SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

SOCIAL SECURITY

Office of the Chief Actuary

June 28, 2013

The Honorable Marco Rubio

United States Senate

Washington, D.C. 20510

Dear Senator Rubio:

I am writing in response to your request for estimates of the long-range financial effects on 

Social Security of Senate Bill S. 744, as reported out by the Judiciary Committee, amended, and 

passed by the Senate on June 27. The estimates and analysis provided in this letter reflect our 

careful analysis of this extensive Bill, with invaluable assistance from Jon Baselice of your staff

and numerous others working in various sectors of the Federal government. The estimates 

provided here represent a more complete analysis than the preliminary estimates we provided on 

May 8, and include several revisions in expected numbers of individuals affected under the

provisions of the Bill.

We estimate that enactment of this Bill would increase asset reserves for the combined Old-Age 

and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds by $284 billion by 

the end of 2024, and would extend solvency of the OASDI program for an additional 2 years, 

with the projected depletion of combined OASI and DI Trust Fund reserves moving from 2033 

under current law to 2035 under the proposal. All estimates are based on the intermediate 

assumptions of the 2013 Trustees Report. The estimates presented reflect extensive efforts in 

modeling and recreating the recently issued 2013 Trustees Report long-range projections under 

the direction of Deputy Chief Actuary Alice Wade. New population projections were developed 

by Michael Morris, Tiffany Bosley, Mark Bye, and Danielle Huston. New economic and 

revenue projections were developed by Pat Skirvin, Sven Sinclair, Drew Sawyer, and Bill Piet. 

New beneficiary, benefit, and trust fund operation estimates were developed by Christopher 

Chaplain, Dan Nickerson, Michael Clingman, Kyle Burkhalter, Katie Sutton, Rob Baldwin and

Johanna Maleh.

S. 744 as amended would:

 Enhance border security and establish a mandatory system of employment verification 

for all persons newly hired, resulting in almost one-half million fewer undocumented 

immigrants entering the country each year.

 Establish a new Registered Provisional Immigrant (RPI) status permitting 

undocumented individuals residing in the U.S since December 31, 2011 to gain 

immediate legal work status, with an opportunity to become legal permanent residents 

after 5 to 10 years. We estimate nearly 8 million individuals will apply for and receive 

this status.
Page 2 – The Honorable Marco Rubio

 Expand and establish several categories of temporary visas, ultimately increasing the 

annual number of such visas granted by nearly 400 thousand.

 Eliminate backlogs of applicants for permanent legal immigration in numerically limited 

categories (family preference and employment-based), adding about 5 million legal 

permanent residents over the next 10 years.

 Expand limits for future legal permanent immigration, ultimately by about 400 thousand 

per year.

Overall, we estimate that the effect of the provisions of the Bill would ultimately increase net 

annual total immigration into the country by about 200 thousand persons. Net legal immigration 

would be increased by about 300 thousand persons per year, net undocumented immigration 

would be reduced by over 150 thousand persons, and net immigration through temporary visas 

would be increased by over 50 thousand persons per year.

The balance of this letter provides summary and detailed estimates of the effects of enactment of 

the Bill.

Summary of Effects on Actuarial Status

Figure 1 below illustrates the expected change in the combined OASI and DI Trust Fund 

reserves, expressed as a percent of annual program cost, assuming enactment of this Bill. 

Assuming enactment, the OASDI program would be expected to be fully solvent for an 

additional 2 years, under the intermediate assumptions of the 2013 Trustees Report. 

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

beginning of the year to the cost of the program during the year.
Page 3 – The Honorable Marco Rubio

The level of reserves for the theoretical combined OASI and DI Trust Funds would decline from 

330 percent of annual program cost at the beginning of 2013, until these reserves would become 

depleted in 2035 (2 years later than projected depletion under current law). At the time of 

reserve depletion in 2035, the program would be able to pay about 79 percent of then-scheduled 

benefits with continuing taxes (under current law, 77 percent of scheduled benefits are projected 

to be payable in 2033 after depletion). By 2087, 72 percent of benefits scheduled under the 

proposal would be payable, the same percent of scheduled benefits payable under present law. 

The unfunded obligation of the OASDI program through all years after reserve depletion would 

be reduced by enactment of the Bill. The projected unfunded obligation through 2087 would be 

reduced from $9.6 trillion under present law to $9.1 trillion under the Bill.

Enactment of this Bill would reduce the long-range OASDI actuarial deficit from 2.72 percent of 

taxable payroll under current law to 2.51 percent of payroll under the provisions of the Bill.

 

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.
Page 4 – The Honorable Marco Rubio

Figure 2 shows that the estimated cost of the OASDI program expressed as a percent of the 

taxable payroll would be reduced substantially under this proposal through about 2060 as a result 

of increased taxable earnings. Between 2061 and 2075, cost as a percent of payroll would be 

increased very slightly as the many millions of individuals granted RPI status and LPR status 

from reduction of backlogs over the next several years move from working age to retirement age. 

After 2074, cost as a percent of payroll would again be reduced as increased new legal 

immigration, and the added births to additional immigrants, expand the labor force and shift the 

age distribution of the population to somewhat younger ages.

It is also useful to consider the projected cost and income for the OASDI program expressed as a 

percentage of Gross Domestic Product (GDP). Figure 3 below illustrates these levels under both 

present law and this Bill. 

Ultimately, both OASDI cost and non-interest income, expressed as a percent of GDP, are higher 

under the Bill than under present law, even though both are ultimately about the same percent of 

payroll. This occurs because taxable payroll increases more than GDP under the Bill due to 

replacement of undocumented workers in the underground economy (who are reflected in GDP)

with added legal residents paying payroll taxes under the Bill.
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Detailed Financial Results 

Changes in Population, Employment, Beneficiaries, Income, Cost, and GDP

Table A1 provides a summary of changes due to S. 744 for several key demographic, economic, 

and programmatic factors that influence OASDI Trust Fund operations and actuarial status. All 

changes are measured as differences from present-law estimates under the intermediate 

assumptions of the 2013 Trustees Report. 

 Column (1) shows the projected number of individuals having applied for and/or having 

been granted RPI status as of each future year. These projections include those who 

attained RPI and later became legal permanent residents or citizens. The number declines 

as individuals either leave the country or die over the coming decades.

 Column (2) shows the change in the number of individuals with temporary visas 

(excluding RPI) or without current legal authorization. While the number with temporary 

visas will be higher in the future, the number of unauthorized immigrants will be much 

lower, resulting in a reduction for this category.

 Column (3) indicates the change in the projected number of individuals who are citizens 

or legal permanent residents. This number reflects additional births in the U.S. to the 

increased numbers of individuals in the country but excludes individuals who have 

attained this status after being granted RPI.

