Social Security

Memorandum Refer to: TCA

Date: January 31, 2002

To: Daniel Patrick Moynihan and Richard D. Parsons

Co-Chairs, President’s Commission to Strengthen Social Security

From: Stephen C. Goss, Chief Actuary 

Alice H. Wade, Deputy Chief Actuary

Subject: Estimates of Financial Effects for Three Models Developed by the 

President’s Commission to Strengthen Social Security

In the report, titled Strengthening Social Security and Creating Personal Wealth for All 

Americans and initially released on December 21, 2001, the President’s Commission to 

Strengthen Social Security (PCSSS) presented three models for modifying the current 

Social Security program. Each of these models would include provisions for voluntary 

personal accounts and associated offsets to Social Security retirement benefits based on 

the earnings of workers who elect to have personal accounts. 

This memorandum provides a description of the three models, as we understand them, 

and estimates of the expected effects of these models on selected aggregate and 

individual financial measures. The aggregate measures include the financial operations 

of the combined Trust Funds of the Old-Age and Survivors Insurance (OASI) and the 

Disability Insurance (DI) programs, aggregate flows and accumulations for personal 

accounts, effects on annual Federal unified budget balances, and cash flows from the 

General Fund of the Treasury to the OASDI Trust Funds. The individual measures 

include expected future total personal account accumulations and expected total benefit 

levels at retirement, under a range of assumptions. The terms, personal accounts and 

individual accounts, are used interchangeably in this memorandum.

All estimates are based on the intermediate assumptions of the 2001 OASDI Trustees 

Report, with additional assumptions related to returns on private securities, individual 

account and annuity administrative expenses, and individual account participation rates. 

These assumptions are described later in the memorandum. Estimates shown in this 

memorandum reflect the efforts of many individuals in the Office of the Chief Actuary, 

but particularly those of Jason Schultz, Michael Clingman, Michael Miller, Chris 

Chaplain, and Seung An.
2

I. Model 1 Specifications: 2-Percent Personal Account with Benefit Offset

a. Basic Provisions--Modification of OASDI Benefits

Under Model 1, OASDI benefit provisions would be unchanged from the specifications 

of current law. Thus, benefit levels specified in law for those who do not participate in 

the personal account option would be the same as under current law. However, based on 

the intermediate assumptions of the 2001 OASDI Trustees Report, OASDI Trust Funds 

and cash revenue would be insufficient to pay specified benefits through the next 

75 years. Thus, under Model 1, as for current law, future modifications of revenue 

sources and/or benefit provisions would be needed to bring the program into long-range 

solvency. 

b. Individual Accounts and Benefit Offset

Under this model, a voluntary option is provided starting in 2004 for workers covered 

under the OASDI program to have an amount equal to 2 percent of their OASDI taxable 

earnings deposited annually in a personal account. This option would be limited to 

workers who have not yet attained age 55 at the beginning of 2002. 

Account contributions would be collected using the existing structure for collecting 

OASDI payroll tax contributions. In addition, account contributions would be managed 

by a central authority in a manner similar to that of the Federal Employee Thrift Savings 

Plan. Initially, available investment choices would be limited to a first tier of options that 

would include several broad index funds (equity, government bonds, and corporate and 

other bonds) plus several balanced funds. After several years, the board of the central 

authority would expand the options to include a second tier for individuals who had 

accumulated some threshold amount in their account. The second tier, still managed 

centrally, would offer a range of funds provided by approved private investment firms. 

The worker would select an investment firm and the funds offered by that firm. For both 

tiers, the central authority would maintain individual account records and would combine 

account transactions in aggregate amounts when dealing with the private investment 

firms. 

For workers who participate in the individual account option, retirement and aged 

survivor benefits payable based on their earnings will be reduced according to a 

hypothetical account accumulation and annuity computation using a specified “offset 

yield rate”. The offset yield rate for this plan is intended to be (or to average) 3.5 percent 

over price inflation. In practice, the offset yield rate could be computed as either 

(a) 3.5 percent above the realized or expected CPI inflation rate or (b) 0.5 percent above 

the realized or expected market yield on long-term Treasury bonds for each year. 

The hypothetical account accumulation at retirement would be equal to the worker’s 

personal account contributions accumulated using the specified offset yield rate for each 

past year. The retirement (and aged survivor) benefit offset would be equal to the 

computed amount of a CPI-indexed life annuity purchased with this hypothetical 
3

accumulation, and based on the expected future mortality, inflation, and real interest rates 

used for the intermediate assumptions of the most recent OASDI Trustees Report. 

Offset annuities would be based on expected unisex mortality for workers who are not 

married at retirement. Joint and 2/3 survivor life annuities would be computed for 

workers who are married at retirement, reflecting the actual ages of each spouse. 

c. Financing of Individual Account Contributions

Model 1 is described as a flexible framework in which the personal account contributions 

might be financed entirely as a “redirect” of OASI payroll tax revenue, entirely from the 

General Fund of the Treasury, or with some combination of the two. Any portion of the 

contributions based on wages that is financed as a redirect from payroll tax revenue is 

assumed to be divided equally between employee and employer payroll taxes. Three 

variations on Model 1 are provided in the financial estimates in this memorandum all of 

which have a 2-percent total personal account contribution. These are “Model 1 (2+0)” 

with financing of account contributions entirely from OASI payroll tax revenue, 

“Model 1 (1+1)” with half (1-percentage-point) of the financing from payroll taxes and 

the rest from general revenue, and “Model 1 (0+2)” with financing entirely from general 

revenue. 

d. Account Distributions and Taxation

Estimates provided in this memorandum assume that individuals would not have access 

to personal account accumulations prior to retirement. Allowing such access would 

diminish the account balance at retirement and thus the available retirement income 

thereafter. For death before retirement, account balances would be transferred to the 

account of the surviving spouse, if any, and otherwise to the worker’s estate. 

Upon entitlement to OASI benefits as a retired worker, aged spouse, or aged surviving 

spouse, the worker would have access to the account accumulation. Disabled workers 

would have access to their accounts when they convert to become retired worker 

beneficiaries. The benefit estimates in this memorandum assume that all account 

balances would be used to purchase life annuities at retirement. It is assumed that 

married workers would purchase joint and 2/3 survivor annuities. To the extent that 

lump-sum distributions are allowed under the model, monthly retirement annuity income 

would be diminished. 

Personal account and annuity distributions would be treated like OASDI benefits for 

personal income tax purposes. 
4

II. Model 2 Specifications: CPI Indexed OASDI Benefits and 4% (up to $1,000) 

Personal Account with Benefit Offset

Model 2 includes three basic provisions, an optional personal account with benefit offset, 

and a provision for additional transfers from the General Fund of the Treasury to the 

Trust Funds as needed.

a. Basic Provisions--Modification of OASDI Benefits 

1) CPI-Indexed Benefits: Modify the primary insurance amount (PIA) formula factors 

(90, 32, and 15) starting in 2009, reducing them successively by the measured real wage 

growth in the second prior year. Modified PIA factors would be applicable for OASDI 

beneficiaries becoming eligible for benefits in 2009 and later. This provision would 

result in increasing benefit levels for individuals with equivalent lifetime earnings across 

generations (relative to the average wage level) at the rate of price growth (increase in the 

CPI), rather than at the rate of growth in the average wage level as in current law. 

Calculation of the average indexed monthly earnings (AIME) used in computing the PIA 

would be unaffected by this provision. This provision alone would increase the size of 

the long-range OASDI actuarial balance (reduce the actuarial deficit) by an estimated

2.07 percent of taxable payroll. 

2) Enhanced Benefit Level for Low Earners: This provision would gradually raise the 

PIA starting 2009 with an ultimate increase for 2018 and later of 40.4 percent (relative to 

the level provided under provision 1 above) for a 30-year minimum wage worker.1 The 

combined effect of provisions 1 and 2 for such workers is expected to be a PIA equal to 

120 percent of the aged poverty level for 2018. Thereafter the PIA would be indexed by 

the CPI as specified in provision 1, which is the same rate of growth specified for the 

poverty level. 

The provision would provide the same 40.4 percent increase for 30-year workers with 

average earnings below that of the 30-year minimum wage worker. This 40.4 percent 

increase would be reduced for workers with higher career-average earnings levels 

(AIME), reaching 0 for those with AIMEs at twice the level of a 35-year minimum wage 

worker. For workers with more than 30 years of work, the percentage increase is 

maintained at the same level as specified for workers with the same AIME level and only 

30 years of work. However, the percentage increase is reduced for workers with fewer 

than 30 years of work, reaching 0 for those with 20 or fewer years of work. Thus, no 

enhancement is provided by this provision for retirees with 20 or fewer years of 

employment. The year-of-work requirements would be “scaled” to the length of the 

elapsed period from age 22 to benefit eligibility for workers who become disabled or die 

 

1

 The “minimum wage worker” is assumed to work 2000 hours each year at a minimum hourly wage rate of 

$5.15 in 2000 and indexed thereafter by growth in the Social Security average wage index. The minimum 

wage worker is assumed not to work after the calendar year in which age 60 is attained.
5

before reaching age 62.2 The incremental effect of this provision after provision 1 

would be to reduce the size of the long-range OASDI actuarial balance by an estimated 

0.13 percent of taxable payroll. 

The table below illustrates the effect of the benefit enhancement for workers with low 

earnings.

Model 2: Effect of Provision 2: Ultimate Percentage Increase in PIA1 for Retirees with 

No Period of Disability

Increase is Relative to the CPI-Indexed PIA, Starting 2009

Average Earnings Level in Years Worked (2002 wage levels)

Number of Quarters of

Minimum

Wage Low

Minimum

Wage X 2 Medium High Maximum

Years of Coverage $5,000 $11,318 $15,875 $22,635 $35,277 $56,443 $84,900

Work (QCs)

Ultimate Percentage Increase in PIA Due to Provision 2 

10 40 0 0 0 0 0 0 0

15 60 0 0 0 0 0 0 0

20 80 0 0 0 0 0 0 0

25 100 20 20 18 10 0 0 0

30 120 40 40 28 10 0 0 0

35 140 40 35 21 0 0 0 0

40 160 40 35 21 0 0 0 0

1

 Ultimate increase is phased in over 10 years, 2009-18. For workers with a given AIME, the increase 

is the same for 30 or more years of work. Increase reduced to 0 for 20 years of work or less.

Based on intermediate assumptions of the 2001 Trustees Report.

The benefit enhancement under this provision would be computed according to the 

following formula:

For all workers whose AIME is less than twice the AIME for a 35-year minimum wage 

worker, the PIA is multiplied by

1+ applicable percentage × AIME factor × coverage factor.

In the above formula,

• "Applicable percentage" is equal to 4.04 percent for beneficiaries initially eligible in 

2009, 8.08 percent for those initially eligible in 2010, ... , and 40.4 percent for those 

initially eligible in 2018 and later;

 

2

 For example, the PIA of a 15-year minimum wage worker, who becomes disabled at age 42 in 2018, 

would be increased 40.4 percent because this worker had OASDI covered earnings in three fourths of the 

20 elapsed years.
6

• "AIME factor" is equal to 

if AIME A.

if M AIME A

if AIME M

0

(A - AIME)/(A - M) 

1

≥

< <

≤











Here, 

A = Twice the AIME of a 35-year minimum wage worker and

M = AIME for a 30-year minimum wage worker. 

• "Coverage factor" is equal to

if QCs 3 elapsed years.

if 2 elapsed years QCs 3 elapsed years

if QCs 2 elapsed years

 

1

1 (QCs- 3 elapsed years)/elapsed years

0

≥ ×

× < < ×

≤ ×











+ ×

In the above formula for the coverage factor, "QCs" represents the number of quarters of 

coverage earned by the worker prior to benefit eligibility. "Elapsed years" represents the 

number of years starting with the year the worker attains age 22 through the year prior to 

benefit eligibility, excluding periods of disabled worker entitlement.

3) Increased Benefits for Widow(er)s: Starting 2009, pay all aged surviving spouses 

(aged 62 or older) 75 percent of the benefit that would be received by the couple if both 

were still alive (including all applicable actuarial reductions and delayed retirement 

credits), if this is higher than their current benefit. The benefit provided by this option 

would be limited to what the survivor would receive as a retired worker beneficiary with 

a PIA equal to the average PIA of all retired worker beneficiaries for December of the 

year prior to becoming eligible for this option. Actuarial reduction for this limitation 

would be computed as if the survivor had begun receiving a retired worker benefit on the 

earliest of the actual ages upon which benefits began as an aged spouse, an aged 

surviving spouse, or a retired worker beneficiary, but not before 62. The incremental 

effect of this provision after provisions 1 and 2 would be to reduce the size of the longrange OASDI actuarial balance by an estimated 0.08 percent of taxable payroll. 

The total combined effect of the basic provisions 1-3 would be to increase the size of the 

long-range OASDI actuarial balance (reduce the actuarial deficit) by an estimated 1.87 

percent of taxable payroll. 

b. Individual Accounts and Benefit Offset

Under this model, a voluntary option is provided starting in 2004 for workers covered 

under the OASDI program to have an amount equal to 4 percent of their OASDI taxable 

earnings, up to $1,000 (value for 2002, and wage indexed thereafter) deposited annually 

in a personal account. This option would be limited to workers who have not yet attained 

age 55 at the beginning of 2002. 
7

Account contributions would be collected using the existing structure for collecting 

OASDI payroll tax contributions. In addition, account contributions would be managed 

by a central authority in a manner similar to that of the Federal Employee Thrift Savings 

Plan. Initially, available investment choices would be limited to a first tier of options that 

would include several broad index funds (equity, government bonds, and corporate and 

other bonds) plus several balanced funds. After several years, the board of the central 

authority would expand the options to include a second tier for individuals who had 

accumulated some threshold amount in their account. The second tier, still managed 

centrally, would offer a range of funds provided by approved private investment firms. 

The worker would select an investment firm and the funds offered by that firm. For both 

tiers, the central authority would maintain individual account records and would combine 

account transactions in aggregate amounts when dealing with the private investment 

firms. 

For workers who participate in the individual account option, retirement and aged 

survivor benefits payable based on their earnings will be reduced according to a 

hypothetical account accumulation and annuity computation using a specified “offset 

yield rate”. The offset yield rate for this plan is intended to be (or to average) 2 percent 

over price inflation. In practice, the offset yield rate could be computed as either 

(a) 2 percent above the realized or expected CPI inflation rate or (b) 1 percent below the 

realized or expected market yield on long-term Treasury bonds for each year. 

The hypothetical account accumulation at retirement would be equal to the worker’s 

personal account contributions accumulated using the specified offset yield rate for each 

year. The retirement (and aged survivor) benefit offset would be equal to the computed 

amount of a CPI-indexed life annuity purchased with this hypothetical accumulation, and 

based on the expected future mortality, inflation, and real interest rates used for the 

intermediate assumptions of the most recent OASDI Trustees Report. Offset annuities 

would be based on expected unisex mortality for workers who are not married at 

retirement. Joint and 2/3 survivor life annuities would be computed for workers who are 

married at retirement, reflecting the actual ages of each spouse. 

c. Financing of Individual Account Contributions

Model 2 is a framework in which the personal account contributions would be financed 

entirely as a “redirect” of OASI payroll tax revenue. Contributions based on wages are 

assumed to be divided equally between employee and employer payroll taxes. 

d. Account Distributions and Taxation

Estimates provided in this memorandum assume that individuals would not have access 

to personal account accumulations prior to retirement. Allowing such access would 

diminish the account balance at retirement and thus the available retirement income 

thereafter. For death before retirement, account balances would be transferred to the 

account of the surviving spouse, if any, and otherwise to the worker’s estate. 
8

Upon entitlement to OASI benefits as a retired worker, aged spouse, or aged surviving 

spouse, the worker would have access to the account accumulation. Disabled workers 

would have access to their accounts when they convert to retired worker beneficiaries. 

The benefit estimates in this memorandum assume that all account balances would be 

used to purchase life annuities at retirement. It is assumed that married workers would 

purchase joint and 2/3 survivor annuities. To the extent that lump-sum distributions are 

allowed under the model, monthly retirement annuity income would be diminished. 

Personal account and annuity distributions would be treated like OASDI benefits for 

personal income tax purposes. 

e. Provision for Additional Transfers from the General Fund of the Treasury

For any year in which the combined OASDI Trust Funds would fall below 100 percent of 

annual program cost, transfers would be made from the General Fund of the Treasury to 

maintain the Trust Funds at a level equal to annual outgo. This provision is intended to 

assure adequate financing during the “transition” associated with the individual account 

provision described above. To the extent to which workers choose to participate in the 

personal account, payroll tax revenue will be redirected from the Trust Funds beginning 

2009, but benefit offsets associated with this option will not rise to substantial levels for 

many years. This provision would maintain OASDI solvency during the period for which 

individual accounts would reduce the net cash flow to the Trust Funds. This provision 

would have the additional effect of assuring that the OASDI Trust Funds would never 

become exhausted and thus the program would always remain solvent in the future. 

III. Model 3 Specifications: Longevity Indexed OASDI Benefits and 2.5% (up to 

$1,000) Personal Account with Benefit Offset

Model 3 includes six basic provisions, an optional personal account with benefit offset, 

and a provision for additional transfers from the General Fund of the Treasury to the 

Trust Funds as needed.

a. Basic Provisions--Modification of OASDI Benefits and Dedicated Revenue

1) Longevity-Indexed Benefits: This provision would slow the growth across generations 

in the primary insurance amount (PIA) for all OASDI beneficiaries by an amount that 

would roughly offset the effects of increasing longevity on the average duration of 

benefit receipt for aged beneficiaries. Initially, PIA factors (90, 32, and 15) would be 

scheduled to be adjusted by a successive multiplier of 0.995 annually beginning 2009. 

This is about one-half the expected effect of “CPI-Indexing”. This adjustment reduces 

monthly benefit levels by an amount equivalent to increasing the normal retirement age 

(NRA) for retired workers by enough to maintain a constant life expectancy at NRA, for 

any fixed age of benefit entitlement. Calculations of this adjustment use the mortality 

assumptions for the intermediate estimates of the 2001 OASDI Trustees Report and the 

actuarial reduction factors in current law. Under this provision, the 0.995 multiplier 
9

would be updated every 10 years (starting after 2010) to reflect actual historical increases 

in longevity as determined by the Social Security Administration for the most recent 

decade (as 2000 to 2010 for the first adjustment) and actuarial reduction factors in current 

law (without regard to provisions 2, 3, or 4 of this model). Note that this provision would 

apply in addition to the NRA increase already scheduled in current law. This provision 

alone would increase the size of the long-range OASDI actuarial balance (reduce the 

actuarial deficit) by an estimated 1.17 percent of taxable payroll. 

2) Reduce Benefits for High Earners: Gradually reduce the third PIA factor, from 15 to 

10, by 0.25 per year from 2009 through 2028. This reduction would be applied each year 

to the original 15 factor, prior to applying the cumulative effect of provision 1. This 

provision alone would increase the size of the long-range OASDI actuarial balance 

(reduce the actuarial deficit) by an estimated 0.16 percent of taxable payroll. The 

incremental effect of this provision after provision 1 would be to increase the size of the 

long-range OASDI actuarial balance by an estimated 0.14 percent of taxable payroll. 

3) Enhanced Benefit Level for Low Earners: This provision would gradually raise the 

PIA starting 2009 with an ultimate increase for 2018 and later of 12 percent (relative to 

the level provided under provisions 1 and 2 above) for 30-year minimum wage worker.3 

The combined effect of provisions 1, 2, and 3 for such workers is expected to be a PIA 

equal to 100 percent of the aged poverty level for 2018. Thereafter, the PIA would 

increase from one generation to the next at a rate that is expected to be about 0.5 percent 

per year faster than the growth in the CPI and the poverty level. Thus, PIA levels for 

such workers would be expected to rise to levels above 100 percent of the aged poverty 

level after 2018. 

The provision would provide the same 12 percent increase for 30-year workers with 

average earnings below that of the 30-year minimum wage worker. This 12 percent 

increase would be reduced for workers with higher career-average earnings levels 

(AIME), reaching 0 for those with AIMEs equal to one-twelfth the average wage 

indexing series (AWI) for the second year prior to benefit eligibility. For workers with 

the same AIME levels, the percentage increase is raised for those with more than 30 years 

of work, reaching about 1.5 times as much (up to 18 percent) for those with 40 years of

work or more. However, the percentage increase is reduced for workers with fewer than 

30 years of work, reaching 0 for those with 20 or fewer years of work. Thus, no 

enhancement is provided by this provision for retirees with 20 or fewer years of 

employment. The year-of-work requirements would be “scaled” to the length of the 

elapsed period from age 22 to benefit eligibility for workers who become disabled or die 

before reaching age 62.4 The incremental effect of this provision after provisions 1 and 

 

3

 The “minimum wage worker” is assumed to work 2000 hours each year at a minimum hourly wage rate of 

$5.15 in 2000 and indexed thereafter by growth in the Social Security average wage index. The minimum 

wage worker is assumed not to work after the calendar year in which age 60 is attained.

4

 For example, the PIA of a 15-year minimum wage worker, who becomes disabled at age 42 in 2018, 

would be increased 12 percent because this worker had OASDI covered earnings in three fourths of the 20 

elapsed years.
10

2 would be to reduce the size of the long-range OASDI actuarial balance by an estimated 

0.13 percent of taxable payroll. 

The following table illustrates the effect of the benefit enhancement for workers with low 

earnings.

Model 3: Effect of Provision 3: Ultimate Percentage Increase in PIA1 for Retirees with 

No Period of Disability

Increase is Relative to PIA multiplied by 0.995 annually, Starting 2009

Average Earnings Level in Years Worked (2002 wage levels)

Number of Quarters of

Minimum

Wage Low

Minimum

Wage X 2 Medium High Maximum

Years of Coverage $5,000 $11,318 $15,875 $22,635 $35,277 $56,443 $84,900

Work (QCs)

Ultimate Percentage Increase in PIA Due to Provision 3 

10 40 0 0 0 0 0 0 0

15 60 0 0 0 0 0 0 0

20 80 0 0 0 0 0 0 0

25 100 6 6 6 4 2 0 0

30 120 12 12 10 7 2 0 0

35 140 15 14 11 7 0 0 0

40 160 18 17 14 9 0 0 0

1

 Ultimate increase is phased in over 10 years, 2009-18. For workers with a given AIME, the increase 

is greater for more that 30 years of work. Increase reduced to 0 for 20 years of work or less.

Based on intermediate assumptions of the 2001 Trustees Report.

The benefit enhancement under this provision would be computed according to the 

following formula:

For all workers with AIME less than one-twelfth the AWI for 2 years prior to eligibility, 

the PIA is multiplied by

1+ applicable percentage × AIME factor × coverage factor.

In the above formula,

• "Applicable percentage" is equal to 1.2 percent for beneficiaries initially eligible in 

2009, 2.4 percent for those initially eligible in 2010, ... , and 12 percent for those 

initially eligible in 2018 and later;

• "AIME factor" is equal to 

if AIME A

if M AIME A

if AIME M

0

(A - AIME)/(A - M) 

1

≥

< <

≤










11

Here, 

A = AWI for second year before eligibility, divided by 12 and

M = AIME for a 30-year minimum wage worker. 

Note that A as defined for Model 3 is different than A as defined for Model 2.

• "Coverage factor" is equal to the greater of zero and

1+ B× (QCs- 3× elapsed years)/elapsed years

with

otherwise.

if QCs 3 elapsed years

 

1/ 2

1

B

< ×







=

In the above formula for the coverage factor, "QCs" represents the number of 

quarters of coverage earned by the worker prior to benefit eligibility. "Elapsed 

years" represents the number of years starting with the year the worker attains age 

22 through the year prior to benefit eligibility, excluding periods of disabled 

worker entitlement.

