SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

August 31, 2018

The Honorable Marco Rubio

United States Senate

Washington, D.C. 20510

Dear Senator Rubio:

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. 3345, the “Economic Security for New 

Parents Act”, which you introduced August 1, 2018. We have enjoyed working with Caleb Orr 

of your staff in the development of this Bill. Based on discussions with Caleb, we understand the 

intent of the Bill is somewhat different from the actual Bill language in some aspects; therefore, 

we have developed estimates based on our understanding of the intent of the Bill, as described 

below. These 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 years 2020 through 2023. The parental leave benefit would be a specified 

percentage of 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 (without regard to satisfying the insured requirements for a Social Security disabled 

worker benefit). Those who elect to receive a parental leave benefit would have their normal 

retirement age (NRA) and their earliest eligibility ages (EEAs) increased by a specified number 

of months. The specifications for the increase in the NRA and EEAs would be determined each 

year, applicable for all parents receiving parental leave benefits in that year, such that the total 

amount of parental leave benefits paid in the year would be expected to be fully offset in present 

discounted value by changes in future OASDI benefits over the remaining lifetime of parent 

recipients in the year. The balance of this letter provides further description of our understanding 

of the intent of these provisions, and our estimates of the effects on the financial status of the 

OASDI program and the effects on the federal budget.

To potentially 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 8 QCs total at any time 

prior to the application for parental leave benefit, (2) four QCs in the calendar year of the year of 

birth or adoption of the child and 8 QCs total, or (3) 12 QCs total at any time prior to the 

application for parental leave benefit. Parents must also be the legal guardian of the child and 
Page 2 – The Honorable Marco Rubio

must have the same principal place of abode as the child for more than half of the taxable year in 

order to qualify. Parents have up to 52 weeks after the birth or adoption of the child to submit 

their application, and qualifying parents would become eligible upon receipt of this application, 

but no sooner than the date at which they have met all requirements.

Under this Bill, qualifying parents must take leave from work to receive a parental leave benefit. 

If one parent takes at least one month of leave to provide care for the child, but less than two 

consecutive months, then that parent is eligible to receive a parental leave benefit equal to 150 

percent of their PIA. If both qualifying parents in a two-parent household each take time off of 

work totaling at least one month, but less than two months, then both qualifying parents may 

elect to receive parental leave benefits equal to 150 percent of their respective PIAs. If the 

qualifying parent or parents take at least two months of leave from work in total, then each

qualifying parent is eligible to receive a benefit equal to 300 percent of their PIA. The parental 

leave benefit would be provided in two installments, with half of the parental leave benefit paid 

not later than two weeks after eligibility is established and the other half paid not later than 30 

days after the first installment. The available parental leave benefit would be reduced by the 

amount of disability insurance benefits, if any, received by that parent during the calendar year in 

which they receive the parental leave benefit. Parents may receive employer-paid leave benefits 

or other types of benefits during their leave time, but they must cease working during this 

required period as described above.

Eligible parents who elect to receive a parental leave benefit would have their normal retirement 

NRA and earliest eligibility ages (EEAs) increased by a specified number of months, determined 

with regard to the total percentage of their PIA received under this provision. The Social Security 

Chief Actuary would be required to compute a “parental leave benefit ratio” each year. This ratio 

is defined as the increase (in months) in the NRA required for each 100 percent of PIA received 

in parental leave benefit, such that total future change in OASDI benefit cost would on average

fully offset in present discounted value the amount of parental leave benefits paid in the year. 

Under current baseline assumptions, we estimate that a 2-to-1 ratio of months of NRA/EEA

increase to “months” of PIA received as parental leave benefit would be required. That is, a 

parent who receives a parental leave benefit equal to 150 percent of PIA would have their 

NRA/EEA increased by 3 months, while a parent who receives a parental leave benefit equal to 

300 percent of PIA would have their NRA/EEA increased by 6 months. The individual’s EEA

(currently age 62 for retired workers and aged spouses, age 60 for aged surviving spouses and 

aged surviving divorced spouses, and age 50 for disabled surviving spouses) and age at which 

their maximum Social Security retirement benefit is attained (currently age 70 for retired worker 

beneficiaries) would both be increased by the same number of months as the NRA. However, the 

insured status requirements for OASDI benefits 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 was still age 

