SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

December 11, 2019

The Honorable Gwen Moore

United States House of Representatives

Washington, D.C. 20515

Dear Representative Moore:

I am writing in response to your request for our estimates of the financial effects on Social 

Security of enacting H.R. 5392, the Social Security Enhancement and Protection Act of 2019, 

which you introduced today. The estimates provided here reflect the intermediate assumptions 

and baseline projections of the 2019 Trustees Report. 

This Bill (hereafter referred to as the proposal) includes six provisions with direct effects on the 

Social Security trust funds. We have enjoyed working with Caroline Frauman of your staff. The 

estimates and analysis provided here reflect the combined effort of many in the Office of the 

Chief Actuary, but most particularly Karen Glenn, Christopher Chaplain, Daniel Nickerson, Kyle 

Burkhalter, Michael Clingman, Anna Kirjusina, Katie Sutton, and Tiffany Bosley.

The enclosed tables provide estimates of the effects of the six provisions on the cost, income, and 

combined trust fund reserves for the Old Age, Survivors, and Disability Insurance (OASDI)

program, as well as estimated effects on retired worker benefit levels for selected hypothetical 

workers and effects on payroll tax levels. In addition, tables 1b and 1b.n provide estimates of the 

federal budget implications of these six provisions with direct effects on the OASDI program.

We estimate that enactment of these provisions would extend full solvency of the OASDI 

program for an additional 34 years, with the projected depletion of combined OASI and DI Trust 

Fund reserves moving from 2035 under current law to 2069 assuming enactment of the proposal, 

under the intermediate assumptions of the 2019 Trustees Report.

The proposal includes six provisions with direct effects on the OASDI program. The following 

list briefly describes these provisions:

Section 2. Increase the special minimum primary insurance amount (PIA), beginning for 

workers who become newly eligible for retirement or disability benefits or die after 2019. The 

minimum PIA for workers becoming newly eligible or dying in 2020 with 30 or more years of 

work (YOWs) is 100 percent of the annual HHS poverty level for the prior year, divided by 

12. The percent is reduced by 3 and 1/3 percentage points for each YOW less than 30 years, 

with no minimum benefit for 10 or fewer YOWs. A worker’s number of YOWs is determined 
Page 2 – The Honorable Gwen Moore

as the number of earned quarters of coverage divided by 4 (ignoring any fraction), plus up to 5 

years providing care for a child under age 6 who was living with the worker. For workers 

becoming newly eligible or dying after 2020, the minimum PIA is indexed to the year of their 

initial benefit eligibility by changes in the national average wage index (AWI). The minimum 

PIA is increased by the COLA after the year of initial eligibility.

Section 3. Provide a uniform PIA increase starting with the 16th calendar year after the year 

of initial eligibility. The PIA increase is a specified percent of the PIA of a worker with the 

same year of initial eligibility having career-average earnings equal to the AWI in years 

through the year before initial eligibility. The benefit increase phases in at 1 percent per year 

beginning with the 16th calendar year after the year of initial benefit eligibility, and is fully 

phased in at 5 percent beginning with the 20th calendar year after the year of initial benefit 

eligibility. Early retirement factors continue to apply to the PIA increases for retired workers 

who started receiving benefits before full retirement age. This provision is effective in 2020

and later years.

Section 4. Extend benefit eligibility for children of retired, disabled, or deceased workers until 

they attain age 26, beginning in 2020. This provision applies if the child is a full-time student.

Section 5 and Section 6. Eliminate the taxable maximum, and provide benefit credit for 

additional earnings taxed, fully effective in 2029. Phase in the elimination over 10 years by 

taxing all earnings above the current-law taxable maximum at a rate of 1.24 percent in 2020, 

2.48 percent in 2021, ..., and 12.40 percent in 2029 and later. Additional earnings taxed are 

creditable for benefit purposes. The PIA formula is changed by: (1) adding a new bend point 

at the current-law taxable maximum (without regard to this provision) for the second year 

prior to initial eligibility, divided by 12, and (2) applying a 3-percent PIA factor to average 

indexed monthly earnings (AIME) above the new bend point.

Section 7. Increase the combined OASDI payroll tax rate to 13.0 percent, fully effective for 

2025 and later. The combined rate is increased by 0.1 percentage point each year starting in 

2020, reaching the ultimate 13.0 percent rate for 2025 and later.

The balance of this letter provides a summary of the effects of the six provisions on the actuarial 

status of the OASDI program, our understanding of the specifications and intent of each of the 

six provisions, and descriptions of our detailed financial estimates for trust fund operations, 

benefit levels, and implications for the federal budget. See the “Specification for Provisions of 

the Proposal” section of this letter for a more detailed description of these six provisions.

Summary of Effects of the Proposal on OASDI Actuarial Status

Figure 1 illustrates the projected OASDI Trust Fund ratio through 2093 under current law and 

assuming enactment of the proposal. The trust fund ratio is defined as the combined OASI and 

DI Trust Fund reserves expressed as a percent of annual program cost. Assuming enactment of 

the proposal, the combined OASI and DI Trust Funds are expected to be fully solvent for an 

additional 34 years, under the intermediate assumptions of the 2019 Trustees Report.
Page 3 – The Honorable Gwen Moore

Note: Trust Fund Ratio for a given year is the ratio of reserves in the combined OASI and DI Trust Funds at the 

beginning of the year to the cost of the program for the year.

Under current law, 80 percent of scheduled benefits are projected to be payable on a timely basis 

in 2035 after depletion of the combined trust fund reserves, with the percentage payable 

declining to 75 percent for 2093. Under the proposal, 90 percent of scheduled benefits are 

projected to be payable on a timely basis in 2069 after depletion of the combined trust fund 

reserves, with the percentage payable declining to 89 percent for 2093.

Enactment of the six provisions of this proposal would decrease the long-range OASDI actuarial 

deficit from 2.78 percent of taxable payroll under current law to 0.66 percent of payroll under the 

proposal.

Figure 2 illustrates annual projected levels of cost, expenditures, and non-interest income as a 

percent of the current-law taxable payroll. The projected level of cost reflects the full cost of 

scheduled benefits under both current law and the proposal. After trust fund reserve depletion, 

projected expenditures under current law and under the proposal include only amounts payable 

from projected tax revenues (non-interest income), which are less than projected cost.

0

50

100

150

200

250

300

350

400

2019 2025 2035 2045 2055 2065 2075 2085 2095

Trust Fund Ratio

Figure 1. Current Law and Proposal OASDI Trust Fund Reserves as Percent of 

Annual Cost: 2019 TR Intermediate Assumptions

Current Law Trust Fund Ratio

Proposal
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OASDI program annual cost under the proposal is higher than under current law, starting in 

2020. This difference between proposal and current-law cost increases from 0.3 percent of 

current-law payroll for 2020 to 0.6 percent of current-law payroll for 2040, and thereafter 

increases more gradually, reaching 0.9 percent of current-law payroll for 2093. Beginning in 

2020, non-interest income under the proposal is projected to be higher than under current law. 

This difference between proposal and current-law income increases from 0.3 percent of currentlaw payroll for 2020 to 3.0 percent of current-law payroll for 2029, and thereafter increases 

much more gradually, reaching 3.1 percent of current-law payroll for 2093. For 2020 and later, 

the proposal improves the annual balance (non-interest income minus program cost).

It is also useful to consider the projected cost, expenditures, and income for the OASDI program 

expressed as a percentage of Gross Domestic Product (GDP). Figure 3 illustrates these levels 

under both current law and the proposal.

11

12

13

14

15

16

17

18

19

2019 2025 2035 2045 2055 2065 2075 2085 2095

Percent of Current-Law Taxable Payroll

Figure 2. Proposal and Current Law Cost, Expenditures, and Non-Interest Income 

as Percent of Taxable Payroll: 2019 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
Page 5 – The Honorable Gwen Moore

Specification for Provisions of the Proposal

Section 2. Increase the special minimum PIA, beginning for workers who become newly 

eligible for retirement or disability benefits or die after 2019.

The current-law special minimum benefit has little effect currently, because the level of benefit 

has been indexed from one generation of new beneficiaries to the next by increases in the CPI. 

This provision establishes a new minimum PIA under the OASDI program beginning with newly 

eligible beneficiaries in 2020.

For workers who become eligible for old-age or disability benefits or die in 2020, the full 

minimum PIA equals the Health and Human Services’ (HHS) annual individual poverty level for 

2019 divided by 12 ($1,041). For beneficiaries becoming initially eligible after 2020, the initial 

special minimum amount is indexed by the AWI. The minimum PIA is increased by the COLA 

after the year of initial eligibility.

The percentage of the full minimum PIA that is applicable for a worker under this provision is 

determined by the number of years of work (YOWs) the worker has earned. YOWs are 

determined for a worker as the number of quarters of coverage divided by 4 (and truncating any 

fraction). A worker can be credited with up to five additional YOWs, reflecting years they were 

caring for and living with a child under age 6. However, any quarters of coverage earned in such 

4.0

4.5

5.0

5.5

6.0

6.5

2019 2025 2035 2045 2055 2065 2075 2085 2095

Percent of GDP

Figure 3. Proposal and Current Law Cost, Expenditures, and Non-Interest Income 

as Percent of GDP: 2019 TR Intermediate Assumptions

Current Law Cost

Current Law Non-Interest Income

Current Law Expenditures

Proposal Cost

Proposal Non-Interest Income

Proposal Expenditures
Page 6 – The Honorable Gwen Moore

a childcare year would not be counted in determining YOWs based on earned quarters of 

coverage.

For workers with 30 or more years of work, the minimum PIA is equal to 100 percent of the full 

minimum PIA described above. This percent is reduced by 3 and 1/3 percentage points from 100 

for each year of work less than 30 years, with no minimum PIA for 10 or fewer years of work. 

For example, a worker with 28 YOWs would receive a minimum benefit based on 93 1/3 percent 

of the full minimum PIA, and a worker with 11 YOWs would receive a minimum benefit based 

on 36 2/3 percent of the full minimum PIA.

We estimate that enactment of this provision alone would increase the long-range OASDI 

actuarial deficit by 0.12 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2093) by 0.18 percent of payroll.

Section 3. Provide a uniform PIA increase starting with the 16th calendar year after the year 

of initial eligibility.

This provision provides for a gradual, uniform increase in PIA for the 16th through 20th calendar 

years after the year of initial eligibility for benefits. The increase would apply for all OASDI 

beneficiaries in 2020 and later. The uniform PIA increase for the 16th calendar year after the year 

of initial eligibility would be 1 percent of the PIA amount for a worker of the same age who had

earnings equal to the AWI starting at age 20, through the year prior to initial benefit eligibility. 

The PIA will be further increased by an additional 1 percent of the AWI-earner’s PIA in the 17th

through 20th calendar years after the year of initial eligibility. The total 5 percent increase will 

continue to apply in the 21st and later calendar years after the year of initial eligibility.