4) Modify Actuarial Reduction and Increment Factors: The early retirement reduction 

factors and delayed retirement credits would be changed in an attempt to reflect the fact 

that the marginal increase in the full benefit level (i.e., the PIA) for earnings after 

reaching retirement eligibility age is, generally, relatively small. (Reduction and 

increment factors provided under current law are intended to provide actuarially 

equivalent lifetime benefits for a fixed earnings history regardless of the age at which 

retirement benefits start.) This relatively small marginal increase results from both the 

AIME formula, which uses 35 years of earnings, and the weighted PIA benefit formula. 

Together, these provide a larger marginal amount of benefit per dollar of additional 

earnings for low earners and for earnings earned early in a worker's career. 

This provision is intended to provide a greater marginal incentive to work past the 

retirement earliest eligibility age (EEA). Because the degree of this marginal effect 

depends upon the extent and level of earnings a worker has had in earlier years, no 

absolute adjustment can be provided that would be appropriate for all workers. Rough 

estimates of adjustments to the reduction and increment factors have thus been 

developed.

The chart below displays the proposed monthly early retirement reductions that would be 

applicable for retired worker beneficiaries for the first 36 months for which benefits are 

received prior to NRA under both current law and the provision. (Different factors apply 

to aged spouse beneficiaries and aged widow beneficiaries.)
12

 Monthly Reduction in Benefits for Each of First 36 Months of Retirement 

Before NRA

Age 62 in: 2008 2009 2010 2011 2012 2013+

Present Law 20/36% 20/36% 20/36% 20/36% 20/36% 20/36%

Model 3 20/36% 21/36% 22/36% 23/36% 24/36% 25/36%

Similar increases for aged spouse beneficiaries would be applied, increasing the monthly 

reduction for the first 36 months of entitlement before NRA from 25/36 percent under 

present law to 30/36 percent under the provision.

The reductions that are proposed for the fourth and fifth year of benefit entitlement before 

NRA are 12/24% per month (current law reductions are 10/24% per month) for both 

retired worker and aged spouse beneficiaries. The reductions for the fourth and fifth year 

of entitlement before NRA are applicable to all new eligibles who reach age 62 after 

2008.

The ultimate percentages of PIA payable for retired workers by age at initial benefit 

entitlement are shown in the table below. 

 Ultimate Percent of PIA Payable for Retired Worker Beneficiaries by Age at 

Initial Entitlement to Benefits

Age at Initial 

Entitlement: NRA-5 NRA-4 NRA-3 NRA-2 NRA-1 NRA

Present Law 70 75 80 86.7 93.3 100

Model 3 63 69 75 83.3 91.7 100

The percentage of PIA payable for non-disabled aged widow beneficiaries newly eligible 

at age 60 would remain at 71.5 percent. The percentages payable for those newly eligible 

at ages between 60 and the NRA would scale linearly between 71.5 and 100 percent, as 

under present law. 

The delayed retirement credit (DRC) under present law is scheduled to increase to 8% per 

year for workers attaining age 65 after 2007. Under this provision, the DRC would 

continue to increase at the rate of 0.5 percentage point every two years, with the first new 

increase applied to those attaining age 65 in 2010. An ultimate factor of 10 percentage 

points per year would be reached for workers reaching 65 after 2015. The delayed 

retirement credit applies for those months between NRA and age 70 in which no retired 

worker benefit is received. 
13

Percentage Increase in PIA Per Year of Delayed Retirement after NRA

Age 65 in: 2008-09 2010-11 2012-13 2014-15 2016 & later

Present Law 8 8 8 8 8

Model 3 8 8.5 9 9.5 10

Provision 4 alone would increase the size of the long-range OASDI actuarial balance 

(reduce the actuarial deficit) by an estimated 0.28 percent of taxable payroll.

5) Dedicated Transfers: Provide for dedicated transfers from the General Fund of the 

Treasury to the Trust Funds that would be specified in the law as percentages of OASDI 

effective taxable payroll on a year-by-year basis for years 2005 and later. The specified 

transfers are equal in size to the estimated net revenue that would be expected under two 

provisions (neither of which is specifically included in the model) based on estimates 

under the intermediate assumptions of the 2001 Trustees Report. One of these provisions 

is an increase in the OASDI taxable maximum that would raise the percentage of covered 

earnings taxable gradually to 86 percent between 2005 and 2009, and increase the level to 

maintain 86 percent thereafter. The other provision redirects the portion of the revenue 

from the taxation of OASDI benefits that is currently scheduled for the Medicare HI 

Trust Fund to the OASDI Trust Funds, phased in 10 percent in 2010, 20 percent in 2011, 

..., and 100 percent in 2019 and later. The Commission did not endorse these two 

provisions upon which the amount of the transfer is based. In fact, the Commission 

recommends that the Congress consider a number of possible proposals that might 

provide the revenue specified under this provision. This provision alone would increase 

the size of the long-range OASDI actuarial balance (reduce the actuarial deficit) by an 

estimated 0.63 percent of taxable payroll.

6) Increased Benefits for Widow(er)s: Starting 2009, pay all aged surviving spouses 

(aged 62 or older) 75 percent of the benefit that would be received by the couple if both 

were still alive (including all applicable actuarial reductions and delayed retirement 

credits), if this is higher than their current benefit. The benefit provided by this option 

would be limited to what the survivor would receive as a retired worker beneficiary with 

a PIA equal to the average PIA of all retired worker beneficiaries for December of the 

year prior to becoming eligible for this option. Actuarial reduction for this limitation 

would be computed as if the survivor had begun receiving a retired worker benefit on the 

earliest of the actual ages upon which benefits began as an aged spouse, an aged 

surviving spouse, or a retired worker beneficiary, but not before 62. This provision 

alone would reduce the size of the long-range OASDI actuarial balance by an estimated 

0.08 percent of taxable payroll. 

The total combined effect of the basic provisions 1-6 would be to increase the size of the 

long-range OASDI actuarial balance (reduce the actuarial deficit) by an estimated 1.94 

percent of taxable payroll. 
14

b. Individual Accounts and Benefit Offset

Under this model, a voluntary option is provided starting in 2004 for workers covered 

under the OASDI program to have an amount equal to 2.5 percent of their OASDI 

taxable earnings, up to $1,000 (value for 2002, and wage indexed thereafter) deposited 

annually in a personal account. This option would be limited to workers who have not 

yet attained age 55 at the beginning of 2002. Participation in this option would require 

that the worker contribute an additional 1 percent of OASDI taxable earnings to the 

personal account each year. The 1-percent additional contribution would be subsidized in 

a progressive manner with a refundable tax credit that would be expected to have a cost 

(to the General Fund of the Treasury) of about 0.15 percent of OASDI taxable earnings if 

all workers participated. 

Account contributions would be collected using the existing structure for collecting 

OASDI payroll tax contributions. In addition, account contributions would be managed 

by a central authority in a manner similar to that of the Federal Employee Thrift Savings 

Plan. Initially, available investment choices would be limited to a first tier of options that 

would include several broad index funds (equity, government bonds, and corporate and 

other bonds) plus several balanced funds. After several years, the board of the central 

authority would expand the options to include a second tier for individuals who had 

accumulated some threshold amount in their account. The second tier, still managed 

centrally, would offer a range of funds provided by approved private investment firms. 

The worker would select an investment firm and the funds offered by that firm. For both 

tiers, the central authority would maintain individual account records and would combine 

account transactions in aggregate amounts when dealing with the private investment 

firms.

For workers who participate in the individual account option, retirement and aged 

survivor benefits payable based on their earnings will be reduced according to a 

hypothetical account accumulation and annuity computation using a specified “offset 

yield rate”. This hypothetical account and annuity computation would reflect only the 

personal account contributions provided as a redirect of payroll taxes (i.e., the 2.5 percent 

up to $1,000). The offset yield rate for this plan is intended to be (or to average) 2.5 

percent over price inflation. In practice, the offset yield rate could be computed as either 

(a) 2.5 percent above the realized or expected CPI inflation rate or (b) 0.5 percent below 

the realized or expected market yield on long-term Treasury bonds for each year. 

 

The hypothetical account accumulation at retirement would be equal to the worker’s 

personal account contributions (excluding the additional 1-percent) accumulated using 

the specified offset yield rate for each year. The retirement (and aged survivor) benefit 

offset would be equal to the computed amount of a CPI-indexed life annuity purchased 

with this hypothetical accumulation, and based on the expected future mortality, inflation, 

and real interest rates used for the intermediate assumptions of the most recent OASDI 
15

Trustees Report. Offset annuities would be based on expected unisex mortality for 

workers who are not married at retirement. Joint and 2/3 survivor life annuities would be 

computed for workers who are married at retirement, reflecting the actual ages of each 

spouse. 

c. Financing of Individual Account Contributions

Model 3 is a framework in which the voluntary 1-percent additional personal account 

contributions would be provided by the worker, with a progressive subsidy from the 

General Fund of the Treasury, as described above. For those who participate in the 1-

percent additional contribution, the 2.5-percent (up to $1,000) personal account 

contribution would be financed entirely as a “redirect” of OASI payroll tax revenue. 

Contributions redirected from payroll tax revenue based on wages are assumed to be 

divided equally between employee and employer payroll taxes. 

 

d. Account Distributions and Taxation

Estimates provided in this memorandum assume that individuals would not have access 

to personal account accumulations prior to retirement. Allowing such access would 

diminish the account balance at retirement and thus the available retirement income 

thereafter. For death before retirement, account balances would be transferred to the 

account of the surviving spouse, if any, and otherwise to the worker’s estate. 

Upon entitlement to OASI benefits as a retired worker, aged spouse, or aged surviving 

spouse, the worker would have access to the account accumulation. Disabled workers 

would have access to their accounts when they convert to retired worker beneficiaries. 

The benefit estimates in this memorandum assume that all account balances would be 

used to purchase life annuities at retirement. It is assumed that married workers would 

purchase joint and 2/3 survivor annuities. To the extent that lump-sum distributions are 

allowed under the model, monthly retirement annuity income would be diminished. 

Personal account and annuity distributions would be treated like OASDI benefits for 

personal income tax purposes. 

e. Provision for Additional Transfers from the General Fund of the Treasury

For any year in which the combined OASDI Trust Funds would fall below 100 percent of 

annual program cost, transfers would be made from the General Fund of the Treasury to 

maintain the Trust Funds at a level equal to annual outgo. This provision is provided to 

address the “transition costs” associated with the individual account provision described 

above. To the extent to which workers choose to participate in the personal account, 

payroll tax revenue will be redirected from the Trust Funds beginning 2009, but benefit 

offsets associated with this option will not rise to substantial levels for many years. This 

provision is intended to maintain OASDI solvency during the period for which individual 

accounts would reduce the net cash flow to the Trust Funds. This provision would have 
16

the additional effect of assuring that the OASDI Trust Funds would never become 

exhausted and thus the program would always remain solvent in the future. 

IV. Assumptions Used for Financial Estimates

All estimates provided to the Commission have been based on the intermediate 

assumptions of the 2001 OASDI Trustees Report. This includes the ultimate assumption 

of a 3-percent ultimate real annual yield on long-term U.S. Treasury bonds (based on the 

effective market yield of all marketable Treasury bonds with a remaining duration of 

more than 4 years). A number of additional assumptions have been made for these 

estimates, as indicated below.

a. Personal Account Participation

Participation in the personal accounts would be optional in each of the three models 

developed by the Commission. The proportion of workers who would voluntarily 

participate cannot be determined with any degree of certainty. For this reason, estimates 

of the aggregate financial status of the Trust Funds, the effect on the Federal Unified 

Budget balance, and the effect on individual benefit levels are presented in this 

memorandum for three different levels of participation, 0 percent, 67 percent, and 100 

percent. 

Estimates for the basic provisions of each model represent the aggregate financial effects 

assuming no voluntary participation in personal accounts. Estimates presented for 67-

percent participation are based on the assumption that two thirds of all potential personal 

account contributions are made. This condition could exist if two thirds of workers at 

every level of earnings participated. This condition could also be met, for example, if 

more than two thirds of high earners participated and less than two thirds of the 

remaining earners participated. Due to the size of the personal account contributions and 

the nature of the benefit offset provisions, aggregate financial estimates for these models 

are not very sensitive to the precise distribution of participation rates by earnings level, 

assuming that two thirds of all potential personal account contributions are made.

However, due to the nature of the three models, their likely levels of participation would 

differ. For Model 1, participation would be expected to be well below 100 percent 

because the benefit offset for participants would be expected to exceed the annuity 

distribution from the accumulation in a conservatively invested personal account (for 

example an account invested solely in long-term U.S. Treasury bonds). However, 

individuals who are interested in investing a substantial portion of their account in 

equities could expect to gain from participating. Thus, the assumption for 67-percent 

participation is likely to be the most appropriate of the three assumptions for Model 1. 

For Model 2, participation would be expected to be higher. If the benefit offset yield rate 

is computed as 2 percent above the realized or expected inflation rate, actual net yields on 

personal accounts would generally, but not always, exceed the benefit offset yield rate. 
17

Due to this uncertainty, the 67-percent participation assumption is likely to be the most 

appropriate of the three assumptions in this case. However, if the benefit offset yield rate 

were computed as 1 percent below the realized or expected market yield on long-term 

Treasury bonds, 100 percent participation is the most appropriate assumption. Near 

universal participation is assumed in this case because Model 2 would provide for a 

benefit offset such that participants would gain by having an account as long as their 

individual account real yields (net of administrative expenses) are not 1 percent or more 

below what would have been achieved by investing solely in long-term Treasury bonds. 

Thus, even the most conservative investor could invest solely in Treasury bonds and be 

assured of coming out ahead as a result, as long as administrative expenses are less than 

100 basis points (this is assumed to be true for the specified accounts).

For Model 3, less than 100 percent participation would be expected, and the 67-percent 

assumption is likely to be the most appropriate of the assumptions considered. 

Participation under Model 3 would be lower than under Model 2 for two reasons. First, 

in order participate, workers would need to make an additional contribution “out of 

pocket” of 1 percent of OASDI taxable earnings. Even with a subsidy of up to one half 

from the General Fund of the Treasury, this additional contribution would result in many 

low earners not participating. Second, for the personal account contribution that is 

financed by redirecting a portion of the worker’s payroll taxes, the benefit offset that will 

later be applied is greater than under Model 2. This would reduce somewhat the 

likelihood of a net gain from opting for the personal account (assuming the benefit offset 

yield rate is computed as 2.5 percent over realized or expected inflation) or reduce the 

size of the assured net gain for the conservative investor (assuming the benefit offset 

yield rate is computed as 0.5 percent below the realized or expected market yield on 

Treasury bonds.). 

b. Personal Account Accumulation

Workers are assumed to maintain personal-account portfolios that would have an average 

distribution of 50 percent in equity, 30 percent in corporate bonds, and 20 percent in U.S. 

Treasury long-term bonds. Equities are assumed to have an ultimate real annual yield of 

6.5 percent, and corporate bonds are assumed to have an ultimate real annual yield of 3.5 

percent, or one half of one percentage point higher than assumed for long-term U.S. 

Treasury bonds. An ultimate assumption of an annual administrative expense of 30 basis 

points is assumed for the accounts in all three models, consistent with the specifications 

of the account management. 

These assumptions are critical for estimates of the expected effect of possible portfolio 

choices and yields on benefit levels. Thus, estimates of expected benefit levels for 

individuals under the models cover a range of possible yields, in order to provide a 

sensitivity analysis. On the other hand, aggregate financial estimates for the Trust Funds 

and the Federal Unified Budget are much less affected by variation in the yield achieved 

on personal accounts (because the benefit offsets are based on Treasury bond yield rates 

and thus are not affected by variations in the real yield on either equities or corporate 

bonds). A relatively small effect on aggregate financial status is realized from variation 
18

in personal account yields, however, because variations in account accumulations and 

distributions would also affect the level of trust-fund revenue derived from the taxation of 

benefits and account distributions. Because this affect is small, no sensitivity analysis to 

account yield assumptions is provided for aggregate financial estimates. 

As mentioned above, the long-term ultimate average real yield on stock investments 

made in the future is assumed to be 6.5 percent, somewhat less than the 7-percent real 

yield that was assumed for the 1994-96 Advisory Council. This reduction in expected 

average yield is consistent with both (1) a growing consensus among economists that the 

market may value equities at somewhat higher average price-to-earnings ratios in the 

future based on broader access and a reduction in the perceived level of risk, and (2) the 

Trustees’ increase in the assumed real yield on treasury bonds from the level assumed in 

1995.

The expected ultimate average real portfolio yield for personal accounts would thus be 

4.6 percent, net of administrative expense and is calculated as follows: 

0.5*6.5% + 0.3*3.5% + 0.2*3.0%- 0.3% = 4.6%. 

Due to the large degree of uncertainty associated with both the average portfolio 

distribution and future returns on equity (and corporate bonds), expected benefit levels 

are provided for two variations on the expected account yield. The first, referred to a 

“Low Yield” reflects an account yield equal to the assumed real return on long-term 

Treasury bonds, or 3 percent, less the administrative expense factor. This illustration is 

consistent with assuming that individuals will:

• Invest more conservatively (100 percent in Treasury bonds), 

• Realize lower-than-expected returns on account assets (by 1.9 percentage points), or 

• View accounts on a “risk-adjusted” basis where all assets are assumed to have an 

ultimate real risk-adjusted return of 3 percent. 

The second variation of the yield assumption is referred to as “High Yield” and is 

consistent with assuming that individuals will:

• Invest more heavily in equity (60 percent rather than 50 percent) and less in bonds 

(24 percent in corporate bonds rather than 30 percent, and 16 percent in Treasury 

bonds rather than 20 percent), or 

• Realize higher-than-expected returns on account assets (0.32 percentage point higher 

on all assets or 0.64 percentage point higher on equities for an ultimate real equity 

yield of over 7.1 percent).

It should be noted that the difference between the central and high yield assumptions is 

smaller than the difference between the central and low yield assumptions. This is not 

intended to suggest that achieving the low yield over a lifetime is as likely as the 

achieving the high yield for an individual who invests 50% in equity, as assumed for the 

central assumption. For this investment portfolio the high yield is assumed to be more 

likely to occur than the low yield. 
19

A range of administrative expense factors was assumed for individual accounts proposed 

by the 1994-96 Advisory Council on Social Security. For the Individual Account (IA) 

plan, individual contributions were assumed to be collected and recorded by a central 

institution, invested in large blocks with financial institutions, and invested in a limited 

number of indexed funds. Based on experience of the Teachers Insurance and Annuity 

Association College Retirement Equities Fund (TIAA-CREF) and the Federal Employee 

Thrift Savings Plan (TSP), it was assumed that the IA plan could be administered with an 

expense of 10.5 basis points per year. For the Personal Security Accounts (PSAs), 

individual accounts were assumed to be invested on an individual basis, resulting in an 

annual administrative expense of 100 basis points. Because the Commission’s 

specifications for personal accounts are closer to the individual accounts for the IA plan 

than to the individual accounts for the PSA plan, an average ultimate administrative 

expense charge of 30 basis points appears to be reasonable. Some additional expense 

over the accounts of the IA plan seems reasonable because investment alternatives are 

intended to be much broader, including, at a minimum, more than one balance fund and 

potentially some actively managed funds. 

c. Personal Account Distributions

Under these models, workers would not have access to account balances before 

retirement, defined as entitlement to Social Security retired worker, aged spouse, or aged 

surviving spouse benefits. In the event of a worker’s death prior to such entitlement, 

the account balance would be transferred to the account of the surviving spouse, if any. 

In the absence of a current spouse, the account assets would pass to the worker’s estate.

Upon the divorce of a worker who has not become entitled to benefits (as described 

above), the worker's personal account assets that accumulated during the marriage 

(including contributions during the marriage and returns on all assets during the 

marriage) are divided equally between the worker's and former spouse's accounts. If the 

worker has already become entitled to benefits (as described above) before the divorce, 

the annuity purchased with account assets will remain in force. 

Any additional assets that accrue to a worker’s account after annuitization, whether due 

to additional work, divorce or inheritance, are assumed to be immediately annuitized 

based on the worker’s then current age and marital status. While full annuitization is 

assumed for the purpose of estimates presented in this memorandum, some degree of 

lump-sum distributions would be allowed under the Commission models. To the extent 

that a lump-sum distribution is selected, the available annuity would be diminished. 

However, the value to the retiree of the partial lump sum distribution would presumably 

be at least as great as the amount of annuity income that is foregone.

Estimates of benefit payments to individuals are computed for two different forms of life 

annuities. These are a CPI-indexed life annuity, and a variable life annuity. For the CPIindexed life annuity, a net real yield equal to the assumed real yield on long-term 

Treasury bonds is assumed. This would require that annuity assets actually be invested 

with an expectation of a higher yield than for Treasury bonds in order to offset the 
20

administrative expense incurred by the annuity provider. For the purpose of these 

estimates, the administrative expense is assumed to be 30 basis points. This low expense 

factor for a CPI-indexed life annuity would likely only be provided by the Federal 

government, or by private financial institutions with special investment arrangements 

with the Federal government. 

For the variable annuity, the “expected” level of monthly retirement income is greater 

because the Commission specified that the variable annuity would be invested in the 

same manner after retirement as before retirement, generally 50 percent in equities. Such 

investment in a variable annuity would lead to substantial variation in annual increases in 

annuity amounts. Increases in annual payments for an annuity at the rate of the increase 

in the CPI could not be assured. In fact, in years when the variable annuity portfolio 

substantially underperformed the expected return, benefit payments from the annuity 

could even be lower than in the prior year. Because of this uncertainty, we believe that 

variable life annuities would be selected by relatively few individuals. Thus, we put 

primary emphasis on estimates reflecting distributions with CPI-indexed life annuities. 

V. Financial Estimates: Aggregate Measures of Effects on OASDI Financing, 

Individual Accounts, and the Federal Unified Budget

The attached tables reflect effects on the financial status of the OASDI program, 

including the benefit offsets based on contributions to personal accounts. For each 

model, the value of these benefit offsets is determined by accumulating the prior account 

contributions at the model-specific benefit offset yield rate (see descriptions of individual 

models above). 

It is important to note that the two methods considered for computing the benefit offset 

yield rate would have the same “expected” effects on net benefit levels and on the 

financial status of the OASDI program. However, these two methods would have 

different effects on the sensitivity of benefit levels and OASDI financial status to 

variation in actual Treasury bond yields. If the benefit offset yield rate is computed as a 

fixed-percentage difference from realized or expected Treasury bond yields, then the net 

benefit level for the conservative investor (who invests solely in Treasury bonds) will be 

insensitive to (unaffected by) variation in actual bond yields. In addition, the sensitivity 

of OASDI financial status will ultimately be about the same as if no one opted for the 

personal accounts because variation in actual bond yields affects the present value of both 

payroll tax revenue redirected for PA contributions and benefit offsets to the same 

degree. But if the benefit offset yield rate is computed as a fixed percentage difference 

from the realized or expected inflation rate, then the sensitivity of net benefit levels to 

variation in actual Treasury bond yields will be much greater and the sensitivity of 

OASDI financial status will be considerably lower. This is true because, for example, a 

lower-than-expected Treasury bond yield will directly reduce the net benefit, dollar for 

dollar (because the offset is unaffected). While on the other hand, the OASDI Trust 

Funds will be partially insulated from the effects of the lower-than-expected bond yield 

because the benefit offset is unaffected. 
21

a. Financial Operations of the Combined OASDI Trust Funds

Attached are eleven tables (on pages 32 - 42) that provide a standard analysis of the 

financial effects of the three models, or plans, on the financial status of the Social 

Security OASDI program. These tables provide annual and 75-year-summarized cost 

rates, income rates, and balances for the OASDI program under the plans with the 

different participation rates described above. The first of these tables provides the 

estimated financial status of the OASDI program under present law. This table also 

reflects the financial status of the OASDI program under Model 1 if 0-percent 

participation in the personal account option were assumed (Model 1 specifies no basic 

changes to the OASDI program).