 Column (4) provides the change in total resident population in the U.S. We project an 

increase in population of nearly 7 million persons by the end of 2024.

 Column (5) indicates the estimated number of additional workers who are covered under 

OASDI and pay payroll taxes in the year. The additional covered workers include 

additional new immigrants and residents who leave the underground economy and pay 

taxes under the provisions of the Bill.

 Column (6) shows the estimated number of additional OASDI beneficiaries in future 

years as a result of the Bill. This number grows slowly as the additional covered workers 

gain insured status and eventually retire or, in some cases, become disabled.

 Column (7) shows the estimated increase in total U.S. employment under the Bill. Total 

employment increases less than covered employment because it includes those in the 

underground economy and, therefore, does not rise when these workers move to the 

taxable economy.

 Column (8) shows the amount of increase in nominal-dollar GDP over the present law 

level for future years through 2024. The increase in GDP in general shows that positive 

effects of this Bill can be expected for the economy as a whole. 
Page 6 – The Honorable Marco Rubio

 Column (9) shows the estimated additional payroll tax revenue through 2024 expected 

from the increase in covered employment in column (5). Assumed earnings levels for the 

added workers range from well below national average for low-skilled persons to well 

above for high skilled workers. The average level of earnings for the additional workers 

is assumed to be lower than the average level for existing workers under current law.

 Column (10) provides projected additional revenue from taxing the benefits of the 

additional beneficiaries through 2024. 

 Column (11) shows the added cost of scheduled benefits estimated for future years. This 

value rises to about $3.0 billion for 2021 and then declines to about 60 percent of that 

level by 2024. The decline in added benefits between 2021 and 2024 occurs despite

consistent increases in the added number of beneficiaries. The decline in benefit cost 

from 2021 to 2024 is the result of a decrease in the growth of the average wage level of 

workers. This decrease is due to the lower-than-average wage level of the large number 

of undocumented immigrants gaining RPI status and of most of the new temporary legal 

immigrants entering the workforce under the Bill. Slower growth in the average wage 

index (AWI) from 2014 to 2018, by a total of about 0.8 percent, results in lower benefit 

levels for all individuals becoming newly eligible for benefits after 2015. Between 2021 

and 2024, these reductions are sufficient to reduce the amount of added OASDI cost 

under the Bill.

Table A2 provides percent changes from present law due to S. 744 for the same key 

demographic, economic, and programmatic factors in Table A1 (columns 2 through 11). These 

percent changes provide an added perspective on the impact of S. 744 on the OASDI program.

Benefit Illustrations

Benefit illustrations are not provided for the proposal because benefit levels would not be 

materially changed from the scheduled benefit levels under current law.

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 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 solvent for an additional 2 years 

assuming enactment of the proposal. The year in which the combined reserves of the OASI and 

DI Trust Funds are projected to deplete would change from 2033 under current law to 2035

under the proposal. Even after depletion of the trust fund reserves, however, the actuarial status 

of the program is improved because continuing income would be sufficient to pay a higher 

percentage of scheduled benefits than under current law. Under current law, 77 percent of 

benefits are projected to be payable at trust fund reserve depletion in 2033, declining to 72

percent payable by 2087. Under this proposal, 100 percent of the scheduled benefits would be 
Page 7 – The Honorable Marco Rubio

fully payable through 2034, and 79 percent would be payable at trust fund reserve depletion in 

2035, declining to 72 percent payable by 2087. 

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

0.21 percent of taxable payroll, from 2.72 percent of payroll under current law to 2.51 percent of 

taxable payroll under the proposal. 

We project annual balances (annual income rate minus annual cost rate) to be improved 

generally for years after 2013 under the proposal. Annual deficits (negative annual balances) are 

projected to be smaller than the deficits projected under current law, with the exception of a brief 

period from 2061 through 2075 when those granted RPI status and those processed from the 

backlog of family preference and employment based immigrant applicants over the next few 

years are receiving benefits, partly offsetting the increased revenue from their payroll taxes in 

earlier years. 

Program Transfers and Asset 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 proposal, expressed in present value dollars discounted to 

January 1, 2013. The table indicates that the proposal includes 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) as estimated with the effects of the Bill, expressed in present 

value dollars, is shown in column 5 for comparison with other values in the table. 

Effect 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 proposal. Table 

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

budget balances for years 2013 through 2024. All values in these tables represent the amount of 

the change from the level projected under current law. 

Table 1b. n shows that the effect of the proposal on unified budget cash flow (column 3) is 

expected to be positive starting for 2013. Column 4 shows that the amount of publicly-held debt 

is projected to be reduced by $284 billion (current dollars) at the end of 2024

Column 4 of Table 1b indicates that the projected effect of implementing this Bill is a reduction, 

starting in 2013, of the Federal debt held by the public, reaching $427 billion in present value by 

the end of 2087. 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 
Page 8 – The Honorable Marco Rubio

the accumulated debt indicated in column 4. Columns 6 and 7 indicate that the 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 2013

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

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

Annual Trust Fund Operations as a Percentage 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 

present law and assuming enactment 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). However, because taxable payroll is increased more 

than GDP under the Bill through increased legal immigration and reduced undocumented 

immigration, both cost and non-interest income ultimately increase as percent of GDP under the 

Bill, while they do not ultimately increase as percent of taxable payroll.

Effects on Trust Fund Reserves and Unfunded Obligations

Table 1d provides estimates of the changes due to the proposal in the level of projected trust 

fund reserves under present law and, for years after trust fund exhaustion, the level of unfunded 

obligations under present law. 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 

$9.6 trillion is reduced to an unfunded obligation of $9.1 trillion. This change is the combination 

of the following: 

 A $2.0 trillion increase in revenue from increased OASDI covered employment and 

taxable earnings (column 2), less

 A $1.5 trillion increase in cost from the additional benefits based on the increase in 

earnings subject to payroll tax that result in increased numbers of insured individuals 

and beneficiaries (column 3).

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

assistance.

Sincerely,

Stephen C. Goss

Chief Actuary

Enclosures
Calendar 

Year

Applied and/or 

Approved for 

RPI 2

Temporary visas 

and 

undocumented, 

excluding RPI

Legal Permasnent 

Residents & 

Citizens (excluding 

RPI) Total 

Workers at 

Any Time 

During the 

Year

Beneficiaries 

at End of Year

Total U.S. 