We estimate that enactment of this provision alone would increase the long-range OASDI 

actuarial deficit by 0.26 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2093) by 0.32 percent of payroll.

Section 4. Extend benefit eligibility for children of retired, disabled, or deceased workers 

until they attain age 26, beginning in 2020.

Under current law, minor children under the age of 18 and high school students under age 19 are 

entitled to benefits if they are the child of a retired, disabled, or deceased worker. This provision 

extends benefits for children until they attain the age of 26 if they are a child of a retired, 

disabled, or deceased worker, and if the child is a full-time student.

We estimate that enactment of this provision alone would increase the long-range OASDI 

actuarial deficit by 0.09 percent of taxable payroll and would increase the annual deficit for the 

75th projection year (2093) by 0.09 percent of payroll.

Section 5 and Section 6. Eliminate the taxable maximum, and provide benefit credit for 

additional earnings taxed, fully effective in 2029.

Under current law, payroll taxes totaling 12.4 percent apply to covered earnings in a year up to 

the contribution and benefit base, or taxable maximum. This taxable maximum is $132,900 for 
Page 7 – The Honorable Gwen Moore

2019 and increases in the future with increases in the AWI. All covered earnings subject to the 

payroll tax are also creditable toward computation of potential benefits as well as attainment of 

insured status.

Under Section 5 of the proposal, all covered earnings in excess of the current-law taxable 

maximum would be subject to some payroll tax starting in 2020. Covered earnings in excess of 

the current-law maximum would be taxed at a 1.24 percent rate in 2020, at a 2.48 percent rate in 

2021, at a 3.72 percent rate in 2022, ..., and at a 12.4 percent rate in 2029 and later years. 

Therefore, all covered earnings above and below the current-law taxable maximum would be 

taxed at the full 12.4 percent payroll tax rate for 2029 and later.

Under Section 6 of the proposal, the AIME for workers would include any earnings above the 

current-law taxable maximum that are subject to the payroll tax in 2020 and later. 10 percent of 

such earnings over the current-law maximum would be included in 2020, 20 percent would be 

included in 2021, ..., and all earnings over the current-law maximum would be included in the 

computation of the AIME in 2029 and later. In addition, the PIA would be determined with a 

bend point added to the current-law PIA formula. The additional bend point would equal the 

monthly equivalent of the current-law taxable maximum for the second year prior to initial 

eligibility (determined without regard to the changes made in this provision). A PIA factor of 3 

percent would apply to AIME above the new bend point.

We estimate that enactment of these two provisions alone would reduce the long-range OASDI 

actuarial deficit by 1.96 percent of taxable payroll and would reduce the annual deficit for the 

75th projection year (2093) by 2.11 percent of payroll.

Section 7. Increase the combined OASDI payroll tax rate to 13.0 percent, fully effective for 

2025 and later.

Currently, the combined payroll tax rate for OASDI taxable earnings is 12.4 percent (6.2 percent 

each for employees and employers). This provision would increase the combined tax rate by 0.1 

percentage point for each year 2020 through 2025, raising the combined rate to 12.5 percent for 

2021, 12.6 percent for 2022, ..., and 13.0 percent for 2025 and later years.

We estimate that enactment of this provision alone would reduce the long-range OASDI 

actuarial deficit by 0.56 percent of taxable payroll and would reduce the annual deficit for the 

75th projection year (2093) by 0.60 percent of payroll.

Detailed Financial Results for the Provisions of the Proposal

Summary Results by Provision

Table A provides estimates of the effects on the OASDI long-range actuarial balance of the 

provisions of the proposal separately and on a combined basis. The table also includes estimates 

of the effect of the provisions on the annual balance (the difference between income rate and the 

cost rate, expressed as a percent of current-law taxable payroll) for the 75th projection year, 2093. 

Interaction among individual provisions is reflected only in the total estimates for the combined 

provisions.
Page 8 – The Honorable Gwen Moore

Benefit Illustrations

Tables B1 and B2 provide illustrative examples of the projected change in benefit levels under 

the provisions of the proposal for beneficiaries retiring and starting benefit receipt at age 65 in 

future years at six selected earnings levels, with selected numbers of years of work. The 

“Maximum-AIME Steady Earner” is assumed to have earnings at ages 22 through 64 that equal 

the current-law taxable maximum level (equivalent to $132,900 for 2019) and the “Twice 

Maximum-AIME Steady Earner” is assumed to have earnings at ages 22 through 64 that equal 

twice the current-law taxable maximum level (equivalent to $265,800 for 2019). As a result, the 

provision to tax and credit earnings above the current-law taxable maximum affects only the 

“Twice Maximum-AIME Steady Earner” benefit level. Table B3 provides additional important 

information on characteristics of retired workers represented by these illustrations for the year 

2007.

The first several columns of Table B1 compare the initial scheduled benefit levels, assuming 

retirement at age 65 under the provisions of the proposal, to scheduled current-law benefit levels. 

Among the examples in the table, the proposed minimum benefit affects only the very-low–

AIME hypothetical worker with 30 years of earnings. The twice-maximum-AIME hypothetical 

worker has an ultimate 12.9 percent benefit increase from benefit credit at age 65 due to earnings 

taxed over the current-law taxable maximum. The final three columns of this table show the level 

of scheduled benefits under the proposal as a percentage of current-law scheduled benefits, the 

level of scheduled benefits under the proposal as a percentage of current-law payable benefits, 

and the level of payable benefits under the proposal as a percentage of current-law payable 

benefits, respectively.

Table B2 provides two comparisons: (1) the percentage change in scheduled benefit levels at 

ages 65, 75, 85, and 95 under the proposal compared to scheduled benefits under current law; 

and (2) the percentage change in payable benefit levels at the same four ages under the proposal 

compared to payable benefits under current law. Each comparison assumes retirement and start 

of benefit receipt at age 65. Table B2 shows that projected scheduled benefits under the 

provisions of this proposal increase in relation to current-law scheduled benefits between ages 75 

and 85 across all earnings levels due to the increase in benefits for beneficiaries with in the 16th

or later calendar year after the year of initial eligibility. This provision increases benefits for 

retirees starting at the calendar year of age 78 attainment, with the full increase starting at the 

calendar year of age 82 attainment.

The hypothetical workers represented in these tables reflect average career-earnings patterns of 

workers who started receiving retirement benefits under the Social Security program in recent 

years. The tables subdivide workers with very-low, low, and medium career-average earnings 

levels by their numbers of years of non-zero earnings.

Table B3 provides information helpful in interpreting the benefit illustrations in Tables B1 and 

B2. Percentages in Table B3 are based on tabulations from a 10-percent sample of newly-entitled 

retired workers in 2007. Table B3 displays the percentages of these newly-entitled retired

workers in 2007 that are closest to each of the illustrative examples and are:
Page 9 – The Honorable Gwen Moore

1) “Dually Entitled”, meaning they received a higher spouse or widow(er) benefit based on 

the career earnings of their husband or wife,

2) “WEP” (Windfall Elimination Provision), meaning that they received a reduced benefit 

due to having a pension based on earnings that were not covered under the OASDI 

program (primarily certain government workers), and they had less than 30 years of 

substantial earnings that were taxable under the OASDI program,

3) “Foreign Born”, meaning that they entered the Social Security coverage area after birth 

(and generally after entering working ages), and

4) “All Others”, meaning they had none of the three characteristics listed above.

The extent to which retired-worker beneficiaries represented by each of the illustrative examples 

have any of the characteristics listed above (dually entitled, WEP, foreign born) is important 

because such individuals are less dependent on the OASDI benefit that relates to their own 

career-average earnings level. It should be noted that the distributions shown in Table B3 for 

retirees in 2007 will be changing somewhat for beneficiaries becoming entitled as retired-worker 

beneficiaries in the future.

Payroll Tax Effects

Table T compares the scheduled payroll tax levels under the provisions of the proposal to 

scheduled current-law payroll tax levels. Under the proposal, the currently scheduled payroll tax 

rate of 12.4 percent would be gradually increased starting in 2020, reaching 13.0 percent for 

2025 and later. Taken alone, this provision would increase the amount of payroll tax paid by all 

example workers in the table by 4.8 percent in 2030, 2050, and 2080. Taken alone, the 

application of the current-law 12.4 percent payroll tax on all earnings in 2029 and later would 

increase the payroll tax liability of the twice-maximum earner by 100 percent for 2030, 2050, 

and 2080. For the combined effect of these two provisions, shown in the “Total” column in the 

table, all earnings would, by 2029, be subject to the 13.0 percent payroll tax rate, including any 

earnings above the current-law taxable maximum. As a result, the example worker with earnings 

at twice the current-law taxable maximum would have total payroll tax liability increased by 

109.7 percent for 2030, 2050, and 2080. 

Detailed Tables Containing Annual and Summary Projections

Enclosed with this letter are tables 1, 1a, 1b, 1b.n, 1c, 1d, and 1d.n, which provide annual and 

summary projections for the proposal.

Trust Fund Operations

Table 1 provides projections of the financial operations of the OASDI program under the 

proposal and shows that the combined OASI and DI Trust Funds would be fully solvent for an 

additional 34 years assuming enactment of the six provisions. The year in which the combined 

reserves of the OASI and DI Trust Funds are projected to become depleted would change from 

2035 under current law to 2069 under the proposal. Even after depletion of the trust fund 

reserves, however, the actuarial status of the program would be improved as continuing income 

would be sufficient to pay a higher percentage of scheduled benefits than under current law. 

Under current law, 80 percent of scheduled benefits are projected to be payable at trust fund 
Page 10 – The Honorable Gwen Moore

reserve depletion in 2035, declining to 75 percent payable by 2093. Under this proposal, 100 

percent of the proposed (higher) scheduled benefits would be fully payable through 2068, and 90 

percent would be payable at trust fund reserve depletion in 2069, declining to 89 percent payable 

by 2093.

The table shows the annual cost and income rates, annual balances, and trust fund ratios 

(reserves as percent of annual program cost) for OASDI, as well as the change from current law 

in these cost rates, income rates, and annual balances. Included at the bottom of this table are 

summarized rates for the 75-year (long-range) period.

For 2020 and later, the proposal improves the annual balance (non-interest income minus 

program cost). The improvement in the annual balance increases from 0.1 percent of current-law 

payroll for 2020 to 2.6 percent of payroll for 2029, and thereafter generally decreases to 2.2

percent of payroll for 2093. Under the proposal, the annual deficit declines from 1.1 percent of 

current-law payroll for 2019 through 2025, before turning to a positive balance of 0.1 percent of 

payroll for 2026. The positive balance increases to 0.2 for 2029, and then turns back into a deficit 

for 2030 and later. The annual deficit increases throughout the rest of the long-range period, 

ultimately reaching 1.9 percent of current-law payroll for 2093. Under current law, the projected 

annual deficit for 2093 is 4.1 percent of payroll.

