SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

March 29, 2013

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 estimates of the financial effects on Social Security 

of the “Social Security Enhancement and Protection Act of 2013”, which you introduced on 

March 21, 2013. This Bill includes five provisions with direct effects on Social Security benefits 

and tax revenues. We have enjoyed working closely with Steffany Stern of your staff in 

developing this proposal to meet your goals.

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

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

as well as the estimated effects on retired worker benefit levels for selected hypothetical workers. 

In addition, tables 1b and 1b.n reflect the Federal budget implications of the five provisions and 

tables B1, B2, and B3 provide illustrations of the effects on Social Security retired worker 

benefit levels. We estimate that enactment of these provisions would extend full solvency of the 

OASDI program for an additional 35 years, with the projected depletion of combined OASI and 

DI Trust Fund reserves moving from 2033 under current law to 2068 under the proposal. We 

base all estimates on the intermediate assumptions of the 2012 Trustees Report. 

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

Chief Actuary, but most particularly Alice Wade, Christopher Chaplain, Daniel Nickerson, Jason 

Schultz, Kyle Burkhalter, and Katie Sutton.

The Bill includes the following five provisions with direct effects on the OASDI program:

1) Increase the special minimum PIA, beginning for workers who become newly eligible for 

retirement or disability benefits or die after 2014. The minimum PIA for workers with 

30 or more years of work (YOWs) is 100 percent of the annual HHS poverty level for the 

prior year prior, 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 less years of coverage. 

A worker’s number of YOWs is determined as the number of earned quarters of coverage 

divided by 4 (ignoring any fraction), plus up to 5 years with a child under age 6 living 

with the worker.
2

2) Provide a 5-percent uniform PIA increase after 16 years of eligibility. The full benefit 

increase is 5 percent of the PIA of a worker having career-average earnings equal to 

SSA’s average wage index in years up through the year before initial eligibility. The 

benefit increase phases in at 1 percent per year beginning 16 years after initial benefit 

eligibility, and is fully phased in at 5 percent beginning 20 years after initial benefit 

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

workers who claimed benefits before full retirement age. This provision is effective in 

2015 and later years.

3) Extend benefit eligibility for children of disabled or deceased workers until age 22, 

beginning in 2015. This provision applies if the child is in high school, college, or 

vocational school.

4) Eliminate the taxable maximum, fully effective in 2024. 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 2015, 2.48 percent in 2016, ..., and 12.40 percent in 2024 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 eligibility, divided by 12, and (2)

applying a 3-percent PIA factor to AIME above the new bend point. 

5) Increase the payroll tax rate to 13.0 percent, fully effective in 2020. The increase is 

phased in beginning in 2015, using 0.1 percentage point increments. 

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

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

provision, and descriptions of our detailed financial estimates for trust fund operations, benefit 

levels, and implications for the federal budget.
3

Summary of Effects of the Proposal on OASDI Actuarial Status

Figure 1 below illustrates the expected change in the combined Old-Age and Survivors Insurance 

(OASI) and Disability Insurance (DI) Trust Fund reserves, expressed as a percent of annual 

program cost, assuming enactment of the five provisions of this Bill. Assuming enactment, the 

OASDI program is expected to be fully solvent for an additional 35 years, under the intermediate 

assumptions of the 2012 Trustees Report. 

Figure 1. Present Law and Proposal OASDI Trust Fund Reserves 

as Percent of Annual Cost: 2012 TR Intermediate Assumptions

0

50

100

150

200

250

300

350

400

2012 2020 2030 2040 2050 2060 2070 2080 2090 Trust Fund Ratio

Present Law Trust Fund Ratio

Proposal

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 during the year. 

Assuming enactment of the Bill, the level of reserves for the theoretical combined OASI and DI 

Trust Funds declines from 340 percent of annual program cost at the beginning of 2012 until 

these reserves are depleted in 2068 (35 years later than projected depletion under current law). At 

the time of reserve depletion in 2068, the program would be able to pay about 91 percent of then 

scheduled benefits with continuing taxes (under current law, 75 percent of scheduled benefits are 

projected to be payable in 2033 after depletion with this percentage rising slightly to 76 percent 

for 2068). By 2086, 89 percent of benefits scheduled under the proposal would be payable 

compared to 73 percent of scheduled benefits payable under present law.
4

Enactment of the five provisions of this Bill would eliminate almost 84 percent of the long-range 

OASDI actuarial deficit of 2.67 percent of taxable payroll under current law, lowering the

OASDI actuarial deficit to 0.44 percent of payroll for the long-range period.

 

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

as a percent of the current-law taxable payroll. The projected levels of cost reflect the full cost of 

scheduled benefits under both present 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.

After 2014, OASDI program cost is higher under the proposal than under current law. This 

difference in program cost increases gradually over time to about 0.6 percent of current-law 

payroll by 2080. Non-interest income under the proposal is also higher than under current law, 

with the difference in non-interest income growing from 0.3 percent of payroll in 2015 to 3.0

percent of payroll by 2040. The proposal improves the annual cash-flow balance (non-interest 

income minus program cost) by 2.7 percent of payroll for 2025, with the improvement generally 

declining to 2.5 percent of payroll by 2086. Under the proposal, annual cash-flow balance is 

positive for 2018 through 2025, with annual deficits rising thereafter to 2.0 percent of payroll by 

2086. As a comparison, the projected annual deficit under current law is 4.50 percent of payroll 

for 2086.
5

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). The graph below illustrates these 

levels under both current law and the proposal. 

Specification for Provisions of the Proposal

(1) Enhance the Special Minimum Benefit for Long-Career Low Earners

The present-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 2015. 

For workers who become eligible for old-age or disability benefits or die in 2015 and later years, 

the full minimum PIA equals the Health and Human Services (HHS) annual individual poverty 

level for the year prior to eligibility divided by 12. For 2015, we project the full minimum PIA 

for eligible workers will be $950 (the estimated HHS poverty level for 2014 divided by 12). 

This amount equals the monthly poverty level for 2012 ($931), multiplied by the assumed 
6

increase in the CPI-W from the third calendar quarter of 2011 to the third calendar quarter of 

2013). 

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 are 

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

childcare year would not be counted in determining YOWs based on earned quarter of coverage.

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

poverty level 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 benefit for 10 or less years of work. 

For example, a worker with 28 YOWs would receive a PIA equal to 93 1/3 percent of the HHS 

poverty level in the prior year (if higher), and a worker with 11 YOWs would receive a PIA of 

36 2/3 percent of the HHS poverty level in the prior year (if higher).

This provision alone is estimated to increase the long-range OASDI actuarial deficit by 0.02

percent of taxable payroll. The change in the annual deficit for the 75th projection year (2086) is 

negligible (between -0.005 and 0.005 percent of payroll).

(2) Increase Benefits Starting 16 Years after Initial Eligibility

This provision provides for a gradual increase in PIA for the 16th through 20th years after initially 

becoming eligible for benefits. The increase would apply for all OASDI beneficiaries in 2015 

and later. The PIA upon which their benefit is based will be increased for the 16th year of 

eligibility by 1 percent of the PIA amount for a worker of the same age who has earnings equal 

to the average (AWI) starting at age 20, up 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 years of eligibility. The total 5 percent increase will continue to apply in the 21st

and later years of eligibility. 

This provision alone is estimated to increase the long-range OASDI actuarial deficit by 0.23 

percent of taxable payroll and to increase the annual deficit for the 75th projection year (2086) by 

0.31 percent of payroll.