Employment 

(in millions) 

Nominal GDP 

(in 

millions of $)

Payroll Tax 

Revenue

Revenue from 

Taxation of 

Benefits Cost

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

2014 0.6 -0.3 0.3 0.6 0.3 0.0 0.2 18,272 996 8 199

2015 3.1 -2.5 0.9 1.4 0.9 0.1 0.5 66,161 3,840 27 702

2016 5.5 -4.7 1.5 2.3 2.2 0.1 1.0 126,548 10,105 56 1,344

2017 7.9 -7.1 2.2 3.0 3.5 0.1 1.4 187,671 16,501 84 1,937

2018 7.8 -7.0 2.9 3.7 4.8 0.2 1.8 248,025 22,915 110 2,444

2019 7.8 -7.2 3.5 4.2 5.1 0.2 2.1 301,952 25,805 133 2,780

2020 7.8 -7.3 4.3 4.7 5.5 0.2 2.4 352,126 28,891 152 2,989

2021 7.6 -7.3 5.0 5.3 5.9 0.3 2.6 410,798 32,145 168 3,097

2022 7.4 -7.2 5.8 6.0 6.3 0.3 3.0 476,830 36,112 170 2,900

2023 7.2 -7.1 6.5 6.7 6.6 0.3 3.3 546,256 39,899 154 2,402

2024 7.2 -7.1 6.8 6.9 6.9 0.4 3.5 601,465 43,290 131 1,805

Total Dollar change for 2014-24: 3,336,104 260,499 1,193 22,599

2025 7.2 -7.1 7.1 7.2 7.0 0.4 3.6

2030 6.9 -7.2 8.8 8.5 7.9 1.0 4.1

2035 6.6 -7.4 10.6 9.9 8.6 1.7 4.7

2040 6.3 -7.5 12.5 11.3 9.5 2.5 5.4

2045 5.9 -7.6 14.4 12.8 10.3 3.5 6.0

2050 5.5 -7.6 16.4 14.3 10.9 4.6 6.6

2055 5.0 -7.6 18.5 15.9 11.4 5.6 7.0

2060 4.5 -7.6 20.5 17.3 11.8 6.5 7.4

2065 3.8 -7.6 22.4 18.7 12.2 7.0 7.8

2070 3.1 -7.5 24.3 19.9 12.8 7.3 8.3

2075 2.4 -7.4 26.1 21.0 13.5 7.4 8.9

2080 1.7 -7.4 27.9 22.2 14.2 7.4 9.6

2085 1.1 -7.3 29.6 23.4 14.9 7.6 10.2

1 Estimates of S.744 as passed by the Senate on June 27, 2013.

2

Includes RPI after attainment of LPR or citizen status. Office of the Chief Actuary 

Social Security Administration

June 28, 2013

 Table A1: Changes due to S. 744 Senate Immigration Bill1, measured from estimates under the intermediate assumptions of the 

2013 Trustees Report

U.S. Resident Population at End of Year (in millions)

 OASDI Covered 

Workers and Beneficiaries 

(in millions)

 Annual OASDI Tax Income and Costs 

U.S. Employment and GDP (in millions of $)
Calendar 

Year

Temporary visas 

and 

undocumented, 

excluding RPI

Legal Permasnent 

Residents and 

Citizens 

(excluding RPI) Total 

Workers at 

Any Time 

During the 

Year

Beneficiaries 

at End of Year

Total U.S. 

Employment GDP

Payroll Tax 

Revenue

Revenue 

from 

Taxation of 

Benefits Cost

(2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

2014 -2.1 0.1 0.2 0.2 0.1 0.1 0.1 0.1 0.0 0.0

2015 -16.9 0.3 0.4 0.5 0.1 0.4 0.4 0.5 0.1 0.1

2016 -31.1 0.5 0.7 1.3 0.2 0.6 0.7 1.2 0.2 0.1

2017 -45.1 0.7 0.9 2.1 0.2 0.9 0.9 1.8 0.2 0.2

2018 -43.3 0.9 1.1 2.7 0.2 1.1 1.1 2.3 0.2 0.2

2019 -42.9 1.1 1.2 2.9 0.3 1.3 1.3 2.5 0.3 0.2

2020 -42.8 1.3 1.4 3.1 0.3 1.5 1.5 2.6 0.3 0.2

2021 -41.6 1.5 1.5 3.3 0.4 1.6 1.7 2.8 0.3 0.2

2022 -40.4 1.7 1.7 3.5 0.4 1.8 1.8 3.0 0.3 0.2

2023 -39.2 1.9 1.9 3.7 0.5 2.0 2.0 3.2 0.2 0.2

2024 -38.7 2.0 1.9 3.8 0.5 2.1 2.1 3.3 0.2 0.1

2025 -38.0 2.1 2.0 3.9 0.6 2.2 2.2 3.4 0.2 0.1

2030 -36.2 2.5 2.3 4.2 1.2 2.4 2.4 3.8 0.3 0.3

2035 -35.2 2.9 2.6 4.6 1.8 2.7 2.7 4.1 0.5 0.6

2040 -34.3 3.4 2.9 4.9 2.6 3.0 3.0 4.4 0.9 1.1

2045 -33.4 3.8 3.2 5.1 3.6 3.3 3.3 4.6 1.8 2.0

2050 -32.7 4.2 3.5 5.3 4.7 3.5 3.5 4.8 3.0 3.2

2055 -32.0 4.7 3.8 5.4 5.6 3.7 3.7 4.9 4.1 4.2

2060 -31.5 5.0 4.0 5.5 6.2 3.8 3.8 4.9 5.0 4.9

2065 -31.0 5.4 4.2 5.6 6.5 3.9 3.9 5.0 5.5 5.4

2070 -30.5 5.7 4.4 5.7 6.5 4.1 4.1 5.2 5.5 5.5

2075 -30.0 6.0 4.6 5.9 6.4 4.3 4.3 5.4 5.4 5.4

2080 -29.6 6.3 4.7 6.0 6.3 4.5 4.5 5.5 5.3 5.3

2085 -29.3 6.5 4.9 6.2 6.2 4.7 4.7 5.7 5.3 5.3

1 Estimates of S.744 as passed by the Senate on June 27, 2013. Office of the Chief Actuary 

Social Security Administration

June 28, 2013

 Table A2: Percent Changes due to S. 744 Senate Immigration Bill1, measured from estimates under the intermediate 

assumptions of the 2013 Trustees Report

U.S. Employment and GDP

Percent Change Percent Change Percent Change Percent Change

U.S. Resident Population at End of Year

OASDI Covered Workers and 

Beneficiaries Annual OASDI Tax Income and Costs
Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2013 13.95 12.69 -1.26 330 0.00 0.00 0.00