The actuarial deficit for the OASDI program over the 75-year projection period is reduced by 

2.12 percent of taxable payroll, from an actuarial deficit of 2.78 percent of payroll under current 

law to an actuarial deficit of 0.66 percent of taxable payroll under the proposal.

Program Transfers and Trust Fund Reserves

Column 4 of Table 1a provides a projection of the level of reserves for the combined OASI and 

DI Trust Funds, assuming enactment of the six Social Security provisions of the proposal. These 

trust fund reserve amounts are expressed in present value dollars discounted to January 1, 2019. 

The table indicates that the provisions include no new specified transfers of general revenue to 

the combined OASI and DI Trust Funds. For purpose of comparison, the OASDI Trust Fund 

reserves, expressed in present value dollars, are also shown for the current-law Social Security 

program both without and with the added proposal general fund transfers (zero in this case) in 

columns 6 and 7.

Note that negative values in columns 6 and 7 represent the “unfunded obligation” for the 

program through the year. The unfunded obligation is the present value of the shortfall of 

revenue needed to pay full scheduled benefits on a timely basis from the date of trust fund 

reserve depletion through the end of the indicated year. Gross Domestic Product (GDP),

expressed in present value dollars, is shown in column 5 for comparison with other values in the 

table.

Effect of the Social Security Provisions on the Federal Budget

Table 1b shows the projected effect, in present value discounted dollars, on the federal budget 

(unified-budget and on-budget) annual cash flows and balances, assuming enactment of the six 

Social Security provisions of the proposal. Our analysis provided in these tables does not reflect 
Page 11 – The Honorable Gwen Moore

the effects on these programs under the on-budget operations of the federal government. Table 

1b.n provides the estimated nominal dollar effect of enactment of the proposal on annual budget 

balances for years 2019 through 2029. 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.

Column 1 of Table 1b shows the added proposal general fund transfers (zero for this proposal).

Column 2 shows the net changes in OASDI cash flow from all provisions of the proposal.

We project the net effect of the proposal on unified budget cash flow (column 3) to be positive in 

years 2020 and later, primarily due to the payroll tax rate increase in Section 7 and the payroll 

tax newly applied to earnings above the current-law taxable maximum in Section 5.

Column 4 of Table 1b indicates that the effect of implementing the proposal would be a 

reduction of the theoretical federal debt held by the public, reaching about $11.3 trillion in 

present value at the end of the 75-year projection period. Column 5 provides the projected effect 

of the proposal on the annual unified budget balances, including both the cash flow effect in 

column 3 and the additional interest on the accumulated debt in column 4. Columns 6 and 7 

indicate that the provisions of this proposal would have no expected direct effects on the onbudget cash flow, or on the total federal debt, in the future.

It is important to note that we base these estimates on the intermediate assumptions of the 2019

Trustees Report, so these estimates are not consistent with estimates made by the Office of 

Management and Budget or the Congressional Budget Office based on their assumptions. In 

particular, all present values are discounted using trust fund yield assumptions under the 

intermediate assumptions of the 2019 Trustees Report.

Annual Trust Fund Operations as a Percent of GDP

Table 1c provides annual cost, annual expenditures (amount that would be payable), and annual 

tax income for the OASDI program expressed as a percentage of GDP for both current law and 

assuming enactment of the six Social Security provisions of the proposal. Showing the annual 

trust fund cash flows as a percent of GDP provides an additional perspective on these trust fund 

operations in relation to the total value of goods and services produced in the United States. The 

relationship between income and cost is similar when expressed as a percent of GDP to that 

when expressed as a percent of taxable payroll (Table 1).

Effects on Trust Fund Reserves and Unfunded Obligations

Table 1d provides estimates of the changes in trust fund reserves and unfunded obligations on an 

annual basis, expressed in present value dollars discounted to January 1, 2019. Table 1d.n

provides the same estimates, expressed in nominal dollars, for years 2019 through 2029.
Page 12 – The Honorable Gwen Moore

For the 75-year (long-range) period as a whole, the current-law unfunded obligation of $13.9

trillion would be reduced to $2.6 trillion in present value at the end of 2093, assuming enactment 

of the proposal. This change of $11.3 trillion results from:

• A $15.0 trillion net increase in revenue (column 2), primarily from additional payroll 

tax revenue due to eliminating the taxable maximum and increasing payroll tax rates, 

minus

• A $3.7 trillion net increase in cost (column 3), primarily from the special minimum 

PIA provision, the uniform PIA increase for those in the 16th or later calendar year 

after the year of initial eligibility, expanding student benefits, and additional benefits 

from earnings taxed above the current-law taxable maximum.

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

Sincerely,

 Stephen C. Goss, ASA, MAAA

Chief Actuary

Enclosures
Table A—Estimated Long-Range OASDI Financial Effects of H.R. 5392, the

“Social Security Enhancement and Protection Act of 2019” (116th Congress), 

Introduced by Representative Moore

Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 1

(as a percent of payroll)

Estimated Change 

in Annual Balance 

for 75th year 2

(as a percent of payroll)

Section 2) For beneficiaries becoming newly eligible in 2020, 

increase the special minimum primary insurance amount (PIA) to as 

much as 100 percent of the 2019 Department of Health and Human 

Services (HHS) monthly poverty level by making the following 

changes: (a) A year of work (YOW) is defined as total QCs/4, 

ignoring any fraction. Up to 5 additional years with a child in care 

under age 6 may be counted as YOWs. (b) For those becoming 

newly eligible or dying in 2020 with 30 or more YOWs, set the 

minimum PIA equal to 100 percent of the HHS monthly poverty 

level. For workers between 11 and 29 YOWs, reduce the special 

minimum by 3 1/3 percentage point per YOW so that at 29 YOWs 

the minimum would be 96 2/3% of the monthly poverty level,..., 

down to 11 YOWs at 36 2/3% of poverty. No minimum for 10 or 

fewer YOWs. (c) For workers becoming newly eligible or dying 

after 2020, index the HHS monthly poverty level used for their 

initial year of eligibility by growth in the national average wage 

index (AWI). (d) The numbers of YOW (30 down to 11) to 

determine specific percentages of the minimum PIA apply for all 

workers, including those who die or become disabled under age 62. 

(e) The minimum is increased by the COLA in all years after initial 

benefit eligibility.................................................................................. -0.12 -0.18

Section 3) Effective in 2020, provide a uniform PIA increase starting 

for the 16th calendar year after the year of initial benefit eligibility. 

The benefit increase is phased in at 1 percent per year from the 16th

through 20th calendar years after the year of initial of eligibility. The 

uniform PIA increase is the specified percent of the PIA of a worker 

of the same age assumed to have career-average earnings equal to 

the AWI ............................................................................................... -0.26 -0.32

Section 4) Beginning in 2020, extend eligibility for benefits for 

children of disabled, retired, or deceased workers until they attain 

age 26 if the child is a full-time student............................................... -0.09 -0.09

Sections 5 and 6) Eliminate contribution and benefit base in 2020, 

raising the payroll tax for earnings over the current-law taxable 

maximum by 1.24 percent each year from 2020-2029. Additional 

earnings taxed are creditable for benefits in proportion to the level of 

the full payroll tax paid. Add a new bend point at the current-law 

taxable maximum, with a 3-percent PIA factor on average indexed 

monthly earnings (AIME) above the new bend point.......................... 1.96 2.11

Section 7) Beginning in 2020, increase the combined OASDI payroll 

tax rate by 0.1 percentage point per year until it reaches 13.0 percent 

for 2025 and later................................................................................. 0.56 0.60

Total for all provisions, including interaction ............................. 2.12 2.21
Table A—Estimated Long-Range OASDI Financial Effects of H.R. 5392, the

“Social Security Enhancement and Protection Act of 2019” (116th Congress), 

Introduced by Representative Moore

Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 1

(as a percent of payroll)

Estimated Change 

in Annual Balance 

for 75th year 2

(as a percent of payroll)

1

Under current law, the estimated long-range OASDI actuarial balance is -2.78 percent of taxable payroll. 2

Under current law, the estimated 75th year annual balance is -4.11 percent of taxable payroll.

Notes: All estimates are based on the intermediate assumptions of the 2019 OASDI Trustees Report. 

 Estimates of individual provisions appear on a stand-alone basis relative to current law, unless otherwise stated.

Social Security Administration

Office of the Chief Actuary

December 11, 2019
Proposal Proposal Proposal

Year Scheduled to Scheduled to Payable to

Attain Benefit Minimum Current Law Current Law Current Law

Age 65 (Wage-Indexed (CPI-Indexed Formula5 Benefit6 Total Scheduled Payable Payable

2019 Dollars) 2019 Dollars)

 

2019 793 793 0.0 0.0 0.0 100 100 100

2030 719 851 0.0 15.5 15.5 116 116 116

2050 726 1,094 0.0 15.6 15.6 116 144 144

2080 729 1,563 0.0 15.6 15.6 116 154 137

 

2019 793 793 0.0 0.0 0.0 100 100 100

2030 719 851 0.0 0.0 0.0 100 100 100

2050 726 1,094 0.0 0.0 0.0 100 125 125

2080 729 1,563 0.0 0.0 0.0 100 133 118

 

2019 793 793 0.0 0.0 0.0 100 100 100

2030 719 851 0.0 0.0 0.0 100 100 100

2050 726 1,094 0.0 0.0 0.0 100 125 125

2080 729 1,563 0.0 0.0 0.0 100 133 118

2019 1,037 1,037 0.0 0.0 0.0 100 100 100

2030 941 1,114 0.0 0.0 0.0 100 100 100

2050 951 1,432 0.0 0.0 0.0 100 125 125

2080 954 2,045 0.0 0.0 0.0 100 133 118

2019 1,037 1,037 0.0 0.0 0.0 100 100 100

2030 941 1,114 0.0 0.0 0.0 100 100 100

2050 951 1,432 0.0 0.0 0.0 100 125 125

2080 954 2,045 0.0 0.0 0.0 100 133 118

2019 1,037 1,037 0.0 0.0 0.0 100 100 100

2030 941 1,114 0.0 0.0 0.0 100 100 100

2050 951 1,432 0.0 0.0 0.0 100 125 125

2080 954 2,045 0.0 0.0 0.0 100 133 118

2019 1,709 1,709 0.0 0.0 0.0 100 100 100

2030 1,551 1,838 0.0 0.0 0.0 100 100 100

2050 1,568 2,361 0.0 0.0 0.0 100 125 125

2080 1,573 3,373 0.0 0.0 0.0 100 133 118

2019 1,709 1,709 0.0 0.0 0.0 100 100 100

2030 1,551 1,838 0.0 0.0 0.0 100 100 100

2050 1,568 2,361 0.0 0.0 0.0 100 125 125

2080 1,573 3,373 0.0 0.0 0.0 100 133 118

2019 2,264 2,264 0.0 0.0 0.0 100 100 100

2030 2,053 2,432 0.0 0.0 0.0 100 100 100

2050 2,075 3,126 0.0 0.0 0.0 100 125 125

2080 2,082 4,465 0.0 0.0 0.0 100 133 118

2019 2,758 2,758 0.0 0.0 0.0 100 100 100

2030 2,512 2,976 0.0 0.0 0.0 100 100 100

2050 2,537 3,822 0.0 0.0 0.0 100 125 125

2080 2,537 5,441 0.0 0.0 0.0 100 133 118

2019 2,758 2,758 0.0 0.0 0.0 100 100 100

2030 2,512 2,976 4.0 0.0 4.0 104 104 104

2050 2,537 3,822 9.8 0.0 9.8 110 137 137

2080 2,537 5,441 12.9 0.0 12.9 113 150 134

1

2 Projected percent of new retired worker awards in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and years of covered earnings shown.