For Plan (Model) 1, four tables are provided. The first two are based on Plan 1 assuming 

that the 2-percent personal account contribution is financed completely with a redirect of 

OASDI payroll tax revenue. These are Plan 1—67p, which reflects a 2/3 individual 

account participation rate and Plan 1—100p, which reflects a 100 percent individual 

account participation rate. The third table, Plan 1(1+1) 67p, assumes that the 2-percent 

personal account contribution is financed one half with a redirect of OASDI payroll tax 

revenue and one half with General Fund revenue, and that the individual account 

participation rate is 2/3. The fourth table, Plan 1(0+2) 67p, assumes that the 2-percent 

personal account contribution is financed entirely with General Fund revenue, and that 

the individual account participation rate is 2/3. As indicated earlier, the nature of Model 

1 suggests that 2/3 participation is the most reasonable assumption of the three discussed. 

No table is included for zero participation, because in this case, Plan 1 would be the same 

as current law.

For Plan 2, three tables are provided. The first, Basic Plan 2, includes the basic 

provisions of the Plan that affect OASDI benefit levels, but excludes both the individual 

account option and the provision for additional transfers to the Trust Funds from the 

General Fund of the Treasury as needed for OASDI solvency. The second, Plan 2T 67p, 

includes all provisions of the Plan and assumes 2/3 participation in the individual account 

option. The third, Plan 2T 100p, includes all provisions of the Plan and assumes 100 

percent participation in the individual account option. 

For Plan 3, three tables are provided. The first, Basic Plan 3, includes (1) the basic 

provisions of the Plan that affect OASDI benefit levels and (2) the specified, or dedicated 

transfers, from the General Fund of the Treasury starting 2005. However, Basic Plan 3

excludes (1) the individual account option and (2) the provision for additional transfers to 

the Trust Funds from the General Fund of the Treasury as needed for OASDI solvency. 

The second, Plan 3T 67p, includes all provisions of the Plan and assumes 2/3 

participation in the individual account option. The third, Plan 3T 100p, includes all 

provisions of the Plan and assumes 100 percent participation in the individual account 

option. As indicated earlier, the nature of Model 3 suggests that 2/3 participation is the 

most reasonable assumption of the three discussed.
22

The table below summarizes the effects of the three models on the financial status of the 

OASDI Trust Funds under the 67 and 100 percent participation assumptions. More 

detailed analysis is provided in the attached tables.

 Summary of Estimated Model Effects on OASDI Financial Status

OASDI

Actuarial 

Balance 

(percent of payroll)

First Year

Cash Flow 

Becomes 

Negative

Year 

Cash Flow 

Returns to 

Positive

Year of 

OASDI

Trust Fund 

Exhaustion

Present Law -1.86 2016 NA 2038

Model 1 (2+0)

 67% Participation * -2.18 2012 NA 2030

 100% Participation -2.34 2009 NA 2026

Model 1 (1+1)

 67% Participation * -1.57 2014 NA 2034

Model 1 (0+2)

 67% Participation * -0.96 2016 NA 2042

Model 2

 67% Participation * 1/ 0.13 2010 2059 NA

 100% Participation * 1/ 0.16 2006 2058 NA

Model 3

 67% Participation * 0.02 2014 2072 NA

 100% Participation 0.07 2011 2062 NA

* Most likely individual account participation rate.

1/ For Model 2, 67-percent participation is considered more likely if the benefit offset 

yield rate is computed as 2 percent over the realized or expected inflation rate, but 100 

percent participation is considered more likely if computed as 1 percent below the market 

yield on Treasury bonds. 

Based on the intermediate assumptions of the 2001 Trustees Report and other 

assumptions described in the text.

 

For each year 2001 through 2076, the tables also provide:

• The trust fund ratio (TFR) which is defined as OASDI Trust Fund assets as of the 

beginning of the year, expressed as a percentage of the outgo from the OASDI Trust 

Fund during the year; 

• The marginal change in the OASDI contribution rate (contribution rate directed to the 

Trust Funds), which reflects the change, from the prior year, in the OASDI 

contribution rate 1;

• The net OASDI contribution rate; and 

• The change in the net OASDI contribution rate from that specified in current law 

broken out by (1) the change from payroll taxes redirected from the Trust Funds to 

individual account and (2) the change due to transfers from the General Fund to the 

Trust Funds.

 

1

 Includes the amount of payroll taxes redirected from the Trust Funds to individual accounts and the 

transfers from the General Fund to the Trust Funds, expressed as a percent of taxable payroll.
23

b. Additional Aggregate Values for Trust Funds and Personal Accounts

A second set of ten tables for these models is attached (on pages 43 - 52) with a letter “a” 

following the table name. Each of these tables provides three additional sets of values. 

All values are expressed on a present value basis, i.e., current dollar values discounted to 

January 1, 2001 using the projected OASDI Trust Fund yield rates. These values are 

given for each year 2001 through 2076 and include:

• Trust Fund levels under present law (PL) and the Plan as of the end of the year,

• Net current accrual for future benefit offset under the Plan as of the end of the 

year, 

• Annual cash flows of the personal accounts, and

• Personal account accumulations as of the end of the year.

The Trust Fund levels reflect the projected assets accumulated in the OASDI Trust Funds 

at the end of each year. Because the OASDI program does not have legal authority to 

borrow, these assets cannot become negative. Negative values in these tables are 

hypothetical, assuming the Trust Funds were able to borrow when necessary to fully pay 

scheduled benefits, with borrowing at the same interest rate specified for special issues to 

the Trust Funds. A negative value for a specific year represents the unfunded obligation 

for the period 2001 through the specific year.

Net current accrual for future benefit offset under each Plan is the currently accrued 

hypothetical amount of prior personal account contributions based on redirected payroll 

taxes that are expected to be applicable as a benefit offset in the future. This amount 

reflects deductions for accruals that have already been applied as benefit offsets and for 

accruals that were not applied (or are not expected to be applicable in the future) as 

offsets because of death by a worker before reaching retirement. It should be noted that 

these accruals are expressed in present value as of January 1, 2001, discounted at the 

OASDI Trust Fund yield rates, but that these amounts will actually “grow” through time 

at the benefit offset yield rate specified in each Plan. Thus, values of accruals at a 

particular date are not strictly comparable across Plans. It is also important to note that 

these accruals for future benefit offset are not equivalent to Trust Fund assets, as they are 

not available for payment of current benefits if needed. 

Annual dollar flows and accumulations of the personal accounts are presented in the last 

three columns of these tables. These estimates are based on very specific assumptions 

that all personal account assets are converted to CPI-indexed life annuities at retirement 

(see description in the section on assumptions above). In practice, many individuals 

would likely annuitize only part of their personal account accumulation so estimated 

annuity assets are overstated to some degree. However this overstatement might be 

partially offset to the extent that some individuals would choose to purchase a variable 

life annuity, as described above, instead of the CPI-indexed life annuity. Total personal 

account and annuity assets (referred to as IA/Annuity assets in the tables) include both 

the assets of personal accounts held prior to retirement, and the assets held by the annuity 

provider after retirement. If the personal accounts are considered as a part of “Social 
24

Security”, it is reasonable to combine the amounts of Trust Fund assets and personal 

accounts for a representation of total system assets. 

The table below summarizes the effects of the three models on system assets and the net 

current accrual for future benefit offset under each Plan. More detailed analysis is 

provided in the attached tables.

 Summary of Estimated Model Effects on System Assets and Future Obligations As 

of January 1, 2076 (present value in billions of dollars, discounted to 1-1-2001)

OASDI

Trust Fund

Assets 1/

Net Current 

Accrual for Future 

Benefit Offset

Current 

Personal 

Account and 

Annuity Assets

Present Law -3,230 NA NA

Model 1 (2+0)

 67% Participation * -3,826 861 1,080

 100% Participation -4,124 1,291 1,619

Model 1 (1+1)

 67% Participation * -2,708 861 1,080

Model 1 (0+2)

 67% Participation * -1,590 861 1,080

Model 2

 67% Participation * 2/ 380 735 1,290

 100% Participation * 2/ 423 1,102 1,935

Model 3

 67% Participation * 185 673 1,602

 100% Participation 270 1,010 2,401

* Most likely individual account participation rate.

1/ Negative values are the OASDI unfunded obligation for the period 2001 through 2075. 

2/ For Model 2, 67-percent participation is considered more likely if the benefit offset 

yield rate is computed as 2 percent over the realized or expected inflation rate, but 100 

percent participation is considered more likely if computed as 1 percent below the market 

yield on Treasury bonds. 

Based on the intermediate assumptions of the 2001 Trustees Report and other 

assumptions described in the text.

c. Effects on Annual Federal Unified Budget Balances

A third set of ten tables for these models is attached (on pages 53 - 62) with a letter “b” 

following the table name. Each of these tables provides a rough estimate of the effects of 

the Plan on the annual Federal unified budget balance for calendar years 2004 through 

2076. All values in these tables are presented in constant 2001 dollars (i.e., dollar 

amounts that are indexed back to 2001 based on the Consumer Price Index, CPI). 
25

These estimates are based completely on the intermediate assumptions of the 2001 

Trustees Report, including the trust-fund interest assumption (plus additional assumptions 

discussed above), and thus are not consistent with projections made by CBO and OMB 

(which use different assumptions). However, differences in payroll and benefit estimates 

are not large during the first 10 projection years so these values can be viewed as very 

rough approximations of the magnitude of effects on the unified budget balances through 

this period. 

The first column in these tables provides the estimated contributions to personal accounts 

financed by redirecting payroll taxes plus, in the case of Plan 1 (1+1) and Plan 1 (0+2), 

the portion of the contributions financed from the General Fund of the Treasury. These 

contributions by the Federal government count as expenditures for the Federal unified 

budget. 

A second column provides the amount of dedicated General Fund transfers to the Trust 

Funds (beginning 2005) specified for Plan 3, and is blank for other Plans. While these 

values are included in this table, it should be noted that such transfers do not affect the 

unified budget balance. 

The third column provides the estimated amount of OASDI benefit offset based on earlier 

contributions to personal accounts. These benefit offsets reduce the amount paid to 

beneficiaries by the Trust Funds and thus reduce expenditures for the unified budget. 

The fourth column provides the amount of other changes in OASDI cash flow under the 

Plan. These include specified modifications to OASDI benefit levels and changes in 

revenue to the Trust Funds based on taxation of benefits and disbursements from personal 

accounts. Additional transfers from the General Fund to the Trust Funds to achieve 

OASDI solvency are not included in this amount because they do not affect the unified 

budget balance. 

A fifth column provides the estimated amount of income tax credit provided by the 

General Fund as a subsidy for the 1-percent out-of-pocket personal account contributions 

under Plan 3, and is blank for other Plans. This amount is an expenditure for the unified 

budget balance.

The sixth column provides the estimated “Change in Annual Unified Budget Cash Flow” 

for each Plan. This value reflects the amounts in the first 5 columns, and thus excludes 

the effects on interest obligations of the Federal government on publicly held debt.

The seventh column provides the estimated cumulative effect of the Plan through the end 

of the year on the amount of Federal debt held by the public, including interest in these 

changes. Note that these estimates assume that no other changes in Federal spending or 

income will occur other than those directly related to the Plan.

The eighth and final column provides the estimated “Change in Annual Unified Budget 

Balance”, which includes changes in interest obligations to the public. 
26

d. Annual Cash Flows from the General Fund of the Treasury to the OASDI Trust Funds

A fourth set of ten tables for these models is attached (on pages 63 - 72) with a letter “c” 

following the table name. Each of these tables provides the estimated annual net cash 

flow from the General Fund of the Treasury to the OASDI Trust Funds. All values in 

these tables are presented in constant 2001 dollars (i.e., dollar amounts that are indexed 

back to 2001 based on the CPI). 

 For comparison purposes, cash flow estimates are provided in each table for three 

different cases:

• The Plan, assuming borrowing from the General Fund if needed to pay benefits 

(borrowing is expected to occur for Plan 1 only)

• Present Law OASDI modified to allow borrowing from the General Fund to pay 

scheduled benefits, and 

• Present Law OASDI where only benefits payable with current financing 

provisions are being paid.

For each of these cases three columns are provided. The first column shows either 

estimates of the amount of borrowing needed from the General Fund to pay benefits or 

estimates of the amount of transfers from the General Fund as appropriate to the Plan. 

The second column is the estimated total net cash flow from the General Fund to the 

Trust Funds under the Plan, including transfers and borrowing. The third column is the 

total net cash flow for years starting with 2001 through the end of the given year, 

including accumulated interest cash flows for the period. 

e. Aggregate Measures of OASDI Cash Flow for the 75-Year Period

Five aggregate measures of OASDI program cash flow are discussed in this section. The 

first two, actuarial balance and trust fund assets, are initially introduced earlier in this 

section. Aggregate gross cash-flow requirements from General Revenue (measure 4) and 

transition investment (measure 5) are presented in the Commission Report. The 

aggregate net cash-flow requirements from General Revenue, measure 5, is closely

related to measure 4. All values presented below in the discussion of measures 3, 4, and 

5 are based on 2/3 participation and, in the case of Model 1, assume all contributions are 

redirected from payroll taxes (Model 1 (2+0)). 

1) Actuarial Balance: The traditional summary measure of cash flow for the OASDI 

Trust Funds over the 75-year long range valuation period is the actuarial balance. The 

actuarial balance expresses the net cash flow to and from the Trust Funds during the 

valuation period as a percentage of the effective taxable payroll (i.e., the tax base) for the 

period. Also included in the actuarial balance is the level of assets held in the Trust 

Funds at the beginning of the valuation period, and the cost of having a “contingency 

reserve” in the Trust Funds at the end of the period equal to the annual cost of the 

program. All values included in the actuarial balance are calculated on a present value 

basis. Thus, the actuarial balance provides a measure of whether the OASDI program 
27

will have sufficient net cash flow during the period, combined with starting assets in the 

Trust Funds, to allow for payment of scheduled benefits while leaving a reasonable 

contingency reserve at the end of the period. The estimated OASDI actuarial balance for 

present law and for each of the Commission’s Plans is presented in section V.a., above.

2) Trust Fund Assets: The dollar level of assets held in the OASDI Trust Funds (also 

referred to as Trust Fund balance) at the end of the 75-year valuation period provides an 

aggregate measure of the net cash flow of the program over the valuation that is closely 

related to the actuarial balance. The Trust Fund balance at the end of the period, in 

present value terms, is equal to the net cash flow during the period plus the Trust Fund 

balance at the start of the period. In practice, the Trust Fund balance is not permitted to 

become negative because the OASDI program has no statutory authority to borrow. 

However, a theoretical projection of the Trust Fund balance as if borrowing were 

permitted is useful because it allows for a negative value which represents the 

accumulated additional revenue needed to fully pay scheduled benefits throughout the 

valuation period. This negative value, $3.2 trillion in present value dollars (discounted to 

1-1-2001) under present law using the intermediate assumptions of the 2001 Trustees 

Report, is referred to as the “unfunded obligation” for the program. These values are 

presented for present law and each of the Commission’s proposals in section V.b. above.

3) Aggregate Net Cash-Flow Requirements from General Revenue: Aggregate net cashflow requirements from general revenue are more closely related to unified budget 

analysis than to the analysis of the specific financial needs of the Trust Funds. 

Aggregate net cash-flow requirements are computed consistent with the budget 

convention that assumes all scheduled benefits will be paid and that general revenue will 

finance any shortfall in OASDI financing. Moreover, this measure assesses the total cash 

flow from general revenues, including amounts that may be redeemed from Trust Fund 

assets. As a result, the total OASDI net cash-flow requirement from general revenue is 

$4.2 trillion in present value dollars (discounted to 1-1-2001) under present law for the 

75-year period. This is $1 trillion higher than the unfunded obligation for the program, 

the difference being precisely the amount of Trust Fund assets held at the beginning of 

the period. Assuming 2/3 participation in the individual account option in each case, the 

aggregate net cash-flow requirement from general revenue would be $4.8 trillion, $2.3 

trillion, and $2.9 trillion for Models 1, 2, and 3, respectively, in present value dollars as 

of 1-1-2001. Thus, net OASDI cash flow requirements from general revenue are 

increased by $0.6 trillion for Model 1 and reduced by $1.9 trillion and $1.3 trillion for 

Models 2 and 3, respectively. 

4) Aggregate Gross Cash-Flow Requirements from General Revenue: Aggregate gross

cash-flow requirements from general revenue are greater than net cash-flow requirements 

because they consider only years in which the OASDI program has a negative cash flow, 

and ignore years in which cash flow is positive. This approach is consistent with a view 

that years of negative OASDI cash-flow place a burden on general revenue sources that 

cannot be compensated for with positive OASDI cash flow in other years. Under current 

law and the intermediate assumptions of the 2001 Trustees Report, the gross OASDI 

cash-flow requirement from general revenue is $5.1 trillion in present value dollars 
28

(reflecting only years of negative cash flow starting in 2016). Assuming 2/3 

participation in the individual account option in each case, the aggregate gross cash-flow 

requirement from general revenue would be $5.3 trillion, $2.8 trillion, and $3.4 trillion 

for Models 1, 2, and 3, respectively, in present value dollars as of 1-1-2001. Thus, gross 

OASDI cash flow requirements from general revenue are increased by $0.2 trillion for 

Model 1 and reduced by $2.3 trillion and $1.7 trillion for Models 2 and 3, respectively. 

These values are shown as item 3 in the summary table on page 18 of the Commission’s 

Report. 

5) “Transition Investment”: There is no generally-accepted definition of what has been 

loosely referred to as the “transition cost” of changing the OASDI program. The concept 

of “transition investment”, included as item 6 in the summary table on page 18 of the 

Commission’s Report, provides one measure related to this concept. The designation as 

“transition investment” rather than transition cost is reasonable when additional costs are 

generated by a process designed to increase the extent of advance funding for the 

program. 

The concept of “transition investment” adopted by the Commission is related to the 

estimated effects of the proposal on the net annual OASDI program cash-flow balance 

relative to all other entities, assuming borrowing by the Trust Funds were permitted when 

needed to pay benefits specified in the law. This cash flow is referred to as the OASDI 

annual balance (i.e., the difference between annual program cost with the payment of 

benefits specified in the law and annual income, excluding bond redemptions and 

borrowing from the General Fund of the Treasury). 

Transition investment in any year is defined as the extent to which the OASDI net cashflow balance (excluding any borrowing or bond purchase/redemptions from the General 

Fund of the Treasury) is lower under the proposal than under current law. Thus, a year 

for which the OASDI net cash-flow balance is higher under the proposal than under 

current law is deemed to be a year with no transition investment, even though a 

substantial contribution toward advance funding may be occurring. 

This concept of “transition investment” may be evaluated in two different ways. The first 

counts any reduction in the annual net OASDI cash flow balance relative to current law 

(with borrowing authority). This would count a reduction from a present-law positive net 

cash-flow balance to a smaller positive net cash-flow balance under the proposal as 

transition investment. This way is consistent with the view that any positive current-law 

annual net OASDI cash-flow balance would be “saved” in the Trust Funds. Thus, the 

transition investment amount for a year would be the full difference between the net 

OASDI cash flow balances for current law and the proposal.

The second way of interpreting “transition investment” counts only the extent to which 

the net OASDI cash-flow balance is made negative or more negative than under current 

law (with borrowing authority). This would NOT count a reduction in present-law 

positive net OASDI cash-flow balance, except to the extent that the balance is made 

negative by the proposal. This way is consistent with the view that any positive current-
29

law net annual OASDI cash-flow balance for a year would be spent on non-SocialSecurity Federal government obligations. Thus, this transition investment amount for the 

year excludes any current-law surplus. 

“Transition Investment” 1/ Model 1 (2+0) Model 2 Model 3

1. Reduction in annual OASDI net cash-flow balance 

(including general revenue transfers) relative to 

current law. 2/

 In trillions of present value dollars $1.1 $0.9 $0.4

As % of GDP over years included in calculation 0.36 0.49 0.25

2. Extent to which annual OASDI net cash-flow 

balance (including general revenue transfers) is 

negative or more negative than under current law. 3/

 In trillions of present value dollars $0.7 $0.4 $0.1

 As % of GDP over years included in calculation 0.29 0.33 0.10

1/ Difference between net annual OASDI cash-flow balance (income minus cost) of proposed 

model versus present law (with borrowing authority) 

2/ Assumes current-law OASDI surplus would not be “saved” for Social Security financing.

3/ Assumes current-law OASDI surplus would be “saved” for Social Security financing.

Note: Above values assume 2/3 participation for all three models. 

The table above provides estimated values for these two ways of considering the concept 

of “Transition Investment” for the three models developed by the Commission (Model 1 

is with all individual account contributions financed by redirecting payroll tax revenues). 

These values are shown in the summary table on page 23 of the Commission Report. 

The years having a transition investment under the first way (i.e., where any reduction in 

OASDI net cash-flow balance is estimated) are 2004 through 2042, 2004 through 2025, 

and 2004 through 2020, for Models 1, 2, and 3, respectively. The years having a 

transition investment under the second way (i.e., where the estimated net OASDI cashflow balance is made negative or more negative) are 2012 through 2042 for Model 1, 

2010 through 2025 for Model 2, and 2014 through 2020 for Model 3. The dollar values 

given in the above table are present-value totals over these periods. Dividing these totals 

by the present-value total of GDP for the corresponding years yields the values expressed 

as a percent of GDP.

VI. Financial Estimates: Individual Measures of Effects on Retirement Benefits

For the purpose of this analysis, selected hypothetical individuals are assumed to 

participate fully in the available personal account option and to fully annuitize their 

account upon retirement (benefit entitlement) at age 65. Illustrations are provided for 

hypothetical workers retiring at 65 in 2012, 2022, 2032, 2042, 2052, and 2075.

For these hypothetical cases, earnings and personal account contributions are assumed to 

begin at age 21 (22 for steady maximum workers), or in the year 2004 if later. Annuities 

for married couples are assumed to be joint, with the survivor receiving two thirds of the 

monthly payment that is provided while both spouses are alive and entitled for benefits.
30

Four illustrative earnings levels are included. The “scaled” low, medium, and high 

earners have earnings patterns that reflect the relative probability of work and relative 

level of earnings by age during the period 1988-97. The absolute level of earnings in 

each case was set so that the Average Indexed Monthly Earnings (AIME) would be equal 

to that for a “steady” earner with low, average, and high earnings, respectively. For the 

steady average earner, earnings are at the SSA average wage index (AWI) for each year. 

For the steady low earner, earnings are at 45 percent of the AWI. The steady high earner 

has earnings at 160 percent of the AWI. The steady maximum worker is assumed to 

earn at or above the SSA taxable maximum each year prior to retirement. While these 

cases are hypothetical, the PIA for the medium (or steady average) earner is close to the 

median PIA for newly retired worker beneficiaries. See Social Security Administration 

Actuarial Note Number 144 for a full description of these hypothetical cases.

a. Expected Future Total Personal Account Accumulations at Retirement

The table on page 73 titled “Wealth Estimated Accumulation of Personal Account Assets 

at Retirement at Age 65 for Plans 1, 2, and 3" provides estimated accumulated IA assets 

at age 65, just prior to annuitization, for the cases described above. As described in the 

section on assumptions, values are provided for the expected average personal account 

investment portfolio (50 percent in equity, 30 percent in corporate bonds, and 20 percent 

in Treasury bonds), as well as for a “Low Yield” and a “High Yield” sensitivity analysis. 