(3) Continue Benefits for Children of Disabled or Deceased Workers until age 22

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 the age of 22 if they are a child of a disabled or deceased 

worker. 
7

This provision alone is estimated to increase the long-range OASDI actuarial deficit by 0.06 

percent of taxable payroll and to increase the annual deficit for the 75th projection year (2086) by 

0.06 percent of payroll.

(4) Eliminate the Taxable Maximum by 2024

 

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 $113,700 for 

2013 and increases in the future in line with increases in the national average wage index (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 this provision, all covered earnings in excess of the present-law taxable maximum would 

be subject to some payroll tax starting in 2015. Covered earnings in excess of the maximum 

would be taxed at a 1.24 percent rate in 2014, at a 2.48 percent rate in 2015, at a 3.72 percent rate 

in 2016, ..., and at a 12.4 percent rate in 2024 and later years. Therefore, all covered earnings 

above and below the present-law taxable maximum would be taxed at the full 12.4 percent 

payroll tax rate for 2024 and later.

Under this provision as modified, the primary insurance amount (PIA) would be determined by 

adding an additional bend point to the current law PIA formula. Under current law, the PIA is 

calculated as 90 percent of earnings under the first bend point, plus 32 percent of earnings above 

the first bend point and below the second bend point, plus 15 percent of earnings above the 

second bend point. 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 earnings above 

the new bend point. 

This provision alone is estimated to reduce the long-range OASDI actuarial deficit by 1.92

percent of taxable payroll and to reduce the annual deficit for the 75th projection year (2086) by 

2.18 percent of payroll.

(5) Increase the Payroll Tax Rate by 2020

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 per year beginning in 2015 through 2020, bringing the combined rate to 12.5 

percent in 2015, 12.6 percent in 2016 percent, ..., and 13.0 percent in 2020 and later years.

This provision alone is estimated to reduce the long-range OASDI actuarial deficit by 0.53 

percent of taxable payroll and to reduce the annual deficit for the 75th projection year (2086) by 

0.60 percent of taxable payroll. 

 
8

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 for each of 

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

summary estimates for the effect on the annual balance (the difference between income rate and 

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

2086. 

Benefit Illustrations

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

the five provisions for beneficiaries retiring at age 65 in future years at five 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 present-law taxable maximum 

level (equivalent to $110,100 in 2012). As a result, the provision to increase the taxable 

maximum does not affect benefit levels illustrated in these tables. Table B3 provides additional 

important information on characteristics of the illustrative retiring workers. 

Table B1 compares the initial benefit levels assuming retirement at age 65 under the basic 

provisions of the proposal to both scheduled and payable present-law benefit levels. The 

proposed minimum benefit does not affect any of our hypothetical workers, because our very 

low hypothetical workers already receive a higher present law benefit in 2030, 2050, and 2080. 

The final two columns of this table show the level of scheduled benefits under the proposal as a 

percentage of present law scheduled and present law payable benefits, respectively. In the final 

column, no percentage is provided for years after 2068 because scheduled benefits under the 

proposal would not be fully payable.

Table B2 compares the change in scheduled benefit levels at ages 65, 75, 85, and 95 under the 

proposal to scheduled benefits under present law, assuming retirement at age 65. Table B2 shows 

that projected scheduled benefits under the provisions of this proposal increase in relation to 

present-law scheduled benefits between ages 65 and 95, because the increase in benefits for 

beneficiaries with 16 or more years of eligibility has a positive cumulative effect as beneficiaries 

age. 

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 and low 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 newlyentitled 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: 
9

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 

has 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. 

Trust Fund Operations

Table 1 shows the annual cost and income rates, annual balances, and trust fund ratios (reserves

as percent of annual program cost) for OASDI assuming enactment of the five basic Social 

Security provisions of the proposal. This table also shows the change from present law in these 

cost rates, income rates, and balances. Included at the bottom of this table are summarized rates 

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

Table 1 indicates that the OASDI program is projected to be fully solvent for an additional 35

years assuming enactment of the five provisions. The year in which the combined reserves of the 

OASI and DI Trust Funds are projected to become depleted would change from 2033 under 

current law to 2068 under the proposal. Even after depletion of the trust fund reserves, however, 

the actuarial status of the program is improved as continuing income would be sufficient to pay a 

higher percentage of scheduled benefits than under current law. Under current law, 75 percent of 

benefits are projected to be payable at trust fund reserve depletion in 2033, declining to 73

percent payable by 2086. Under this proposal, 100 percent of the proposed (higher) scheduled 

benefits would be fully payable through 2067, and 91 percent would be payable at trust fund 

reserve depletion in 2068, declining to 89 percent payable by 2086. 

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

2.23 percent of taxable payroll, from an actuarial deficit of 2.67 percent of payroll under current 

law to an actuarial deficit estimated at 0.44 percent of taxable payroll under the proposal. 

We project annual balances (annual income rate minus annual cost rate) to become positive for 

years 2018 through 2025 under the proposal and to be negative thereafter. Annual deficits 

(negative annual balances) after 2025 are projected to be smaller than the deficits projected under 

current law by 2.45 percentage points or more through 2086. 
10

Program Transfers and Trust Fund Reserves

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

OASI and DI Trust Funds under the basic Social Security provisions of the proposal, expressed 

in present value dollars discounted to January 1, 2012. The table indicates that the basic 

provisions include no new specified transfers of general revenue to the 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 the added general fund transfers 

(if any) provided under the proposal (column 6) and with the proposal added transfers (column 

7). Note that negative values in columns 4, 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 to 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 Basic 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) cash flows and balances, assuming enactment of the five basic 

Social Security provisions of this proposal. Table 1b.n provides the estimated nominal dollar 

effect of enactment of the five basic provisions of the proposal on the annual budget balances for 

years 2012 through 2022. All values in these tables represent the amount of the change from the 

level projected under current law. 

The effect of the five basic Social Security provisions on unified budget cash flow (column 3) is 

expected to be positive starting for 2015, reflecting the gradual application of the payroll tax to 

earnings above the current-law taxable maximum amount. 

Column 4 of Table 1b indicates that the projected effect of implementing the five basic Social 

Security provisions is a reduction, starting in 2015, of the Federal debt held by the public, 

reaching about $7.6 trillion in present value by 2086. Column 5 provides the projected effect of 

the basic Social Security provisions on the annual unified budget balances, including both the 

cash flow effect in column 3 and the additional interest on the accumulated debt indicated in 

column 4. Columns 6 and 7 indicate that the basic Social Security provisions of this proposal

would have no expected direct effects on the on-budget cash flow, or on the total Federal debt, in 

the future.

It is important to note that these estimates are based on the intermediate assumptions of the 2012

Trustees Report and thus are not consistent with estimates made by the Office of Budget and 

Management or the Congressional Budget Office based on their assumptions. 

Annual Trust Fund Operations as a Percent of GDP

Table 1c provides annual cost, annual expenditures (on a payable basis), and annual tax income 

for the OASDI program expressed as a percentage of GDP. These values are shown for both 
11

present law and assuming enactment of the five basic Social Security provisions of the Bill. 

Showing the annual trust fund 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 (see Table 1).

Effects on Trust Fund Reserves and Unfunded Obligations

Table 1d provides estimates of the changes due to enactment of the five basic Social Security 

provisions of this Bill in the level of projected trust fund reserves for years prior to trust fund 

reserve depletion and the level of unfunded obligations for years after trust fund reserve 

depletion. All values in the table are expressed in present-value discounted dollars. For the 75-

year (long-range) period as a whole, the present-law unfunded obligation of $8.6 trillion in 

present value is reduced to an unfunded obligation of $1.0 trillion in present value. This $7.6

trillion change equals the following: 

 A $9.2 trillion increase in revenue (column 2), primarily from additional payroll tax 

but also reflecting additional taxation of benefits revenues arising from increased

aggregate benefit levels, minus

 A $1.6 trillion increase in cost (column 3), from additional benefits for worker 

beneficiaries on the rolls for 16 or more years, earnings above the present-law taxable 

maximum, and the enhanced special minimum benefit.