3

4

5

6

All estimates based on the intermediate assumptions of the 2019 Trustees Report.

Table B1. Changes in Benefits for Hypothetical Workers Beginning Benefit Receipt at age 65 

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Benefit Ratios

Scheduled Benefit Level Percent Change at age 65

Current Law Scheduled

 Medium-AIME ($53,864 for 20191) 30-Year Scaled Earner (2.1% of Retirees2)

Monthly Benefits4

(Percent change) (Percents)

 Very-Low-AIME ($13,466 for 20191

) 30-Year Scaled Earner (11.2% of Retirees2)

 Very-Low-AIME ($13,466 for 20191) 20-Year Scaled Earner (5.3% of Retirees2)

 Very-Low-AIME ($13,466 for 20191) 14-Year Scaled Earner (4.0% of Retirees2)

 Low-AIME ($24,239 for 20191

) 44-Year Scaled Earner (18.0% of Retirees2)

 Low-AIME ($24,239 for 20191

) 30-Year Scaled Earner (3.9% of Retirees2)

 Low-AIME ($24,239 for 20191) 20-Year Scaled Earner (1.6% of Retirees2)

 Medium-AIME ($53,864 for 20191) 44-Year Scaled Earner (26.7% of Retirees2)

Office of the Chief Actuary, Social Security Administration December 11, 2019

 High-AIME ($86,182 for 20191) 44-Year Scaled Earner (19.5% of Retirees2)

 Maximum-Current-Law-AIME ($132,900 for 20191) 43-Year Steady Earner (7.8% of Retirees2

)

 Twice Maximum-Current-Law-AIME ($265,800 for 20191) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2019. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and two times the 2019 taxable 

maximum, respectively.

Of the 7.8 percent of retirees with current-law AIME closest to the Maximum-Current-Law level, about 33 percent (or 2.6 percent of all retirees) would have an AIME closer to the Twice MaximumCurrent-Law level if their earnings were not limited by annual taxable maximums.

After the trust fund reserves deplete under current law continuing taxes are expected to be enough to pay about three fourths of scheduled benefits.

Eliminate the current-law taxable maximum, phasing in the full payroll tax rate from 2020-2029. For benefits in 2020 and later, add a new bend point at the current-law taxable maximum with a 3-

percent PIA factor on earnings above the new bend point. 

For beneficiaries newly eligible in 2020, establish a minimum PIA level such that a worker with 30/11 "years of work" would receive a minimum PIA for 2020 of at least 100%/36.67% of the monthly 

poverty level for 2019. For beneficiaries newly eligible after 2020, the minimum PIA level for their initial year of eligibility would be adjusted for average wage growth. The minimum PIA is increased 

after the year of initial eligibility by the COLA. The Minimum Benefit Percent change is calculated after all other provisions, so that the Proposed Benefit Amount is at least the Minimum Benefit, where 

applicable.

This analysis reflects only the provisions of the proposal identified in this table and described in the footnotes above.
Year 

Attain

Age 65 Age 65 Age 75 Age 855 Age 955 Age 65 Age 75 Age 855 Age 955

2019 100.0 100.0 110.8 110.8 100.0 100.0 140.6 138.7

2030 115.5 115.5 126.3 126.3 115.5 146.7 158.0 160.3

2050 115.6 115.6 126.4 126.4 144.5 146.7 149.4 149.6

2080 115.6 115.6 126.4 126.4 136.8 137.0 4 4

2019 100.0 100.0 110.8 110.8 100.0 100.0 140.6 138.7

2030 100.0 100.0 110.8 110.8 100.0 127.0 138.5 140.6

2050 100.0 100.0 110.8 110.8 125.0 126.9 131.0 131.1

2080 100.0 100.0 110.8 110.8 118.4 118.5 4 4

2019 100.0 100.0 110.8 110.8 100.0 100.0 140.6 138.7

2030 100.0 100.0 110.8 110.8 100.0 127.0 138.5 140.6

2050 100.0 100.0 110.8 110.8 125.0 126.9 131.0 131.1

2080 100.0 100.0 110.8 110.8 118.4 118.5 4 4

2019 100.0 100.0 108.2 108.2 100.0 100.0 137.4 135.5

2030 100.0 100.0 108.2 108.2 100.0 127.0 135.3 137.4

2050 100.0 100.0 108.2 108.2 125.0 126.9 128.0 128.1

2080 100.0 100.0 108.2 108.2 118.4 118.5 4 4

2019 100.0 100.0 108.2 108.2 100.0 100.0 137.4 135.5

2030 100.0 100.0 108.2 108.2 100.0 127.0 135.3 137.4

2050 100.0 100.0 108.2 108.2 125.0 126.9 128.0 128.1

2080 100.0 100.0 108.2 108.2 118.4 118.5 4 4

2019 100.0 100.0 108.2 108.2 100.0 100.0 137.4 135.5

2030 100.0 100.0 108.2 108.2 100.0 127.0 135.3 137.4

2050 100.0 100.0 108.2 108.2 125.0 126.9 128.0 128.1

2080 100.0 100.0 108.2 108.2 118.4 118.5 4 4

2019 100.0 100.0 105.0 105.0 100.0 100.0 133.3 131.4

2030 100.0 100.0 105.0 105.0 100.0 127.0 131.3 133.3

2050 100.0 100.0 105.0 105.0 125.0 126.9 124.1 124.3

2080 100.0 100.0 105.0 105.0 118.4 118.5 4 4

2019 100.0 100.0 105.0 105.0 100.0 100.0 133.3 131.4

2030 100.0 100.0 105.0 105.0 100.0 127.0 131.3 133.3

2050 100.0 100.0 105.0 105.0 125.0 126.9 124.1 124.3

2080 100.0 100.0 105.0 105.0 118.4 118.5 4 4

2019 100.0 100.0 103.8 103.8 100.0 100.0 131.7 129.9

2030 100.0 100.0 103.8 103.8 100.0 127.0 129.7 131.7

2050 100.0 100.0 103.8 103.8 125.0 126.9 122.7 122.8

2080 100.0 100.0 103.8 103.8 118.4 118.5 4 4

2019 100.0 100.0 103.1 103.1 100.0 100.0 130.8 129.0

2030 100.0 100.0 103.1 103.1 100.0 127.0 128.9 130.8

2050 100.0 100.0 103.1 103.1 125.0 126.9 121.9 122.0

2080 100.0 100.0 103.1 103.1 118.4 118.5 4 4

2019 100.0 100.0 103.1 103.1 100.0 100.0 130.8 129.0

2030 104.0 104.0 107.1 107.1 104.0 132.1 133.9 135.9

2050 109.8 109.8 112.9 112.9 137.3 139.4 133.5 133.7

2080 112.9 112.9 116.0 116.0 133.7 133.8 4 4

1

2

3

4

5

Note:

-

-

- This analysis reflects only the provisions of the proposal identified in Table B1 and described in the notes above.

All estimates based on the intermediate assumptions of the 2019 Trustees Report.

Table B2. Changes in Benefits for Hypothetical Workers Beginning Benefit Receipt at age 65 

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Proposal Scheduled Benefit as Percent of Proposal Payable Benefit as Percent of 

Current Law Scheduled Benefit Current Law Payable Benefit

 Maximum-Current-Law-AIME ($132,900 for 20191) 43-Year Steady Earner (7.8% of Retirees2)

(Percent)

 Very-Low-AIME ($13,466 for 20191

) 30-Year Scaled Earner (11.2% of Retirees2)

 Very-Low-AIME ($13,466 for 20191) 20-Year Scaled Earner (5.3% of Retirees2)

 Very-Low-AIME ($13,466 for 20191) 14-Year Scaled Earner (4.0% of Retirees2)

 Low-AIME ($24,239 for 20191) 44-Year Scaled Earner (18.0% of Retirees2)

 Low-AIME ($24,239 for 20191

) 30-Year Scaled Earner (3.9% of Retirees2)

 Low-AIME ($24,239 for 20191) 20-Year Scaled Earner (1.6% of Retirees2)

 Medium-AIME ($53,864 for 20191) 44-Year Scaled Earner (26.7% of Retirees2)

 Medium-AIME ($53,864 for 20191) 30-Year Scaled Earner (2.1% of Retirees2

)

 High-AIME ($86,182 for 20191) 44-Year Scaled Earner (19.5% of Retirees2

)

Office of the Chief Actuary, Social Security Administration December 11, 2019

 Twice Maximum-Current-Law-AIME ($265,800 for 20191) 43-Year Steady Earner3

Average of highest 35 years of taxable earnings wage indexed to 2019. For the Maximum and Twice Maximum-Current-Law-AIME workers, we show one times and 

two times the 2019 taxable maximum, respectively.

Projected percent of new retired worker awards in 2050 with current-law AIME levels and years of covered earnings closest to AIME levels and years of covered 

earnings shown.

Of the 7.8 percent of retirees with current-law AIME closest to the Maximum-Current-Law level, about 33 percent (or 2.6 percent of all retirees) would have an 

AIME closer to the Twice Maximum-Current-Law level if their earnings were not limited by annual taxable maximums.

The proposal payable benefit as percent of current law payable benefit is not presented for years of payment beyond the 75-year projection period.

Increase the PIA by a percent of a steady-AWI worker's PIA beginning at 1 percent for the 16th calendar year after the year of initial eligibility, increasing to 5 

percent for the 20th and later calendar year after the year of initial eligibility, starting in 2020.

Eliminate the current-law taxable maximum, phasing in the full payroll tax rate from 2020-2029. For benefits in 2020 and later, add a new bend point at the currentlaw taxable maximum with a 3-percent PIA factor on earnings above the new bend point. 