62. Because the parental leave benefit ratio may differ somewhat from the assumed 2-to-1 ratio 

from year to year, the total number of months of NRA increase for each affected parent would be 

rounded to the nearest whole month. 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 2020 through 2023.
Page 3 – The Honorable Marco Rubio

Under the Bill, the General Fund of the Treasury will transfer to the OASI Trust Fund at the 

beginning of each calendar year an amount equal to (a) the total amount of parental leave 

benefits paid from the OASI Trust Fund during the preceding calendar year less (b) the amount 

by which OASDI benefits were reduced as a result of increased NRA due to this Bill during the 

preceding calendar year. If this difference is negative, then the OASI Trust Fund is obligated to 

transfer the difference to the General Fund of the Treasury.

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). However, the precise effects 

on annual OASI Trust Fund operations would depend on the rules for determining parental leave 

benefit eligibility and whether General Fund transfers would reimburse the administrative costs 

incurred by the Social Security Administration in implementing the provisions of the Bill. In 

early years (through 2023), when parental leave benefits would be paid but few eligible parents 

would have experienced the effects of delayed NRA/EEA on their OASDI benefits, the General 

Fund of the Treasury would make significant transfers to the OASI Trust Fund. In years after 

2023, when under this Bill no parental leave benefits would be paid, the OASI Trust Fund would 

transfer significant amounts to the General Fund. For the purpose of the estimates provided in 

this letter, 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. In 

particular, the Social Security Administration would not be required to verify the period of time 

that parents allege they are taking off from work. 

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. For years through 2024, the transfers from the General Fund of the 

Treasury to the OASI Trust Fund as reimbursements for the parental leave payments are shown 

as increased income, equal to the cost of the parental leave benefits made in the prior year. For 

years after 2024, the OASI Trust Fund provides repayment to the General Fund for savings from 

NRA increases. These repayments are indicated as negative income, equal to the reduced cost in 

the prior year for the increased NRA. 

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

from the OASI Trust Fund under the Bill. On a present value basis, the total net transfers to 

OASI over the 75-year period are approximately zero, but slightly positive, because by 2092 the 

General Fund transfers to reimburse OASI for the parental leave payments are not yet fully offset 

by the later repayments from the OASI Trust Fund. Column 2 shows the annual cash flow offbudget effects for the combined OASI and DI Trust Funds, which are essentially zero in most 

years for this Bill because of the General Fund transfers and repayments described above. 

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 almost $23 billion at the end of 2024

from the parental leave benefits. After 2024, because of the NRA increases, annual reductions in 

debt held by the public occur through the end of the projection period, and by 2092 we estimate 

essentially no net change in publicly held debt. Columns 6 through 8 represent the “on-budget” 

effect from enactment of the Bill. These effects are the same as those for the unified budget. 
Page 4 – The Honorable Marco Rubio

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

dollar effects through 2028. Note that 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.

For these estimates, we have assumed that approximately one-third of parents with a new birth or 

adoption would be qualified for, would become eligible for, and would choose to receive a 

parental leave benefit in the affected years. We further assume that roughly two-thirds of parents 

receiving a parental leave payment will receive 300 percent of their PIA, and the remaining onethird of parents will receive 150 percent of their PIA. 

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

Sincerely, 

 Stephen C. Goss, ASA, MAAA

Chief Actuary

Enclosure
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 14.20 12.90 -1.30 255 0.08 0.00 -0.07

2021 14.35 12.99 -1.36 238 0.08 0.07 -0.00

2022 14.52 13.02 -1.50 221 0.08 0.07 -0.00

2023 14.70 13.04 -1.66 204 0.08 0.08 -0.00

2024 14.80 13.07 -1.74 188 -0.00 0.07 0.07

2025 14.98 13.01 -1.98 171 -0.00 -0.00 0.00

2026 15.16 13.13 -2.02 154 -0.00 -0.00 -0.00

2027 15.36 13.15 -2.21 137 0.00 -0.00 -0.00

2028 15.58 13.17 -2.41 120 -0.00 0.00 0.00

2029 15.79 13.19 -2.60 104 -0.00 -0.00 -0.00

2030 15.98 13.20 -2.78 86 -0.00 -0.00 0.00

2031 16.16 13.22 -2.94 69 -0.00 -0.00 -0.00

2032 16.32 13.23 -3.09 51 -0.00 -0.00 0.00

2033 16.45 13.24 -3.21 33 -0.00 -0.00 0.00

2034 16.57 13.25 -3.32 14 -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 -3.55 ---- -0.00 -0.00 0.00