2014 14.02 12.83 -1.19 315 -0.02 0.00 0.01

2015 13.91 12.86 -1.05 301 -0.06 0.00 0.05

2016 13.77 12.87 -0.89 286 -0.14 -0.01 0.14

2017 13.66 12.89 -0.77 272 -0.22 -0.01 0.21

2018 13.62 12.92 -0.71 259 -0.29 -0.01 0.27

2019 13.75 12.94 -0.81 248 -0.31 -0.01 0.29

2020 13.92 12.95 -0.97 236 -0.33 -0.01 0.32

2021 14.08 12.98 -1.10 225 -0.36 -0.02 0.35

2022 14.30 13.01 -1.30 213 -0.40 -0.02 0.38

2023 14.53 13.02 -1.51 200 -0.44 -0.02 0.42

2024 14.76 13.04 -1.72 188 -0.47 -0.02 0.45

2025 14.98 13.05 -1.93 174 -0.49 -0.02 0.47

2026 15.20 13.06 -2.13 160 -0.51 -0.02 0.49

2027 15.40 13.07 -2.33 146 -0.53 -0.02 0.50

2028 15.60 13.09 -2.51 132 -0.54 -0.02 0.51

2029 15.78 13.10 -2.68 116 -0.55 -0.03 0.52

2030 15.94 13.11 -2.83 100 -0.56 -0.03 0.53

2031 16.07 13.11 -2.96 83 -0.56 -0.03 0.54

2032 16.18 13.12 -3.06 66 -0.57 -0.03 0.54

2033 16.29 13.13 -3.16 48 -0.57 -0.03 0.54

2034 16.36 13.13 -3.23 29 -0.57 -0.03 0.54

2035 16.41 13.14 -3.27 10 -0.57 -0.03 0.54

2036 16.44 13.14 -3.30 ---- -0.57 -0.03 0.54

2037 16.46 13.14 -3.32 ---- -0.56 -0.03 0.54

2038 16.46 13.14 -3.32 ---- -0.56 -0.03 0.53

2039 16.45 13.14 -3.30 ---- -0.55 -0.03 0.52

2040 16.43 13.14 -3.28 ---- -0.54 -0.03 0.51

2041 16.41 13.14 -3.27 ---- -0.52 -0.03 0.49

2042 16.40 13.14 -3.25 ---- -0.50 -0.03 0.47

2043 16.39 13.14 -3.24 ---- -0.48 -0.02 0.45

2044 16.39 13.15 -3.25 ---- -0.45 -0.02 0.43

2045 16.41 13.15 -3.26 ---- -0.42 -0.02 0.40

2046 16.43 13.15 -3.28 ---- -0.39 -0.02 0.37

2047 16.45 13.15 -3.30 ---- -0.36 -0.02 0.34

2048 16.47 13.15 -3.31 ---- -0.33 -0.02 0.31

2049 16.49 13.15 -3.34 ---- -0.29 -0.02 0.28

2050 16.52 13.16 -3.37 ---- -0.26 -0.01 0.25

2051 16.56 13.16 -3.40 ---- -0.23 -0.01 0.22

2052 16.61 13.16 -3.45 ---- -0.20 -0.01 0.19

2053 16.67 13.17 -3.50 ---- -0.16 -0.01 0.16

2054 16.73 13.17 -3.56 ---- -0.14 -0.01 0.13

2055 16.80 13.17 -3.63 ---- -0.11 -0.01 0.10

2056 16.87 13.18 -3.69 ---- -0.08 0.00 0.08

2057 16.94 13.18 -3.76 ---- -0.06 0.00 0.06

2058 17.01 13.19 -3.83 ---- -0.04 0.00 0.04

2059 17.08 13.19 -3.89 ---- -0.02 0.00 0.02

2060 17.14 13.20 -3.95 ---- 0.00 0.00 0.00

2061 17.20 13.20 -4.01 ---- 0.02 0.00 -0.02

2062 17.26 13.20 -4.06 ---- 0.03 0.00 -0.03

2063 17.32 13.21 -4.11 ---- 0.05 0.00 -0.04

2064 17.37 13.21 -4.16 ---- 0.05 0.00 -0.05

2065 17.42 13.21 -4.21 ---- 0.06 0.00 -0.06

2066 17.47 13.21 -4.25 ---- 0.06 0.00 -0.06

2067 17.51 13.22 -4.30 ---- 0.06 0.00 -0.06

2068 17.56 13.22 -4.34 ---- 0.06 0.00 -0.06

2069 17.60 13.22 -4.38 ---- 0.06 0.00 -0.06

2070 17.64 13.22 -4.41 ---- 0.05 0.00 -0.05

2071 17.67 13.23 -4.44 ---- 0.05 0.00 -0.04

2072 17.69 13.23 -4.47 ---- 0.04 0.00 -0.04

2073 17.71 13.23 -4.48 ---- 0.03 0.00 -0.03

2074 17.72 13.23 -4.49 ---- 0.02 0.00 -0.02

2075 17.73 13.23 -4.50 ---- 0.01 0.00 -0.01

2076 17.73 13.23 -4.50 ---- 0.00 0.00 0.00

2077 17.73 13.23 -4.50 ---- -0.01 0.00 0.01

2078 17.72 13.23 -4.49 ---- -0.02 0.00 0.02

2079 17.72 13.23 -4.49 ---- -0.03 0.00 0.03

2080 17.72 13.23 -4.49 ---- -0.04 0.00 0.04

2081 17.73 13.23 -4.50 ---- -0.05 0.00 0.04

2082 17.75 13.23 -4.52 ---- -0.05 0.00 0.05

2083 17.78 13.23 -4.54 ---- -0.06 0.00 0.05

2084 17.81 13.23 -4.57 ---- -0.06 0.00 0.06

2085 17.85 13.24 -4.61 ---- -0.07 0.00 0.06

2086 17.89 13.24 -4.65 ---- -0.07 0.00 0.07

2087 17.94 13.24 -4.70 ---- -0.07 0.00 0.07

2088 17.99 13.25 -4.74 ---- -0.08 0.00 0.07

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

16.35% 13.84% -2.51% 2035 -0.25% -0.04% 0.21%

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

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013

Proposal Change from Present Law

 June 28, 2013

Summarized Rates: OASDI

Year of reserve 

depletion1

Summarized Rates: OASDI

2013 - 2087

Based on Intermediate Assumptions of the 2013 Trustees Report Office of the Chief Actuary

Social Security Administration
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)