For beneficiaries newly eligible in 2020, establish a minimum PIA level such that a worker with 30/11 "years of work" would receive a minimum PIA for 2020 of at 

least 100%/36.67% of the monthly poverty level for 2019. For beneficiaries newly eligible after 2020, the minimum PIA level for their initial year of eligibility 

would be adjusted for average wage growth. The minimum PIA is increased after the year of initial eligibility by the COLA. 
Category Dually Entitled2 WEP3 Foreign Born All Others4

Very-Low-AIME ($10,101 for 20071

):

30-Year Scaled Earner (9.3% of Retirees) 47 6 11 40

20-Year Scaled Earner (5.8% of Retirees) 38 16 21 31

14-Year Scaled Earner (5.3% of Retirees) 22 21 45 20

Low-AIME ($18,182 for 20071):

44-Year Scaled Earner (13.1% of Retirees) 15 2 6 78

30-Year Scaled Earner (5.9% of Retirees) 16 9 18 59

20-Year Scaled Earner (3.1% of Retirees) 10 23 35 37

Medium-AIME ($40,405 for 20071

):

44-Year Scaled Earner (23.0% of Retirees) 1 1 5 93

30-Year Scaled Earner (4.4% of Retirees) 1 8 26 67

High-AIME ($64,649 for 20071):

44-Year Scaled Earner (20.5% of Retirees) 0 0 6 93

Maximum-Current-Law-AIME ($82,224 for 20071):

Steady Earner (9.4% of Retirees) 0 0 7 93

1

2

3 Covered by pension from government employment and are subject to the windfall elimination provision (WEP).

4 Neither foreign born, subject to WEP, or dually entitled.

March 21, 2017

Note 3: The sum of the percentages for each category (sum across rows) could be greater than 100 percent because some beneficiaries can be classified in more than one of 

the following groups: dually entitled, WEP, and foreign born. 

Average of highest 35 years of taxable earnings wage indexed to 2007.

Under current law, entitled to an additional benefit based on someone else's account. The dually entitled percent is a minimum value. Some beneficiaries that are not 

currently dually entitled could become dually entitled in the future.

Office of the Chief Actuary, Social Security Administration

Table B3. Important Characteristics of Hypothetical Workers in 2007

Percent of Beneficiaries Within Each Category That Are:

Note 1: Table B3 displays the percentages of these newly-entitled retired workers in 2007 that are closest to each of the illustrative examples.

Note 2: The percents in each category are based on tabulations of a 10-percent sample of newly entitled retired-worker beneficiaries in 2007 (169,725 records). We can be 95 

percent confident that each of the values shown above is within 1.4 percentage points of the value we would find using 100 percent of the retirees in 2007.
Proposal Scheduled Payroll Taxes

Earnings Payroll Taxable Percent of Current Law

in Year (Wage-Indexed (CPI-Indexed Tax Rate2 Maximum3 Total

2019 Dollars) 2019 Dollars) (Percents)

2019 139 139 0.0 0.0 0.0 100

2030 139 165 4.8 0.0 4.8 105

2050 139 210 4.8 0.0 4.8 105

2080 139 298 4.8 0.0 4.8 105

2019 250 250 0.0 0.0 0.0 100

2030 250 297 4.8 0.0 4.8 105

2050 250 377 4.8 0.0 4.8 105

2080 250 537 4.8 0.0 4.8 105

2019 557 557 0.0 0.0 0.0 100

2030 557 659 4.8 0.0 4.8 105

2050 557 838 4.8 0.0 4.8 105

2080 557 1,193 4.8 0.0 4.8 105

2019 891 891 0.0 0.0 0.0 100

2030 891 1,055 4.8 0.0 4.8 105

2050 891 1,341 4.8 0.0 4.8 105

2080 891 1,909 4.8 0.0 4.8 105

2019 1,373 1,373 0.0 0.0 0.0 100

2030 1,373 1,627 4.8 0.0 4.8 105

2050 1,373 2,069 4.8 0.0 4.8 105

2080 1,373 2,945 4.8 0.0 4.8 105

2019 1,373 1,373 0.0 0.0 0.0 100

2030 1,373 1,627 4.8 100.0 109.7 210

2050 1,373 2,069 4.8 100.0 109.7 210

2080 1,373 2,945 4.8 100.0 109.7 210

1

2

3 Eliminate the current-law taxable maximum, phasing in the full payroll tax rate from 2020-2029.

This analysis reflects only the provisions of the proposal identified in this table and described in the footnotes above.

All estimates based on the intermediate assumptions of the 2019 Trustees Report.

99th Percentile Earner1 in Year ($265,800 in 2019) Twice Current-Law Maximum Earnings Level

Table T. Changes in Payroll Tax Contributions (Employee + Employer) for Workers with OASDI Covered Earnings in the Year

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Scheduled Payroll Taxes Percent Change 

Current Law Scheduled

Monthly Total Payroll Taxes

(Percent change) 

26th Percentile Earner1 in Year ($13,466 in 2019)

40th Percentile Earner1 in Year ($24,239 in 2019)

69th Percentile Earner1 in Year ($53,864 in 2019)

85th Percentile Earner1 in Year ($86,182 in 2019)

94th Percentile Earner1 in Year ($132,900 in 2019) Current-Law Maximum Earnings Level

Percentile among all workers with any covered earnings in 2019 (including earnings both above and below the current-law maximum earnings level). We include those who will die or become disabled before 

reaching retirement age, and those who will not earn enough in their career to become fully insured for retired worker benefits. Thus, these percentiles are not directly comparable to the percentages in the B 

tables, which are based on lifetime earnings, and include only those who survive and become eligible for retirement benefits.

Increase the payroll tax rate by 0.1% each year from 2020 until it reaches 13.0% for 2025 and later.

Office of the Chief Actuary, Social Security Administration December 11, 2019
Table 1 - OASDI Cost Rate, Income Rate, Annual Balance, and Trust Fund Ratio

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2019 13.91 12.85 -1.06 273 0.00 0.00 0.00

2020 14.21 13.22 -1.00 255 0.27 0.35 0.07

2021 14.37 13.59 -0.77 241 0.28 0.70 0.42

2022 14.52 13.96 -0.55 228 0.29 1.04 0.76

2023 14.69 14.33 -0.37 217 0.29 1.39 1.09

2024 14.89 14.70 -0.19 208 0.31 1.73 1.43

2025 15.10 15.06 -0.05 200 0.32 2.07 1.75

2026 15.32 15.43 0.10 194 0.34 2.31 1.98

2027 15.54 15.67 0.13 189 0.35 2.54 2.19

2028 15.81 15.94 0.13 185 0.37 2.76 2.39

2029 16.02 16.18 0.16 182 0.39 2.99 2.59

2030 16.22 16.20 -0.02 181 0.42 3.00 2.58

2031 16.40 16.22 -0.18 179 0.44 3.00 2.57

2032 16.56 16.23 -0.33 176 0.46 3.00 2.55

2033 16.71 16.24 -0.47 174 0.48 3.01 2.53

2034 16.83 16.26 -0.57 172 0.50 3.01 2.51

2035 16.92 16.26 -0.66 170 0.52 3.01 2.49

2036 17.00 16.27 -0.73 167 0.54 3.02 2.47

2037 17.08 16.28 -0.80 164 0.57 3.02 2.45

2038 17.15 16.29 -0.86 160 0.59 3.02 2.44

2039 17.21 16.30 -0.92 156 0.61 3.03 2.42

2040 17.25 16.30 -0.94 152 0.63 3.03 2.40

2041 17.26 16.31 -0.96 148 0.65 3.03 2.38

2042 17.26 16.31 -0.95 144 0.67 3.03 2.36

2043 17.25 16.31 -0.94 140 0.69 3.04 2.35

2044 17.23 16.31 -0.92 136 0.71 3.04 2.33

2045 17.21 16.31 -0.90 133 0.73 3.04 2.32

2046 17.20 16.31 -0.88 129 0.74 3.04 2.30

2047 17.18 16.32 -0.87 125 0.76 3.05 2.29

2048 17.18 16.32 -0.86 121 0.77 3.05 2.28

2049 17.17 16.32 -0.85 117 0.78 3.05 2.27

2050 17.16 16.32 -0.84 113 0.80 3.05 2.26

2051 17.17 16.33 -0.84 110 0.81 3.06 2.25

2052 17.18 16.33 -0.85 106 0.81 3.06 2.24

2053 17.19 16.33 -0.86 102 0.82 3.06 2.24

2054 17.21 16.34 -0.88 98 0.83 3.06 2.23

2055 17.24 16.34 -0.90 93 0.83 3.06 2.23

2056 17.28 16.34 -0.94 89 0.84 3.06 2.22

2057 17.33 16.35 -0.98 84 0.85 3.07 2.22

2058 17.38 16.36 -1.02 79 0.85 3.07 2.21

2059 17.44 16.36 -1.07 74 0.86 3.07 2.21

2060 17.49 16.37 -1.13 68 0.87 3.07 2.20

2061 17.55 16.37 -1.18 63 0.87 3.07 2.20

2062 17.61 16.38 -1.23 56 0.88 3.07 2.19

2063 17.67 16.38 -1.29 50 0.88 3.07 2.19

2064 17.73 16.39 -1.34 43 0.89 3.08 2.19

2065 17.79 16.39 -1.39 36 0.89 3.08 2.18

2066 17.85 16.40 -1.45 29 0.90 3.08 2.18

2067 17.91 16.41 -1.51 21 0.90 3.08 2.18

2068 17.98 16.41 -1.57 13 0.90 3.08 2.18

2069 18.04 16.42 -1.62 5 0.91 3.08 2.18

2070 18.10 16.42 -1.68 ---- 0.91 3.08 2.18

2071 18.16 16.43 -1.74 ---- 0.91 3.09 2.17

2072 18.22 16.43 -1.78 ---- 0.91 3.09 2.17

2073 18.26 16.44 -1.83 ---- 0.92 3.09 2.17

2074 18.31 16.44 -1.87 ---- 0.92 3.09 2.17

2075 18.35 16.45 -1.90 ---- 0.92 3.09 2.17

2076 18.38 16.45 -1.93 ---- 0.92 3.09 2.17

2077 18.40 16.45 -1.94 ---- 0.92 3.09 2.18

2078 18.40 16.46 -1.95 ---- 0.92 3.09 2.18

2079 18.39 16.46 -1.94 ---- 0.92 3.10 2.18

2080 18.38 16.46 -1.92 ---- 0.92 3.10 2.18

2081 18.36 16.46 -1.90 ---- 0.91 3.10 2.18

2082 18.34 16.46 -1.88 ---- 0.91 3.10 2.19

2083 18.31 16.46 -1.86 ---- 0.91 3.10 2.19

2084 18.29 16.46 -1.83 ---- 0.91 3.10 2.19

2085 18.27 16.46 -1.81 ---- 0.91 3.10 2.19

2086 18.25 16.46 -1.79 ---- 0.91 3.10 2.20

2087 18.24 16.46 -1.78 ---- 0.91 3.11 2.20

2088 18.23 16.46 -1.78 ---- 0.91 3.11 2.20

2089 18.24 16.46 -1.78 ---- 0.91 3.11 2.20

2090 18.26 16.46 -1.80 ---- 0.91 3.11 2.20

2091 18.30 16.47 -1.83 ---- 0.91 3.11 2.20

2092 18.34 16.47 -1.86 ---- 0.91 3.11 2.20

2093 18.38 16.48 -1.91 ---- 0.91 3.11 2.21

2094 18.43 16.48 -1.95 ---- 0.91 3.12 2.21

Summarized Rates: OASDI Summarized Rates: OASDI

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

2019 - 2093 17.30% 16.64% -0.66% 2069 0.71% 2.83% 2.12%

Office of the Chief Actuary

Based on Intermediate Assumptions of the 2019 Trustees Report. Social Security Administration 1