We hope these estimates will be helpful. Please let me know if we may provide further 

assistance.

Sincerely,

Stephen C. Goss

Chief Actuary

Enclosures 
Table A--Estimated Long-Range OASDI Financial Effects of the Basic Social Security 

Provisions of the “Social Security Enhancement and Protection Act of 2013” 

Introduced by Representative Moore

Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 1

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 2

(as a percent of payroll)

1) Beginning for those newly eligible for OASDI benefits in 2015, increase 

the special minimum benefit to 100 percent of poverty by making the 

following changes: (a) The number of years of work (YOW) is determined as 

total quarters of coverage divided by 4, ignoring any fraction. Up to 5 

additional years with a child under in 6 may be counted as YOWs. (b) Set the 

PIA for 30 or more YOWs equal to 100 percent of the monthly HHS poverty 

level for the year prior to eligibility. For workers between 11 and 29 YOCs, 

reduce the special minimum by 3 1/3 percentage point per YOC so that at 29 

YOCs the minimum would be 96 2/3% of poverty,..., down to 11 YOCs at 

36 2/3% of poverty. No minimum for 10 or fewer YOCs. ................................................................ -0.02............... 0.00

2) Effective in 2015, provide a 5-percent uniform PIA increase20 years after 

eligibility. The benefit increase is phased in at 1 percent per year from the 

16th through 20th years after initial eligibility. The full PIA increase is equal 

to 5 percent of the PIA of a worker assumed to have career-average earnings 

equal to SSA’s average wage index................................................................................................ -0.23 .................................... -0.31

3) Beginning in 2015, extend eligibility for benefits for children of disabled 

or deceased workers until age 22 if the child is in high school, college or 

vocational school ................................................................................................................................ -0.06.............................................. -0.06

4) Eliminate contribution and benefit base by raising the payroll tax for 

earnings over the current-law taxable maximum by 1.24 percent each year

from 2015-2024. Additional earnings taxed are creditable for benefits. Add 

a new bend point at the current law taxable maximum, with a 3-percent

factor on average indexed monthly earnings (AIME) above the new bend 

point................................................................................................................................................................ 1.92 ..................................2.18

5) Beginning in 2015, increase the combined OASDI payroll tax rate by 0.1 

percentage point per year until reaching 13.0 percent for 2020 and later ................................................................ 0.53 .........................0.60

Total for all provisions, including interaction ................................................................................................ 2.23 .......................... 2.51

1Under current law, the estimated long-range OASDI actuarial balance is -2.67 percent of taxable payroll.

2Under current law, the estimated 75th year annual balance is -4.50 percent of taxable payroll.

Notes: All estimates are based on the intermediate assumptions of the 2012 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

March 29, 2013
Year 

Attain Minimum

Age 65 (Wage-Indexed (CPI-Indexed Benefit4 Total Scheduled Payable

2012 Dollars) 2012 Dollars)

 

2012 678 678 0.0 0.0 100 100

2030 602 790 0.0 0.0 100 100

2050 602 989 0.0 0.0 100 100

2080 602 1,361 0.0 0.0 100 -

 

2012 678 678 0.0 0.0 100 100

2030 602 790 0.0 0.0 100 100

2050 602 989 0.0 0.0 100 100

2080 602 1,361 0.0 0.0 100 -

 

2012 678 678 0.0 0.0 100 100

2030 602 790 0.0 0.0 100 100

2050 602 989 0.0 0.0 100 100

2080 602 1,361 0.0 0.0 100 -

2012 886 886 0.0 0.0 100 100

2030 787 1,034 0.0 0.0 100 100

2050 788 1,294 0.0 0.0 100 100

2080 788 1,781 0.0 0.0 100 -

2012 886 886 0.0 0.0 100 100

2030 787 1,034 0.0 0.0 100 100

2050 788 1,294 0.0 0.0 100 100

2080 788 1,781 0.0 0.0 100 -

2012 886 886 0.0 0.0 100 100

2030 787 1,034 0.0 0.0 100 100

2050 788 1,294 0.0 0.0 100 100

2080 788 1,781 0.0 0.0 100 -

2012 1,460 1,460 0.0 0.0 100 100

2030 1,297 1,704 0.0 0.0 100 100

2050 1,299 2,133 0.0 0.0 100 100

2080 1,299 2,934 0.0 0.0 100 -

2012 1,460 1,460 0.0 0.0 100 100

2030 1,297 1,704 0.0 0.0 100 100

2050 1,299 2,133 0.0 0.0 100 100

2080 1,299 2,934 0.0 0.0 100 -

2012 1,936 1,936 0.0 0.0 100 100

2030 1,719 2,258 0.0 0.0 100 100

2050 1,721 2,827 0.0 0.0 100 100

2080 1,721 3,888 0.0 0.0 100 -

2012 2,311 2,311 0.0 0.0 100 100

2030 2,102 2,761 0.0 0.0 100 100

2050 2,102 3,453 0.0 0.0 100 100

2080 2,098 4,740 0.0 0.0 100 -

1 Average of highest 35 years of earnings wage indexed to 2012.

2

Projected percent of new retired worker awards in 2050 closest to AIME levels and years of work.

3 After trust fund exhaustion under present law continuing taxes are expected to be enough to pay about three fourths of scheduled benefits.

4

All estimates based on the intermediate assumptions of the 2012 Trustees Report.

Office of the Chief Actuary, Social Security Administration March 29, 2013

 Low-AIME ($20,090 for 20121) 44-Year Scaled Earner (13.5% of Retirees2)

 Low-AIME ($20,090 for 20121) 30-Year Scaled Earner (6.7% of Retirees2)

 Low-AIME ($20,090 for 20121) 20-Year Scaled Earner (2.8% of Retirees2)

 Medium-AIME ($44,644 for 20121) 44-Year Scaled Earner (27.2% of Retirees2)

 Medium-AIME ($44,644 for 20121) 30-Year Scaled Earner (4.2% of Retirees2)

 High-AIME ($71,430 for 20121) 44-Year Scaled Earner (20.9% of Retirees2)

(Percent change) (Percents)

 Maximum-AIME ($110,100 for 20121) 43-Year Steady Earner (5.4% of Retirees2)

Increase the PIA to a level such that a worker with 30 / 11 years of earning 4 quarters of coverage (including up to 5 child care years) would receive an adjusted PIA equal to 

100% / 36 2/3% of HHS monthly poverty level in 2012, CPI-index to year of eligiblity. This provision would take full effect for all newly eligible workers in 2015. 