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

2042 16.77 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 ---- -0.01 -0.00 0.00

2045 16.65 13.26 -3.39 ---- -0.01 -0.01 0.00

2046 16.62 13.26 -3.36 ---- -0.01 -0.01 0.00

2047 16.59 13.26 -3.33 ---- -0.01 -0.01 0.00

2048 16.56 13.26 -3.31 ---- -0.01 -0.01 0.00

2049 16.54 13.26 -3.29 ---- -0.01 -0.01 0.00

2050 16.53 13.25 -3.27 ---- -0.01 -0.01 0.00

2051 16.52 13.25 -3.26 ---- -0.02 -0.01 0.00

2052 16.52 13.25 -3.26 ---- -0.02 -0.02 0.00

2053 16.53 13.26 -3.27 ---- -0.02 -0.02 0.00

2054 16.54 13.26 -3.29 ---- -0.02 -0.02 0.00

2055 16.57 13.26 -3.31 ---- -0.02 -0.02 0.00

2056 16.61 13.26 -3.34 ---- -0.02 -0.02 0.00

2057 16.65 13.27 -3.38 ---- -0.02 -0.02 0.00

2058 16.70 13.27 -3.43 ---- -0.02 -0.02 0.00

2059 16.74 13.27 -3.47 ---- -0.02 -0.02 -0.00

2060 16.79 13.28 -3.51 ---- -0.02 -0.02 -0.00

2061 16.84 13.28 -3.56 ---- -0.02 -0.02 -0.00

2062 16.90 13.29 -3.61 ---- -0.01 -0.01 -0.00

2063 16.95 13.29 -3.66 ---- -0.01 -0.01 -0.00

2064 17.00 13.30 -3.70 ---- -0.01 -0.01 -0.00

2065 17.06 13.30 -3.76 ---- -0.01 -0.01 -0.00

2066 17.12 13.31 -3.81 ---- -0.01 -0.01 -0.00

2067 17.17 13.31 -3.86 ---- -0.01 -0.01 -0.00

2068 17.24 13.32 -3.92 ---- -0.01 -0.01 -0.00

2069 17.30 13.32 -3.97 ---- -0.01 -0.01 -0.00

2070 17.36 13.33 -4.03 ---- -0.01 -0.01 -0.00

2071 17.42 13.33 -4.08 ---- -0.00 -0.01 -0.00

2072 17.47 13.34 -4.13 ---- -0.00 -0.00 -0.00

2073 17.51 13.34 -4.17 ---- -0.00 -0.00 -0.00

2074 17.55 13.35 -4.20 ---- -0.00 -0.00 -0.00

2075 17.58 13.35 -4.24 ---- -0.00 -0.00 -0.00

2076 17.61 13.35 -4.26 ---- -0.00 -0.00 -0.00

2077 17.62 13.35 -4.27 ---- -0.00 -0.00 -0.00

2078 17.63 13.35 -4.27 ---- -0.00 -0.00 -0.00

2079 17.62 13.36 -4.26 ---- -0.00 -0.00 -0.00

2080 17.61 13.35 -4.25 ---- -0.00 -0.00 -0.00

2081 17.59 13.35 -4.23 ---- -0.00 -0.00 -0.00

2082 17.57 13.35 -4.22 ---- -0.00 -0.00 -0.00

2083 17.55 13.35 -4.20 ---- -0.00 -0.00 -0.00

2084 17.54 13.35 -4.19 ---- -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 -4.22 ---- -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 present law the year of combined Trust Fund reserve depletion is 2034.