Under current law the year of combined Trust Fund reserve depletion is 2035. December 11, 2019

Year of reserve 

depletion1

Proposal Change from Current Law

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 1a - General Fund Transfers, OASDI Trust Fund Reserves, and Theoretical OASDI Reserves

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Percentage

of Payroll

Annual

Amounts

Accumulated as of 

End of Year

Gross Domestic 

Product

Without General

Fund Transfers

With Plan General

Fund Transfers

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

2019 0.0 0.0 0.0 2,815.5 21,185.1 2,815.5 2,815.5

2020 0.0 0.0 0.0 2,739.6 21,595.0 2,734.1 2,734.1

2021 0.0 0.0 0.0 2,679.8 21,970.9 2,641.5 2,641.5

2022 0.0 0.0 0.0 2,636.5 22,337.8 2,537.6 2,537.6

2023 0.0 0.0 0.0 2,607.4 22,723.2 2,419.4 2,419.4

2024 0.0 0.0 0.0 2,592.1 23,102.0 2,285.6 2,285.6

2025 0.0 0.0 0.0 2,589.2 23,444.8 2,134.2 2,134.2

2026 0.0 0.0 0.0 2,598.9 23,747.4 1,974.0 1,974.0

2027 0.0 0.0 0.0 2,611.2 24,006.2 1,795.8 1,795.8

2028 0.0 0.0 0.0 2,623.9 24,217.3 1,598.6 1,598.6

2029 0.0 0.0 0.0 2,639.1 24,367.0 1,384.7 1,384.7

2030 0.0 0.0 0.0 2,638.9 24,429.3 1,156.1 1,156.1

2031 0.0 0.0 0.0 2,624.3 24,417.6 914.8 914.8

2032 0.0 0.0 0.0 2,596.7 24,329.9 663.3 663.3

2033 0.0 0.0 0.0 2,558.0 24,164.3 404.1 404.1

2034 0.0 0.0 0.0 2,510.5 23,965.3 139.9 139.9

2035 0.0 0.0 0.0 2,456.3 23,763.9 -127.4 -127.4

2036 0.0 0.0 0.0 2,396.4 23,559.3 -396.7 -396.7

2037 0.0 0.0 0.0 2,331.1 23,356.0 -667.7 -667.7

2038 0.0 0.0 0.0 2,261.4 23,155.0 -939.5 -939.5

2039 0.0 0.0 0.0 2,187.9 22,959.6 -1,211.6 -1,211.6

2040 0.0 0.0 0.0 2,112.8 22,774.8 -1,481.9 -1,481.9

2041 0.0 0.0 0.0 2,037.4 22,590.2 -1,749.4 -1,749.4

2042 0.0 0.0 0.0 1,962.8 22,410.5 -2,012.8 -2,012.8

2043 0.0 0.0 0.0 1,890.2 22,241.6 -2,271.5 -2,271.5

2044 0.0 0.0 0.0 1,819.6 22,075.0 -2,525.4 -2,525.4

2045 0.0 0.0 0.0 1,750.9 21,911.5 -2,774.7 -2,774.7

2046 0.0 0.0 0.0 1,684.4 21,752.3 -3,019.4 -3,019.4

2047 0.0 0.0 0.0 1,619.6 21,594.1 -3,260.2 -3,260.2

2048 0.0 0.0 0.0 1,556.0 21,434.8 -3,497.5 -3,497.5

2049 0.0 0.0 0.0 1,493.6 21,279.4 -3,731.4 -3,731.4

2050 0.0 0.0 0.0 1,432.2 21,126.6 -3,962.3 -3,962.3

2051 0.0 0.0 0.0 1,371.2 20,969.2 -4,190.9 -4,190.9

2052 0.0 0.0 0.0 1,310.0 20,812.1 -4,418.0 -4,418.0

2053 0.0 0.0 0.0 1,248.4 20,658.2 -4,643.7 -4,643.7

2054 0.0 0.0 0.0 1,186.1 20,501.9 -4,868.5 -4,868.5

2055 0.0 0.0 0.0 1,122.4 20,342.5 -5,093.1 -5,093.1

2056 0.0 0.0 0.0 1,056.9 20,181.6 -5,318.0 -5,318.0

2057 0.0 0.0 0.0 989.0 20,020.8 -5,543.5 -5,543.5

2058 0.0 0.0 0.0 918.4 19,859.6 -5,770.0 -5,770.0

2059 0.0 0.0 0.0 844.9 19,697.2 -5,997.9 -5,997.9

2060 0.0 0.0 0.0 768.4 19,534.4 -6,227.1 -6,227.1

2061 0.0 0.0 0.0 689.0 19,371.4 -6,457.5 -6,457.5

2062 0.0 0.0 0.0 606.6 19,207.9 -6,689.3 -6,689.3

2063 0.0 0.0 0.0 521.3 19,044.6 -6,922.4 -6,922.4

2064 0.0 0.0 0.0 433.2 18,881.7 -7,156.7 -7,156.7

2065 0.0 0.0 0.0 342.4 18,720.1 -7,392.3 -7,392.3

2066 0.0 0.0 0.0 248.7 18,560.1 -7,629.2 -7,629.2

2067 0.0 0.0 0.0 152.2 18,401.9 -7,867.5 -7,867.5

2068 0.0 0.0 0.0 52.8 18,245.9 -8,107.3 -8,107.3

2069 0.0 0.0 0.0 -49.3 18,092.4 -8,348.5 -8,348.5

2070 0.0 0.0 0.0 -154.3 17,941.0 -8,591.1 -8,591.1

2071 0.0 0.0 0.0 -261.6 17,792.2 -8,834.8 -8,834.8

2072 0.0 0.0 0.0 -370.9 17,646.4 -9,079.2 -9,079.2

2073 0.0 0.0 0.0 -482.0 17,503.6 -9,324.2 -9,324.2

2074 0.0 0.0 0.0 -594.5 17,364.2 -9,569.5 -9,569.5

2075 0.0 0.0 0.0 -708.2 17,227.7 -9,814.8 -9,814.8

2076 0.0 0.0 0.0 -822.4 17,093.8 -10,059.6 -10,059.6

2077 0.0 0.0 0.0 -936.6 16,962.4 -10,303.3 -10,303.3

2078 0.0 0.0 0.0 -1,050.0 16,832.8 -10,545.2 -10,545.2

2079 0.0 0.0 0.0 -1,162.0 16,704.8 -10,784.7 -10,784.7

2080 0.0 0.0 0.0 -1,272.1 16,577.9 -11,021.5 -11,021.5

2081 0.0 0.0 0.0 -1,380.1 16,452.9 -11,255.2 -11,255.2

2082 0.0 0.0 0.0 -1,486.0 16,329.0 -11,485.8 -11,485.8

2083 0.0 0.0 0.0 -1,589.6 16,206.0 -11,713.4 -11,713.4

2084 0.0 0.0 0.0 -1,691.0 16,083.6 -11,937.7 -11,937.7

2085 0.0 0.0 0.0 -1,790.3 15,961.3 -12,159.1 -12,159.1

2086 0.0 0.0 0.0 -1,887.7 15,838.8 -12,377.7 -12,377.7

2087 0.0 0.0 0.0 -1,983.7 15,716.1 -12,593.9 -12,593.9

2088 0.0 0.0 0.0 -2,078.7 15,593.0 -12,808.2 -12,808.2

2089 0.0 0.0 0.0 -2,173.3 15,469.3 -13,021.1 -13,021.1

2090 0.0 0.0 0.0 -2,268.1 15,345.2 -13,233.2 -13,233.2

2091 0.0 0.0 0.0 -2,363.4 15,221.0 -13,445.0 -13,445.0

2092 0.0 0.0 0.0 -2,459.8 15,096.5 -13,656.8 -13,656.8

2093 0.0 0.0 0.0 -2,557.4 14,972.1 -13,869.0 -13,869.0

2094 0.0 0.0 0.0 -2,656.6 14,847.6 -14,081.7 -14,081.7

Total 2019-2093 0.0

Based on the Intermediate Assumptions of the 2019 Trustees Report.

Ultimate Real Trust Fund Yield of 2.5%.

Office of the Chief Actuary 1

 Theoretical Social Security is the current Social Security program with the assumption Social Security Administration

 that the law is modified to permit borrowing from the General Fund of the Treasury. December 11, 2019

Calendar

Year

Proposal General Fund Transfers Billions of Present Value Dollars as of 1-1-2019

Proposal

Total OASDI

Trust Fund

Reserves 

at End of Year

Theoretical Social Security1

with Borrowing Authority

Billions of Present Value Dollars as of

1-1-2019 Net OASDI Trust Fund Reserves at End of Year
Table 1b - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Present Value Dollars)

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

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 Annual

On Budget

Cash Flow

Change in Total

Federal Debt 

Subject to Limit

End Of Year

Change

in Annual

On Budget

Balance

(1) (2) (3) (4) (5) (6) (7) (8)

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 5.5 5.5 -5.5 5.5 0.0 0.0 0.0