 Very-Low-AIME ($11,161 for 20121) 30-Year Scaled Earner (8.1% of Retirees2)

 Very-Low-AIME ($11,161 for 20121) 20-Year Scaled Earner (6.0% of Retirees2)

 Very-Low-AIME ($11,161 for 20121) 14-Year Scaled Earner (5.2% of Retirees2)

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

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore

Scheduled Benefit Level Percent Change at age 65

Present Law Scheduled Proposal Scheduled Benefit

Monthly Benefits3 Percent of Present Law:
Year 

Attain

Age 65 Age 65 Age 75 Age 853 Age 953

2012 100.0 100.0 110.8 110.8

2030 100.0 100.0 110.8 110.8

2050 100.0 100.0 110.8 110.8

2080 100.0 100.0 110.8 110.8

2012 100.0 100.0 110.8 110.8

2030 100.0 100.0 110.8 110.8

2050 100.0 100.0 110.8 110.8

2080 100.0 100.0 110.8 110.8

2012 100.0 100.0 110.8 110.8

2030 100.0 100.0 110.8 110.8

2050 100.0 100.0 110.8 110.8

2080 100.0 100.0 110.8 110.8

2012 100.0 100.0 108.2 108.2

2030 100.0 100.0 108.2 108.2

2050 100.0 100.0 108.2 108.2

2080 100.0 100.0 108.2 108.2

2012 100.0 100.0 108.2 108.2

2030 100.0 100.0 108.2 108.2

2050 100.0 100.0 108.2 108.2

2080 100.0 100.0 108.2 108.2

2012 100.0 100.0 108.2 108.2

2030 100.0 100.0 108.2 108.2

2050 100.0 100.0 108.2 108.2

2080 100.0 100.0 108.2 108.2

2012 100.0 100.0 105.0 105.0

2030 100.0 100.0 105.0 105.0

2050 100.0 100.0 105.0 105.0

2080 100.0 100.0 105.0 105.0

2012 100.0 100.0 105.0 105.0

2030 100.0 100.0 105.0 105.0

2050 100.0 100.0 105.0 105.0

2080 100.0 100.0 105.0 105.0

2012 100.0 100.0 103.8 103.8

2030 100.0 100.0 103.8 103.8

2050 100.0 100.0 103.8 103.8

2080 100.0 100.0 103.8 103.8

2012 100.0 100.0 103.2 103.2

2030 100.0 100.0 103.1 103.1

2050 100.0 100.0 103.1 103.1

2080 100.0 100.0 103.1 103.1

1 Average of highest 35 years of earnings wage indexed to 2012.

2

Projected percent of new retired worker awards in 2050 closest to AIME levels and years of work.

3 Beginning in 2015, increase the benefit 16-20 years after eligibility based on 1% of the average retired worker PIA in the prior year.

Other Changes: 

-

All estimates based on the intermediate assumptions of the 2012 Trustees Report.

Office of the Chief Actuary, Social Security Administration March 29, 2013

 High-AIME ($71,430 for 20121) 44-Year Scaled Earner (20.9% of Retirees2)

 Maximum-AIME ($110,100 for 20121) 43-Year Steady Earner (5.4% of Retirees2)

Increase the PIA to a level such that a worker with 30 / 11 years of earning 4 quarters of coverage (including up to 5 child care years) would receive an adjusted PIA equal to 100% / 36 

2/3% of HHS monthly poverty level in 2012, CPI-index to year of eligiblity. This provision would take full effect for all newly eligible workers in 2015. 

 Medium-AIME ($44,644 for 20121) 44-Year Scaled Earner (27.2% of Retirees2)

 Medium-AIME ($44,644 for 20121) 30-Year Scaled Earner (4.2% of Retirees2)

 Very-Low-AIME ($11,161 for 20121) 30-Year Scaled Earner (8.1% of Retirees2)

 Very-Low-AIME ($11,161 for 20121) 20-Year Scaled Earner (6.0% of Retirees2)

 Very-Low-AIME ($11,161 for 20121) 14-Year Scaled Earner (5.2% of Retirees2)

 Low-AIME ($20,090 for 20121) 44-Year Scaled Earner (13.5% of Retirees2)

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

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore

Proposal Scheduled Benefit as Percent of Present Law Scheduled

(Percent)

 Low-AIME ($20,090 for 20121) 30-Year Scaled Earner (6.7% of Retirees2)

 Low-AIME ($20,090 for 20121) 20-Year Scaled Earner (2.8% of Retirees2)
Category Dually Entitled2 WEP3

Foreign Born All Others4

Very-Low-AIME ($11,161 for 20121):

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 ($20,090 for 20121):

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 ($44,644 for 20121):

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 ($71,430 for 20121):

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

Maximum-AIME ($110,100 for 20121):

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

1 Average of highest 35 years of earnings wage indexed to 2012.

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.

April 23, 2012

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: Percents 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.

Note 2: 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. 
Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2012 13.83 12.89 -0.93 340 0.00 0.00 0.00