2013 0.0 0.0 0.0 2,659.4 16,046.2 2,659.4 2,659.4

2014 0.0 0.0 0.0 2,589.5 16,292.7 2,588.7 2,588.7

2015 0.0 0.0 0.0 2,525.9 16,730.4 2,522.2 2,522.2

2016 0.0 0.0 0.0 2,470.0 17,183.5 2,458.5 2,458.5

2017 0.0 0.0 0.0 2,420.2 17,580.3 2,396.2 2,396.2

2018 0.0 0.0 0.0 2,373.1 17,905.2 2,332.2 2,332.2

2019 0.0 0.0 0.0 2,318.3 18,127.9 2,259.1 2,259.1

2020 0.0 0.0 0.0 2,252.1 18,282.2 2,173.1 2,173.1

2021 0.0 0.0 0.0 2,175.9 18,407.4 2,075.6 2,075.6

2022 0.0 0.0 0.0 2,085.9 18,506.7 1,962.3 1,962.3

2023 0.0 0.0 0.0 1,981.0 18,572.3 1,832.1 1,832.1

2024 0.0 0.0 0.0 1,861.5 18,576.7 1,686.0 1,686.0

2025 0.0 0.0 0.0 1,727.9 18,514.4 1,524.9 1,524.9

2026 0.0 0.0 0.0 1,581.4 18,399.0 1,350.7 1,350.7

2027 0.0 0.0 0.0 1,423.3 18,225.1 1,164.9 1,164.9

2028 0.0 0.0 0.0 1,254.7 18,018.0 968.9 968.9

2029 0.0 0.0 0.0 1,077.1 17,807.8 764.1 764.1

2030 0.0 0.0 0.0 891.9 17,599.7 552.1 552.1

2031 0.0 0.0 0.0 701.1 17,397.0 334.7 334.7

2032 0.0 0.0 0.0 505.7 17,197.2 113.3 113.3

2033 0.0 0.0 0.0 306.7 17,001.1 -111.2 -111.2

2034 0.0 0.0 0.0 105.7 16,815.5 -337.1 -337.1

2035 0.0 0.0 0.0 -95.8 16,638.7 -562.9 -562.9

2036 0.0 0.0 0.0 -296.6 16,467.1 -787.5 -787.5

2037 0.0 0.0 0.0 -496.1 16,298.6 -1,010.1 -1,010.1

2038 0.0 0.0 0.0 -693.4 16,133.9 -1,229.7 -1,229.7

2039 0.0 0.0 0.0 -887.7 15,976.1 -1,445.4 -1,445.4

2040 0.0 0.0 0.0 -1,078.8 15,816.6 -1,656.9 -1,656.9

2041 0.0 0.0 0.0 -1,266.7 15,659.4 -1,864.1 -1,864.1

2042 0.0 0.0 0.0 -1,451.7 15,503.0 -2,067.0 -2,067.0

2043 0.0 0.0 0.0 -1,634.1 15,346.5 -2,265.9 -2,265.9

2044 0.0 0.0 0.0 -1,814.6 15,189.2 -2,461.4 -2,461.4

2045 0.0 0.0 0.0 -1,993.7 15,032.6 -2,653.6 -2,653.6

2046 0.0 0.0 0.0 -2,171.6 14,876.0 -2,843.0 -2,843.0

2047 0.0 0.0 0.0 -2,348.5 14,718.5 -3,029.4 -3,029.4

2048 0.0 0.0 0.0 -2,524.0 14,559.6 -3,212.7 -3,212.7

2049 0.0 0.0 0.0 -2,698.7 14,398.5 -3,393.3 -3,393.3

2050 0.0 0.0 0.0 -2,872.7 14,237.3 -3,571.6 -3,571.6

2051 0.0 0.0 0.0 -3,046.3 14,075.8 -3,747.8 -3,747.8

2052 0.0 0.0 0.0 -3,220.1 13,913.0 -3,922.5 -3,922.5

2053 0.0 0.0 0.0 -3,394.2 13,750.5 -4,096.0 -4,096.0

2054 0.0 0.0 0.0 -3,568.9 13,588.8 -4,268.7 -4,268.7

2055 0.0 0.0 0.0 -3,744.4 13,428.0 -4,440.8 -4,440.8

2056 0.0 0.0 0.0 -3,920.7 13,268.2 -4,612.6 -4,612.6

2057 0.0 0.0 0.0 -4,097.8 13,110.2 -4,784.0 -4,784.0

2058 0.0 0.0 0.0 -4,275.6 12,953.7 -4,955.1 -4,955.1

2059 0.0 0.0 0.0 -4,453.9 12,799.0 -5,125.7 -5,125.7

2060 0.0 0.0 0.0 -4,632.5 12,646.4 -5,295.8 -5,295.8

2061 0.0 0.0 0.0 -4,811.4 12,496.4 -5,465.5 -5,465.5

2062 0.0 0.0 0.0 -4,990.2 12,349.3 -5,634.5 -5,634.5

2063 0.0 0.0 0.0 -5,168.9 12,203.9 -5,802.9 -5,802.9

2064 0.0 0.0 0.0 -5,347.4 12,061.0 -5,970.8 -5,970.8

2065 0.0 0.0 0.0 -5,525.5 11,920.2 -6,138.0 -6,138.0

2066 0.0 0.0 0.0 -5,703.3 11,781.7 -6,304.8 -6,304.8

2067 0.0 0.0 0.0 -5,880.5 11,645.5 -6,471.1 -6,471.1

2068 0.0 0.0 0.0 -6,057.1 11,511.6 -6,636.8 -6,636.8

2069 0.0 0.0 0.0 -6,233.1 11,379.9 -6,802.0 -6,802.0

2070 0.0 0.0 0.0 -6,408.2 11,250.2 -6,966.6 -6,966.6

2071 0.0 0.0 0.0 -6,582.3 11,122.4 -7,130.5 -7,130.5

2072 0.0 0.0 0.0 -6,755.1 10,996.5 -7,293.3 -7,293.3

2073 0.0 0.0 0.0 -6,926.3 10,872.1 -7,454.9 -7,454.9

2074 0.0 0.0 0.0 -7,095.8 10,749.0 -7,615.2 -7,615.2

2075 0.0 0.0 0.0 -7,263.4 10,627.3 -7,774.0 -7,774.0

2076 0.0 0.0 0.0 -7,428.8 10,506.5 -7,931.0 -7,931.0

2077 0.0 0.0 0.0 -7,592.1 10,386.6 -8,086.1 -8,086.1

2078 0.0 0.0 0.0 -7,753.1 10,267.3 -8,239.4 -8,239.4

2079 0.0 0.0 0.0 -7,912.0 10,148.8 -8,390.9 -8,390.9

2080 0.0 0.0 0.0 -8,068.9 10,031.1 -8,540.9 -8,540.9

2081 0.0 0.0 0.0 -8,224.3 9,914.4 -8,689.4 -8,689.4

2082 0.0 0.0 0.0 -8,378.2 9,798.4 -8,836.7 -8,836.7

2083 0.0 0.0 0.0 -8,530.9 9,682.8 -8,983.1 -8,983.1

2084 0.0 0.0 0.0 -8,682.8 9,567.7 -9,128.6 -9,128.6

2085 0.0 0.0 0.0 -8,833.9 9,453.1 -9,273.6 -9,273.6

2086 0.0 0.0 0.0 -8,984.4 9,339.3 -9,418.0 -9,418.0

2087 0.0 0.0 0.0 -9,134.4 9,226.2 -9,561.9 -9,561.9

2088 0.0 0.0 0.0 -9,283.9 9,114.1 -9,705.4 -9,705.4

Total 2013-2087 0.0

Based on the Intermediate Assumptions of the 2013 Trustees Report Office of the Chief Actuary

Ultimate Real Trust Fund Yield of 2.9% Social Security Administration

 June 28, 2013

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.