Estimates are provided in constant 2001 dollars. 

b. Expected Total Benefit Levels at Retirement

Illustrations of benefit levels under these Plans are provided in 12 attached tables (pages 

74 - 85). The first set of 6 tables is based on an assumption of full annuitization of 

personal account assets at retirement with a CPI-indexed life annuity on a joint and 2/3 

survivor basis. This is believed to be the most likely choice for retirees as it would assure 

payments that would increase with the cost of living, and that would match the indexation 

of both OASDI benefit levels and benefit offsets under the Plan. The second set of 6 

tables is based on the assumption of full annuitization of personal account assets with a 

variable annuity invested as before retirement. As discussed in the assumptions section, 

the variable annuity would provide a higher expected payment but could not assure 

increases from one year to the next that would keep up with the cost of living. In 

addition, the Models would permit a partial lump-sum distribution of an individuals 

account balance at retirement. Individuals who take partial lump-sum distributions would 

have lower monthly annuity payments based on the remaining personal account balance.

For each type of annuitization (CPI-indexed or variable), two tables are presented for 

each Plan 1, 2, and 3. One table illustrates the benefit levels of a married worker with a 

spouse who has earnings equal to those of the worker (2-earner couple). The other table 

illustrates the benefit levels of a worker with a non-earner spouse (1-earner couple). 

Monthly benefit estimates are presented in constant 2001 dollars as scheduled under 

present law, and as estimated under the Plan. Benefits are the amount payable based on a 
31

worker’s earnings, and thus reflect one half of the couple's benefit in the 2-earner case, 

and the total couple benefit in the 1-earner case. Both spouses are assumed to reach 65 in 

the same year. Plan (proposal) benefits reflect:

• % Basic Change for All—The percentage change in the benefit scheduled under 

present law based on the basic provisions of the Plan (note that this change 

applies to disability and survivor benefit cases, as well as to retirement cases),

• % for PRA annuity—The estimated monthly amount of the life annuity available 

based on full annuitization of the personal account accumulation assuming both 

spouses retire at age 65, expressed as a percentage of the present law scheduled 

benefit, and

• % for Benefit Offset—The estimated amount of the benefit offset based on 

personal account contributions under the Plan, expressed as a percentage of the 

present law scheduled benefit.

The proposal benefit, reflecting the three factors above is presented in the tables first in 

constant 2001 dollars, but also in relative terms as a :

• Percent of the present law scheduled benefit,

• Percent of the present law payable benefit (reflecting reductions that would be 

needed starting in 2038), and

• Percent of 2001 Real Benefit—This is the ratio of the benefit payable under the 

Plan in constant 2001 dollars, to the amount payable to a worker with a 

comparable relative earnings history who retired at 65 in 2001.

For 2-earner married couples with unequal earnings, results would be between those 

shown for the 2-earner couples with equal earnings and for 1-earner couples. Single-lifeannuity payment for an individual who is not married at retirement would be somewhat 

larger than for a married person with the same personal account. 

Finally, it should be noted that estimates of personal account annuities and benefit offset 

amounts may tend to be somewhat overstated. Mortality for the individual account 

annuities calculated here is assumed to be the average for the total U.S. population, for all 

income levels. In fact, the expected mortality experience of annuitants, weighted by 

amount of assets to be annuitized, would be better (lower death rates) than for the general 

population. Individuals with lower accumulated assets due to lower lifetime earnings, or 

disability prior to retirement, tend to have higher mortality, all else being equal. Thus, 

the use of general-population mortality in these illustrations tends to understate the 

weighted life expectancy of annuitants, and overstate the size of the monthly annuity 

from individual account accumulations. 

Stephen C. Goss 

Alice H. Wade
Present Law Present Law Social Security IA Cntrb 0 %, Ben Offset 0.0 %

 With Ult Real TF Int Rate of 3.0

Marginal Net Changes in OASDI

Change OASDI Contrib Rt from--

Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 12.74 2.26 313 0.000 12.40

2005 10.56 12.75 2.19 335 0.000 12.40

2006 10.64 12.75 2.11 357 0.000 12.40

2007 10.77 12.76 1.99 376 0.000 12.40

2008 10.93 12.78 1.85 393 0.000 12.40

2009 11.12 12.79 1.67 407 0.000 12.40

2010 11.34 12.81 1.47 419 0.000 12.40

2011 11.56 12.81 1.25 428 0.000 12.40

2012 11.83 12.82 0.99 434 0.000 12.40

2013 12.13 12.83 0.70 437 0.000 12.40

2014 12.46 12.84 0.38 437 0.000 12.40

2015 12.80 12.85 0.05 435 0.000 12.40

2016 13.15 12.86 -0.29 430 0.000 12.40

2017 13.52 12.87 -0.64 423 0.000 12.40

2018 13.89 12.89 -1.00 414 0.000 12.40

2019 14.26 12.90 -1.36 403 0.000 12.40

2020 14.63 12.91 -1.72 390 0.000 12.40

2021 14.97 12.93 -2.04 376 0.000 12.40

2022 15.30 12.95 -2.36 362 0.000 12.40

2023 15.62 12.97 -2.65 345 0.000 12.40

2024 15.92 12.99 -2.93 328 0.000 12.40

2025 16.20 13.00 -3.20 310 0.000 12.40

2026 16.46 13.02 -3.44 291 0.000 12.40

2027 16.71 13.04 -3.67 272 0.000 12.40

2028 16.93 13.05 -3.87 251 0.000 12.40

2029 17.11 13.07 -4.05 230 0.000 12.40

2030 17.28 13.08 -4.19 209 0.000 12.40

2031 17.42 13.09 -4.33 186 0.000 12.40

2032 17.55 13.11 -4.44 164 0.000 12.40

2033 17.65 13.12 -4.53 140 0.000 12.40

2034 17.71 13.13 -4.58 117 0.000 12.40

2035 17.74 13.13 -4.61 93 0.000 12.40

2036 17.76 13.14 -4.62 69 0.000 12.40

2037 17.76 13.15 -4.62 44 0.000 12.40

2038 17.76 13.15 -4.60 19 0.000 12.40

2039 17.73 13.15 -4.58 -- 0.000 12.40

2040 17.71 13.16 -4.55 -- 0.000 12.40

2041 17.69 13.16 -4.53 -- 0.000 12.40

2042 17.68 13.17 -4.51 -- 0.000 12.40

2043 17.67 13.17 -4.50 -- 0.000 12.40

2044 17.67 13.17 -4.50 -- 0.000 12.40

2045 17.67 13.18 -4.50 -- 0.000 12.40

2046 17.68 13.18 -4.50 -- 0.000 12.40

2047 17.70 13.18 -4.51 -- 0.000 12.40

2048 17.72 13.19 -4.53 -- 0.000 12.40

2049 17.75 13.19 -4.56 -- 0.000 12.40

2050 17.79 13.20 -4.59 -- 0.000 12.40

2051 17.83 13.20 -4.63 -- 0.000 12.40

2052 17.89 13.21 -4.68 -- 0.000 12.40

2053 17.96 13.22 -4.74 -- 0.000 12.40

2054 18.03 13.22 -4.80 -- 0.000 12.40

2055 18.10 13.23 -4.87 -- 0.000 12.40

2056 18.17 13.24 -4.94 -- 0.000 12.40

2057 18.25 13.24 -5.00 -- 0.000 12.40

2058 18.32 13.25 -5.07 -- 0.000 12.40

2059 18.39 13.25 -5.14 -- 0.000 12.40

2060 18.46 13.26 -5.20 -- 0.000 12.40

2061 18.53 13.27 -5.26 -- 0.000 12.40

2062 18.60 13.27 -5.32 -- 0.000 12.40

2063 18.66 13.28 -5.38 -- 0.000 12.40

2064 18.73 13.28 -5.44 -- 0.000 12.40

2065 18.79 13.29 -5.50 -- 0.000 12.40

2066 18.85 13.30 -5.56 -- 0.000 12.40

2067 18.91 13.30 -5.61 -- 0.000 12.40

2068 18.97 13.31 -5.67 -- 0.000 12.40

2069 19.03 13.31 -5.72 -- 0.000 12.40

2070 19.09 13.31 -5.78 -- 0.000 12.40

2071 19.15 13.32 -5.83 -- 0.000 12.40

2072 19.21 13.32 -5.89 -- 0.000 12.40

2073 19.27 13.33 -5.94 -- 0.000 12.40

2074 19.33 13.33 -5.99 -- 0.000 12.40

2075 19.39 13.34 -6.05 -- 0.000 12.40

2076 19.45 13.34 -6.11 -- 0.000 12.40

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 15.44 13.58 -1.86 0.00

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

Social Security Administration

 January 29, 2002 32
Plan 1(2+0)--67p 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5% IA Cntrb 2.00 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 3.5 66.7% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 3.5 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 11.58 1.10 313 -1.157 11.24 1.16

2005 10.56 11.57 1.01 325 -0.020 11.22 1.18

2006 10.64 11.56 0.91 335 -0.020 11.20 1.20

2007 10.77 11.55 0.78 343 -0.012 11.19 1.21

2008 10.93 11.55 0.62 350 -0.012 11.18 1.22

2009 11.12 11.56 0.44 354 -0.012 11.17 1.23

2010 11.32 11.56 0.24 355 -0.012 11.15 1.25

2011 11.53 11.55 0.02 354 -0.012 11.14 1.26

2012 11.79 11.55 -0.24 351 -0.012 11.13 1.27

2013 12.08 11.55 -0.53 345 -0.012 11.12 1.28

2014 12.39 11.55 -0.84 338 -0.006 11.11 1.29

2015 12.71 11.56 -1.15 327 -0.004 11.11 1.29

2016 13.05 11.57 -1.48 315 -0.005 11.10 1.30

2017 13.39 11.57 -1.82 301 -0.004 11.10 1.30

2018 13.74 11.58 -2.16 285 -0.005 11.09 1.31

2019 14.09 11.59 -2.50 268 -0.004 11.09 1.31

2020 14.43 11.59 -2.83 248 -0.005 11.08 1.32

2021 14.74 11.61 -3.13 228 -0.004 11.08 1.32

2022 15.04 11.63 -3.42 207 -0.003 11.08 1.32

2023 15.32 11.64 -3.68 184 -0.003 11.07 1.33

2024 15.59 11.66 -3.93 161 -0.003 11.07 1.33

2025 15.83 11.67 -4.16 137 -0.003 11.07 1.33

2026 16.05 11.69 -4.37 111 -0.003 11.07 1.33

2027 16.26 11.70 -4.55 85 0.000 11.07 1.33

2028 16.43 11.72 -4.71 58 0.000 11.07 1.33

2029 16.57 11.74 -4.84 31 0.000 11.07 1.33

2030 16.69 11.75 -4.94 2 0.000 11.07 1.33

2031 16.78 11.76 -5.02 -- 0.000 11.07 1.33

2032 16.86 11.78 -5.08 -- 0.000 11.07 1.33

2033 16.90 11.79 -5.12 -- 0.000 11.07 1.33

2034 16.91 11.80 -5.11 -- 0.000 11.07 1.33

2035 16.89 11.80 -5.08 -- 0.000 11.07 1.33

2036 16.85 11.81 -5.04 -- 0.000 11.07 1.33

2037 16.79 11.82 -4.97 -- 0.000 11.07 1.33

2038 16.72 11.82 -4.90 -- 0.000 11.07 1.33

2039 16.63 11.83 -4.81 -- 0.000 11.07 1.33

2040 16.54 11.83 -4.71 -- 0.000 11.07 1.33

2041 16.46 11.84 -4.62 -- 0.000 11.07 1.33

2042 16.38 11.84 -4.54 -- 0.000 11.07 1.33

2043 16.30 11.84 -4.45 -- 0.000 11.07 1.33

2044 16.22 11.85 -4.37 -- 0.000 11.07 1.33

2045 16.15 11.85 -4.30 -- 0.000 11.07 1.33

2046 16.09 11.86 -4.23 -- 0.000 11.07 1.33

2047 16.02 11.87 -4.16 -- 0.000 11.07 1.33

2048 15.97 11.87 -4.10 -- 0.000 11.07 1.33

2049 15.92 11.88 -4.05 -- 0.000 11.07 1.33

2050 15.89 11.88 -4.01 -- 0.000 11.07 1.33

2051 15.88 11.89 -3.99 -- 0.000 11.07 1.33

2052 15.88 11.90 -3.98 -- 0.000 11.07 1.33

2053 15.88 11.91 -3.98 -- 0.000 11.07 1.33

2054 15.90 11.91 -3.98 -- 0.000 11.07 1.33

2055 15.91 11.92 -3.99 -- 0.000 11.07 1.33

2056 15.93 11.93 -4.01 -- 0.000 11.07 1.33

2057 15.96 11.94 -4.02 -- 0.000 11.07 1.33

2058 15.99 11.95 -4.04 -- 0.000 11.07 1.33

2059 16.01 11.95 -4.06 -- 0.000 11.07 1.33

2060 16.04 11.96 -4.08 -- 0.000 11.07 1.33

2061 16.07 11.97 -4.10 -- 0.000 11.07 1.33

2062 16.10 11.98 -4.12 -- 0.000 11.07 1.33

2063 16.13 11.98 -4.15 -- 0.000 11.07 1.33

2064 16.16 11.99 -4.17 -- 0.000 11.07 1.33

2065 16.20 12.00 -4.20 -- 0.000 11.07 1.33

2066 16.23 12.00 -4.23 -- 0.000 11.07 1.33

2067 16.27 12.01 -4.26 -- 0.000 11.07 1.33

2068 16.31 12.01 -4.29 -- 0.000 11.07 1.33

2069 16.35 12.02 -4.33 -- 0.000 11.07 1.33

2070 16.39 12.03 -4.36 -- 0.000 11.07 1.33

2071 16.43 12.03 -4.40 -- 0.000 11.07 1.33

2072 16.47 12.04 -4.44 -- 0.000 11.07 1.33

2073 16.52 12.04 -4.48 -- 0.000 11.07 1.33

2074 16.57 12.05 -4.52 -- 0.000 11.07 1.33

2075 16.62 12.05 -4.56 -- 0.000 11.07 1.33

2076 16.67 12.06 -4.61 -- 0.000 11.07 1.33

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 14.55 12.37 -2.18 -0.32

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset January 29, 2002 33
Plan1(2+0)--100p 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5% IA Cntrb 2.00 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 3.5 100.0% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 3.5 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 11.00 0.52 313 -1.736 10.66 1.74

2005 10.56 10.98 0.42 319 -0.030 10.63 1.77

2006 10.64 10.96 0.31 324 -0.030 10.60 1.80

2007 10.77 10.95 0.18 327 -0.019 10.59 1.81

2008 10.93 10.94 0.01 328 -0.018 10.57 1.83

2009 11.11 10.94 -0.17 327 -0.018 10.55 1.85

2010 11.31 10.94 -0.38 323 -0.018 10.53 1.87

2011 11.52 10.93 -0.59 318 -0.018 10.51 1.89

2012 11.77 10.92 -0.86 310 -0.018 10.50 1.90

2013 12.06 10.91 -1.15 299 -0.018 10.48 1.92

2014 12.35 10.91 -1.45 287 -0.009 10.47 1.93

2015 12.67 10.91 -1.76 273 -0.006 10.46 1.94

2016 12.99 10.92 -2.08 257 -0.008 10.45 1.95

2017 13.33 10.92 -2.41 239 -0.006 10.45 1.95

2018 13.66 10.93 -2.74 220 -0.008 10.44 1.96

2019 14.00 10.93 -3.07 198 -0.006 10.43 1.97

2020 14.33 10.94 -3.39 176 -0.008 10.43 1.97

2021 14.63 10.95 -3.68 152 -0.006 10.42 1.98

2022 14.91 10.96 -3.95 127 -0.004 10.42 1.98

2023 15.18 10.98 -4.20 102 -0.004 10.41 1.99

2024 15.42 10.99 -4.43 75 -0.004 10.41 1.99

2025 15.65 11.01 -4.64 47 -0.004 10.40 2.00

2026 15.85 11.02 -4.83 18 -0.004 10.40 2.00

2027 16.03 11.04 -4.99 -- 0.000 10.40 2.00

2028 16.19 11.05 -5.13 -- 0.000 10.40 2.00

2029 16.30 11.07 -5.24 -- 0.000 10.40 2.00

2030 16.39 11.08 -5.31 -- 0.000 10.40 2.00

2031 16.46 11.10 -5.37 -- 0.000 10.40 2.00

2032 16.51 11.11 -5.40 -- 0.000 10.40 2.00

2033 16.53 11.12 -5.41 -- 0.000 10.40 2.00

2034 16.51 11.13 -5.38 -- 0.000 10.40 2.00

2035 16.46 11.14 -5.32 -- 0.000 10.40 2.00

2036 16.39 11.15 -5.24 -- 0.000 10.40 2.00

2037 16.30 11.15 -5.15 -- 0.000 10.40 2.00

2038 16.20 11.16 -5.04 -- 0.000 10.40 2.00

2039 16.08 11.16 -4.92 -- 0.000 10.40 2.00

2040 15.96 11.17 -4.79 -- 0.000 10.40 2.00

2041 15.84 11.17 -4.67 -- 0.000 10.40 2.00

2042 15.72 11.18 -4.55 -- 0.000 10.40 2.00

2043 15.61 11.18 -4.43 -- 0.000 10.40 2.00

2044 15.50 11.19 -4.31 -- 0.000 10.40 2.00

2045 15.39 11.19 -4.20 -- 0.000 10.40 2.00

2046 15.29 11.20 -4.09 -- 0.000 10.40 2.00

2047 15.19 11.21 -3.98 -- 0.000 10.40 2.00

2048 15.09 11.21 -3.88 -- 0.000 10.40 2.00

2049 15.01 11.22 -3.79 -- 0.000 10.40 2.00

2050 14.95 11.23 -3.72 -- 0.000 10.40 2.00

2051 14.90 11.23 -3.67 -- 0.000 10.40 2.00

2052 14.87 11.24 -3.63 -- 0.000 10.40 2.00

2053 14.85 11.25 -3.60 -- 0.000 10.40 2.00

2054 14.83 11.26 -3.57 -- 0.000 10.40 2.00

2055 14.82 11.27 -3.55 -- 0.000 10.40 2.00

2056 14.82 11.28 -3.54 -- 0.000 10.40 2.00

2057 14.82 11.28 -3.53 -- 0.000 10.40 2.00

2058 14.82 11.29 -3.52 -- 0.000 10.40 2.00

2059 14.82 11.30 -3.52 -- 0.000 10.40 2.00

2060 14.83 11.31 -3.52 -- 0.000 10.40 2.00

2061 14.84 11.32 -3.52 -- 0.000 10.40 2.00

2062 14.85 11.33 -3.52 -- 0.000 10.40 2.00

2063 14.86 11.33 -3.53 -- 0.000 10.40 2.00

2064 14.88 11.34 -3.54 -- 0.000 10.40 2.00

2065 14.90 11.35 -3.55 -- 0.000 10.40 2.00

2066 14.92 11.36 -3.57 -- 0.000 10.40 2.00

2067 14.95 11.36 -3.58 -- 0.000 10.40 2.00

2068 14.97 11.37 -3.60 -- 0.000 10.40 2.00

2069 15.00 11.38 -3.63 -- 0.000 10.40 2.00

2070 15.03 11.38 -3.65 -- 0.000 10.40 2.00

2071 15.07 11.39 -3.68 -- 0.000 10.40 2.00

2072 15.11 11.39 -3.71 -- 0.000 10.40 2.00

2073 15.15 11.40 -3.75 -- 0.000 10.40 2.00

2074 15.19 11.40 -3.78 -- 0.000 10.40 2.00

2075 15.23 11.41 -3.82 -- 0.000 10.40 2.00

2076 15.28 11.41 -3.87 -- 0.000 10.40 2.00

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 14.10 11.76 -2.34 -0.48

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset ** Includes additional net General Fund transfers. January 29, 2002 34
Plan 1(1+1)--67p 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5% IA Cntrb 2.00 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 3.5 66.7% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 3.5 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 12.16 1.68 313 -0.579 11.82 1.16

2005 10.56 12.16 1.60 330 -0.010 11.81 1.18

2006 10.64 12.16 1.51 346 -0.010 11.80 1.20

2007 10.77 12.16 1.39 360 -0.006 11.80 1.21

2008 10.93 12.16 1.24 372 -0.006 11.79 1.22

2009 11.12 12.17 1.06 381 -0.006 11.78 1.23

2010 11.32 12.18 0.86 388 -0.006 11.78 1.25

2011 11.53 12.18 0.65 392 -0.006 11.77 1.26

2012 11.79 12.19 0.39 393 -0.006 11.77 1.27

2013 12.08 12.19 0.11 393 -0.006 11.76 1.28

2014 12.39 12.20 -0.19 389 -0.003 11.76 1.29

2015 12.71 12.21 -0.51 384 -0.002 11.75 1.29

2016 13.05 12.21 -0.83 376 -0.003 11.75 1.30

2017 13.39 12.22 -1.17 366 -0.002 11.75 1.30

2018 13.74 12.23 -1.51 354 -0.003 11.75 1.31

2019 14.09 12.24 -1.84 340 -0.002 11.74 1.31

2020 14.43 12.25 -2.18 325 -0.003 11.74 1.32

2021 14.74 12.27 -2.47 309 -0.002 11.74 1.32

2022 15.04 12.29 -2.76 292 -0.001 11.74 1.32

2023 15.32 12.30 -3.02 274 -0.001 11.74 1.33

2024 15.59 12.32 -3.27 254 -0.001 11.74 1.33

2025 15.83 12.34 -3.49 234 -0.001 11.73 1.33

2026 16.05 12.35 -3.70 213 -0.001 11.73 1.33

2027 16.26 12.37 -3.89 192 0.000 11.73 1.33

2028 16.43 12.39 -4.05 170 0.000 11.73 1.33

2029 16.57 12.40 -4.17 147 0.000 11.73 1.33

2030 16.69 12.42 -4.27 123 0.000 11.73 1.33

2031 16.78 12.43 -4.35 100 0.000 11.73 1.33

2032 16.86 12.44 -4.42 75 0.000 11.73 1.33

2033 16.90 12.45 -4.45 50 0.000 11.73 1.33

2034 16.91 12.46 -4.45 25 0.000 11.73 1.33

2035 16.89 12.47 -4.42 -- 0.000 11.73 1.33

2036 16.85 12.48 -4.37 -- 0.000 11.73 1.33

2037 16.79 12.48 -4.31 -- 0.000 11.73 1.33

2038 16.72 12.49 -4.23 -- 0.000 11.73 1.33

2039 16.63 12.49 -4.14 -- 0.000 11.73 1.33

2040 16.54 12.50 -4.05 -- 0.000 11.73 1.33

2041 16.46 12.50 -3.96 -- 0.000 11.73 1.33

2042 16.38 12.51 -3.87 -- 0.000 11.73 1.33

2043 16.30 12.51 -3.78 -- 0.000 11.73 1.33

2044 16.22 12.52 -3.70 -- 0.000 11.73 1.33

2045 16.15 12.52 -3.63 -- 0.000 11.73 1.33

2046 16.09 12.53 -3.56 -- 0.000 11.73 1.33

2047 16.02 12.53 -3.49 -- 0.000 11.73 1.33

2048 15.97 12.54 -3.43 -- 0.000 11.73 1.33

2049 15.92 12.54 -3.38 -- 0.000 11.73 1.33

2050 15.89 12.55 -3.34 -- 0.000 11.73 1.33

2051 15.88 12.56 -3.32 -- 0.000 11.73 1.33

2052 15.88 12.56 -3.31 -- 0.000 11.73 1.33

2053 15.88 12.57 -3.31 -- 0.000 11.73 1.33

2054 15.90 12.58 -3.32 -- 0.000 11.73 1.33

2055 15.91 12.59 -3.32 -- 0.000 11.73 1.33

2056 15.93 12.60 -3.34 -- 0.000 11.73 1.33

2057 15.96 12.60 -3.36 -- 0.000 11.73 1.33

2058 15.99 12.61 -3.37 -- 0.000 11.73 1.33

2059 16.01 12.62 -3.39 -- 0.000 11.73 1.33

2060 16.04 12.63 -3.41 -- 0.000 11.73 1.33

2061 16.07 12.63 -3.43 -- 0.000 11.73 1.33

2062 16.10 12.64 -3.46 -- 0.000 11.73 1.33

2063 16.13 12.65 -3.48 -- 0.000 11.73 1.33

2064 16.16 12.66 -3.51 -- 0.000 11.73 1.33

2065 16.20 12.66 -3.54 -- 0.000 11.73 1.33

2066 16.23 12.67 -3.56 -- 0.000 11.73 1.33

2067 16.27 12.67 -3.59 -- 0.000 11.73 1.33

2068 16.31 12.68 -3.63 -- 0.000 11.73 1.33

2069 16.35 12.69 -3.66 -- 0.000 11.73 1.33

2070 16.39 12.69 -3.69 -- 0.000 11.73 1.33

2071 16.43 12.70 -3.73 -- 0.000 11.73 1.33

2072 16.47 12.70 -3.77 -- 0.000 11.73 1.33

2073 16.52 12.71 -3.81 -- 0.000 11.73 1.33

2074 16.57 12.71 -3.85 -- 0.000 11.73 1.33

2075 16.62 12.72 -3.90 -- 0.000 11.73 1.33

2076 16.67 12.72 -3.95 -- 0.000 11.73 1.33

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 14.55 12.98 -1.57 0.29

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset January 29, 2002 35
Plan 1(0+2)--67p 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5% IA Cntrb 2.00 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 3.5 66.7% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 3.5 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 12.74 2.26 313 0.000 12.40