2013 13.95 12.83 -1.12 329 0.00 0.00 0.00

2014 13.98 12.93 -1.05 315 0.00 0.00 0.00

2015 14.13 13.29 -0.84 299 0.17 0.34 0.17

2016 14.17 13.68 -0.49 286 0.23 0.70 0.47

2017 14.14 14.07 -0.07 277 0.23 1.06 0.83

2018 14.19 14.45 0.26 271 0.23 1.41 1.19

2019 14.37 14.80 0.44 267 0.23 1.75 1.52

2020 14.61 15.15 0.54 264 0.24 2.08 1.84

2021 14.90 15.41 0.51 262 0.24 2.30 2.06

2022 15.22 15.66 0.44 261 0.25 2.54 2.28

2023 15.55 15.91 0.36 259 0.26 2.76 2.50

2024 15.87 16.15 0.28 258 0.27 2.99 2.71

2025 16.17 16.18 0.01 257 0.29 3.00 2.72

2026 16.46 16.20 -0.25 256 0.30 3.01 2.70

2027 16.73 16.22 -0.51 254 0.32 3.01 2.69

2028 16.97 16.24 -0.74 251 0.34 3.01 2.68

2029 17.19 16.25 -0.93 247 0.35 3.02 2.66

2030 17.38 16.27 -1.11 242 0.37 3.02 2.65

2031 17.53 16.28 -1.25 237 0.39 3.02 2.63

2032 17.66 16.29 -1.37 232 0.41 3.02 2.62

2033 17.75 16.30 -1.45 226 0.42 3.03 2.60

2034 17.82 16.31 -1.51 220 0.44 3.03 2.59

2035 17.87 16.31 -1.56 214 0.46 3.03 2.57

2036 17.90 16.32 -1.59 207 0.48 3.04 2.56

2037 17.92 16.32 -1.60 201 0.49 3.04 2.55

2038 17.93 16.32 -1.60 195 0.51 3.04 2.53

2039 17.92 16.33 -1.59 188 0.52 3.04 2.52

2040 17.89 16.33 -1.57 182 0.54 3.05 2.51

2041 17.87 16.33 -1.54 176 0.55 3.05 2.50

2042 17.84 16.33 -1.51 170 0.56 3.05 2.49

2043 17.82 16.33 -1.49 164 0.57 3.05 2.48

2044 17.79 16.33 -1.46 158 0.58 3.05 2.47

2045 17.78 16.33 -1.44 152 0.59 3.06 2.47

2046 17.76 16.33 -1.42 147 0.60 3.06 2.46

2047 17.74 16.34 -1.40 141 0.60 3.06 2.46

2048 17.72 16.34 -1.38 135 0.61 3.06 2.46

2049 17.70 16.34 -1.36 130 0.61 3.07 2.46

2050 17.69 16.34 -1.35 124 0.61 3.07 2.45

2051 17.69 16.34 -1.34 118 0.61 3.07 2.45

2052 17.69 16.35 -1.34 113 0.62 3.07 2.45

2053 17.69 16.35 -1.34 107 0.62 3.07 2.45

2054 17.70 16.35 -1.35 101 0.62 3.07 2.46

2055 17.71 16.35 -1.36 95 0.62 3.08 2.46

2056 17.72 16.36 -1.37 88 0.62 3.08 2.46

2057 17.74 16.36 -1.38 82 0.62 3.08 2.46

2058 17.75 16.36 -1.39 76 0.62 3.08 2.47

2059 17.76 16.37 -1.40 69 0.61 3.08 2.47

2060 17.77 16.37 -1.40 62 0.61 3.08 2.47

2061 17.78 16.37 -1.41 55 0.61 3.09 2.47

2062 17.78 16.37 -1.41 48 0.61 3.09 2.47

2063 17.79 16.38 -1.41 41 0.61 3.09 2.48

2064 17.80 16.38 -1.42 34 0.61 3.09 2.48

2065 17.81 16.38 -1.43 27 0.61 3.09 2.48

2066 17.83 16.38 -1.45 19 0.61 3.09 2.48

2067 17.86 16.39 -1.47 12 0.61 3.10 2.48

2068 17.88 16.39 -1.49 4 0.62 3.10 2.48

2069 17.91 16.39 -1.52 ---- 0.62 3.10 2.48

2070 17.94 16.40 -1.55 ---- 0.62 3.10 2.48

2071 17.97 16.40 -1.57 ---- 0.62 3.10 2.48

2072 18.00 16.40 -1.59 ---- 0.62 3.10 2.48

2073 18.02 16.41 -1.62 ---- 0.62 3.11 2.48

2074 18.05 16.41 -1.64 ---- 0.62 3.11 2.49

2075 18.08 16.41 -1.67 ---- 0.62 3.11 2.49

2076 18.11 16.42 -1.69 ---- 0.62 3.11 2.49

2077 18.13 16.42 -1.71 ---- 0.62 3.11 2.49

2078 18.16 16.42 -1.73 ---- 0.62 3.11 2.50

2079 18.19 16.43 -1.76 ---- 0.62 3.12 2.50

2080 18.22 16.43 -1.79 ---- 0.62 3.12 2.50

2081 18.26 16.44 -1.82 ---- 0.62 3.12 2.50

2082 18.29 16.44 -1.85 ---- 0.62 3.12 2.50

2083 18.33 16.44 -1.89 ---- 0.62 3.12 2.50

2084 18.37 16.45 -1.92 ---- 0.62 3.12 2.51

2085 18.41 16.45 -1.96 ---- 0.62 3.13 2.51

2086 18.45 16.46 -2.00 ---- 0.62 3.13 2.51

2087 18.49 16.46 -2.03 ---- 0.62 3.13 2.51

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

17.15% 16.71% -0.44% 2068 0.46% 2.69% 2.23%

1 Under present law the year of Trust Fund reserve depletion is 2033

Year of reserve 

depletion1

Summarized Rates: OASDI

Based on Intermediate Assumptions of the 2012 Trustees Report

March 29, 2013

Summarized Rates: OASDI

2012 - 2086

Office of the Chief Actuary

Social Security Administration

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

Proposal

Expressed as a percentage of present-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of present-law

taxable payroll

Change from Present Law

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore
Bill "Social Security Enhancement and Protection Act of 2013" 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)