2021 0.0 32.8 32.8 -38.3 32.9 0.0 0.0 0.0

2022 0.0 60.6 60.6 -98.8 61.6 0.0 0.0 0.0

2023 0.0 89.1 89.1 -188.0 91.8 0.0 0.0 0.0

2024 0.0 118.5 118.5 -306.5 123.8 0.0 0.0 0.0

2025 0.0 148.4 148.4 -454.9 157.3 0.0 0.0 0.0

2026 0.0 170.0 170.0 -624.9 183.9 0.0 0.0 0.0

2027 0.0 190.5 190.5 -815.4 210.8 0.0 0.0 0.0

2028 0.0 210.0 210.0 -1,025.4 237.9 0.0 0.0 0.0

2029 0.0 229.0 229.0 -1,254.3 267.2 0.0 0.0 0.0

2030 0.0 228.5 228.5 -1,482.9 279.2 0.0 0.0 0.0

2031 0.0 226.6 226.6 -1,709.4 290.9 0.0 0.0 0.0

2032 0.0 223.9 223.9 -1,933.4 303.1 0.0 0.0 0.0

2033 0.0 220.5 220.5 -2,153.9 315.5 0.0 0.0 0.0

2034 0.0 216.8 216.8 -2,370.7 322.6 0.0 0.0 0.0

2035 0.0 213.1 213.1 -2,583.7 329.5 0.0 0.0 0.0

2036 0.0 209.4 209.4 -2,793.1 336.3 0.0 0.0 0.0

2037 0.0 205.7 205.7 -2,998.8 342.9 0.0 0.0 0.0

2038 0.0 202.1 202.1 -3,200.9 349.4 0.0 0.0 0.0

2039 0.0 198.6 198.6 -3,399.5 355.8 0.0 0.0 0.0

2040 0.0 195.3 195.3 -3,594.8 362.2 0.0 0.0 0.0

2041 0.0 192.0 192.0 -3,786.8 368.6 0.0 0.0 0.0

2042 0.0 188.9 188.9 -3,975.7 374.9 0.0 0.0 0.0

2043 0.0 186.0 186.0 -4,161.7 381.3 0.0 0.0 0.0

2044 0.0 183.3 183.3 -4,345.0 387.7 0.0 0.0 0.0

2045 0.0 180.7 180.7 -4,525.7 394.1 0.0 0.0 0.0

2046 0.0 178.2 178.2 -4,703.9 400.5 0.0 0.0 0.0

2047 0.0 175.9 175.9 -4,879.8 406.9 0.0 0.0 0.0

2048 0.0 173.7 173.7 -5,053.4 413.3 0.0 0.0 0.0

2049 0.0 171.5 171.5 -5,224.9 419.7 0.0 0.0 0.0

2050 0.0 169.5 169.5 -5,394.5 426.2 0.0 0.0 0.0

2051 0.0 167.6 167.6 -5,562.1 432.6 0.0 0.0 0.0

2052 0.0 165.8 165.8 -5,728.0 439.0 0.0 0.0 0.0

2053 0.0 164.2 164.2 -5,892.1 445.5 0.0 0.0 0.0

2054 0.0 162.5 162.5 -6,054.6 451.9 0.0 0.0 0.0

2055 0.0 160.9 160.9 -6,215.5 458.3 0.0 0.0 0.0

2056 0.0 159.3 159.3 -6,374.8 464.5 0.0 0.0 0.0

2057 0.0 157.6 157.6 -6,532.5 470.7 0.0 0.0 0.0

2058 0.0 156.0 156.0 -6,688.5 476.8 0.0 0.0 0.0

2059 0.0 154.3 154.3 -6,842.8 482.8 0.0 0.0 0.0

2060 0.0 152.7 152.7 -6,995.5 488.8 0.0 0.0 0.0

2061 0.0 151.0 151.0 -7,146.6 494.6 0.0 0.0 0.0

2062 0.0 149.4 149.4 -7,295.9 500.4 0.0 0.0 0.0

2063 0.0 147.8 147.8 -7,443.7 506.1 0.0 0.0 0.0

2064 0.0 146.2 146.2 -7,589.9 511.8 0.0 0.0 0.0

2065 0.0 144.7 144.7 -7,734.7 517.5 0.0 0.0 0.0

2066 0.0 143.2 143.2 -7,877.9 523.1 0.0 0.0 0.0

2067 0.0 141.8 141.8 -8,019.7 528.7 0.0 0.0 0.0

2068 0.0 140.4 140.4 -8,160.1 534.3 0.0 0.0 0.0

2069 0.0 139.0 139.0 -8,299.1 539.8 0.0 0.0 0.0

2070 0.0 137.7 137.7 -8,436.8 545.3 0.0 0.0 0.0

2071 0.0 136.4 136.4 -8,573.2 550.7 0.0 0.0 0.0

2072 0.0 135.1 135.1 -8,708.3 556.2 0.0 0.0 0.0

2073 0.0 133.9 133.9 -8,842.2 561.6 0.0 0.0 0.0

2074 0.0 132.8 132.8 -8,975.0 567.0 0.0 0.0 0.0

2075 0.0 131.6 131.6 -9,106.6 572.4 0.0 0.0 0.0

2076 0.0 130.6 130.6 -9,237.2 577.8 0.0 0.0 0.0

2077 0.0 129.5 129.5 -9,366.7 583.2 0.0 0.0 0.0

2078 0.0 128.5 128.5 -9,495.2 588.5 0.0 0.0 0.0

2079 0.0 127.5 127.5 -9,622.8 593.9 0.0 0.0 0.0

2080 0.0 126.6 126.6 -9,749.4 599.2 0.0 0.0 0.0

2081 0.0 125.7 125.7 -9,875.1 604.5 0.0 0.0 0.0

2082 0.0 124.8 124.8 -9,999.8 609.8 0.0 0.0 0.0

2083 0.0 123.9 123.9 -10,123.7 615.0 0.0 0.0 0.0

2084 0.0 123.0 123.0 -10,246.7 620.2 0.0 0.0 0.0

2085 0.0 122.1 122.1 -10,368.8 625.3 0.0 0.0 0.0

2086 0.0 121.1 121.1 -10,489.9 630.4 0.0 0.0 0.0

2087 0.0 120.2 120.2 -10,610.2 635.4 0.0 0.0 0.0

2088 0.0 119.3 119.3 -10,729.4 640.4 0.0 0.0 0.0

2089 0.0 118.3 118.3 -10,847.8 645.3 0.0 0.0 0.0

2090 0.0 117.4 117.4 -10,965.2 650.2 0.0 0.0 0.0

2091 0.0 116.4 116.4 -11,081.6 655.0 0.0 0.0 0.0

2092 0.0 115.5 115.5 -11,197.1 659.7 0.0 0.0 0.0

2093 0.0 114.5 114.5 -11,311.6 664.4 0.0 0.0 0.0

Total 2019-2093 0.0 11,311.6 11,311.6

Based on Intermediate Assumptions of the 2019 Trustees Report.

Ultimate Real Trust Fund Yield of 2.5%.

Note: Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would Office of the Chief Actuary

 nonetheless be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Social Security Administration 1

 Effects of tax provisions on the On-Budget are not reflected in this table. December 11, 2019

Billions of Present Value Dollars as of 1-1-2019
Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1

 (Nominal Dollars)

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Billions of Nominal 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 Year2

Change

in Annual

Unified Budget

Balance2

Change

in Annual

On Budget

Cash Flow

Change in Total

Federal Debt 

Subject to Limit

End Of Year2

Change

in Annual

On Budget

Balance2

(1) (2) (3) (4) (5) (6) (7) (8)

2019 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2020 0.0 5.8 5.8 -5.9 5.9 0.0 0.0 0.0

2021 0.0 35.1 35.1 -41.6 35.8 0.0 0.0 0.0

2022 0.0 66.7 66.7 -110.5 68.8 0.0 0.0 0.0

2023 0.0 100.9 100.9 -216.0 105.5 0.0 0.0 0.0

2024 0.0 138.0 138.0 -362.5 146.5 0.0 0.0 0.0

2025 0.0 177.8 177.8 -554.4 191.9 0.0 0.0 0.0

2026 0.0 209.9 209.9 -785.8 231.5 0.0 0.0 0.0

2027 0.0 242.9 242.9 -1,060.1 274.2 0.0 0.0 0.0

2028 0.0 277.0 277.0 -1,380.6 320.5 0.0 0.0 0.0

2029 0.0 313.2 313.2 -1,754.4 373.8 0.0 0.0 0.0

Based on Intermediate Assumptions of the 2019 Trustees Report.

Note: 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. Office of the Chief Actuary 1

 Effects of tax provisions on the On-Budget are not reflected in this table. Social Security Administration 2

 Includes the effect of accumulated interest income. December 11, 2019
Table 1c - Current Law and Proposal Cost, Expenditures, and Income: As Percent of Gross Domestic Product

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Cost

Expenditures

(Payable)

Non-Interest

Income Cost

Expenditures

(Payable)