2005 10.56 12.75 2.19 335 0.000 12.40

2006 10.64 12.75 2.11 357 0.000 12.40

2007 10.77 12.76 1.99 376 0.000 12.40

2008 10.93 12.78 1.85 393 0.000 12.40

2009 11.12 12.79 1.67 408 0.000 12.40

2010 11.32 12.81 1.48 420 0.000 12.40

2011 11.53 12.81 1.28 429 0.000 12.40

2012 11.79 12.82 1.03 436 0.000 12.40

2013 12.08 12.83 0.75 440 0.000 12.40

2014 12.39 12.84 0.45 441 0.000 12.40

2015 12.71 12.85 0.14 440 0.000 12.40

2016 13.05 12.86 -0.18 436 0.000 12.40

2017 13.39 12.87 -0.52 430 0.000 12.40

2018 13.74 12.89 -0.85 423 0.000 12.40

2019 14.09 12.90 -1.19 413 0.000 12.40

2020 14.43 12.91 -1.52 402 0.000 12.40

2021 14.74 12.93 -1.81 390 0.000 12.40

2022 15.04 12.95 -2.09 377 0.000 12.40

2023 15.32 12.97 -2.36 363 0.000 12.40

2024 15.59 12.98 -2.60 348 0.000 12.40

2025 15.83 13.00 -2.83 332 0.000 12.40

2026 16.05 13.02 -3.03 316 0.000 12.40

2027 16.26 13.04 -3.22 299 0.000 12.40

2028 16.43 13.05 -3.38 281 0.000 12.40

2029 16.57 13.07 -3.51 263 0.000 12.40

2030 16.69 13.08 -3.61 245 0.000 12.40

2031 16.78 13.10 -3.69 226 0.000 12.40

2032 16.86 13.11 -3.75 207 0.000 12.40

2033 16.90 13.12 -3.78 188 0.000 12.40

2034 16.91 13.13 -3.78 169 0.000 12.40

2035 16.89 13.14 -3.75 149 0.000 12.40

2036 16.85 13.14 -3.70 130 0.000 12.40

2037 16.79 13.15 -3.64 111 0.000 12.40

2038 16.72 13.16 -3.56 92 0.000 12.40

2039 16.63 13.16 -3.47 72 0.000 12.40

2040 16.54 13.16 -3.38 53 0.000 12.40

2041 16.46 13.17 -3.29 34 0.000 12.40

2042 16.38 13.17 -3.20 15 0.000 12.40

2043 16.30 13.18 -3.12 -- 0.000 12.40

2044 16.22 13.18 -3.04 -- 0.000 12.40

2045 16.15 13.19 -2.97 -- 0.000 12.40

2046 16.09 13.19 -2.90 -- 0.000 12.40

2047 16.02 13.20 -2.83 -- 0.000 12.40

2048 15.97 13.20 -2.77 -- 0.000 12.40

2049 15.92 13.21 -2.71 -- 0.000 12.40

2050 15.89 13.22 -2.68 -- 0.000 12.40

2051 15.88 13.22 -2.66 -- 0.000 12.40

2052 15.88 13.23 -2.65 -- 0.000 12.40

2053 15.88 13.24 -2.64 -- 0.000 12.40

2054 15.90 13.25 -2.65 -- 0.000 12.40

2055 15.91 13.25 -2.66 -- 0.000 12.40

2056 15.93 13.26 -2.67 -- 0.000 12.40

2057 15.96 13.27 -2.69 -- 0.000 12.40

2058 15.99 13.28 -2.71 -- 0.000 12.40

2059 16.01 13.29 -2.73 -- 0.000 12.40

2060 16.04 13.29 -2.75 -- 0.000 12.40

2061 16.07 13.30 -2.77 -- 0.000 12.40

2062 16.10 13.31 -2.79 -- 0.000 12.40

2063 16.13 13.32 -2.81 -- 0.000 12.40

2064 16.16 13.32 -2.84 -- 0.000 12.40

2065 16.20 13.33 -2.87 -- 0.000 12.40

2066 16.23 13.34 -2.90 -- 0.000 12.40

2067 16.27 13.34 -2.93 -- 0.000 12.40

2068 16.31 13.35 -2.96 -- 0.000 12.40

2069 16.35 13.35 -2.99 -- 0.000 12.40

2070 16.39 13.36 -3.03 -- 0.000 12.40

2071 16.43 13.36 -3.06 -- 0.000 12.40

2072 16.47 13.37 -3.10 -- 0.000 12.40

2073 16.52 13.38 -3.14 -- 0.000 12.40

2074 16.57 13.38 -3.19 -- 0.000 12.40

2075 16.62 13.39 -3.23 -- 0.000 12.40

2076 16.67 13.39 -3.28 -- 0.000 12.40

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 14.55 13.59 -0.96 0.90

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset January 29, 2002 36
Basic Plan 2 Basic Provisions: CPIindx09+,with40.4%MinBy2018; Widow75% of Couple Benefit

i.e., Without With Ult Real TF Int Rate of 3.0

 PAs Marginal Net

Change OASDI

Cost Income Annual TFR in OASDI Contrib

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate**

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 12.74 2.26 313 0.000 12.40

2005 10.56 12.75 2.19 335 0.000 12.40

2006 10.64 12.75 2.11 357 0.000 12.40

2007 10.77 12.76 1.99 376 0.000 12.40

2008 10.93 12.78 1.85 393 0.000 12.40

2009 11.21 12.79 1.58 404 0.000 12.40

2010 11.42 12.81 1.39 415 0.000 12.40

2011 11.63 12.82 1.18 424 0.000 12.40

2012 11.89 12.82 0.93 430 0.000 12.40

2013 12.17 12.83 0.66 433 0.000 12.40

2014 12.46 12.84 0.38 434 0.000 12.40

2015 12.77 12.85 0.08 433 0.000 12.40

2016 13.08 12.86 -0.22 430 0.000 12.40

2017 13.39 12.87 -0.52 425 0.000 12.40

2018 13.70 12.88 -0.82 419 0.000 12.40

2019 14.01 12.89 -1.12 411 0.000 12.40

2020 14.30 12.90 -1.40 401 0.000 12.40

2021 14.57 12.92 -1.65 391 0.000 12.40

2022 14.81 12.93 -1.88 380 0.000 12.40

2023 15.04 12.95 -2.09 369 0.000 12.40

2024 15.24 12.96 -2.28 356 0.000 12.40

2025 15.42 12.97 -2.45 344 0.000 12.40

2026 15.58 12.99 -2.59 331 0.000 12.40

2027 15.71 13.00 -2.71 317 0.000 12.40

2028 15.82 13.01 -2.81 303 0.000 12.40

2029 15.89 13.02 -2.87 289 0.000 12.40

2030 15.94 13.03 -2.91 275 0.000 12.40

2031 15.96 13.04 -2.93 262 0.000 12.40

2032 15.97 13.04 -2.93 248 0.000 12.40

2033 15.95 13.05 -2.90 234 0.000 12.40

2034 15.89 13.05 -2.84 220 0.000 12.40

2035 15.81 13.06 -2.75 207 0.000 12.40

2036 15.71 13.06 -2.65 194 0.000 12.40

2037 15.59 13.06 -2.54 182 0.000 12.40

2038 15.47 13.06 -2.41 170 0.000 12.40

2039 15.33 13.05 -2.27 159 0.000 12.40

2040 15.18 13.05 -2.13 148 0.000 12.40

2041 15.04 13.05 -1.99 138 0.000 12.40

2042 14.90 13.05 -1.85 129 0.000 12.40

2043 14.76 13.04 -1.72 119 0.000 12.40

2044 14.63 13.04 -1.59 111 0.000 12.40

2045 14.50 13.04 -1.46 103 0.000 12.40

2046 14.38 13.04 -1.34 95 0.000 12.40

2047 14.26 13.03 -1.22 88 0.000 12.40

2048 14.14 13.03 -1.11 82 0.000 12.40

2049 14.03 13.03 -1.00 76 0.000 12.40

2050 13.92 13.03 -0.90 71 0.000 12.40

2051 13.83 13.03 -0.80 66 0.000 12.40

2052 13.74 13.02 -0.72 62 0.000 12.40

2053 13.66 13.02 -0.64 58 0.000 12.40

2054 13.58 13.02 -0.56 55 0.000 12.40

2055 13.51 13.02 -0.49 52 0.000 12.40

2056 13.44 13.02 -0.42 49 0.000 12.40

2057 13.36 13.02 -0.35 47 0.000 12.40

2058 13.29 13.02 -0.27 45 0.000 12.40

2059 13.22 13.02 -0.20 44 0.000 12.40

2060 13.15 13.01 -0.14 44 0.000 12.40

2061 13.08 13.01 -0.07 44 0.000 12.40

2062 13.01 13.01 0.00 44 0.000 12.40

2063 12.95 13.01 0.06 45 0.000 12.40

2064 12.88 13.01 0.13 46 0.000 12.40

2065 12.81 13.01 0.20 48 0.000 12.40

2066 12.74 13.01 0.26 51 0.000 12.40

2067 12.67 13.00 0.33 54 0.000 12.40

2068 12.60 13.00 0.40 58 0.000 12.40

2069 12.53 13.00 0.47 62 0.000 12.40

2070 12.46 13.00 0.54 67 0.000 12.40

2071 12.38 13.00 0.61 73 0.000 12.40

2072 12.31 12.99 0.68 80 0.000 12.40

2073 12.24 12.99 0.75 87 0.000 12.40

2074 12.16 12.99 0.83 95 0.000 12.40

2075 12.09 12.99 0.89 104 0.000 12.40

2076 12.02 12.98 0.96 114 0.000 12.40

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 13.48 13.49 0.01 1.87

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

Social Security Administration

 January 29, 2002 37
Plan 2T-67p CPIindx09+,40.4%Min,Wid75%, 4%to$1K in 2004, BenOffst@Ryld=2% IA Cntrb 2.39 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 2 66.7% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 2 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 11.36 0.87 313 -1.383 11.02 1.38

2005 10.56 11.34 0.78 322 -0.024 10.99 1.41

2006 10.64 11.32 0.68 331 -0.024 10.97 1.43

2007 10.77 11.32 0.54 337 -0.015 10.95 1.45

2008 10.93 11.32 0.39 341 -0.014 10.94 1.46

2009 11.21 11.32 0.11 340 -0.014 10.93 1.47

2010 11.41 11.32 -0.08 340 -0.014 10.91 1.49

2011 11.60 11.31 -0.29 336 -0.014 10.90 1.50

2012 11.85 11.31 -0.54 331 -0.014 10.88 1.52

2013 12.11 11.30 -0.81 324 -0.014 10.87 1.53

2014 12.39 11.30 -1.09 315 -0.007 10.86 1.54

2015 12.68 11.31 -1.37 304 -0.005 10.86 1.54

2016 12.96 11.31 -1.65 291 -0.006 10.85 1.55

2017 13.26 11.32 -1.94 277 -0.005 10.85 1.55

2018 13.55 11.32 -2.23 261 -0.006 10.84 1.56

2019 13.83 11.32 -2.50 244 -0.005 10.83 1.57

2020 14.10 11.33 -2.77 226 -0.006 10.83 1.57

2021 14.33 11.34 -3.00 207 -0.005 10.82 1.58

2022 14.55 11.35 -3.20 187 -0.003 10.82 1.58

2023 14.74 11.36 -3.38 166 -0.003 10.82 1.58

2024 14.91 11.38 -3.54 145 -0.003 10.81 1.59

2025 15.06 11.49 -3.57 122 0.097 10.91 1.59 0.1

2026 15.18 15.00 -0.19 100 3.497 14.41 1.59 3.6

2027 15.28 15.11 -0.17 100 0.100 14.51 1.59 3.7

2028 15.35 15.12 -0.23 100 0.000 14.51 1.59 3.7

2029 15.39 15.13 -0.25 100 0.000 14.51 1.59 3.7

2030 15.39 15.14 -0.25 100 0.000 14.51 1.59 3.7

2031 15.38 15.15 -0.23 100 0.000 14.51 1.59 3.7

2032 15.34 14.96 -0.38 100 -0.200 14.31 1.59 3.5

2033 15.28 14.97 -0.31 100 0.000 14.31 1.59 3.5

2034 15.18 14.87 -0.30 100 -0.100 14.21 1.59 3.4

2035 15.05 14.68 -0.37 100 -0.200 14.01 1.59 3.2

2036 14.91 14.48 -0.43 100 -0.200 13.81 1.59 3.0

2037 14.75 14.38 -0.37 100 -0.100 13.71 1.59 2.9

2038 14.57 14.08 -0.49 100 -0.300 13.41 1.59 2.6

2039 14.39 13.98 -0.40 100 -0.100 13.31 1.59 2.5

2040 14.20 13.79 -0.41 100 -0.200 13.11 1.59 2.3

2041 14.01 13.59 -0.42 100 -0.200 12.91 1.59 2.1

2042 13.82 13.49 -0.33 100 -0.100 12.81 1.59 2.0

2043 13.63 13.19 -0.45 100 -0.300 12.51 1.59 1.7

2044 13.45 13.09 -0.36 100 -0.100 12.41 1.59 1.6

2045 13.27 12.89 -0.39 100 -0.200 12.21 1.59 1.4

2046 13.10 12.69 -0.41 100 -0.200 12.01 1.59 1.2

2047 12.93 12.49 -0.44 100 -0.200 11.81 1.59 1.0

2048 12.76 12.39 -0.37 100 -0.100 11.71 1.59 0.9

2049 12.60 12.29 -0.31 100 -0.100 11.61 1.59 0.8

2050 12.46 12.09 -0.36 100 -0.200 11.41 1.59 0.6

2051 12.32 12.00 -0.32 100 -0.100 11.31 1.59 0.5

2052 12.20 11.90 -0.30 100 -0.100 11.21 1.59 0.4

2053 12.08 11.70 -0.38 100 -0.200 11.01 1.59 0.2

2054 11.97 11.70 -0.26 100 0.000 11.01 1.59 0.2

2055 11.86 11.51 -0.36 100 -0.200 10.81 1.59

2056 11.76 11.51 -0.25 100 0.000 10.81 1.59

2057 11.66 11.51 -0.14 100 0.000 10.81 1.59

2058 11.56 11.51 -0.04 101 0.000 10.81 1.59

2059 11.46 11.52 0.06 104 0.000 10.81 1.59

2060 11.37 11.52 0.15 107 0.000 10.81 1.59

2061 11.27 11.52 0.25 111 0.000 10.81 1.59

2062 11.18 11.52 0.34 116 0.000 10.81 1.59

2063 11.10 11.52 0.42 122 0.000 10.81 1.59

2064 11.01 11.52 0.51 128 0.000 10.81 1.59

2065 10.93 11.52 0.60 136 0.000 10.81 1.59

2066 10.84 11.52 0.68 145 0.000 10.81 1.59

2067 10.76 11.53 0.77 155 0.000 10.81 1.59

2068 10.68 11.53 0.85 166 0.000 10.81 1.59

2069 10.59 11.53 0.93 178 0.000 10.81 1.59

2070 10.51 11.52 1.01 191 0.000 10.81 1.59

2071 10.43 11.52 1.10 206 0.000 10.81 1.59

2072 10.35 11.52 1.18 221 0.000 10.81 1.59

2073 10.26 11.52 1.26 238 0.000 10.81 1.59

2074 10.18 11.52 1.34 257 0.000 10.81 1.59

2075 10.11 11.52 1.41 276 0.000 10.81 1.59

2076 10.03 11.52 1.49 297 0.000 10.81 1.59

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 12.78 12.91 0.13 1.99

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset ** Includes additional net General Fund transfers. January 29, 2002 38
Plan 2T-100p CPIindx09+,40.4%Min,Wid75%, 4%to$1K in 2004, BenOffst@Ryld=2% IA Cntrb 2.39 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 2 100.0% Marginal Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 2 Change OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr Contrib Rate Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 10.66 0.18 313 -2.075 10.33 2.07

2005 10.56 10.64 0.08 316 -0.036 10.29 2.11

2006 10.64 10.61 -0.04 318 -0.036 10.25 2.15

2007 10.77 10.60 -0.18 317 -0.022 10.23 2.17

2008 10.93 10.58 -0.34 315 -0.022 10.21 2.19

2009 11.20 10.58 -0.62 308 -0.021 10.19 2.21

2010 11.40 10.58 -0.82 302 -0.021 10.17 2.23

2011 11.59 10.56 -1.03 292 -0.022 10.15 2.25

2012 11.83 10.55 -1.28 282 -0.022 10.12 2.28

2013 12.08 10.53 -1.55 269 -0.022 10.10 2.30

2014 12.35 10.53 -1.82 254 -0.010 10.09 2.31

2015 12.63 10.54 -2.10 238 -0.007 10.08 2.32

2016 12.91 10.54 -2.37 221 -0.009 10.08 2.32

2017 13.19 10.54 -2.65 202 -0.007 10.07 2.33

2018 13.47 10.54 -2.93 181 -0.009 10.06 2.34

2019 13.74 10.54 -3.20 159 -0.007 10.05 2.35

2020 13.99 10.54 -3.45 136 -0.009 10.04 2.36

2021 14.22 12.35 -1.87 112 1.793 11.83 2.37 1.80

2022 14.42 14.36 -0.06 100 1.995 13.83 2.37 3.80

2023 14.60 14.57 -0.02 100 0.195 14.02 2.38 4.00

2024 14.75 14.68 -0.07 100 0.095 14.12 2.38 4.10

2025 14.88 14.69 -0.19 101 -0.005 14.12 2.38 4.10

2026 14.99 14.70 -0.28 100 -0.005 14.11 2.39 4.10

2027 15.07 14.92 -0.15 100 0.200 14.31 2.39 4.30

2028 15.12 14.93 -0.19 100 0.000 14.31 2.39 4.30

2029 15.14 14.84 -0.29 100 -0.100 14.21 2.39 4.20

2030 15.12 14.85 -0.27 100 0.000 14.21 2.39 4.20

2031 15.09 14.86 -0.22 100 0.000 14.21 2.39 4.20

2032 15.03 14.67 -0.36 100 -0.200 14.01 2.39 4.00

2033 14.94 14.58 -0.37 100 -0.100 13.91 2.39 3.90

2034 14.82 14.48 -0.34 100 -0.100 13.81 2.39 3.80

2035 14.67 14.29 -0.39 100 -0.200 13.61 2.39 3.60

2036 14.51 14.09 -0.41 100 -0.200 13.41 2.39 3.40

2037 14.32 13.90 -0.43 100 -0.200 13.21 2.39 3.20

2038 14.13 13.70 -0.43 100 -0.200 13.01 2.39 3.00

2039 13.92 13.50 -0.42 100 -0.200 12.81 2.39 2.80

2040 13.70 13.20 -0.50 100 -0.300 12.51 2.39 2.50

2041 13.49 13.10 -0.39 100 -0.100 12.41 2.39 2.40

2042 13.28 12.81 -0.47 100 -0.300 12.11 2.39 2.10

2043 13.07 12.71 -0.36 100 -0.100 12.01 2.39 2.00

2044 12.86 12.41 -0.45 100 -0.300 11.71 2.39 1.70

2045 12.66 12.21 -0.45 100 -0.200 11.51 2.39 1.50

2046 12.46 12.11 -0.35 100 -0.100 11.41 2.39 1.40

2047 12.26 11.82 -0.44 100 -0.300 11.11 2.39 1.10

2048 12.07 11.72 -0.35 100 -0.100 11.01 2.39 1.00

2049 11.89 11.53 -0.36 100 -0.200 10.81 2.39 0.80

2050 11.72 11.33 -0.39 100 -0.200 10.61 2.39 0.60

2051 11.57 11.23 -0.33 100 -0.100 10.51 2.39 0.50

2052 11.42 11.14 -0.29 100 -0.100 10.41 2.39 0.40

2053 11.29 10.94 -0.35 100 -0.200 10.21 2.39 0.20

2054 11.16 10.84 -0.32 100 -0.100 10.11 2.39 0.10

2055 11.04 10.75 -0.29 100 -0.100 10.01 2.39 0.00

2056 10.92 10.75 -0.16 100 0.000 10.01 2.39

2057 10.80 10.76 -0.04 101 0.000 10.01 2.39

2058 10.69 10.76 0.07 104 0.000 10.01 2.39

2059 10.58 10.76 0.19 107 0.000 10.01 2.39

2060 10.47 10.77 0.30 112 0.000 10.01 2.39

2061 10.37 10.77 0.40 118 0.000 10.01 2.39

2062 10.27 10.77 0.51 125 0.000 10.01 2.39

2063 10.17 10.78 0.61 133 0.000 10.01 2.39

2064 10.08 10.78 0.70 142 0.000 10.01 2.39

2065 9.99 10.78 0.80 153 0.000 10.01 2.39

2066 9.89 10.78 0.89 165 0.000 10.01 2.39

2067 9.80 10.79 0.98 178 0.000 10.01 2.39

2068 9.71 10.79 1.07 193 0.000 10.01 2.39

2069 9.63 10.79 1.16 209 0.000 10.01 2.39

2070 9.54 10.79 1.25 227 0.000 10.01 2.39

2071 9.45 10.79 1.34 246 0.000 10.01 2.39

2072 9.36 10.79 1.42 267 0.000 10.01 2.39

2073 9.28 10.79 1.51 289 0.000 10.01 2.39

2074 9.19 10.79 1.59 313 0.000 10.01 2.39

2075 9.11 10.79 1.67 339 0.000 10.01 2.39

2076 9.04 10.78 1.75 366 0.000 10.01 2.39

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 12.43 12.59 0.16 2.02

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset ** Includes additional net General Fund transfers. January 29, 2002 39
Basic Plan 3 Basic Provisions: PIA-.5%-09+, PIAfac15to10,with12%MinBy2018, Incrs Reduction fac,, Wid 75% of Couple, Specified GF Transfers