2012 0.0 0.0 0.0 2,626.1 15,439.4 2,626.1 2,626.1

2013 0.0 0.0 0.0 2,563.5 15,479.7 2,563.5 2,563.5

2014 0.0 0.0 0.0 2,504.0 15,668.0 2,504.0 2,504.0

2015 0.0 0.0 0.0 2,455.6 15,946.3 2,445.4 2,445.4

2016 0.0 0.0 0.0 2,427.2 16,203.4 2,389.0 2,389.0

2017 0.0 0.0 0.0 2,423.2 16,420.0 2,334.6 2,334.6

2018 0.0 0.0 0.0 2,439.9 16,593.0 2,278.0 2,278.0

2019 0.0 0.0 0.0 2,467.9 16,683.5 2,211.2 2,211.2

2020 0.0 0.0 0.0 2,502.5 16,728.5 2,130.5 2,130.5

2021 0.0 0.0 0.0 2,535.4 16,749.9 2,034.1 2,034.1

2022 0.0 0.0 0.0 2,563.8 16,737.3 1,919.6 1,919.6

2023 0.0 0.0 0.0 2,587.0 16,689.8 1,787.1 1,787.1

2024 0.0 0.0 0.0 2,605.5 16,605.5 1,637.9 1,637.9

2025 0.0 0.0 0.0 2,607.5 16,481.0 1,473.7 1,473.7

2026 0.0 0.0 0.0 2,593.4 16,309.8 1,296.2 1,296.2

2027 0.0 0.0 0.0 2,564.2 16,115.0 1,106.7 1,106.7

2028 0.0 0.0 0.0 2,522.2 15,930.5 907.3 907.3

2029 0.0 0.0 0.0 2,469.4 15,741.8 700.0 700.0

2030 0.0 0.0 0.0 2,407.3 15,549.2 486.3 486.3

2031 0.0 0.0 0.0 2,337.7 15,364.4 268.0 268.0

2032 0.0 0.0 0.0 2,262.7 15,192.0 47.0 47.0

2033 0.0 0.0 0.0 2,183.9 15,025.3 -175.3 -175.3

2034 0.0 0.0 0.0 2,102.7 14,863.7 -397.4 -397.4

2035 0.0 0.0 0.0 2,020.3 14,704.0 -618.4 -618.4

2036 0.0 0.0 0.0 1,937.2 14,544.1 -837.5 -837.5

2037 0.0 0.0 0.0 1,854.2 14,387.6 -1,054.2 -1,054.2

2038 0.0 0.0 0.0 1,772.2 14,234.9 -1,267.7 -1,267.7

2039 0.0 0.0 0.0 1,691.8 14,084.3 -1,477.4 -1,477.4

2040 0.0 0.0 0.0 1,613.6 13,932.5 -1,682.8 -1,682.8

2041 0.0 0.0 0.0 1,537.6 13,781.3 -1,883.9 -1,883.9

2042 0.0 0.0 0.0 1,463.9 13,632.3 -2,080.7 -2,080.7

2043 0.0 0.0 0.0 1,392.4 13,484.0 -2,273.4 -2,273.4

2044 0.0 0.0 0.0 1,322.8 13,337.1 -2,462.4 -2,462.4

2045 0.0 0.0 0.0 1,255.2 13,192.0 -2,647.8 -2,647.8

2046 0.0 0.0 0.0 1,189.3 13,045.1 -2,829.7 -2,829.7

2047 0.0 0.0 0.0 1,125.3 12,896.0 -3,008.1 -3,008.1

2048 0.0 0.0 0.0 1,062.9 12,748.1 -3,183.3 -3,183.3

2049 0.0 0.0 0.0 1,002.1 12,599.8 -3,355.4 -3,355.4

2050 0.0 0.0 0.0 942.8 12,452.8 -3,524.5 -3,524.5

2051 0.0 0.0 0.0 884.6 12,305.9 -3,691.0 -3,691.0

2052 0.0 0.0 0.0 827.2 12,160.4 -3,855.2 -3,855.2

2053 0.0 0.0 0.0 770.6 12,016.5 -4,017.4 -4,017.4

2054 0.0 0.0 0.0 714.4 11,873.9 -4,177.7 -4,177.7

2055 0.0 0.0 0.0 658.7 11,733.4 -4,336.3 -4,336.3

2056 0.0 0.0 0.0 603.2 11,593.6 -4,493.3 -4,493.3

2057 0.0 0.0 0.0 548.0 11,455.7 -4,648.9 -4,648.9

2058 0.0 0.0 0.0 493.1 11,319.5 -4,802.8 -4,802.8

2059 0.0 0.0 0.0 438.7 11,184.5 -4,955.1 -4,955.1

2060 0.0 0.0 0.0 384.8 11,052.2 -5,105.7 -5,105.7

2061 0.0 0.0 0.0 331.4 10,922.0 -5,254.5 -5,254.5

2062 0.0 0.0 0.0 278.6 10,793.9 -5,401.5 -5,401.5

2063 0.0 0.0 0.0 226.3 10,667.4 -5,546.9 -5,546.9

2064 0.0 0.0 0.0 174.4 10,541.9 -5,690.7 -5,690.7

2065 0.0 0.0 0.0 122.8 10,417.7 -5,833.1 -5,833.1

2066 0.0 0.0 0.0 71.3 10,295.2 -5,974.2 -5,974.2

2067 0.0 0.0 0.0 19.7 10,174.1 -6,114.2 -6,114.2

2068 0.0 0.0 0.0 -31.9 10,053.7 -6,253.2 -6,253.2

2069 0.0 0.0 0.0 -83.8 9,934.5 -6,391.2 -6,391.2

2070 0.0 0.0 0.0 -136.0 9,816.3 -6,528.4 -6,528.4

2071 0.0 0.0 0.0 -188.3 9,699.8 -6,664.6 -6,664.6

2072 0.0 0.0 0.0 -240.7 9,584.7 -6,799.8 -6,799.8

2073 0.0 0.0 0.0 -293.1 9,470.3 -6,934.1 -6,934.1

2074 0.0 0.0 0.0 -345.7 9,356.9 -7,067.4 -7,067.4

2075 0.0 0.0 0.0 -398.3 9,244.2 -7,199.8 -7,199.8

2076 0.0 0.0 0.0 -450.9 9,133.4 -7,331.2 -7,331.2

2077 0.0 0.0 0.0 -503.4 9,023.5 -7,461.5 -7,461.5

2078 0.0 0.0 0.0 -556.1 8,914.1 -7,591.0 -7,591.0

2079 0.0 0.0 0.0 -608.8 8,805.8 -7,719.6 -7,719.6

2080 0.0 0.0 0.0 -661.7 8,698.5 -7,847.5 -7,847.5

2081 0.0 0.0 0.0 -714.9 8,592.2 -7,974.6 -7,974.6

2082 0.0 0.0 0.0 -768.3 8,486.7 -8,101.1 -8,101.1

2083 0.0 0.0 0.0 -822.0 8,381.9 -8,226.9 -8,226.9

2084 0.0 0.0 0.0 -875.9 8,278.3 -8,352.1 -8,352.1

2085 0.0 0.0 0.0 -930.2 8,175.6 -8,476.6 -8,476.6

2086 0.0 0.0 0.0 -984.8 8,074.3 -8,600.6 -8,600.6

2087 0.0 0.0 0.0 -1,039.6 7,974.3 -8,723.8 -8,723.8

Total 2012-2086 0.0

Based on the Intermediate Assumptions of the 2012 Trustees Report Office of the Chief Actuary

Ultimate Real Trust Fund Yield of 2.9% Social Security Administration

1

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

 that the law is modified to permit borrowing from the General Fund of the Treasury.

March 29, 2013

Table 1a - General Fund Transfers, OASDI Trust Fund Assets, and Theoretical OASDI Assets

Calendar

Year

Proposal General Fund Transfers Present Value in Billions as of 1-1-2012

Proposal

Total OASDI

Trust Fund

Assets 

at End of Year

Theoretical Social Security1

with Borrowing Authority

Present Value in Billions as of 1-1- 2012 Net OASDI Trust Fund Assets at End of Year
Year

Specified 

General Fund 

Transfers

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Total

Federal Debt

End Of Year

Change

in Annual

On Budget

Balance

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

2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2015 0.0 10.2 10.2 -10.2 10.2 0.0 0.0