Expressed as a percentage of present-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of present-law

taxable payroll

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

S.3345, the “Economic Security for New Parents Act," introduced by Senator Marco Rubio 

Proposal Change from Present Law

Summarized Rates: OASDI

Year of reserve 

depletion1

Summarized Rates: OASDI

2018 - 2092

August 31, 2018
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 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 Flow2

Change

in Total

Federal Debt

End Of Year

Change

in Annual

On Budget

Balance

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

2018 0.0 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 0.0

2020 0.0 -5.4 -5.4 5.4 -5.4 0.0 0.0 0.0

2021 5.4 -0.2 -5.6 10.9 -5.7 -5.4 5.4 -5.4

2022 5.6 -0.2 -5.8 16.7 -6.1 -5.6 10.9 -5.7

2023 5.8 -0.2 -6.1 22.8 -6.5 -5.8 16.8 -6.1

2024 6.1 6.1 0.0 22.8 -0.7 -6.1 22.8 -6.6

2025 -0.0 -0.0 0.0 22.8 -0.7 0.0 22.8 -0.7

2026 -0.0 -0.0 0.0 22.8 -0.7 0.0 22.8 -0.7

2027 -0.0 -0.0 0.0 22.8 -0.8 0.0 22.8 -0.8

2028 0.0 0.0 0.0 22.8 -0.8 0.0 22.8 -0.8

2029 -0.0 -0.0 0.0 22.8 -0.9 0.0 22.8 -0.9

2030 0.0 0.0 0.0 22.8 -1.0 0.0 22.8 -1.0

2031 -0.0 -0.0 0.0 22.8 -1.1 0.0 22.8 -1.1

2032 -0.0 -0.0 0.0 22.8 -1.2 0.0 22.8 -1.2

2033 -0.0 0.0 0.0 22.8 -1.2 0.0 22.8 -1.2

2034 -0.0 0.0 0.0 22.8 -1.2 0.0 22.8 -1.2

2035 -0.0 0.0 0.0 22.8 -1.2 0.0 22.8 -1.2

2036 -0.0 0.0 0.0 22.8 -1.2 0.0 22.8 -1.2

2037 -0.0 0.0 0.0 22.8 -1.1 0.0 22.8 -1.2

2038 -0.0 0.0 0.0 22.8 -1.1 0.0 22.8 -1.1

2039 -0.0 0.0 0.0 22.7 -1.1 0.0 22.8 -1.1

2040 -0.0 0.0 0.1 22.7 -1.1 0.0 22.7 -1.1

2041 -0.1 0.0 0.1 22.5 -1.0 0.1 22.7 -1.1

2042 -0.1 0.1 0.2 22.4 -1.0 0.1 22.5 -1.0

2043 -0.2 0.1 0.3 22.1 -0.9 0.2 22.4 -1.0

2044 -0.3 0.1 0.4 21.7 -0.7 0.3 22.1 -0.9

2045 -0.4 0.1 0.5 21.2 -0.6 0.4 21.7 -0.7

2046 -0.5 0.1 0.6 20.6 -0.5 0.5 21.2 -0.6

2047 -0.6 0.1 0.7 19.9 -0.3 0.6 20.6 -0.5

2048 -0.7 0.1 0.8 19.1 -0.2 0.7 19.9 -0.3

2049 -0.8 0.1 0.9 18.2 -0.1 0.8 19.1 -0.2

2050 -0.9 0.1 0.9 17.3 0.0 0.9 18.2 -0.1

2051 -1.0 0.0 1.0 16.3 0.1 1.0 17.3 0.0

2052 -1.0 0.0 1.0 15.3 0.2 1.0 16.3 0.1

2053 -1.0 0.0 1.0 14.2 0.3 1.0 15.3 0.2

2054 -1.0 0.0 1.0 13.2 0.3 1.0 14.2 0.3

2055 -1.0 -0.0 1.0 12.1 0.4 1.0 13.2 0.3

2056 -1.0 0.0 1.1 11.1 0.4 1.0 12.1 0.4

2057 -1.1 -0.0 1.0 10.0 0.5 1.1 11.1 0.4

2058 -1.0 -0.0 1.0 9.0 0.5 1.0 10.0 0.5

2059 -1.0 -0.0 1.0 8.0 0.5 1.0 9.0 0.5

2060 -1.0 -0.0 0.9 7.1 0.5 1.0 8.0 0.5

2061 -0.9 -0.1 0.9 6.2 0.5 0.9 7.1 0.5

2062 -0.9 -0.0 0.8 5.4 0.5 0.9 6.2 0.5

2063 -0.8 -0.1 0.8 4.6 0.5 0.8 5.4 0.5

2064 -0.8 -0.1 0.7 3.9 0.5 0.8 4.6 0.5

2065 -0.7 -0.1 0.6 3.3 0.4 0.7 3.9 0.5

2066 -0.6 -0.1 0.5 2.7 0.4 0.6 3.3 0.4

2067 -0.5 -0.1 0.5 2.2 0.3 0.5 2.7 0.4

2068 -0.5 -0.1 0.4 1.8 0.3 0.5 2.2 0.3

2069 -0.4 -0.1 0.4 1.4 0.3 0.4 1.8 0.3