i.e., Without With Ult Real TF Int Rate of 3.0

 PAs Marginal Spec Net

Change GF OASDI

Cost Income Annual TFR in OASDI Trans Contrib

Year Rate* Rate Balance 1-1-yr CntrbRate fer Rate**

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 12.74 2.26 313 0.000 12.40

2005 10.56 13.09 2.53 335 0.341 0.34 12.74

2006 10.64 13.13 2.49 360 0.034 0.38 12.78

2007 10.77 13.15 2.38 383 0.011 0.39 12.79

2008 10.93 13.17 2.25 403 0.012 0.40 12.80

2009 11.20 13.20 2.00 418 0.007 0.41 12.81

2010 11.40 13.25 1.86 433 0.039 0.44 12.84

2011 11.59 13.28 1.69 446 0.023 0.47 12.87

2012 11.84 13.31 1.47 456 0.023 0.49 12.89

2013 12.11 13.34 1.24 464 0.024 0.51 12.91

2014 12.39 13.38 0.99 470 0.025 0.54 12.94

2015 12.68 13.41 0.73 474 0.025 0.56 12.96

2016 12.98 13.45 0.47 476 0.027 0.59 12.99

2017 13.29 13.48 0.20 476 0.028 0.62 13.02

2018 13.59 13.52 -0.07 474 0.029 0.65 13.05

2019 13.90 13.56 -0.34 471 0.030 0.68 13.08

2020 14.21 13.58 -0.63 466 0.006 0.68 13.08

2021 14.48 13.60 -0.88 461 0.006 0.69 13.09

2022 14.74 13.62 -1.12 455 0.005 0.70 13.10

2023 14.99 13.64 -1.34 447 0.005 0.70 13.10

2024 15.21 13.66 -1.55 440 0.005 0.70 13.10

2025 15.42 13.68 -1.74 431 0.004 0.71 13.11

2026 15.60 13.70 -1.90 423 0.004 0.71 13.11

2027 15.77 13.72 -2.05 413 0.003 0.72 13.12

2028 15.90 13.73 -2.17 404 0.003 0.72 13.12

2029 16.00 13.74 -2.26 395 0.002 0.72 13.12

2030 16.08 13.76 -2.32 386 0.001 0.72 13.12

2031 16.13 13.76 -2.37 377 0.001 0.72 13.12

2032 16.17 13.77 -2.39 367 0.001 0.72 13.12

2033 16.18 13.78 -2.40 358 0.000 0.72 13.12

2034 16.16 13.78 -2.38 350 -0.001 0.72 13.12

2035 16.12 13.79 -2.34 342 -0.002 0.72 13.12

2036 16.07 13.79 -2.28 334 -0.002 0.72 13.12

2037 16.00 13.79 -2.22 326 -0.003 0.72 13.12

2038 15.93 13.78 -2.14 320 -0.003 0.71 13.11

2039 15.84 13.78 -2.06 313 -0.003 0.71 13.11

2040 15.76 13.78 -1.98 307 -0.003 0.71 13.11

2041 15.67 13.78 -1.90 301 -0.004 0.70 13.10

2042 15.59 13.77 -1.82 296 -0.004 0.70 13.10

2043 15.51 13.77 -1.75 290 -0.004 0.69 13.09

2044 15.44 13.76 -1.68 286 -0.004 0.69 13.09

2045 15.37 13.76 -1.61 281 -0.004 0.69 13.09

2046 15.30 13.76 -1.54 277 -0.004 0.68 13.08

2047 15.24 13.75 -1.49 272 -0.003 0.68 13.08

2048 15.18 13.75 -1.43 268 -0.003 0.68 13.08

2049 15.12 13.75 -1.38 265 -0.003 0.67 13.07

2050 15.08 13.75 -1.33 261 -0.003 0.67 13.07

2051 15.04 13.74 -1.29 258 -0.002 0.67 13.07

2052 15.01 13.74 -1.27 254 -0.002 0.67 13.07

2053 14.99 13.74 -1.24 251 -0.002 0.67 13.07

2054 14.97 13.75 -1.23 247 -0.001 0.66 13.06

2055 14.96 13.75 -1.21 243 -0.001 0.66 13.06

2056 14.95 13.75 -1.20 240 -0.001 0.66 13.06

2057 14.93 13.75 -1.18 236 0.000 0.66 13.06

2058 14.92 13.75 -1.17 233 0.000 0.66 13.06

2059 14.91 13.75 -1.16 229 0.000 0.66 13.06

2060 14.90 13.76 -1.14 226 0.000 0.66 13.06

2061 14.89 13.76 -1.13 222 0.000 0.66 13.06

2062 14.87 13.76 -1.12 219 0.000 0.66 13.06

2063 14.87 13.76 -1.10 215 0.001 0.66 13.06

2064 14.85 13.76 -1.09 212 0.001 0.66 13.06

2065 14.84 13.77 -1.08 209 0.001 0.67 13.07

2066 14.83 13.77 -1.07 205 0.001 0.67 13.07

2067 14.82 13.77 -1.05 202 0.001 0.67 13.07

2068 14.80 13.77 -1.03 198 0.001 0.67 13.07

2069 14.79 13.77 -1.02 195 0.001 0.67 13.07

2070 14.77 13.77 -1.00 192 0.001 0.67 13.07

2071 14.75 13.77 -0.97 189 0.001 0.67 13.07

2072 14.73 13.78 -0.95 186 0.001 0.67 13.07

2073 14.71 13.78 -0.93 183 0.001 0.67 13.07

2074 14.68 13.78 -0.91 180 0.001 0.67 13.07

2075 14.67 13.78 -0.89 178 0.001 0.67 13.07

2076 14.65 13.78 -0.87 175 0.000 0.67 13.07

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 14.01 14.09 0.07 1.94

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

Social Security Administration

 January 29, 2002 40
Plan 3T--67p 2.5%to$1K in 2004, BenOffst@Ryld=2.5%; Requires 1% addOn IA Cntrb 1.97 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 2.5 66.7% Marginal Spec Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 2.5 Change GF OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Trans Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr CntrbRate fer Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 11.60 1.12 313 -1.137 11.26 1.14

2005 10.56 11.93 1.37 325 0.322 0.34 11.58 1.16

2006 10.64 11.95 1.31 338 0.015 0.38 11.60 1.18

2007 10.77 11.96 1.19 351 -0.001 0.39 11.60 1.19

2008 10.93 11.97 1.04 361 0.001 0.40 11.60 1.20

2009 11.19 11.99 0.79 366 -0.005 0.41 11.59 1.21

2010 11.38 12.03 0.65 371 0.027 0.44 11.62 1.22

2011 11.57 12.05 0.48 374 0.011 0.47 11.63 1.24

2012 11.80 12.06 0.26 375 0.011 0.49 11.64 1.25

2013 12.06 12.09 0.03 374 0.012 0.51 11.65 1.26

2014 12.32 12.11 -0.21 372 0.019 0.54 11.67 1.27

2015 12.60 12.14 -0.46 368 0.022 0.57 11.70 1.27

2016 12.88 12.18 -0.71 362 0.022 0.59 11.72 1.27

2017 13.17 12.21 -0.96 354 0.025 0.62 11.74 1.28

2018 13.46 12.25 -1.21 345 0.025 0.65 11.77 1.28

2019 13.75 12.28 -1.46 335 0.028 0.68 11.80 1.29

2020 14.03 12.30 -1.73 323 0.002 0.69 11.80 1.29

2021 14.28 12.32 -1.96 311 0.003 0.70 11.80 1.30

2022 14.51 12.34 -2.18 298 0.004 0.70 11.81 1.30

2023 14.73 12.36 -2.37 284 0.004 0.71 11.81 1.30

2024 14.92 12.38 -2.55 269 0.004 0.72 11.81 1.30

2025 15.10 12.40 -2.70 254 0.003 0.72 11.82 1.31

2026 15.25 12.42 -2.84 238 0.003 0.73 11.82 1.31

2027 15.39 12.44 -2.95 222 0.005 0.73 11.82 1.31

2028 15.49 12.46 -3.03 205 0.005 0.74 11.83 1.31

2029 15.55 12.47 -3.08 188 0.004 0.74 11.83 1.31

2030 15.59 12.49 -3.10 171 0.004 0.75 11.84 1.31

2031 15.61 12.50 -3.10 154 0.003 0.75 11.84 1.31

2032 15.60 12.52 -3.09 137 0.003 0.75 11.84 1.31

2033 15.58 12.53 -3.05 120 0.003 0.76 11.85 1.31

2034 15.52 14.84 -0.68 103 2.302 0.76 14.15 1.31 2.30

2035 15.44 15.05 -0.39 100 0.202 0.76 14.35 1.31 2.50

2036 15.34 15.05 -0.29 100 0.001 0.76 14.35 1.31 2.50

2037 15.23 14.86 -0.37 100 -0.199 0.76 14.15 1.31 2.30

2038 15.11 14.67 -0.45 100 -0.199 0.76 13.95 1.31 2.10

2039 14.98 14.67 -0.31 100 0.001 0.76 13.95 1.31 2.10

2040 14.85 14.48 -0.37 100 -0.199 0.76 13.75 1.31 1.90

2041 14.72 14.28 -0.44 100 -0.199 0.76 13.55 1.31 1.70

2042 14.59 14.29 -0.30 100 0.001 0.77 13.56 1.31 1.70

2043 14.46 14.09 -0.37 100 -0.199 0.77 13.36 1.31 1.50

2044 14.34 14.00 -0.34 100 -0.099 0.77 13.26 1.31 1.40

2045 14.22 13.90 -0.32 100 -0.099 0.77 13.16 1.31 1.30

2046 14.10 13.71 -0.39 100 -0.199 0.77 12.96 1.31 1.10

2047 13.99 13.62 -0.37 100 -0.098 0.77 12.86 1.31 1.00

2048 13.88 13.53 -0.35 100 -0.098 0.77 12.76 1.31 0.90

2049 13.77 13.53 -0.24 100 0.003 0.78 12.77 1.31 0.90

2050 13.68 13.34 -0.34 100 -0.198 0.78 12.57 1.31 0.70

2051 13.61 13.35 -0.26 100 0.003 0.78 12.57 1.31 0.70

2052 13.54 13.16 -0.38 100 -0.197 0.79 12.38 1.31 0.50

2053 13.48 13.17 -0.31 100 0.003 0.79 12.38 1.31 0.50

2054 13.43 13.18 -0.25 100 0.003 0.79 12.38 1.31 0.50

2055 13.38 13.19 -0.19 100 0.004 0.80 12.39 1.31 0.50

2056 13.34 13.00 -0.34 100 -0.196 0.80 12.19 1.31 0.30

2057 13.29 13.01 -0.28 100 0.004 0.80 12.19 1.31 0.30

2058 13.25 13.02 -0.23 100 0.004 0.81 12.20 1.31 0.30

2059 13.21 12.93 -0.28 100 -0.096 0.81 12.10 1.31 0.20

2060 13.18 12.94 -0.23 100 0.004 0.82 12.11 1.31 0.20

2061 13.14 12.85 -0.29 100 -0.096 0.82 12.01 1.31 0.10

2062 13.10 12.86 -0.24 100 0.004 0.82 12.01 1.31 0.10

2063 13.07 12.87 -0.20 100 0.004 0.83 12.02 1.31 0.10

2064 13.04 12.78 -0.26 100 -0.096 0.83 11.92 1.31 0.00

2065 13.01 12.79 -0.23 100 0.004 0.84 11.93 1.31 0.00

2066 12.99 12.80 -0.19 100 0.004 0.84 11.93 1.31

2067 12.96 12.80 -0.15 101 0.003 0.84 11.93 1.31

2068 12.93 12.81 -0.12 102 0.003 0.85 11.94 1.31

2069 12.90 12.82 -0.09 103 0.003 0.85 11.94 1.31

2070 12.87 12.82 -0.05 104 0.003 0.85 11.94 1.31

2071 12.84 12.83 -0.01 106 0.003 0.85 11.94 1.31

2072 12.81 12.83 0.02 108 0.002 0.86 11.95 1.31

2073 12.78 12.84 0.06 110 0.003 0.86 11.95 1.31

2074 12.75 12.84 0.09 112 0.002 0.86 11.95 1.31

2075 12.73 12.85 0.12 115 0.002 0.86 11.95 1.31

2076 12.70 12.85 0.14 118 0.001 0.86 11.95 1.31

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 13.35 13.37 0.02 1.88

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset ** Includes additional net General Fund transfers. January 29, 2002 41
Plan 3T-100p 2.5%to$1K in 2004, BenOffst@Ryld=2.5%; Requires 1% addOn IA Cntrb 1.97 %, Ben Offset 100.0 %

IA toEstate With Ult Real TF Int Rate of 3.0 Assumed % Elect PA

at Death <65 Ult Ave Real BenOffstYld Rate of 2.5 100.0% Marginal Spec Net Changes in OASDI

If No Survivor Ave BenOffst Annuity Net Yld Rate of 2.5 Change GF OASDI Contrib Rt from--

TaxIADisburse Cost Income Annual TFR in OASDI Trans Contrib PRA Addl Net GF

Year Rate* Rate Balance 1-1-yr CntrbRatefer Rate** Contribs Transfer

2001 10.49 12.72 2.23 239 12.40

2002 10.42 12.72 2.30 264 12.40

2003 10.43 12.73 2.29 289 12.40

2004 10.48 11.03 0.55 313 -1.706 10.69 1.71

2005 10.56 11.35 0.80 319 0.312 0.34 11.01 1.74

2006 10.64 11.37 0.72 328 0.005 0.38 11.01 1.76

2007 10.77 11.37 0.59 334 -0.007 0.39 11.00 1.78

2008 10.93 11.37 0.44 339 -0.005 0.40 11.00 1.80

2009 11.19 11.38 0.19 339 -0.011 0.41 10.99 1.82

2010 11.37 11.42 0.04 340 0.021 0.44 11.01 1.84

2011 11.56 11.43 -0.13 338 0.005 0.47 11.01 1.85

2012 11.78 11.44 -0.34 335 0.005 0.49 11.02 1.87

2013 12.03 11.46 -0.58 329 0.006 0.51 11.03 1.89

2014 12.29 11.48 -0.81 322 0.017 0.54 11.04 1.90

2015 12.56 11.51 -1.05 314 0.020 0.57 11.06 1.90

2016 12.83 11.54 -1.29 304 0.020 0.59 11.08 1.91

2017 13.12 11.58 -1.54 292 0.023 0.62 11.11 1.92

2018 13.39 11.61 -1.79 279 0.023 0.65 11.13 1.93

2019 13.67 11.65 -2.03 265 0.026 0.69 11.16 1.93

2020 13.94 11.66 -2.28 250 0.000 0.69 11.16 1.94

2021 14.18 11.68 -2.50 234 0.001 0.70 11.16 1.95

2022 14.40 11.70 -2.70 217 0.003 0.71 11.16 1.95

2023 14.60 11.72 -2.88 199 0.003 0.72 11.16 1.95

2024 14.78 11.74 -3.05 181 0.003 0.72 11.17 1.96

2025 14.94 11.76 -3.19 162 0.003 0.73 11.17 1.96

2026 15.08 11.77 -3.31 142 0.003 0.74 11.17 1.96

2027 15.20 11.80 -3.40 122 0.006 0.74 11.18 1.97

2028 15.28 14.92 -0.36 101 3.106 0.75 14.28 1.97 3.1

2029 15.33 15.04 -0.29 100 0.106 0.75 14.39 1.96 3.2

2030 15.35 15.05 -0.29 100 0.005 0.76 14.39 1.97 3.2

2031 15.34 15.07 -0.27 100 0.005 0.76 14.40 1.96 3.2

2032 15.32 15.09 -0.24 100 0.005 0.77 14.40 1.96 3.2

2033 15.27 15.00 -0.27 100 -0.096 0.77 14.31 1.96 3.1

2034 15.20 14.91 -0.28 100 -0.097 0.78 14.21 1.96 3.0

2035 15.09 14.73 -0.37 100 -0.197 0.78 14.01 1.97 2.8

2036 14.98 14.54 -0.44 100 -0.197 0.78 13.82 1.97 2.6

2037 14.85 14.55 -0.30 100 0.003 0.79 13.82 1.97 2.6

2038 14.70 14.26 -0.45 100 -0.297 0.79 13.52 1.97 2.3

2039 14.55 14.16 -0.39 100 -0.097 0.79 13.43 1.96 2.2

2040 14.39 14.07 -0.32 100 -0.097 0.79 13.33 1.97 2.1

2041 14.24 13.78 -0.46 100 -0.297 0.80 13.03 1.96 1.8

2042 14.09 13.79 -0.30 100 0.003 0.80 13.03 1.97 1.8

2043 13.94 13.50 -0.44 100 -0.297 0.80 12.74 1.97 1.5

2044 13.79 13.41 -0.38 100 -0.096 0.81 12.64 1.96 1.4

2045 13.65 13.32 -0.32 100 -0.097 0.81 12.54 1.96 1.3

2046 13.50 13.13 -0.37 100 -0.196 0.81 12.35 1.96 1.1

2047 13.36 12.95 -0.41 100 -0.195 0.82 12.15 1.96 0.9

2048 13.23 12.86 -0.36 100 -0.095 0.82 12.06 1.97 0.8

2049 13.10 12.78 -0.32 100 -0.095 0.83 11.96 1.96 0.7

2050 12.99 12.69 -0.30 100 -0.095 0.83 11.87 1.96 0.6

2051 12.89 12.60 -0.29 100 -0.095 0.84 11.77 1.96 0.5

2052 12.80 12.52 -0.29 100 -0.094 0.84 11.68 1.97 0.4

2053 12.73 12.43 -0.29 100 -0.094 0.85 11.58 1.96 0.3

2054 12.66 12.35 -0.31 100 -0.094 0.86 11.49 1.97 0.2

2055 12.59 12.36 -0.23 100 0.006 0.86 11.50 1.96 0.2

2056 12.53 12.28 -0.25 100 -0.094 0.87 11.40 1.97 0.1

2057 12.47 12.19 -0.28 100 -0.094 0.87 11.31 1.96 0.0

2058 12.41 12.21 -0.21 100 0.006 0.88 11.31 1.96

2059 12.36 12.22 -0.14 101 0.006 0.89 11.32 1.97

2060 12.31 12.24 -0.08 102 0.006 0.89 11.33 1.97

2061 12.26 12.25 -0.02 103 0.006 0.90 11.33 1.97

2062 12.22 12.26 0.04 105 0.006 0.90 11.34 1.97

2063 12.18 12.28 0.10 108 0.006 0.91 11.34 1.97

2064 12.14 12.29 0.15 111 0.006 0.92 11.35 1.96

2065 12.10 12.30 0.20 114 0.005 0.92 11.36 1.97

2066 12.07 12.31 0.24 118 0.005 0.93 11.36 1.97

2067 12.03 12.32 0.29 122 0.005 0.93 11.37 1.97

2068 11.99 12.33 0.34 127 0.004 0.93 11.37 1.96

2069 11.96 12.34 0.38 132 0.004 0.94 11.37 1.96

2070 11.92 12.35 0.42 138 0.004 0.94 11.38 1.96

2071 11.89 12.35 0.47 145 0.004 0.95 11.38 1.96

2072 11.85 12.36 0.51 151 0.003 0.95 11.39 1.97

2073 11.82 12.37 0.55 159 0.003 0.95 11.39 1.96

2074 11.78 12.37 0.59 167 0.003 0.96 11.39 1.96

2075 11.76 12.38 0.62 175 0.002 0.96 11.39 1.97

2076 11.73 12.38 0.65 184 0.001 0.96 11.39 1.97

 Summarized

CostRt IncRt ActBal Change in

2001 OASDI OASDI OASDI ActBal

-2075 13.02 13.08 0.07 1.93

Based on Intermediate Assumptions of the 2001 Trustees Report Office of the Actuary

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin Social Security Administration

* Net of Benefit Offset ** Includes additional net General Fund transfers. January 29, 2002 42
Plan 1(2+0)--67p a 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 3.5 Ult Ave Real IA Rate of 4.6

66.7% Ave BenOffst Annuity Net Yld Rate of 3.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,362 45 46 45.2 0.0

2005 1,491 1,400 91 92 45.4 0.0

2006 1,570 1,433 137 139 45.7 0.0

2007 1,644 1,462 184 187 45.5 0.0

2008 1,711 1,484 230 235 45.4 0.0

2009 1,771 1,499 276 284 45.3 0.3

2010 1,824 1,507 322 332 45.1 0.5

2011 1,867 1,507 368 381 45.1 0.9

2012 1,901 1,497 413 430 44.9 1.3

2013 1,925 1,478 458 479 44.7 1.7

2014 1,937 1,448 502 528 44.2 2.2

2015 1,938 1,408 546 576 43.7 2.7

2016 1,928 1,358 588 624 43.2 3.3

2017 1,906 1,298 629 671 42.6 3.9

2018 1,873 1,228 670 717 42.1 4.6

2019 1,829 1,148 709 763 41.5 5.3

2020 1,775 1,059 747 808 41.0 6.1

2021 1,712 963 784 852 40.4 6.9

2022 1,641 859 819 895 39.8 7.7

2023 1,562 750 854 936 39.2 8.6

2024 1,476 635 887 977 38.6 9.5

2025 1,384 516 918 1,017 38.0 10.5

2026 1,287 393 948 1,055 37.4 11.6

2027 1,186 267 977 1,092 36.8 12.6

2028 1,080 139 1,004 1,128 36.2 13.7

2029 972 9 1,030 1,162 35.6 14.8

2030 861 -121 1,054 1,195 35.0 16.0

2031 749 -251 1,077 1,226 34.4 17.2

2032 636 -380 1,098 1,255 33.8 18.4

2033 523 -508 1,117 1,283 33.3 19.7

2034 410 -634 1,135 1,310 32.8 21.0

2035 298 -758 1,152 1,334 32.2 22.3

2036 188 -878 1,167 1,357 31.7 23.6

2037 79 -994 1,180 1,379 31.2 24.9

2038 -27 -1,108 1,192 1,398 30.7 26.3

2039 -131 -1,217 1,202 1,415 30.2 27.6

2040 -233 -1,322 1,210 1,431 29.7 29.0

2041 -333 -1,424 1,217 1,445 29.2 30.4

2042 -430 -1,522 1,223 1,457 28.8 31.9

2043 -526 -1,617 1,227 1,467 28.3 33.3

2044 -620 -1,708 1,229 1,474 27.8 34.7

2045 -713 -1,797 1,230 1,480 27.3 36.1

2046 -804 -1,882 1,229 1,484 26.9 37.4

2047 -893 -1,965 1,227 1,486 26.4 39.0

2048 -982 -2,045 1,223 1,486 26.0 40.4

2049 -1,069 -2,123 1,218 1,483 25.5 41.6

2050 -1,156 -2,198 1,212 1,479 25.1 42.6

2051 -1,242 -2,272 1,205 1,474 24.6 43.5

2052 -1,327 -2,345 1,197 1,467 24.2 44.3

2053 -1,412 -2,416 1,188 1,459 23.8 45.1

2054 -1,496 -2,486 1,178 1,449 23.3 45.7

2055 -1,580 -2,555 1,167 1,439 22.9 46.3

2056 -1,664 -2,623 1,156 1,427 22.5 46.9

2057 -1,747 -2,690 1,144 1,414 22.1 47.3

2058 -1,830 -2,756 1,131 1,400 21.7 47.7

2059 -1,912 -2,821 1,118 1,385 21.4 47.9

2060 -1,994 -2,885 1,104 1,370 21.0 48.2

2061 -2,076 -2,949 1,090 1,353 20.6 48.3

2062 -2,157 -3,012 1,075 1,336 20.3 48.4

2063 -2,238 -3,074 1,061 1,320 19.9 48.4

2064 -2,318 -3,136 1,046 1,303 19.6 48.3

2065 -2,397 -3,196 1,030 1,285 19.2 48.2

2066 -2,476 -3,256 1,015 1,267 18.9 48.0

2067 -2,554 -3,316 999 1,249 18.5 47.8

2068 -2,632 -3,375 984 1,231 18.2 47.5

2069 -2,709 -3,433 968 1,212 17.9 47.2

2070 -2,785 -3,491 953 1,193 17.6 46.8

2071 -2,861 -3,548 937 1,174 17.3 46.3

2072 -2,936 -3,604 922 1,155 17.0 45.9

2073 -3,010 -3,660 906 1,136 16.7 45.4

2074 -3,084 -3,716 891 1,117 16.4 44.8

2075 -3,157 -3,771 876 1,098 16.1 44.3

2076 -3,230 -3,826 861 1,080 15.8 43.7

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

43
Plan1(2+0)--100p a 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 3.5 Ult Ave Real IA Rate of 4.6

100.0% Ave BenOffst Annuity Net Yld Rate of 3.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,339 68 68 67.9 0.0