2016 0.0 28.0 28.0 -38.2 28.4 0.0 0.0

2017 0.0 50.5 50.5 -88.7 52.0 0.0 0.0

2018 0.0 73.3 73.3 -162.0 76.8 0.0 0.0

2019 0.0 94.7 94.7 -256.7 101.4 0.0 0.0

2020 0.0 115.4 115.4 -372.0 126.1 0.0 0.0

2021 0.0 129.3 129.3 -501.4 145.2 0.0 0.0

2022 0.0 142.8 142.8 -644.2 165.4 0.0 0.0

2023 0.0 155.7 155.7 -799.9 186.2 0.0 0.0

2024 0.0 167.7 167.7 -967.6 207.5 0.0 0.0

2025 0.0 166.2 166.2 -1,133.8 216.7 0.0 0.0

2026 0.0 163.4 163.4 -1,297.2 225.4 0.0 0.0

2027 0.0 160.3 160.3 -1,457.6 231.2 0.0 0.0

2028 0.0 157.4 157.4 -1,615.0 237.1 0.0 0.0

2029 0.0 154.5 154.5 -1,769.4 242.7 0.0 0.0

2030 0.0 151.6 151.6 -1,921.0 248.3 0.0 0.0

2031 0.0 148.7 148.7 -2,069.7 253.7 0.0 0.0

2032 0.0 146.0 146.0 -2,215.8 259.2 0.0 0.0

2033 0.0 143.4 143.4 -2,359.2 264.5 0.0 0.0

2034 0.0 140.9 140.9 -2,500.1 269.9 0.0 0.0

2035 0.0 138.5 138.5 -2,638.6 275.1 0.0 0.0

2036 0.0 136.1 136.1 -2,774.7 280.3 0.0 0.0

2037 0.0 133.7 133.7 -2,908.4 285.4 0.0 0.0

2038 0.0 131.5 131.5 -3,039.9 290.4 0.0 0.0

2039 0.0 129.3 129.3 -3,169.2 295.4 0.0 0.0

2040 0.0 127.2 127.2 -3,296.3 300.4 0.0 0.0

2041 0.0 125.1 125.1 -3,421.4 305.2 0.0 0.0

2042 0.0 123.1 123.1 -3,544.6 310.1 0.0 0.0

2043 0.0 121.2 121.2 -3,665.8 315.0 0.0 0.0

2044 0.0 119.4 119.4 -3,785.2 319.8 0.0 0.0

2045 0.0 117.7 117.7 -3,902.9 324.6 0.0 0.0

2046 0.0 116.0 116.0 -4,019.0 329.4 0.0 0.0

2047 0.0 114.4 114.4 -4,133.4 334.1 0.0 0.0

2048 0.0 112.8 112.8 -4,246.2 338.7 0.0 0.0

2049 0.0 111.3 111.3 -4,357.5 343.4 0.0 0.0

2050 0.0 109.8 109.8 -4,467.3 347.9 0.0 0.0

2051 0.0 108.3 108.3 -4,575.6 352.4 0.0 0.0

2052 0.0 106.9 106.9 -4,682.4 356.9 0.0 0.0

2053 0.0 105.5 105.5 -4,787.9 361.4 0.0 0.0

2054 0.0 104.1 104.1 -4,892.1 365.8 0.0 0.0

2055 0.0 102.9 102.9 -4,994.9 370.2 0.0 0.0

2056 0.0 101.6 101.6 -5,096.5 374.6 0.0 0.0

2057 0.0 100.3 100.3 -5,196.9 378.9 0.0 0.0

2058 0.0 99.1 99.1 -5,295.9 383.1 0.0 0.0

2059 0.0 97.9 97.9 -5,393.8 387.3 0.0 0.0

2060 0.0 96.6 96.6 -5,490.5 391.4 0.0 0.0

2061 0.0 95.4 95.4 -5,585.9 395.5 0.0 0.0

2062 0.0 94.3 94.3 -5,680.2 399.5 0.0 0.0

2063 0.0 93.1 93.1 -5,773.2 403.5 0.0 0.0

2064 0.0 91.9 91.9 -5,865.2 407.4 0.0 0.0

2065 0.0 90.7 90.7 -5,955.9 411.3 0.0 0.0

2066 0.0 89.6 89.6 -6,045.5 415.1 0.0 0.0

2067 0.0 88.4 88.4 -6,133.9 418.8 0.0 0.0

2068 0.0 87.3 87.3 -6,221.2 422.5 0.0 0.0

2069 0.0 86.2 86.2 -6,307.4 426.2 0.0 0.0

2070 0.0 85.0 85.0 -6,392.4 429.7 0.0 0.0

2071 0.0 83.9 83.9 -6,476.3 433.3 0.0 0.0

2072 0.0 82.8 82.8 -6,559.2 436.8 0.0 0.0

2073 0.0 81.8 81.8 -6,641.0 440.3 0.0 0.0

2074 0.0 80.8 80.8 -6,721.8 443.7 0.0 0.0

2075 0.0 79.8 79.8 -6,801.5 447.1 0.0 0.0

2076 0.0 78.8 78.8 -6,880.3 450.5 0.0 0.0

2077 0.0 77.8 77.8 -6,958.1 453.8 0.0 0.0

2078 0.0 76.8 76.8 -7,034.9 457.1 0.0 0.0

2079 0.0 75.9 75.9 -7,110.8 460.4 0.0 0.0

2080 0.0 74.9 74.9 -7,185.8 463.6 0.0 0.0

2081 0.0 74.0 74.0 -7,259.8 466.7 0.0 0.0

2082 0.0 73.1 73.1 -7,332.8 469.8 0.0 0.0

2083 0.0 72.1 72.1 -7,405.0 472.9 0.0 0.0

2084 0.0 71.2 71.2 -7,476.1 475.9 0.0 0.0

2085 0.0 70.3 70.3 -7,546.4 478.8 0.0 0.0

2086 0.0 69.3 69.3 -7,615.7 481.8 0.0 0.0

0.0 7,615.7 7,615.7

Based on Intermediate Assumptions of the 2012 Trustees Report. Office of the Chief Actuary

Ultimate Real Trust Fund Yield of 2.9% Social Security Administration

Table 1b - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1 (Present Value Dollars)

March 29, 2013

Total 2012-86

1

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

Billions of Present Value Dollars as of 1-1-2012

Bill "Social Security Enhancement and Protection Act of 2013" 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 Total

Federal Debt

End of Year

Change

in Annual

On Budget

Balance

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

2012 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2013 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2014 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2015 0.0 11.7 11.7 -11.9 11.9 0.0 0.0

2016 0.0 33.4 33.4 -46.4 34.5 0.0 0.0

2017 0.0 62.7 62.7 -112.2 65.8 0.0 0.0

2018 0.0 94.7 94.7 -213.4 101.2 0.0 0.0

2019 0.0 127.5 127.5 -352.6 139.2 0.0 0.0

2020 0.0 162.1 162.1 -533.2 180.7 0.0 0.0

2021 0.0 189.7 189.7 -750.5 217.3 0.0 0.0

2022 0.0 219.1 219.1 -1,008.2 257.8 0.0 0.0

Based on Intermediate Assumptions of the 2012 Trustees Report. Office of the Chief Actuary

Social Security Administration

1

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

Billions of Nominal Dollars

Table 1b.n - OASDI Changes & Implications for Federal Budget and Debt of Specified Plan Provision Effects on OASDI1 (Nominal Dollars)

March 29, 2013

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore
Cost

Expenditures

(Payable)

Non-Interest

Income Cost

Expenditures

(Payable)

Non-Interest

Income

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

2012 5.01 5.01 4.67 5.01 5.01 4.67

2013 5.06 5.06 4.66 5.06 5.06 4.66

2014 5.09 5.09 4.71 5.09 5.09 4.71

2015 5.10 5.10 4.73 5.16 5.16 4.85

2016 5.11 5.11 4.76 5.19 5.19 5.02

2017 5.14 5.14 4.81 5.22 5.22 5.20

2018 5.19 5.19 4.85 5.28 5.28 5.37

2019 5.28 5.28 4.87 5.36 5.36 5.53

2020 5.38 5.38 4.89 5.47 5.47 5.67

2021 5.49 5.49 4.91 5.58 5.58 5.77

2022 5.59 5.59 4.90 5.69 5.69 5.85

2023 5.70 5.70 4.90 5.79 5.79 5.93

2024 5.80 5.80 4.89 5.90 5.90 6.00

2025 5.89 5.89 4.89 6.00 6.00 6.00

2026 5.98 5.98 4.88 6.09 6.09 6.00

2027 6.06 6.06 4.88 6.18 6.18 5.99

2028 6.13 6.13 4.88 6.26 6.26 5.99

2029 6.20 6.20 4.87 6.33 6.33 5.98

2030 6.25 6.25 4.87 6.39 6.39 5.98

2031 6.29 6.29 4.87 6.44 6.44 5.98

2032 6.32 6.32 4.86 6.47 6.47 5.97

2033 6.34 5.16 4.86 6.50 6.50 5.97

2034 6.36 4.85 4.85 6.52 6.52 5.96

2035 6.36 4.85 4.85 6.53 6.53 5.96

2036 6.36 4.85 4.85 6.53 6.53 5.95

2037 6.35 4.84 4.84 6.53 6.53 5.95

2038 6.34 4.84 4.84 6.53 6.53 5.94

2039 6.33 4.83 4.83 6.52 6.52 5.94

2040 6.31 4.83 4.83 6.50 6.50 5.93

2041 6.28 4.82 4.82 6.48 6.48 5.93

2042 6.26 4.81 4.81 6.47 6.47 5.92

2043 6.24 4.81 4.81 6.45 6.45 5.91

2044 6.22 4.80 4.80 6.43 6.43 5.91

2045 6.21 4.79 4.79 6.42 6.42 5.90

2046 6.19 4.79 4.79 6.40 6.40 5.89

2047 6.17 4.78 4.78 6.39 6.39 5.88

2048 6.15 4.77 4.77 6.37 6.37 5.87

2049 6.14 4.76 4.76 6.36 6.36 5.87

2050 6.12 4.76 4.76 6.34 6.34 5.86

2051 6.11 4.75 4.75 6.33 6.33 5.85

2052 6.10 4.75 4.75 6.32 6.32 5.84

2053 6.09 4.74 4.74 6.31 6.31 5.84

2054 6.09 4.73 4.73 6.31 6.31 5.83

2055 6.08 4.73 4.73 6.30 6.30 5.82

2056 6.08 4.72 4.72 6.30 6.30 5.81

2057 6.08 4.71 4.71 6.30 6.30 5.81

2058 6.07 4.71 4.71 6.29 6.29 5.80

2059 6.07 4.70 4.70 6.29 6.29 5.79

2060 6.06 4.69 4.69 6.28 6.28 5.78

2061 6.06 4.69 4.69 6.27 6.27 5.78

2062 6.05 4.68 4.68 6.27 6.27 5.77

2063 6.05 4.68 4.68 6.26 6.26 5.76

2064 6.04 4.67 4.67 6.26 6.26 5.76

2065 6.04 4.66 4.66 6.25 6.25 5.75

2066 6.03 4.66 4.66 6.25 6.25 5.74

2067 6.03 4.65 4.65 6.25 6.25 5.73

2068 6.03 4.64 4.64 6.25 5.73 5.73

2069 6.03 4.64 4.64 6.25 5.72 5.72

2070 6.04 4.63 4.63 6.25 5.71 5.71

2071 6.04 4.63 4.63 6.25 5.71 5.71

2072 6.04 4.62 4.62 6.25 5.70 5.70

2073 6.04 4.62 4.62 6.25 5.69 5.69

2074 6.04 4.61 4.61 6.26 5.69 5.69

2075 6.04 4.61 4.61 6.26 5.68 5.68

2076 6.04 4.60 4.60 6.26 5.67 5.67

2077 6.05 4.59 4.59 6.26 5.67 5.67

2078 6.05 4.59 4.59 6.26 5.66 5.66

2079 6.05 4.59 4.59 6.26 5.66 5.66

2080 6.06 4.58 4.58 6.27 5.65 5.65

2081 6.06 4.58 4.58 6.27 5.65 5.65

2082 6.07 4.57 4.57 6.28 5.64 5.64

2083 6.08 4.57 4.57 6.29 5.64 5.64

2084 6.08 4.57 4.57 6.30 5.64 5.64

2085 6.09 4.56 4.56 6.30 5.63 5.63

2086 6.10 4.56 4.56 6.31 5.63 5.63

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore

Table 1c - Present Law and Proposal Cost, Expenditures, and Income: As Percent of Gross Domestic Product

