 2.8 0.9 0.0 0.0

2081 0.0 0.8 0.8 2.0 0.7 0.0 0.0

2082 0.0 0.6 0.6 1.4 0.5 0.0 0.0

2083 0.0 0.4 0.4 1.0 0.3 0.0 0.0

2084 0.0 0.2 0.2 0.8 0.1 0.0 0.0

2085 0.0 0.1 0.1 0.7 0.1 0.0 0.0

2086 0.0 0.1 0.1 0.6 0.1 0.0 0.0

2087 0.0 0.0 0.0 0.5 0.0 0.0 0.0

2088 0.0 0.0 0.0 0.5 0.0 0.0 0.0

2089 0.0 0.0 0.0 0.4 0.0 0.0 0.0

2090 0.0 0.0 0.0 0.4 0.0 0.0 0.0

2091 0.0 0.0 0.0 0.4 0.0 0.0 0.0

2092 0.0 0.0 0.0 0.4 0.0 0.0 0.0

Total 2018-2092 0.0 -0.4 -0.4

Based on Intermediate Assumptions of the 2018 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

Notes:

Office of the Chief Actuary 1

 Effects of tax provisions on the On-Budget are not reflected in this table. Social Security Administration

"New Parents Act of 2019," Introduced by Senator Rubio and Representative Wagner

April 9, 2019

Billions of Present Value Dollars as of 1-1-2018

(1) Estimates do not reflect the implications of reimbursements for administrative expenses and of changes in the federal budget ("payfors") to offset any net reduction in annual unified budget balances.

(2) Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless be paid, 

based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public.
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Nominal Dollars)

Year

Specified 

General Fund 

Transfers to 

OASDI1

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow2

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Annual

On Budget

Cash Flow

Change

in Total

Federal Debt

End Of Year

(1) (2) (3) (4) (5) (6) (7)

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2021 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2022 0.0 -7.9 -7.9 8.0 -8.0 0.0 0.0

2023 0.0 -8.5 -8.5 16.9 -8.9 0.0 0.0

2024 0.0 -9.1 -9.1 26.6 -9.7 0.0 0.0

2025 0.0 -9.6 -9.6 37.2 -10.5 0.0 0.0

2026 0.0 -10.0 -10.0 48.5 -11.4 0.0 0.0

2027 0.0 -10.5 -10.5 60.8 -12.3 0.0 0.0

2028 0.0 -10.9 -10.9 74.3 -13.5 0.0 0.0

Based on Intermediate Assumptions of the 2018 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

Notes:

Office of the Chief Actuary 1

 Effects of tax provisions on the On-Budget are not reflected in this table. Social Security Administration

"New Parents Act of 2019," Introduced by Senator Rubio and Representative Wagner

April 9, 2019

Billions of Nominal Dollars

(1) Estimates do not reflect the implications of reimbursements for administrative expenses and of changes in the federal budget ("payfors") to offset any net reduction in annual unified budget balances.

(2) Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless be paid, 

based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public.