2005 1,491 1,355 137 138 68.2 0.0

2006 1,570 1,365 206 209 68.5 0.0

2007 1,644 1,371 276 280 68.3 0.0

2008 1,711 1,370 345 353 68.1 0.0

2009 1,771 1,363 414 426 67.9 0.4

2010 1,824 1,348 483 499 67.7 0.8

2011 1,867 1,326 552 572 67.6 1.3

2012 1,901 1,295 620 646 67.4 1.9

2013 1,925 1,254 687 719 67.0 2.5

2014 1,937 1,204 754 792 66.3 3.3

2015 1,938 1,143 819 864 65.5 4.1

2016 1,928 1,074 882 936 64.8 4.9

2017 1,906 994 944 1,006 63.9 5.9

2018 1,873 905 1,005 1,076 63.1 6.9

2019 1,829 807 1,063 1,144 62.3 7.9

2020 1,775 701 1,120 1,212 61.5 9.1

2021 1,712 588 1,176 1,278 60.6 10.3

2022 1,641 469 1,229 1,342 59.7 11.6

2023 1,562 344 1,281 1,405 58.8 12.9

2024 1,476 215 1,330 1,466 57.9 14.3

2025 1,384 82 1,377 1,525 57.0 15.8

2026 1,287 -54 1,423 1,583 56.1 17.3

2027 1,186 -192 1,466 1,638 55.2 18.9

2028 1,080 -332 1,507 1,692 54.2 20.6

2029 972 -472 1,545 1,743 53.3 22.3

2030 861 -612 1,581 1,792 52.5 24.0

2031 749 -751 1,615 1,839 51.6 25.8

2032 636 -888 1,647 1,883 50.8 27.6

2033 523 -1,024 1,676 1,925 49.9 29.5

2034 410 -1,156 1,703 1,965 49.1 31.4

2035 298 -1,285 1,727 2,002 48.4 33.4

2036 188 -1,410 1,750 2,036 47.6 35.4

2037 79 -1,531 1,770 2,068 46.8 37.4

2038 -27 -1,648 1,787 2,097 46.1 39.4

2039 -131 -1,760 1,802 2,123 45.3 41.5

2040 -233 -1,867 1,815 2,147 44.6 43.6

2041 -333 -1,970 1,826 2,167 43.9 45.7

2042 -430 -2,068 1,834 2,185 43.1 47.8

2043 -526 -2,162 1,840 2,200 42.4 49.9

2044 -620 -2,252 1,844 2,212 41.7 52.1

2045 -713 -2,339 1,845 2,220 41.0 54.1

2046 -804 -2,421 1,844 2,226 40.3 56.1

2047 -893 -2,501 1,841 2,229 39.6 58.5

2048 -982 -2,576 1,835 2,228 38.9 60.6

2049 -1,069 -2,649 1,828 2,225 38.3 62.4

2050 -1,156 -2,719 1,818 2,219 37.6 63.9

2051 -1,242 -2,787 1,808 2,211 36.9 65.2

2052 -1,327 -2,853 1,795 2,201 36.3 66.5

2053 -1,412 -2,918 1,782 2,189 35.6 67.6

2054 -1,496 -2,981 1,767 2,174 35.0 68.6

2055 -1,580 -3,042 1,751 2,158 34.4 69.5

2056 -1,664 -3,102 1,733 2,140 33.8 70.3

2057 -1,747 -3,161 1,715 2,121 33.2 70.9

2058 -1,830 -3,219 1,696 2,100 32.6 71.5

2059 -1,912 -3,275 1,676 2,078 32.0 71.9

2060 -1,994 -3,331 1,656 2,054 31.5 72.2

2061 -2,076 -3,386 1,635 2,030 30.9 72.5

2062 -2,157 -3,439 1,613 2,004 30.4 72.6

2063 -2,238 -3,492 1,591 1,980 29.9 72.6

2064 -2,318 -3,544 1,568 1,954 29.3 72.5

2065 -2,397 -3,596 1,545 1,928 28.8 72.3

2066 -2,476 -3,646 1,522 1,901 28.3 72.1

2067 -2,554 -3,696 1,499 1,873 27.8 71.7

2068 -2,632 -3,746 1,476 1,846 27.3 71.3

2069 -2,709 -3,795 1,452 1,818 26.8 70.8

2070 -2,785 -3,843 1,429 1,789 26.4 70.2

2071 -2,861 -3,891 1,406 1,761 25.9 69.5

2072 -2,936 -3,938 1,382 1,733 25.4 68.8

2073 -3,010 -3,985 1,359 1,704 25.0 68.1

2074 -3,084 -4,032 1,336 1,676 24.5 67.3

2075 -3,157 -4,078 1,313 1,647 24.1 66.4

2076 -3,230 -4,124 1,291 1,619 23.7 65.6

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

44
Plan 1(1+1)--67p a 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 3.5 Ult Ave Real IA Rate of 4.6

66.7% Ave BenOffst Annuity Net Yld Rate of 3.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,384 45 46 45.2 0.0

2005 1,491 1,445 91 92 45.4 0.0

2006 1,570 1,501 137 139 45.7 0.0

2007 1,644 1,553 184 187 45.5 0.0

2008 1,711 1,598 230 235 45.4 0.0

2009 1,771 1,635 276 284 45.3 0.3

2010 1,824 1,666 322 332 45.1 0.5

2011 1,867 1,688 368 381 45.1 0.9

2012 1,901 1,701 413 430 44.9 1.3

2013 1,925 1,704 458 479 44.7 1.7

2014 1,937 1,696 502 528 44.2 2.2

2015 1,938 1,678 546 576 43.7 2.7

2016 1,928 1,650 588 624 43.2 3.3

2017 1,906 1,611 629 671 42.6 3.9

2018 1,873 1,562 670 717 42.1 4.6

2019 1,829 1,503 709 763 41.5 5.3

2020 1,775 1,435 747 808 41.0 6.1

2021 1,712 1,358 784 852 40.4 6.9

2022 1,641 1,275 819 895 39.8 7.7

2023 1,562 1,185 854 936 39.2 8.6

2024 1,476 1,090 887 977 38.6 9.5

2025 1,384 989 918 1,017 38.0 10.5

2026 1,287 885 948 1,055 37.4 11.6

2027 1,186 777 977 1,092 36.8 12.6

2028 1,080 667 1,004 1,128 36.2 13.7

2029 972 556 1,030 1,162 35.6 14.8

2030 861 443 1,054 1,195 35.0 16.0

2031 749 330 1,077 1,226 34.4 17.2

2032 636 218 1,098 1,255 33.8 18.4

2033 523 106 1,117 1,283 33.3 19.7

2034 410 -3 1,135 1,310 32.8 21.0

2035 298 -110 1,152 1,334 32.2 22.3

2036 188 -215 1,167 1,357 31.7 23.6

2037 79 -316 1,180 1,379 31.2 24.9

2038 -27 -414 1,192 1,398 30.7 26.3

2039 -131 -508 1,202 1,415 30.2 27.6

2040 -233 -598 1,210 1,431 29.7 29.0

2041 -333 -686 1,217 1,445 29.2 30.4

2042 -430 -769 1,223 1,457 28.8 31.9

2043 -526 -850 1,227 1,467 28.3 33.3

2044 -620 -927 1,229 1,474 27.8 34.7

2045 -713 -1,002 1,230 1,480 27.3 36.1

2046 -804 -1,074 1,229 1,484 26.9 37.4

2047 -893 -1,144 1,227 1,486 26.4 39.0

2048 -982 -1,211 1,223 1,486 26.0 40.4

2049 -1,069 -1,276 1,218 1,483 25.5 41.6

2050 -1,156 -1,339 1,212 1,479 25.1 42.6

2051 -1,242 -1,400 1,205 1,474 24.6 43.5

2052 -1,327 -1,461 1,197 1,467 24.2 44.3

2053 -1,412 -1,520 1,188 1,459 23.8 45.1

2054 -1,496 -1,578 1,178 1,449 23.3 45.7

2055 -1,580 -1,636 1,167 1,439 22.9 46.3

2056 -1,664 -1,693 1,156 1,427 22.5 46.9

2057 -1,747 -1,748 1,144 1,414 22.1 47.3

2058 -1,830 -1,804 1,131 1,400 21.7 47.7

2059 -1,912 -1,858 1,118 1,385 21.4 47.9

2060 -1,994 -1,912 1,104 1,370 21.0 48.2

2061 -2,076 -1,966 1,090 1,353 20.6 48.3

2062 -2,157 -2,018 1,075 1,336 20.3 48.4

2063 -2,238 -2,071 1,061 1,320 19.9 48.4

2064 -2,318 -2,122 1,046 1,303 19.6 48.3

2065 -2,397 -2,173 1,030 1,285 19.2 48.2

2066 -2,476 -2,224 1,015 1,267 18.9 48.0

2067 -2,554 -2,274 999 1,249 18.5 47.8

2068 -2,632 -2,324 984 1,231 18.2 47.5

2069 -2,709 -2,373 968 1,212 17.9 47.2

2070 -2,785 -2,422 953 1,193 17.6 46.8

2071 -2,861 -2,471 937 1,174 17.3 46.3

2072 -2,936 -2,519 922 1,155 17.0 45.9

2073 -3,010 -2,566 906 1,136 16.7 45.4

2074 -3,084 -2,614 891 1,117 16.4 44.8

2075 -3,157 -2,661 876 1,098 16.1 44.3

2076 -3,230 -2,708 861 1,080 15.8 43.7

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

45
Plan 1(0+2)--67p a 2% PRA in 2004, BenOffst@Ryld=CPI+3.5% or Tbond+0.5%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 3.5 Ult Ave Real IA Rate of 4.6

66.7% Ave BenOffst Annuity Net Yld Rate of 3.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,407 45 46 45.2 0.0

2005 1,491 1,491 91 92 45.4 0.0

2006 1,570 1,570 137 139 45.7 0.0

2007 1,644 1,644 184 187 45.5 0.0

2008 1,711 1,711 230 235 45.4 0.0

2009 1,771 1,772 276 284 45.3 0.3

2010 1,824 1,824 322 332 45.1 0.5

2011 1,867 1,869 368 381 45.1 0.9

2012 1,901 1,905 413 430 44.9 1.3

2013 1,925 1,930 458 479 44.7 1.7

2014 1,937 1,945 502 528 44.2 2.2

2015 1,938 1,949 546 576 43.7 2.7

2016 1,928 1,942 588 624 43.2 3.3

2017 1,906 1,924 629 671 42.6 3.9

2018 1,873 1,896 670 717 42.1 4.6

2019 1,829 1,858 709 763 41.5 5.3

2020 1,775 1,810 747 808 41.0 6.1

2021 1,712 1,754 784 852 40.4 6.9

2022 1,641 1,690 819 895 39.8 7.7

2023 1,562 1,620 854 936 39.2 8.6

2024 1,476 1,544 887 977 38.6 9.5

2025 1,384 1,463 918 1,017 38.0 10.5

2026 1,287 1,377 948 1,055 37.4 11.6

2027 1,186 1,288 977 1,092 36.8 12.6

2028 1,080 1,196 1,004 1,128 36.2 13.7

2029 972 1,102 1,030 1,162 35.6 14.8

2030 861 1,007 1,054 1,195 35.0 16.0

2031 749 911 1,077 1,226 34.4 17.2

2032 636 816 1,098 1,255 33.8 18.4

2033 523 721 1,117 1,283 33.3 19.7

2034 410 628 1,135 1,310 32.8 21.0

2035 298 537 1,152 1,334 32.2 22.3

2036 188 448 1,167 1,357 31.7 23.6

2037 79 362 1,180 1,379 31.2 24.9

2038 -27 280 1,192 1,398 30.7 26.3

2039 -131 201 1,202 1,415 30.2 27.6

2040 -233 125 1,210 1,431 29.7 29.0

2041 -333 53 1,217 1,445 29.2 30.4

2042 -430 -17 1,223 1,457 28.8 31.9

2043 -526 -83 1,227 1,467 28.3 33.3

2044 -620 -147 1,229 1,474 27.8 34.7

2045 -713 -208 1,230 1,480 27.3 36.1

2046 -804 -266 1,229 1,484 26.9 37.4

2047 -893 -323 1,227 1,486 26.4 39.0

2048 -982 -377 1,223 1,486 26.0 40.4

2049 -1,069 -429 1,218 1,483 25.5 41.6

2050 -1,156 -479 1,212 1,479 25.1 42.6

2051 -1,242 -529 1,205 1,474 24.6 43.5

2052 -1,327 -577 1,197 1,467 24.2 44.3

2053 -1,412 -624 1,188 1,459 23.8 45.1

2054 -1,496 -671 1,178 1,449 23.3 45.7

2055 -1,580 -717 1,167 1,439 22.9 46.3

2056 -1,664 -762 1,156 1,427 22.5 46.9

2057 -1,747 -807 1,144 1,414 22.1 47.3

2058 -1,830 -852 1,131 1,400 21.7 47.7

2059 -1,912 -896 1,118 1,385 21.4 47.9

2060 -1,994 -939 1,104 1,370 21.0 48.2

2061 -2,076 -982 1,090 1,353 20.6 48.3

2062 -2,157 -1,025 1,075 1,336 20.3 48.4

2063 -2,238 -1,067 1,061 1,320 19.9 48.4

2064 -2,318 -1,109 1,046 1,303 19.6 48.3

2065 -2,397 -1,150 1,030 1,285 19.2 48.2

2066 -2,476 -1,192 1,015 1,267 18.9 48.0

2067 -2,554 -1,232 999 1,249 18.5 47.8

2068 -2,632 -1,273 984 1,231 18.2 47.5

2069 -2,709 -1,313 968 1,212 17.9 47.2

2070 -2,785 -1,354 953 1,193 17.6 46.8

2071 -2,861 -1,393 937 1,174 17.3 46.3

2072 -2,936 -1,433 922 1,155 17.0 45.9

2073 -3,010 -1,472 906 1,136 16.7 45.4

2074 -3,084 -1,512 891 1,117 16.4 44.8

2075 -3,157 -1,551 876 1,098 16.1 44.3

2076 -3,230 -1,590 861 1,080 15.8 43.7

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

RiskAdi is equiv to all TreasBnd Office of the Actuary

Social Security Administration

 January 29, 2002

46
Basic Plan 2 a Basic Provisions: 

CPIindx09+,with40.4%MinBy2018; Widow75% ofCouple Benefit

i.e., Without With Ult Real Int Rate o

f3

 PA

s

PL TF EOY PROP TF

Yea

r(billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230

2003 1,320 1,320

2004 1,407 1,407

2005 1,491 1,491

2006 1,570 1,570

2007 1,644 1,644

2008 1,711 1,711

2009 1,771 1,768

2010 1,824 1,817

2011 1,867 1,859

2012 1,901 1,891

2013 1,925 1,913

2014 1,937 1,925

2015 1,938 1,927

2016 1,928 1,919

2017 1,906 1,901

2018 1,873 1,874

2019 1,829 1,838

2020 1,775 1,794

2021 1,712 1,743

2022 1,641 1,686

2023 1,562 1,623

2024 1,476 1,557

2025 1,384 1,486

2026 1,287 1,413

2027 1,186 1,338

2028 1,080 1,261

2029 972 1,184

2030 861 1,108

2031 749 1,032

2032 636 957

2033 523 884

2034 410 814

2035 298 747

2036 188 684

2037 79 624

2038 -27 568

2039 -131 516

2040 -233 469

2041 -333 425

2042 -430 384

2043 -526 347

2044 -620 314

2045 -713 284

2046 -804 256

2047 -893 232

2048 -982 210

2049 -1,069 191

2050 -1,156 173

2051 -1,242 158

2052 -1,327 145

2053 -1,412 133

2054 -1,496 123

2055 -1,580 115

2056 -1,664 107

2057 -1,747 101

2058 -1,830 97

2059 -1,912 93

2060 -1,994 91

2061 -2,076 89

2062 -2,157 89

2063 -2,238 90

2064 -2,318 92

2065 -2,397 94

2066 -2,476 98

2067 -2,554 102

2068 -2,632 108

2069 -2,709 114

2070 -2,785 121

2071 -2,861 128

2072 -2,936 137

2073 -3,010 146

2074 -3,084 156

2075 -3,157 167

2076 -3,230 178

Based on Intermediate Assumptions o

f the 2001 Trustees Report

Office of the Actuary

Social Security Administration

 January 29, 2002

47
Plan 2T-67p a CPIindx09+,40.4%Min,Wid75%, 4%to$1K in 2004, BenOffst@Ryld=2%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 2 Ult Ave Real IA Rate of 4.6

66.7% Ave BenOffst Annuity Net Yld Rate of 2 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,353 54 54 54.1 0.0

2005 1,491 1,382 107 110 54.3 0.0

2006 1,570 1,407 161 166 54.6 0.0

2007 1,644 1,426 213 223 54.4 0.0

2008 1,711 1,440 265 281 54.3 0.0

2009 1,771 1,443 316 339 54.1 0.3

2010 1,824 1,439 366 397 53.9 0.7

2011 1,867 1,427 415 456 53.9 1.1

2012 1,901 1,407 463 514 53.7 1.5

2013 1,925 1,378 509 573 53.4 2.0

2014 1,937 1,340 554 631 52.8 2.6

2015 1,938 1,293 598 689 52.2 3.2

2016 1,928 1,237 640 746 51.6 3.9

2017 1,906 1,173 680 802 50.9 4.7

2018 1,873 1,100 718 857 50.3 5.5

2019 1,829 1,020 755 912 49.6 6.3

2020 1,775 934 789 965 49.0 7.2

2021 1,712 841 823 1,018 48.3 8.2

2022 1,641 745 854 1,069 47.6 9.2

2023 1,562 644 883 1,119 46.8 10.3

2024 1,476 541 911 1,168 46.1 11.4

2025 1,384 438 937 1,215 45.4 12.6

2026 1,287 433 961 1,261 44.7 13.8

2027 1,186 428 983 1,305 44.0 15.1

2028 1,080 421 1,004 1,348 43.2 16.4

2029 972 414 1,022 1,388 42.5 17.7

2030 861 407 1,039 1,428 41.8 19.1

2031 749 401 1,055 1,465 41.1 20.6

2032 636 391 1,068 1,500 40.4 22.0

2033 523 382 1,081 1,534 39.8 23.5

2034 410 375 1,091 1,565 39.1 25.0

2035 298 365 1,100 1,595 38.5 26.6

2036 188 355 1,107 1,622 37.9 28.2

2037 79 346 1,113 1,647 37.3 29.8

2038 -27 334 1,118 1,671 36.7 31.4

2039 -131 325 1,121 1,691 36.1 33.0

2040 -233 315 1,123 1,710 35.5 34.7

2041 -333 305 1,123 1,727 34.9 36.4

2042 -430 298 1,122 1,741 34.4 38.1

2043 -526 288 1,120 1,753 33.8 39.8

2044 -620 280 1,117 1,762 33.2 41.5

2045 -713 272 1,113 1,769 32.7 43.1

2046 -804 263 1,107 1,774 32.1 44.7

2047 -893 255 1,101 1,776 31.6 46.6

2048 -982 247 1,093 1,775 31.0 48.2

2049 -1,069 241 1,084 1,773 30.5 49.7

2050 -1,156 234 1,075 1,768 29.9 50.9

2051 -1,242 228 1,065 1,762 29.4 52.0

2052 -1,327 222 1,055 1,753 28.9 53.0

2053 -1,412 215 1,043 1,744 28.4 53.9

2054 -1,496 210 1,032 1,732 27.9 54.7

2055 -1,580 204 1,020 1,719 27.4 55.4

2056 -1,664 199 1,007 1,705 26.9 56.0

2057 -1,747 197 994 1,690 26.5 56.5

2058 -1,830 196 981 1,673 26.0 56.9

2059 -1,912 196 968 1,655 25.5 57.3

2060 -1,994 198 954 1,637 25.1 57.6

2061 -2,076 202 940 1,617 24.6 57.7

2062 -2,157 207 926 1,597 24.2 57.8

2063 -2,238 213 912 1,577 23.8 57.8

2064 -2,318 220 898 1,557 23.4 57.8

2065 -2,397 229 884 1,536 23.0 57.6

2066 -2,476 238 870 1,514 22.6 57.4

2067 -2,554 249 856 1,493 22.2 57.1

2068 -2,632 260 842 1,470 21.8 56.8

2069 -2,709 272 828 1,448 21.4 56.4

2070 -2,785 286 815 1,426 21.0 55.9

2071 -2,861 300 801 1,403 20.6 55.4

2072 -2,936 314 787 1,380 20.3 54.8

2073 -3,010 330 774 1,358 19.9 54.2

2074 -3,084 346 761 1,335 19.5 53.6

2075 -3,157 363 748 1,312 19.2 52.9

2076 -3,230 380 735 1,290 18.9 52.2

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

48
Plan 2T-100p a CPIindx09+,40.4%Min,Wid75%, 4%to$1K in 2004, BenOffst@Ryld=2%

Assumed With Ult Real Int Rate of 3

% Elect PRA Ult Ave Real BenOffstYld Rate of 2 Ult Ave Real IA Rate of 4.6

100.0% Ave BenOffst Annuity Net Yld Rate of 2 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,326 81 82 81.1 0.0