March 29, 2013

Social Security Administration

Present Law OASDI Proposal OASDI

Calendar

Year

Based on Intermediate Assumptions of the 2012 Trustees Report. Office of the Chief Actuary
Year

Present Law OASDI

Trust Fund Assets /

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 Assets /

Unfunded Obligation

Through End of Year

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

2012 2,626.1 0.0 0.0 0.0 0.0 2,626.1

2013 2,563.5 0.0 0.0 0.0 0.0 2,563.5

2014 2,504.0 0.0 0.0 0.0 0.0 2,504.0

2015 2,445.4 19.8 9.6 10.2 10.2 2,455.6

2016 2,389.0 41.7 13.7 28.0 38.2 2,427.2

2017 2,334.6 64.3 13.8 50.5 88.7 2,423.2

2018 2,278.0 87.3 14.0 73.3 162.0 2,439.9

2019 2,211.2 109.1 14.4 94.7 256.7 2,467.9

2020 2,130.5 130.2 14.8 115.4 372.0 2,502.5

2021 2,034.1 144.6 15.3 129.3 501.4 2,535.4

2022 1,919.6 158.7 15.8 142.8 644.2 2,563.8

2023 1,787.1 172.0 16.4 155.7 799.9 2,587.0

2024 1,637.9 184.6 16.9 167.7 967.6 2,605.5

2025 1,473.7 183.8 17.6 166.2 1,133.8 2,607.5

2026 1,296.2 181.7 18.3 163.4 1,297.2 2,593.4

2027 1,106.7 179.4 19.1 160.3 1,457.6 2,564.2

2028 907.3 177.2 19.8 157.4 1,615.0 2,522.2

2029 700.0 175.0 20.5 154.5 1,769.4 2,469.4

2030 486.3 172.8 21.2 151.6 1,921.0 2,407.3

2031 268.0 170.6 21.9 148.7 2,069.7 2,337.7

2032 47.0 168.7 22.6 146.0 2,215.8 2,262.7

2033 -175.3 166.8 23.3 143.4 2,359.2 2,183.9

2034 -397.4 164.9 24.0 140.9 2,500.1 2,102.7

2035 -618.4 163.1 24.6 138.5 2,638.6 2,020.3

2036 -837.5 161.3 25.2 136.1 2,774.7 1,937.2

2037 -1,054.2 159.5 25.8 133.7 2,908.4 1,854.2

2038 -1,267.7 157.8 26.3 131.5 3,039.9 1,772.2

2039 -1,477.4 156.1 26.8 129.3 3,169.2 1,691.8

2040 -1,682.8 154.4 27.2 127.2 3,296.3 1,613.6

2041 -1,883.9 152.6 27.6 125.1 3,421.4 1,537.6

2042 -2,080.7 150.9 27.8 123.1 3,544.6 1,463.9

2043 -2,273.4 149.2 28.0 121.2 3,665.8 1,392.4

2044 -2,462.4 147.5 28.1 119.4 3,785.2 1,322.8

2045 -2,647.8 145.8 28.1 117.7 3,902.9 1,255.2

2046 -2,829.7 144.1 28.0 116.0 4,019.0 1,189.3

2047 -3,008.1 142.3 27.9 114.4 4,133.4 1,125.3

2048 -3,183.3 140.6 27.7 112.8 4,246.2 1,062.9

2049 -3,355.4 138.8 27.6 111.3 4,357.5 1,002.1

2050 -3,524.5 137.1 27.3 109.8 4,467.3 942.8

2051 -3,691.0 135.4 27.1 108.3 4,575.6 884.6

2052 -3,855.2 133.7 26.8 106.9 4,682.4 827.2

2053 -4,017.4 132.0 26.5 105.5 4,787.9 770.6

2054 -4,177.7 130.3 26.2 104.1 4,892.1 714.4

2055 -4,336.3 128.7 25.8 102.9 4,994.9 658.7

2056 -4,493.3 127.0 25.4 101.6 5,096.5 603.2

2057 -4,648.9 125.4 25.1 100.3 5,196.9 548.0

2058 -4,802.8 123.8 24.7 99.1 5,295.9 493.1

2059 -4,955.1 122.2 24.3 97.9 5,393.8 438.7

2060 -5,105.7 120.6 24.0 96.6 5,490.5 384.8

2061 -5,254.5 119.1 23.7 95.4 5,585.9 331.4

2062 -5,401.5 117.6 23.4 94.3 5,680.2 278.6

2063 -5,546.9 116.1 23.0 93.1 5,773.2 226.3

2064 -5,690.7 114.7 22.7 91.9 5,865.2 174.4

2065 -5,833.1 113.2 22.4 90.7 5,955.9 122.8

2066 -5,974.2 111.8 22.2 89.6 6,045.5 71.3

2067 -6,114.2 110.3 21.9 88.4 6,133.9 19.7

2068 -6,253.2 108.9 21.6 87.3 6,221.2 -31.9

2069 -6,391.2 107.5 21.4 86.2 6,307.4 -83.8

2070 -6,528.4 106.2 21.2 85.0 6,392.4 -136.0

2071 -6,664.6 104.8 20.9 83.9 6,476.3 -188.3

2072 -6,799.8 103.5 20.7 82.8 6,559.2 -240.7

2073 -6,934.1 102.2 20.4 81.8 6,641.0 -293.1

2074 -7,067.4 100.9 20.1 80.8 6,721.8 -345.7

2075 -7,199.8 99.6 19.8 79.8 6,801.5 -398.3

2076 -7,331.2 98.3 19.6 78.8 6,880.3 -450.9

2077 -7,461.5 97.1 19.3 77.8 6,958.1 -503.4

2078 -7,591.0 95.8 19.0 76.8 7,034.9 -556.1

2079 -7,719.6 94.6 18.7 75.9 7,110.8 -608.8

2080 -7,847.5 93.4 18.5 74.9 7,185.8 -661.7

2081 -7,974.6 92.2 18.2 74.0 7,259.8 -714.9

2082 -8,101.1 91.0 18.0 73.1 7,332.8 -768.3

2083 -8,226.9 89.9 17.8 72.1 7,405.0 -822.0

2084 -8,352.1 88.7 17.5 71.2 7,476.1 -875.9

2085 -8,476.6 87.6 17.3 70.3 7,546.4 -930.2

2086 -8,600.6 86.5 17.1 69.3 7,615.7 -984.8

Total 2012-2086 9185.4 1569.7 7615.7

Based on Intermediate Assumptions of the 2012 Trustees Report. Office of the Chief Actuary

Social Security Administration

Ultimate Real Trust Fund Yield of 2.9%.

(Billions of Dollars, Present Value on 1-1-2012)

Table 1d - Change in Long-Range Trust Fund Assets / Unfunded Obligation

March 29, 2013

Bill "Social Security Enhancement and Protection Act of 2013" introduced by Representative Moore