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013

Proposal General Fund Transfers Present Value in Billions as of 1-1-2013

Proposal

Total OASDI

Trust Fund

Asset Reserves 

at End of Year

Theoretical Social Security1

with Borrowing Authority

Present Value in Billions as of 1-1- 2013 OASDI Trust Fund Reserves at End of Year

Calendar

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)

2013 0.0 0.1 0.1 -0.1 -0.1 0.0 0.0

2014 0.0 0.8 0.8 -0.8 0.8 0.0 0.0

2015 0.0 2.9 2.9 -3.7 2.9 0.0 0.0

2016 0.0 7.8 7.8 -11.5 7.9 0.0 0.0

2017 0.0 12.5 12.5 -24.0 12.9 0.0 0.0

2018 0.0 16.9 16.9 -40.9 17.8 0.0 0.0

2019 0.0 18.3 18.3 -59.2 19.9 0.0 0.0

2020 0.0 19.8 19.8 -79.0 22.1 0.0 0.0

2021 0.0 21.3 21.3 -100.3 24.5 0.0 0.0

2022 0.0 23.4 23.4 -123.6 27.5 0.0 0.0

2023 0.0 25.2 25.2 -148.9 30.6 0.0 0.0

2024 0.0 26.7 26.7 -175.5 33.5 0.0 0.0

2025 0.0 27.4 27.4 -203.0 36.0 0.0 0.0

2026 0.0 27.8 27.8 -230.7 38.3 0.0 0.0

2027 0.0 27.7 27.7 -258.4 40.3 0.0 0.0

2028 0.0 27.4 27.4 -285.8 41.5 0.0 0.0

2029 0.0 27.1 27.1 -313.0 42.8 0.0 0.0

2030 0.0 26.9 26.9 -339.8 44.0 0.0 0.0

2031 0.0 26.5 26.5 -366.4 45.1 0.0 0.0

2032 0.0 26.0 26.0 -392.4 46.1 0.0 0.0

2033 0.0 25.5 25.5 -417.9 46.9 0.0 0.0

2034 0.0 24.9 24.9 -442.8 47.8 0.0 0.0

2035 0.0 24.4 24.4 -467.1 48.6 0.0 0.0

2036 0.0 23.7 23.7 -490.9 49.3 0.0 0.0

2037 0.0 23.1 23.1 -514.0 49.9 0.0 0.0

2038 0.0 22.3 22.3 -536.3 50.4 0.0 0.0

2039 0.0 21.4 21.4 -557.7 50.7 0.0 0.0

2040 0.0 20.4 20.4 -578.1 50.9 0.0 0.0

2041 0.0 19.3 19.3 -597.4 50.9 0.0 0.0

2042 0.0 18.0 18.0 -615.4 50.6 0.0 0.0

2043 0.0 16.5 16.5 -631.9 50.1 0.0 0.0

2044 0.0 14.9 14.9 -646.8 49.4 0.0 0.0

2045 0.0 13.2 13.2 -660.0 48.5 0.0 0.0

2046 0.0 11.4 11.4 -671.4 47.5 0.0 0.0

2047 0.0 9.6 9.6 -680.9 46.3 0.0 0.0

2048 0.0 7.8 7.8 -688.7 45.0 0.0 0.0

2049 0.0 6.0 6.0 -694.7 43.6 0.0 0.0

2050 0.0 4.2 4.2 -698.9 42.2 0.0 0.0

2051 0.0 2.6 2.6 -701.5 40.8 0.0 0.0

2052 0.0 1.0 1.0 -702.4 39.3 0.0 0.0

2053 0.0 -0.6 -0.6 -701.9 37.8 0.0 0.0

2054 0.0 -2.0 -2.0 -699.8 36.3 0.0 0.0

2055 0.0 -3.4 -3.4 -696.5 34.9 0.0 0.0

2056 0.0 -4.6 -4.6 -691.9 33.5 0.0 0.0

2057 0.0 -5.7 -5.7 -686.2 32.1 0.0 0.0

2058 0.0 -6.7 -6.7 -679.5 30.8 0.0 0.0

2059 0.0 -7.7 -7.7 -671.8 29.5 0.0 0.0

2060 0.0 -8.5 -8.5 -663.3 28.2 0.0 0.0

2061 0.0 -9.2 -9.2 -654.1 27.0 0.0 0.0

2062 0.0 -9.8 -9.8 -644.3 25.9 0.0 0.0

2063 0.0 -10.3 -10.3 -634.0 24.9 0.0 0.0

2064 0.0 -10.6 -10.6 -623.4 24.0 0.0 0.0

2065 0.0 -10.9 -10.9 -612.5 23.2 0.0 0.0

2066 0.0 -11.0 -11.0 -601.5 22.5 0.0 0.0

2067 0.0 -11.0 -11.0 -590.6 21.9 0.0 0.0

2068 0.0 -10.9 -10.9 -579.7 21.4 0.0 0.0

2069 0.0 -10.7 -10.7 -568.9 20.9 0.0 0.0

2070 0.0 -10.5 -10.5 -558.4 20.6 0.0 0.0

2071 0.0 -10.2 -10.2 -548.1 20.3 0.0 0.0

2072 0.0 -9.9 -9.9 -538.2 20.0 0.0 0.0

2073 0.0 -9.6 -9.6 -528.6 19.8 0.0 0.0

2074 0.0 -9.2 -9.2 -519.4 19.7 0.0 0.0

2075 0.0 -8.8 -8.8 -510.6 19.6 0.0 0.0

2076 0.0 -8.5 -8.5 -502.1 19.5 0.0 0.0

2077 0.0 -8.1 -8.1 -494.1 19.4 0.0 0.0

2078 0.0 -7.7 -7.7 -486.3 19.3 0.0 0.0

2079 0.0 -7.4 -7.4 -479.0 19.2 0.0 0.0

2080 0.0 -7.1 -7.1 -471.9 19.1 0.0 0.0

2081 0.0 -6.8 -6.8 -465.1 19.0 0.0 0.0

2082 0.0 -6.6 -6.6 -458.5 18.8 0.0 0.0

2083 0.0 -6.4 -6.4 -452.1 18.6 0.0 0.0

2084 0.0 -6.3 -6.3 -445.8 18.4 0.0 0.0

2085 0.0 -6.2 -6.2 -439.7 18.2 0.0 0.0

2086 0.0 -6.1 -6.1 -433.5 17.9 0.0 0.0

2087 0.0 -6.1 -6.1 -427.5 17.6 0.0 0.0

0.0 427.5 427.5

Based on Intermediate Assumptions of the 2013 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)