Non-Interest

Income

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

2019 4.93 4.93 4.56 4.93 4.93 4.56

2020 4.94 4.94 4.57 5.04 5.04 4.69

2021 5.01 5.01 4.59 5.11 5.11 4.84

2022 5.09 5.09 4.62 5.19 5.19 4.99

2023 5.16 5.16 4.64 5.27 5.27 5.14

2024 5.25 5.25 4.66 5.36 5.36 5.29

2025 5.33 5.33 4.68 5.45 5.45 5.43

2026 5.42 5.42 4.74 5.54 5.54 5.58

2027 5.50 5.50 4.76 5.63 5.63 5.68

2028 5.59 5.59 4.78 5.73 5.73 5.78

2029 5.66 5.66 4.78 5.80 5.80 5.86

2030 5.72 5.72 4.78 5.87 5.87 5.86

2031 5.77 5.77 4.77 5.92 5.92 5.86

2032 5.81 5.81 4.77 5.98 5.98 5.86

2033 5.85 5.85 4.77 6.02 6.02 5.85

2034 5.87 5.87 4.77 6.05 6.05 5.85

2035 5.89 5.34 4.76 6.08 6.08 5.84

2036 5.91 4.76 4.76 6.10 6.10 5.84

2037 5.92 4.75 4.75 6.12 6.12 5.83

2038 5.93 4.75 4.75 6.14 6.14 5.83

2039 5.93 4.74 4.74 6.15 6.15 5.82

2040 5.93 4.74 4.74 6.16 6.16 5.82

2041 5.92 4.73 4.73 6.16 6.16 5.81

2042 5.91 4.73 4.73 6.15 6.15 5.81

2043 5.89 4.72 4.72 6.14 6.14 5.81

2044 5.88 4.72 4.72 6.13 6.13 5.80

2045 5.86 4.72 4.72 6.12 6.12 5.80

2046 5.85 4.71 4.71 6.11 6.11 5.80

2047 5.83 4.71 4.71 6.10 6.10 5.79

2048 5.82 4.71 4.71 6.10 6.10 5.79

2049 5.81 4.71 4.71 6.09 6.09 5.79

2050 5.81 4.71 4.71 6.09 6.09 5.79

2051 5.80 4.71 4.71 6.09 6.09 5.79

2052 5.80 4.71 4.71 6.09 6.09 5.79

2053 5.80 4.71 4.71 6.10 6.10 5.79

2054 5.81 4.71 4.71 6.10 6.10 5.79

2055 5.82 4.71 4.71 6.11 6.11 5.79

2056 5.83 4.71 4.71 6.12 6.12 5.79

2057 5.84 4.71 4.71 6.14 6.14 5.79

2058 5.85 4.71 4.71 6.16 6.16 5.79

2059 5.87 4.71 4.71 6.17 6.17 5.79

2060 5.89 4.71 4.71 6.19 6.19 5.79

2061 5.90 4.71 4.71 6.21 6.21 5.79

2062 5.92 4.71 4.71 6.23 6.23 5.79

2063 5.93 4.71 4.71 6.25 6.25 5.79

2064 5.95 4.70 4.70 6.27 6.27 5.79

2065 5.97 4.70 4.70 6.28 6.28 5.79

2066 5.98 4.70 4.70 6.30 6.30 5.79

2067 6.00 4.70 4.70 6.32 6.32 5.79

2068 6.02 4.70 4.70 6.34 6.34 5.79

2069 6.04 4.70 4.70 6.36 6.09 5.78

2070 6.05 4.70 4.70 6.38 5.78 5.78

2071 6.07 4.70 4.70 6.39 5.78 5.78

2072 6.08 4.69 4.69 6.41 5.78 5.78

2073 6.10 4.69 4.69 6.42 5.78 5.78

2074 6.11 4.69 4.69 6.43 5.78 5.78

2075 6.12 4.69 4.69 6.44 5.77 5.77

2076 6.12 4.68 4.68 6.44 5.77 5.77

2077 6.12 4.68 4.68 6.45 5.77 5.77

2078 6.12 4.68 4.68 6.44 5.76 5.76

2079 6.11 4.67 4.67 6.43 5.76 5.76

2080 6.10 4.67 4.67 6.42 5.75 5.75

2081 6.09 4.67 4.67 6.41 5.75 5.75

2082 6.08 4.66 4.66 6.40 5.74 5.74

2083 6.07 4.66 4.66 6.38 5.74 5.74

2084 6.05 4.65 4.65 6.37 5.73 5.73

2085 6.04 4.65 4.65 6.36 5.73 5.73

2086 6.03 4.64 4.64 6.35 5.72 5.72

2087 6.02 4.64 4.64 6.34 5.72 5.72

2088 6.02 4.64 4.64 6.33 5.72 5.72

2089 6.02 4.63 4.63 6.33 5.71 5.71

2090 6.02 4.63 4.63 6.33 5.71 5.71

2091 6.03 4.63 4.63 6.34 5.71 5.71

2092 6.03 4.63 4.63 6.35 5.70 5.70

2093 6.05 4.62 4.62 6.36 5.70 5.70

Based on Intermediate Assumptions of the 2019 Trustees Report. Office of the Chief Actuary

Social Security Administration

December 11, 2019

Current Law OASDI Proposal OASDI

Calendar

Year
Table 1d - Change in Long-Range Trust Fund Reserves / Unfunded Obligation (Present Value Dollars)

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Year

Current Law OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

Changes 

in OASDI 

Income

Changes

in OASDI 

Cost

Basic

Changes

in OASDI

Cash Flow

Total Change

Through

End of Year

Proposal OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

(1) (2) (3) (4) = (2)-(3) (5) = cumulative sum(4) (6) = (1)+(5)

2019 2,815.5 0.0 0.0 0.0 0.0 2,815.5

2020 2,734.1 26.5 20.9 5.5 5.5 2,739.6

2021 2,641.5 54.6 21.9 32.8 38.3 2,679.8

2022 2,537.6 83.5 22.9 60.6 98.8 2,636.5

2023 2,419.4 113.1 24.0 89.1 188.0 2,607.4

2024 2,285.6 143.9 25.4 118.5 306.5 2,592.1

2025 2,134.2 175.4 27.0 148.4 454.9 2,589.2

2026 1,974.0 198.7 28.8 170.0 624.9 2,598.9

2027 1,795.8 221.3 30.8 190.5 815.4 2,611.2

2028 1,598.6 242.9 32.9 210.0 1,025.4 2,623.9

2029 1,384.7 263.8 34.8 229.0 1,254.3 2,639.1

2030 1,156.1 265.2 36.7 228.5 1,482.9 2,638.9

2031 914.8 265.0 38.4 226.6 1,709.4 2,624.3

2032 663.3 264.0 40.1 223.9 1,933.4 2,596.7

2033 404.1 262.1 41.6 220.5 2,153.9 2,558.0

2034 139.9 259.9 43.1 216.8 2,370.7 2,510.5

2035 -127.4 257.6 44.5 213.1 2,583.7 2,456.3

2036 -396.7 255.3 45.9 209.4 2,793.1 2,396.4

2037 -667.7 253.0 47.3 205.7 2,998.8 2,331.1

2038 -939.5 250.7 48.6 202.1 3,200.9 2,261.4

2039 -1,211.6 248.6 50.0 198.6 3,399.5 2,187.9

2040 -1,481.9 246.5 51.3 195.3 3,594.8 2,112.8

2041 -1,749.4 244.5 52.5 192.0 3,786.8 2,037.4

2042 -2,012.8 242.6 53.6 188.9 3,975.7 1,962.8

2043 -2,271.5 240.8 54.7 186.0 4,161.7 1,890.2

2044 -2,525.4 239.0 55.7 183.3 4,345.0 1,819.6

2045 -2,774.7 237.3 56.6 180.7 4,525.7 1,750.9

2046 -3,019.4 235.6 57.4 178.2 4,703.9 1,684.4

2047 -3,260.2 234.0 58.1 175.9 4,879.8 1,619.6

2048 -3,497.5 232.4 58.7 173.7 5,053.4 1,556.0

2049 -3,731.4 230.7 59.2 171.5 5,224.9 1,493.6

2050 -3,962.3 229.2 59.6 169.5 5,394.5 1,432.2

2051 -4,190.9 227.6 59.9 167.6 5,562.1 1,371.2

2052 -4,418.0 225.9 60.1 165.8 5,728.0 1,310.0

2053 -4,643.7 224.3 60.2 164.2 5,892.1 1,248.4

2054 -4,868.5 222.7 60.2 162.5 6,054.6 1,186.1

2055 -5,093.1 221.1 60.2 160.9 6,215.5 1,122.4

2056 -5,318.0 219.4 60.1 159.3 6,374.8 1,056.9

2057 -5,543.5 217.7 60.0 157.6 6,532.5 989.0

2058 -5,770.0 216.0 60.0 156.0 6,688.5 918.4

2059 -5,997.9 214.3 59.9 154.3 6,842.8 844.9

2060 -6,227.1 212.6 59.9 152.7 6,995.5 768.4

2061 -6,457.5 210.8 59.8 151.0 7,146.6 689.0

2062 -6,689.3 209.1 59.7 149.4 7,295.9 606.6

2063 -6,922.4 207.3 59.5 147.8 7,443.7 521.3

2064 -7,156.7 205.5 59.3 146.2 7,589.9 433.2

2065 -7,392.3 203.8 59.0 144.7 7,734.7 342.4

2066 -7,629.2 202.0 58.7 143.2 7,877.9 248.7

2067 -7,867.5 200.2 58.4 141.8 8,019.7 152.2

2068 -8,107.3 198.5 58.1 140.4 8,160.1 52.8

2069 -8,348.5 196.8 57.8 139.0 8,299.1 -49.3

2070 -8,591.1 195.1 57.5 137.7 8,436.8 -154.3

2071 -8,834.8 193.5 57.1 136.4 8,573.2 -261.6

2072 -9,079.2 191.9 56.7 135.1 8,708.3 -370.9

2073 -9,324.2 190.3 56.4 133.9 8,842.2 -482.0

2074 -9,569.5 188.7 55.9 132.8 8,975.0 -594.5

2075 -9,814.8 187.2 55.5 131.6 9,106.6 -708.2

2076 -10,059.6 185.6 55.1 130.6 9,237.2 -822.4

2077 -10,303.3 184.1 54.6 129.5 9,366.7 -936.6

2078 -10,545.2 182.6 54.1 128.5 9,495.2 -1,050.0

2079 -10,784.7 181.2 53.6 127.5 9,622.8 -1,162.0

2080 -11,021.5 179.7 53.1 126.6 9,749.4 -1,272.1

2081 -11,255.2 178.3 52.6 125.7 9,875.1 -1,380.1

2082 -11,485.8 176.8 52.1 124.8 9,999.8 -1,486.0

2083 -11,713.4 175.4 51.5 123.9 10,123.7 -1,589.6

2084 -11,937.7 174.0 51.0 123.0 10,246.7 -1,691.0

2085 -12,159.1 172.6 50.6 122.1 10,368.8 -1,790.3

2086 -12,377.7 171.2 50.1 121.1 10,489.9 -1,887.7

2087 -12,593.9 169.8 49.6 120.2 10,610.2 -1,983.7

2088 -12,808.2 168.5 49.2 119.3 10,729.4 -2,078.7

2089 -13,021.1 167.1 48.7 118.3 10,847.8 -2,173.3

2090 -13,233.2 165.7 48.3 117.4 10,965.2 -2,268.1

2091 -13,445.0 164.3 47.9 116.4 11,081.6 -2,363.4

2092 -13,656.8 162.9 47.5 115.5 11,197.1 -2,459.8

2093 -13,869.0 161.6 47.1 114.5 11,311.6 -2,557.4

Total 2019-2093 15,021.5 3,709.9 11,311.6

Based on Intermediate Assumptions of the 2019 Trustees Report. Office of the Chief Actuary

Social Security Administration

Ultimate Real Trust Fund Yield of 2.5%. December 11, 2019

Billions of Present Value Dollars as of 1-1-2019
Table 1d.n - Change in Long-Range Trust Fund Reserves / Unfunded Obligation (Nominal Dollars)

"Social Security Enhancement and Protection Act of 2019," Introduced by Representative Moore

Year

Current Law OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

Changes 

in Noninterest

OASDI Income

Changes

in OASDI 

Cost

Basic

Changes

in OASDI

Cash Flow

Total Change

Through

End of Year1

Proposal OASDI

Trust Fund Reserves /

Unfunded Obligation

Through End of Year

(1) (2) (3) (4) = (2)-(3) (5) (6) = (1)+(5)

2019 2,895.9 0.0 0.0 0.0 0.0 2,895.9

2020 2,891.6 27.7 21.8 5.9 5.9 2,897.4

2021 2,871.6 59.2 23.5 35.8 41.6 2,913.3

2022 2,834.7 94.1 25.2 68.8 110.5 2,945.2

2023 2,778.0 132.7 27.2 105.5 216.0 2,994.1

2024 2,700.2 176.0 29.5 146.5 362.5 3,062.7

2025 2,596.9 224.2 32.3 191.9 554.4 3,151.3

2026 2,478.0 267.0 35.6 231.5 785.8 3,263.8

2027 2,330.0 313.5 39.3 274.2 1,060.1 3,390.0

2028 2,147.5 363.9 43.4 320.5 1,380.6 3,528.1

2029 1,932.3 421.5 47.7 373.8 1,754.4 3,686.7

Based on Intermediate Assumptions of the 2019 Trustees Report.

Office of the Chief Actuary

Ultimate Real Trust Fund Yield of 2.5%. Social Security Administration 1 Includes the effect of accumulated interest income. December 11, 2019

Billions of Nominal Dollars