2070 -0.4 -0.1 0.3 1.1 0.2 0.4 1.4 0.3

2071 -0.3 -0.1 0.3 0.9 0.2 0.3 1.1 0.2

2072 -0.3 -0.0 0.2 0.7 0.2 0.3 0.9 0.2

2073 -0.2 -0.0 0.2 0.5 0.1 0.2 0.7 0.2

2074 -0.2 -0.0 0.1 0.4 0.1 0.2 0.5 0.1

2075 -0.1 -0.0 0.1 0.3 0.1 0.1 0.4 0.1

2076 -0.1 -0.0 0.1 0.2 0.1 0.1 0.3 0.1

2077 -0.1 -0.0 0.1 0.1 0.0 0.1 0.2 0.1

2078 -0.1 -0.0 0.0 0.1 0.0 0.1 0.1 0.0

2079 -0.0 -0.0 0.0 0.1 0.0 0.0 0.1 0.0

2080 -0.0 -0.0 0.0 0.1 0.0 0.0 0.1 0.0

2081 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2082 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2083 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2084 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2085 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2086 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2087 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2088 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2089 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2090 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2091 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

2092 -0.0 -0.0 0.0 0.0 0.0 0.0 0.0 0.0

Total 2018-2092 0.0 0.0 -0.0 0.0

Based on Intermediate Assumptions of the 2018 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

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 Reflects reimbursement to OASI Trust Fund for parental leave benefit payments and later "payback" from EEA/NRA increases. Social Security Administration 2

 Unified budget and on-budget cash flows show effect of parental leave payments and increase in EEA/NRA. August 31, 2018

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

S. 3345, the "Economic Security for New Parents Act," introduced by Senator Marco Rubio
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 Flow2

Change

in Total

Federal Debt

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 -5.8 -5.8 5.8 -5.8 0.0 0.0 0.0

2021 5.8 -0.3 -6.1 12.2 -6.4 -5.8 6.0 -6.0

2022 6.2 -0.4 -6.6 19.3 -7.0 -6.2 12.6 -6.6

2023 6.7 -0.4 -7.1 27.0 -7.7 -6.7 19.9 -7.3

2024 7.2 7.2 0.0 27.8 -0.8 -7.2 27.9 -8.0

2025 0.0 0.0 0.0 28.7 -0.9 -0.0 28.8 -0.9

2026 -0.0 -0.0 0.0 29.6 -0.9 0.0 29.8 -0.9

2027 -0.0 -0.0 0.0 30.7 -1.0 0.0 30.8 -1.0

2028 0.0 0.0 0.0 31.8 -1.2 0.0 32.0 -1.2

Based on Intermediate Assumptions of the 2018 Trustees Report.

Ultimate Real Trust Fund Yield of 2.7%.

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 Reflects reimbursement to OASI Trust Fund for parental leave benefit payments and later "payback" from EEA/NRA increases. Social Security Administration 2

 Unified budget and on-budget cash flows show effect of parental leave payments and increase in EEA/NRA. August 31, 2018

Billions of Nominal Dollars

S. 3345, the "Economic Security for New Parents Act," introduced by Senator Marco Rubio