Billions of Present Value Dollars as of 1-1-2013

Total 2013-87

 June 28, 2013

1

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013
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)

2013 0.0 0.1 0.1 -0.1 0.1 0.0 0.0

2014 0.0 0.8 0.8 -0.9 0.8 0.0 0.0

2015 0.0 3.2 3.2 -4.1 3.3 0.0 0.0

2016 0.0 8.8 8.8 -13.3 9.1 0.0 0.0

2017 0.0 14.6 14.6 -28.8 15.5 0.0 0.0

2018 0.0 20.6 20.6 -51.0 22.2 0.0 0.0

2019 0.0 23.2 23.2 -76.9 25.9 0.0 0.0

2020 0.0 26.1 26.1 -106.9 30.0 0.0 0.0

2021 0.0 29.2 29.2 -141.6 34.7 0.0 0.0

2022 0.0 33.4 33.4 -182.2 40.7 0.0 0.0

2023 0.0 37.7 37.7 -229.6 47.4 0.0 0.0

2024 0.0 41.6 41.6 -284.0 54.3 0.0 0.0

Based on Intermediate Assumptions of the 2013 Trustees Report. Office of the Chief Actuary

Social Security Administration

 June 28, 2013

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013

Billions of Nominal Dollars

1

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

Expenditures

(Payable)

Non-Interest

Income Cost

Expenditures

(Payable)

Non-Interest

Income

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

2013 5.06 5.06 4.60 5.06 5.06 4.60

2014 5.09 5.09 4.65 5.08 5.08 4.65

2015 5.07 5.07 4.67 5.06 5.06 4.68

2016 5.08 5.08 4.71 5.06 5.06 4.73

2017 5.11 5.11 4.75 5.08 5.08 4.79

2018 5.16 5.16 4.80 5.11 5.11 4.85

2019 5.23 5.23 4.82 5.18 5.18 4.87

2020 5.32 5.32 4.84 5.26 5.26 4.89

2021 5.40 5.40 4.86 5.33 5.33 4.91

2022 5.50 5.50 4.87 5.41 5.41 4.92

2023 5.58 5.58 4.87 5.48 5.48 4.91

2024 5.67 5.67 4.86 5.56 5.56 4.91

2025 5.75 5.75 4.86 5.63 5.63 4.91

2026 5.83 5.83 4.85 5.71 5.71 4.90

2027 5.90 5.90 4.85 5.78 5.78 4.90

2028 5.97 5.97 4.85 5.84 5.84 4.90

2029 6.03 6.03 4.85 5.90 5.90 4.90

2030 6.08 6.08 4.84 5.96 5.96 4.90

2031 6.13 6.13 4.84 6.00 6.00 4.90

2032 6.16 6.16 4.84 6.03 6.03 4.89

2033 6.20 5.50 4.84 6.07 6.07 4.89

2034 6.22 4.83 4.83 6.09 6.09 4.89

2035 6.23 4.83 4.83 6.10 5.52 4.88

2036 6.23 4.82 4.82 6.10 4.88 4.88

2037 6.23 4.82 4.82 6.10 4.87 4.87

2038 6.22 4.82 4.82 6.10 4.87 4.87

2039 6.21 4.81 4.81 6.09 4.86 4.86

2040 6.19 4.81 4.81 6.07 4.86 4.86

2041 6.17 4.80 4.80 6.06 4.85 4.85

2042 6.15 4.79 4.79 6.05 4.85 4.85

2043 6.13 4.79 4.79 6.04 4.84 4.84

2044 6.12 4.78 4.78 6.03 4.84 4.84

2045 6.10 4.78 4.78 6.03 4.83 4.83

2046 6.09 4.77 4.77 6.02 4.82 4.82

2047 6.08 4.76 4.76 6.02 4.82 4.82

2048 6.07 4.76 4.76 6.02 4.81 4.81

2049 6.05 4.75 4.75 6.02 4.80 4.80

2050 6.05 4.74 4.74 6.02 4.80 4.80

2051 6.04 4.74 4.74 6.03 4.79 4.79

2052 6.04 4.73 4.73 6.04 4.79 4.79

2053 6.04 4.73 4.73 6.05 4.78 4.78

2054 6.04 4.72 4.72 6.07 4.77 4.77

2055 6.05 4.72 4.72 6.08 4.77 4.77

2056 6.06 4.71 4.71 6.10 4.76 4.76

2057 6.07 4.70 4.70 6.11 4.76 4.76

2058 6.07 4.70 4.70 6.13 4.75 4.75

2059 6.08 4.69 4.69 6.14 4.75 4.75

2060 6.09 4.69 4.69 6.16 4.74 4.74

2061 6.10 4.68 4.68 6.17 4.74 4.74

2062 6.10 4.68 4.68 6.18 4.73 4.73

2063 6.11 4.67 4.67 6.19 4.72 4.72

2064 6.12 4.67 4.67 6.20 4.72 4.72

2065 6.12 4.66 4.66 6.21 4.71 4.71

2066 6.13 4.65 4.65 6.22 4.71 4.71

2067 6.14 4.65 4.65 6.23 4.70 4.70

2068 6.15 4.64 4.64 6.23 4.69 4.69

2069 6.15 4.64 4.64 6.24 4.69 4.69

2070 6.16 4.63 4.63 6.24 4.68 4.68

2071 6.17 4.63 4.63 6.25 4.68 4.68

2072 6.17 4.62 4.62 6.25 4.67 4.67

2073 6.17 4.62 4.62 6.25 4.66 4.66

2074 6.17 4.61 4.61 6.24 4.66 4.66

2075 6.17 4.61 4.61 6.24 4.65 4.65

2076 6.17 4.60 4.60 6.23 4.65 4.65

2077 6.16 4.60 4.60 6.22 4.64 4.64

2078 6.16 4.59 4.59 6.21 4.64 4.64

2079 6.15 4.59 4.59 6.20 4.63 4.63

2080 6.15 4.58 4.58 6.20 4.63 4.63

2081 6.15 4.58 4.58 6.19 4.62 4.62

2082 6.15 4.57 4.57 6.19 4.62 4.62

2083 6.16 4.57 4.57 6.20 4.61 4.61

2084 6.16 4.57 4.57 6.20 4.61 4.61

2085 6.17 4.56 4.56 6.21 4.61 4.61

2086 6.18 4.56 4.56 6.22 4.60 4.60

2087 6.20 4.56 4.56 6.23 4.60 4.60

Calendar

Year

Based on Intermediate Assumptions of the 2013 Trustees Report. Office of the Chief Actuary

Social Security Administration

 June 28, 2013

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013

Present Law OASDI Proposal OASDI
Year

Present 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)

2013 2,659.4 0.1 0.0 0.1 0.1 2,659.4

2014 2,588.7 1.0 0.2 0.8 0.8 2,589.5

2015 2,522.2 3.5 0.6 2.9 3.7 2,525.9

2016 2,458.5 9.0 1.2 7.8 11.5 2,470.0

2017 2,396.2 14.1 1.6 12.5 24.0 2,420.2

2018 2,332.2 18.9 2.0 16.9 40.9 2,373.1

2019 2,259.1 20.5 2.2 18.3 59.2 2,318.3

2020 2,173.1 22.1 2.3 19.8 79.0 2,252.1

2021 2,075.6 23.6 2.3 21.3 100.3 2,175.9

2022 1,962.3 25.4 2.0 23.4 123.6 2,085.9

2023 1,832.1 26.9 1.6 25.2 148.9 1,981.0

2024 1,686.0 27.8 1.2 26.7 175.5 1,861.5

2025 1,524.9 28.3 0.9 27.4 203.0 1,727.9

2026 1,350.7 28.8 1.1 27.8 230.7 1,581.4

2027 1,164.9 29.2 1.5 27.7 258.4 1,423.3

2028 968.9 29.4 2.0 27.4 285.8 1,254.7

2029 764.1 29.6 2.5 27.1 313.0 1,077.1

2030 552.1 29.8 2.9 26.9 339.8 891.9

2031 334.7 29.9 3.4 26.5 366.4 701.1

2032 113.3 30.0 3.9 26.0 392.4 505.7

2033 -111.2 30.0 4.5 25.5 417.9 306.7

2034 -337.1 30.1 5.2 24.9 442.8 105.7

2035 -562.9 30.3 5.9 24.4 467.1 -95.8

2036 -787.5 30.4 6.6 23.7 490.9 -296.6

2037 -1,010.1 30.5 7.5 23.1 514.0 -496.1

2038 -1,229.7 30.6 8.3 22.3 536.3 -693.4

2039 -1,445.4 30.8 9.3 21.4 557.7 -887.7

2040 -1,656.9 30.8 10.4 20.4 578.1 -1,078.8

2041 -1,864.1 30.9 11.6 19.3 597.4 -1,266.7

2042 -2,067.0 31.0 13.0 18.0 615.4 -1,451.7

2043 -2,265.9 31.0 14.5 16.5 631.9 -1,634.1

2044 -2,461.4 31.0 16.1 14.9 646.8 -1,814.6

2045 -2,653.6 31.0 17.8 13.2 660.0 -1,993.7

2046 -2,843.0 30.9 19.5 11.4 671.4 -2,171.6

2047 -3,029.4 30.8 21.3 9.6 680.9 -2,348.5

2048 -3,212.7 30.7 23.0 7.8 688.7 -2,524.0

2049 -3,393.3 30.6 24.6 6.0 694.7 -2,698.7

2050 -3,571.6 30.5 26.2 4.2 698.9 -2,872.7

2051 -3,747.8 30.3 27.7 2.6 701.5 -3,046.3

2052 -3,922.5 30.1 29.2 1.0 702.4 -3,220.1

2053 -4,096.0 29.9 30.5 -0.6 701.9 -3,394.2

2054 -4,268.7 29.7 31.7 -2.0 699.8 -3,568.9

2055 -4,440.8 29.5 32.8 -3.4 696.5 -3,744.4

2056 -4,612.6 29.2 33.8 -4.6 691.9 -3,920.7

2057 -4,784.0 29.0 34.7 -5.7 686.2 -4,097.8

2058 -4,955.1 28.7 35.4 -6.7 679.5 -4,275.6

2059 -5,125.7 28.5 36.1 -7.7 671.8 -4,453.9

2060 -5,295.8 28.2 36.7 -8.5 663.3 -4,632.5

2061 -5,465.5 28.0 37.2 -9.2 654.1 -4,811.4

2062 -5,634.5 27.8 37.6 -9.8 644.3 -4,990.2

2063 -5,802.9 27.5 37.8 -10.3 634.0 -5,168.9

2064 -5,970.8 27.3 37.9 -10.6 623.4 -5,347.4

2065 -6,138.0 27.1 37.9 -10.9 612.5 -5,525.5

2066 -6,304.8 26.9 37.8 -11.0 601.5 -5,703.3

2067 -6,471.1 26.7 37.6 -11.0 590.6 -5,880.5

2068 -6,636.8 26.4 37.4 -10.9 579.7 -6,057.1

2069 -6,802.0 26.3 37.0 -10.7 568.9 -6,233.1

2070 -6,966.6 26.1 36.6 -10.5 558.4 -6,408.2

2071 -7,130.5 25.9 36.1 -10.2 548.1 -6,582.3

2072 -7,293.3 25.7 35.6 -9.9 538.2 -6,755.1

2073 -7,454.9 25.5 35.1 -9.6 528.6 -6,926.3

2074 -7,615.2 25.4 34.6 -9.2 519.4 -7,095.8

2075 -7,774.0 25.2 34.0 -8.8 510.6 -7,263.4

2076 -7,931.0 25.0 33.5 -8.5 502.1 -7,428.8

2077 -8,086.1 24.8 32.9 -8.1 494.1 -7,592.1

2078 -8,239.4 24.7 32.4 -7.7 486.3 -7,753.1

2079 -8,390.9 24.5 31.9 -7.4 479.0 -7,912.0

2080 -8,540.9 24.3 31.4 -7.1 471.9 -8,068.9

2081 -8,689.4 24.1 30.9 -6.8 465.1 -8,224.3

2082 -8,836.7 24.0 30.6 -6.6 458.5 -8,378.2

2083 -8,983.1 23.8 30.2 -6.4 452.1 -8,530.9

2084 -9,128.6 23.6 29.9 -6.3 445.8 -8,682.8

2085 -9,273.6 23.4 29.6 -6.2 439.7 -8,833.9

2086 -9,418.0 23.3 29.4 -6.1 433.5 -8,984.4

2087 -9,561.9 23.1 29.2 -6.1 427.5 -9,134.4

Total 2013-2087 1959.0 1531.5 427.5

Based on Intermediate Assumptions of the 2013 Trustees Report. Office of the Chief Actuary

Social Security Administration

Ultimate Real Trust Fund Yield of 2.9%. June 28, 2013

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

Senate Immigration Bill S. 744 as passed by the Senate on June 27, 2013

(Billions of Dollars, Present Value on 1-1-2013)