2005 1,491 1,328 161 165 81.5 0.0

2006 1,570 1,325 241 249 81.9 0.0

2007 1,644 1,318 320 335 81.6 0.0

2008 1,711 1,304 398 422 81.4 0.0

2009 1,771 1,280 474 509 81.2 0.5

2010 1,824 1,249 549 596 80.9 1.0

2011 1,867 1,212 622 684 80.8 1.6

2012 1,901 1,165 694 772 80.5 2.3

2013 1,925 1,111 764 859 80.1 3.0

2014 1,937 1,047 832 947 79.3 3.9

2015 1,938 976 897 1,033 78.3 4.8

2016 1,928 896 959 1,118 77.4 5.9

2017 1,906 808 1,019 1,203 76.4 7.0

2018 1,873 713 1,077 1,286 75.4 8.2

2019 1,829 612 1,132 1,368 74.4 9.5

2020 1,775 503 1,184 1,448 73.5 10.9

2021 1,712 446 1,234 1,527 72.4 12.3

2022 1,641 444 1,281 1,604 71.3 13.8

2023 1,562 442 1,325 1,679 70.2 15.4

2024 1,476 440 1,366 1,752 69.2 17.1

2025 1,384 434 1,405 1,823 68.1 18.9

2026 1,287 426 1,441 1,891 67.1 20.7

2027 1,186 421 1,475 1,958 65.9 22.6

2028 1,080 416 1,506 2,021 64.8 24.6

2029 972 407 1,534 2,083 63.7 26.6

2030 861 400 1,559 2,141 62.7 28.7

2031 749 394 1,582 2,197 61.7 30.8

2032 636 384 1,603 2,250 60.6 33.0

2033 523 375 1,621 2,300 59.7 35.3

2034 410 366 1,636 2,348 58.7 37.6

2035 298 356 1,650 2,392 57.8 39.9

2036 188 346 1,661 2,433 56.9 42.3

2037 79 336 1,670 2,471 55.9 44.7

2038 -27 325 1,677 2,506 55.0 47.1

2039 -131 315 1,681 2,537 54.2 49.6

2040 -233 304 1,684 2,565 53.3 52.0

2041 -333 295 1,685 2,590 52.4 54.6

2042 -430 285 1,684 2,611 51.5 57.1

2043 -526 277 1,681 2,629 50.7 59.6

2044 -620 267 1,676 2,643 49.8 62.2

2045 -713 257 1,669 2,653 49.0 64.6

2046 -804 250 1,661 2,660 48.2 67.1

2047 -893 241 1,651 2,664 47.3 69.9

2048 -982 234 1,640 2,663 46.5 72.4

2049 -1,069 227 1,627 2,659 45.7 74.6

2050 -1,156 219 1,613 2,652 44.9 76.4

2051 -1,242 213 1,598 2,642 44.1 78.0

2052 -1,327 207 1,582 2,630 43.4 79.5

2053 -1,412 201 1,565 2,615 42.6 80.8

2054 -1,496 195 1,548 2,598 41.9 82.0

2055 -1,580 190 1,529 2,579 41.1 83.1

2056 -1,664 187 1,511 2,558 40.4 84.0

2057 -1,747 186 1,491 2,534 39.7 84.8

2058 -1,830 187 1,472 2,510 39.0 85.4

2059 -1,912 190 1,451 2,483 38.3 85.9

2060 -1,994 194 1,431 2,455 37.6 86.3

2061 -2,076 200 1,410 2,426 37.0 86.6

2062 -2,157 208 1,390 2,395 36.3 86.7

2063 -2,238 216 1,369 2,366 35.7 86.7

2064 -2,318 226 1,348 2,335 35.0 86.6

2065 -2,397 238 1,326 2,304 34.4 86.4

2066 -2,476 250 1,305 2,272 33.8 86.1

2067 -2,554 264 1,284 2,239 33.2 85.7

2068 -2,632 278 1,263 2,206 32.6 85.2

2069 -2,709 293 1,243 2,172 32.1 84.5

2070 -2,785 310 1,222 2,138 31.5 83.9

2071 -2,861 327 1,201 2,104 30.9 83.1

2072 -2,936 345 1,181 2,070 30.4 82.2

2073 -3,010 364 1,161 2,036 29.9 81.3

2074 -3,084 383 1,141 2,002 29.3 80.4

2075 -3,157 403 1,121 1,969 28.8 79.4

2076 -3,230 423 1,102 1,935 28.3 78.4

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

49
Basic Plan 3 a Basic Provisions: PIA-.5%-09+, PIAfac15to10,with12%MinBy2018, Incrs Reduction fac,, Wid 75% of Couple, Specified GF Transfers

i.e., Without With Ult Real Int Rate of 3

 PAs

PL TF EOY PROP TF

Year (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230

2003 1,320 1,320

2004 1,407 1,407

2005 1,491 1,504

2006 1,570 1,597

2007 1,644 1,686

2008 1,711 1,768

2009 1,771 1,841

2010 1,824 1,907

2011 1,867 1,966

2012 1,901 2,017

2013 1,925 2,060

2014 1,937 2,093

2015 1,938 2,117

2016 1,928 2,132

2017 1,906 2,137

2018 1,873 2,134

2019 1,829 2,123

2020 1,775 2,103

2021 1,712 2,075

2022 1,641 2,041

2023 1,562 2,001

2024 1,476 1,955

2025 1,384 1,905

2026 1,287 1,851

2027 1,186 1,794

2028 1,080 1,735

2029 972 1,674

2030 861 1,613

2031 749 1,551

2032 636 1,490

2033 523 1,430

2034 410 1,371

2035 298 1,314

2036 188 1,259

2037 79 1,207

2038 -27 1,157

2039 -131 1,110

2040 -233 1,065

2041 -333 1,023

2042 -430 984

2043 -526 946

2044 -620 911

2045 -713 878

2046 -804 846

2047 -893 817

2048 -982 788

2049 -1,069 762

2050 -1,156 736

2051 -1,242 712

2052 -1,327 689

2053 -1,412 667

2054 -1,496 645

2055 -1,580 624

2056 -1,664 603

2057 -1,747 583

2058 -1,830 564

2059 -1,912 545

2060 -1,994 527

2061 -2,076 509

2062 -2,157 492

2063 -2,238 475

2064 -2,318 459

2065 -2,397 443

2066 -2,476 428

2067 -2,554 413

2068 -2,632 399

2069 -2,709 385

2070 -2,785 372

2071 -2,861 359

2072 -2,936 347

2073 -3,010 335

2074 -3,084 323

2075 -3,157 312

2076 -3,230 302

Based on Intermediate Assumptions of the 2001 Trustees Report

Office of the Actuary

Social Security Administration

 January 29, 2002

50
Plan 3T--67p a 2.5%to$1K in 2004, BenOffst@Ryld=2.5%; Requires 1% addOn

Assumed With Ult Real Int Rate of 3 IA/Annuity Operations Including 1% Add On IA

% Elect PRA Ult Ave Real BenOffstYld Rate of 2.5 Ult Ave Real IA Rate of 4.6

66.7% Ave BenOffst Annuity Net Yld Rate of 2.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,362 44 67 67.1 0.0

2005 1,491 1,415 89 136 67.4 0.0

2006 1,570 1,463 133 206 67.7 0.0

2007 1,644 1,507 177 277 67.5 0.0

2008 1,711 1,545 221 349 67.3 0.0

2009 1,771 1,573 264 421 67.1 0.4

2010 1,824 1,595 306 493 66.9 0.8

2011 1,867 1,612 348 566 66.8 1.3

2012 1,901 1,620 389 638 66.6 1.9

2013 1,925 1,620 429 711 66.3 2.5

2014 1,937 1,612 468 783 65.6 3.2

2015 1,938 1,596 506 854 64.8 4.0

2016 1,928 1,572 543 925 64.0 4.9

2017 1,906 1,539 578 995 63.2 5.8

2018 1,873 1,500 612 1,064 62.4 6.8

2019 1,829 1,453 645 1,131 61.6 7.8

2020 1,775 1,398 676 1,198 60.8 9.0

2021 1,712 1,337 706 1,263 59.9 10.2

2022 1,641 1,271 735 1,327 59.0 11.4

2023 1,562 1,201 762 1,389 58.1 12.8

2024 1,476 1,126 788 1,449 57.3 14.2

2025 1,384 1,048 812 1,508 56.4 15.6

2026 1,287 968 834 1,565 55.5 17.1

2027 1,186 886 856 1,620 54.6 18.7

2028 1,080 804 876 1,673 53.7 20.3

2029 972 721 894 1,723 52.8 22.0

2030 861 639 911 1,772 51.9 23.7

2031 749 559 926 1,818 51.0 25.5

2032 636 480 940 1,862 50.2 27.3

2033 523 403 953 1,904 49.4 29.2

2034 410 386 964 1,943 48.6 31.1

2035 298 376 974 1,979 47.8 33.0

2036 188 369 982 2,013 47.1 35.0

2037 79 360 989 2,045 46.3 37.0

2038 -27 349 995 2,074 45.6 39.0

2039 -131 342 1,000 2,100 44.8 41.0

2040 -233 333 1,003 2,123 44.1 43.1

2041 -333 323 1,005 2,144 43.4 45.1

2042 -430 316 1,006 2,161 42.7 47.2

2043 -526 308 1,006 2,176 42.0 49.4

2044 -620 301 1,004 2,187 41.3 51.5

2045 -713 294 1,002 2,196 40.6 53.5

2046 -804 285 998 2,202 39.9 55.5

2047 -893 278 994 2,205 39.2 57.8

2048 -982 271 988 2,204 38.5 59.9

2049 -1,069 266 981 2,201 37.8 61.7

2050 -1,156 259 974 2,195 37.2 63.2

2051 -1,242 254 966 2,187 36.5 64.5

2052 -1,327 247 957 2,177 35.9 65.7

2053 -1,412 241 948 2,165 35.3 66.9

2054 -1,496 237 938 2,151 34.7 67.9

2055 -1,580 233 928 2,135 34.0 68.7

2056 -1,664 227 917 2,117 33.4 69.5

2057 -1,747 222 906 2,098 32.9 70.2

2058 -1,830 218 895 2,077 32.3 70.7

2059 -1,912 213 883 2,055 31.7 71.1

2060 -1,994 210 871 2,032 31.2 71.5

2061 -2,076 205 859 2,008 30.6 71.7

2062 -2,157 201 847 1,983 30.1 71.8

2063 -2,238 198 834 1,958 29.5 71.8

2064 -2,318 194 822 1,933 29.0 71.7

2065 -2,397 190 809 1,907 28.5 71.5

2066 -2,476 187 797 1,881 28.0 71.3

2067 -2,554 185 784 1,854 27.5 70.9

2068 -2,632 183 771 1,826 27.0 70.5

2069 -2,709 182 759 1,798 26.6 70.0

2070 -2,785 181 746 1,770 26.1 69.4

2071 -2,861 181 734 1,742 25.6 68.8

2072 -2,936 181 721 1,714 25.2 68.1

2073 -3,010 181 709 1,686 24.7 67.3

2074 -3,084 182 697 1,658 24.3 66.5

2075 -3,157 183 685 1,630 23.8 65.7

2076 -3,230 185 673 1,602 23.4 64.9

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

51
Plan 3T-100p a 2.5%to$1K in 2004, BenOffst@Ryld=2.5%; Requires 1% addOn

Assumed With Ult Real Int Rate of 3 IA/Annuity Operations Including 1% Add On IA

% Elect PRA Ult Ave Real BenOffstYld Rate of 2.5 Ult Ave Real IA Rate of 4.6

100.0% Ave BenOffst Annuity Net Yld Rate of 2.5 Net Accrual Ave IA Annuity Net Yld Rate of 3

for Future IA/Annuity IA Contribs IA Disburse

PL TF EOY PROP TF Benefit Offset 1/ Assets EOY in Year in Year

Year (billions of PV$ 1/1/2001) (billions of PV$ 1/1/2001)

2001 1,139 1,139

2002 1,230 1,230 0 0 0.0 0.0

2003 1,320 1,320 0 0 0.0 0.0

2004 1,407 1,340 67 101 100.6 0.0

2005 1,491 1,370 133 204 101.1 0.0

2006 1,570 1,396 200 309 101.6 0.0

2007 1,644 1,418 265 416 101.3 0.0

2008 1,711 1,433 331 523 101.0 0.0

2009 1,771 1,439 395 631 100.7 0.6

2010 1,824 1,440 459 739 100.3 1.2

2011 1,867 1,434 522 848 100.2 2.0

2012 1,901 1,421 583 957 99.9 2.8

2013 1,925 1,400 644 1,066 99.4 3.8

2014 1,937 1,372 702 1,174 98.3 4.8

2015 1,938 1,335 759 1,282 97.1 6.0

2016 1,928 1,292 814 1,388 96.0 7.3

2017 1,906 1,240 867 1,492 94.7 8.7

2018 1,873 1,182 918 1,595 93.6 10.2

2019 1,829 1,117 967 1,697 92.3 11.8

2020 1,775 1,046 1,014 1,796 91.1 13.5

2021 1,712 968 1,059 1,894 89.9 15.3

2022 1,641 887 1,102 1,989 88.5 17.2

2023 1,562 801 1,143 2,082 87.1 19.1

2024 1,476 712 1,181 2,173 85.8 21.2

2025 1,384 620 1,218 2,261 84.5 23.4

2026 1,287 527 1,252 2,346 83.2 25.7

2027 1,186 432 1,284 2,429 81.8 28.0

2028 1,080 422 1,313 2,508 80.4 30.5

2029 972 414 1,341 2,584 79.1 33.0

2030 861 406 1,366 2,657 77.8 35.6

2031 749 398 1,389 2,726 76.5 38.2

2032 636 392 1,410 2,792 75.2 41.0

2033 523 385 1,429 2,854 74.0 43.8

2034 410 378 1,446 2,913 72.8 46.6

2035 298 368 1,460 2,967 71.7 49.5

2036 188 357 1,473 3,018 70.5 52.4

2037 79 350 1,484 3,066 69.4 55.4

2038 -27 339 1,493 3,109 68.3 58.4

2039 -131 330 1,500 3,148 67.2 61.5

2040 -233 323 1,505 3,183 66.1 64.6

2041 -333 312 1,508 3,213 65.0 67.7

2042 -430 306 1,509 3,239 63.9 70.8

2043 -526 296 1,509 3,261 62.9 74.0

2044 -620 288 1,507 3,279 61.8 77.2

2045 -713 281 1,503 3,292 60.8 80.2

2046 -804 273 1,498 3,301 59.7 83.2

2047 -893 265 1,491 3,304 58.7 86.7

2048 -982 257 1,482 3,304 57.7 89.8

2049 -1,069 251 1,472 3,299 56.7 92.6

2050 -1,156 245 1,461 3,290 55.7 94.7

2051 -1,242 239 1,449 3,278 54.7 96.7

2052 -1,327 234 1,436 3,263 53.8 98.6

2053 -1,412 228 1,422 3,244 52.8 100.2

2054 -1,496 223 1,407 3,223 51.9 101.7

2055 -1,580 218 1,392 3,199 51.0 103.0

2056 -1,664 214 1,376 3,173 50.1 104.2

2057 -1,747 209 1,359 3,144 49.2 105.2

2058 -1,830 205 1,342 3,113 48.4 106.0

2059 -1,912 203 1,325 3,080 47.5 106.6

2060 -1,994 201 1,307 3,046 46.7 107.1

2061 -2,076 201 1,289 3,009 45.9 107.4

2062 -2,157 201 1,270 2,971 45.0 107.6

2063 -2,238 203 1,251 2,935 44.3 107.6

2064 -2,318 205 1,233 2,897 43.5 107.5

2065 -2,397 207 1,214 2,858 42.7 107.2

2066 -2,476 211 1,195 2,818 42.0 106.8

2067 -2,554 214 1,176 2,777 41.2 106.3

2068 -2,632 219 1,157 2,736 40.5 105.7

2069 -2,709 224 1,138 2,695 39.8 104.9

2070 -2,785 229 1,119 2,653 39.1 104.0

2071 -2,861 235 1,101 2,611 38.4 103.1

2072 -2,936 241 1,082 2,569 37.7 102.0

2073 -3,010 248 1,064 2,526 37.0 100.9

2074 -3,084 255 1,046 2,484 36.4 99.7

2075 -3,157 262 1,028 2,442 35.7 98.5

2076 -3,230 270 1,010 2,401 35.1 97.2

IA invested 50%Equity, 30% CorpBnd, 20%TreasBnd; 0.3%Admin

1/ Present value of net current offset accrual; reduction of future obligations. Office of the Actuary

Social Security Administration

 January 29, 2002

52
Plan 1(2+0)--67p b Unified Budget Effects

Assumed IA Cntrb 2 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

66.7% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 51.6 0.0 0.0 -51.6 53.2 -53.2

2005 53.4 0.0 0.0 -53.4 109.8 -58.3

2006 55.2 0.0 0.0 -55.2 169.9 -63.6

2007 56.6 0.0 0.0 -56.6 233.2 -68.7

2008 58.1 0.0 0.0 -58.1 299.9 -74.1

2009 59.6 0.4 0.0 -59.2 369.6 -79.4

2010 61.1 0.8 0.0 -60.3 442.5 -84.7

2011 62.8 1.4 0.0 -61.5 518.9 -90.5

2012 64.4 2.0 0.0 -62.5 598.5 -96.2

2013 66.0 2.7 0.0 -63.3 681.5 -102.1

2014 67.3 3.6 0.0 -63.7 767.6 -107.8

2015 68.4 4.6 0.0 -63.9 856.5 -113.5

2016 69.7 5.6 0.0 -64.0 948.2 -119.1

2017 70.8 6.9 0.0 -64.0 1,042.7 -124.7

2018 72.0 8.2 0.0 -63.8 1,139.8 -130.4

2019 73.2 9.7 0.0 -63.5 1,239.5 -136.1

2020 74.4 11.4 0.0 -63.1 1,341.7 -141.8

2021 75.6 13.2 0.0 -62.4 1,446.3 -147.5

2022 76.7 15.2 0.0 -61.5 1,553.2 -153.1

2023 77.8 17.3 0.0 -60.5 1,662.1 -158.6

2024 78.9 19.6 0.0 -59.3 1,773.1 -164.1

2025 80.0 22.1 0.0 -57.9 1,886.0 -169.5

2026 81.2 24.8 0.0 -56.3 2,000.7 -174.9

2027 82.2 27.7 0.0 -54.4 2,116.9 -180.1

2028 83.2 30.8 0.0 -52.4 2,234.4 -185.2

2029 84.3 34.1 0.0 -50.1 2,353.2 -190.1

2030 85.4 37.6 0.1 -47.7 2,473.0 -195.0

2031 86.5 41.3 0.1 -45.1 2,593.6 -199.7

2032 87.6 45.3 0.1 -42.2 2,715.0 -204.2

2033 88.8 49.4 0.1 -39.2 2,836.9 -208.6

2034 90.0 53.8 0.2 -36.0 2,959.2 -212.9

2035 91.2 58.5 0.2 -32.5 3,081.5 -216.9

2036 92.5 63.3 0.2 -28.9 3,203.7 -220.7

2037 93.7 68.5 0.3 -24.9 3,325.6 -224.2

2038 95.0 73.8 0.3 -20.8 3,446.8 -227.4

2039 96.2 79.4 0.4 -16.4 3,567.1 -230.4

2040 97.5 85.3 0.5 -11.7 3,686.2 -233.1

2041 98.8 91.5 0.5 -6.8 3,803.8 -235.3

2042 100.1 97.9 0.6 -1.6 3,919.5 -237.3

2043 101.4 104.5 0.7 3.9 4,033.1 -238.8

2044 102.7 111.5 0.8 9.6 4,144.2 -239.9

2045 103.9 118.5 0.9 15.4 4,252.6 -240.8

2046 105.2 125.7 1.0 21.5 4,358.0 -241.2

2047 106.6 133.8 1.1 28.4 4,459.4 -240.6

2048 107.9 141.8 1.3 35.2 4,556.8 -239.9

2049 109.2 149.5 1.4 41.8 4,650.5 -239.2

2050 110.5 156.7 1.5 47.7 4,740.8 -238.8

2051 111.8 163.8 1.7 53.7 4,827.6 -238.3

2052 113.1 171.0 1.8 59.7 4,910.9 -237.5

2053 114.5 178.1 2.0 65.5 4,990.6 -236.6

2054 115.9 185.1 2.1 71.3 5,066.7 -235.6

2055 117.2 192.1 2.3 77.1 5,139.2 -234.3

2056 118.6 199.0 2.4 82.8 5,208.0 -233.0

2057 120.0 205.8 2.6 88.4 5,273.1 -231.5

2058 121.5 212.6 2.7 93.9 5,334.5 -229.8

2059 122.9 219.3 2.9 99.3 5,392.1 -228.1

2060 124.4 225.8 3.1 104.5 5,446.1 -226.2

2061 125.9 232.3 3.2 109.7 5,496.3 -224.2

2062 127.4 238.7 3.4 114.7 5,542.9 -222.2

2063 128.9 244.8 3.5 119.5 5,586.0 -220.1

2064 130.4 250.8 3.7 124.1 5,625.5 -218.0

2065 132.0 256.7 3.9 128.6 5,661.6 -215.8

2066 133.5 262.5 4.0 133.0 5,694.3 -213.5

2067 135.1 268.1 4.2 137.2 5,723.6 -211.3

2068 136.7 273.5 4.3 141.2 5,749.7 -208.9

2069 138.3 278.9 4.5 145.0 5,772.6 -206.6

2070 139.9 284.0 4.6 148.7 5,792.4 -204.2

2071 141.6 289.1 4.8 152.3 5,809.1 -201.7

2072 143.3 294.0 4.9 155.7 5,822.8 -199.3

2073 144.9 298.8 5.1 158.9 5,833.5 -196.7

2074 146.6 303.5 5.2 162.1 5,841.3 -194.2

2075 148.3 308.1 5.3 165.1 5,846.3 -191.5

2076 150.0 312.6 5.2 167.8 5,848.6 -189.1

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 3.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 3.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

53
Plan1(2+0)--100p b Unified Budget Effects

Assumed IA Cntrb 2 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

100.0% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 77.3 0.0 0.0 -77.3 79.8 -79.8

2005 80.1 0.0 0.0 -80.1 164.7 -87.4

2006 82.8 0.0 0.0 -82.8 254.8 -95.4

2007 85.0 0.0 0.0 -85.0 349.8 -103.1

2008 87.2 0.0 0.0 -87.1 449.8 -111.1

2009 89.4 0.6 0.0 -88.9 554.5 -119.0

2010 91.7 1.2 0.0 -90.5 663.8 -127.1

2011 94.3 2.0 0.0 -92.2 778.3 -135.7

2012 96.7 3.0 0.0 -93.7 897.8 -144.4

2013 99.0 4.1 0.0 -95.0 1,022.3 -153.2

2014 100.9 5.4 0.0 -95.6 1,151.3 -161.7

2015 102.7 6.8 0.0 -95.8 1,284.7 -170.2

2016 104.5 8.5 0.0 -96.1 1,422.4 -178.7

2017 106.2 10.3 0.0 -95.9 1,564.0 -187.1

2018 108.1 12.4 0.0 -95.7 1,709.7 -195.6

2019 109.8 14.6 0.0 -95.2 1,859.2 -204.1

2020 111.7 17.1 0.0 -94.6 2,012.5 -212.7

2021 113.4 19.8 0.0 -93.6 2,169.5 -221.2

2022 115.0 22.8 0.0 -92.3 2,329.8 -229.6

2023 116.7 26.0 0.0 -90.7 2,493.2 -237.9

2024 118.3 29.5 0.0 -88.9 2,659.7 -246.1

2025 120.0 33.2 0.0 -86.8 2,829.1 -254.3

2026 121.8 37.3 0.0 -84.5 3,001.1 -262.4

2027 123.3 41.6 0.0 -81.7 3,175.3 -270.1

2028 124.8 46.2 0.0 -78.6 3,351.6 -277.7

2029 126.4 51.2 0.1 -75.2 3,529.8 -285.2

2030 128.1 56.4 0.1 -71.5 3,709.4 -292.5

2031 129.7 62.0 0.1 -67.6 3,890.5 -299.5

2032 131.4 67.9 0.2 -63.4 4,072.5 -306.4

2033 133.2 74.2 0.2 -58.8 4,255.4 -313.0

2034 135.0 80.8 0.3 -54.0 4,438.8 -319.3

2035 136.8 87.7 0.3 -48.8 4,622.3 -325.3

2036 138.7 95.0 0.4 -43.3 4,805.6 -331.0

2037 140.5 102.7 0.4 -37.4 4,988.4 -336.3

2038 142.4 110.7 0.5 -31.2 5,170.2 -341.2

2039 144.3 119.2 0.6 -24.6 5,350.6 -345.6

2040 146.3 128.0 0.7 -17.6 5,529.3 -349.6

2041 148.2 137.2 0.8 -10.2 5,705.7 -353.0

2042 150.1 146.8 0.9 -2.4 5,879.3 -355.9

2043 152.0 156.8 1.1 5.8 6,049.7 -358.2

2044 154.0 167.2 1.2 14.5 6,216.2 -359.8

2045 155.9 177.7 1.4 23.1 6,378.9 -361.2

2046 157.9 188.6 1.5 32.3 6,536.9 -361.9

2047 159.8 200.8 1.7 42.6 6,689.1 -360.9

2048 161.8 212.7 1.9 52.8 6,835.3 -359.9

2049 163.8 224.3 2.1 62.6 6,975.7 -358.8

2050 165.7 235.0 2.3 71.6 7,111.1 -358.3

2051 167.7 245.8 2.5 80.6 7,241.4 -357.4

2052 169.7 256.5 2.7 89.5 7,366.3 -356.3

2053 171.7 267.1 2.9 98.3 7,485.9 -354.9

2054 173.8 277.6 3.2 107.0 7,600.1 -353.4

2055 175.9 288.1 3.4 115.6 7,708.8 -351.5

2056 177.9 298.5 3.6 124.2 7,812.0 -349.5

2057 180.1 308.8 3.9 132.6 7,909.7 -347.2

2058 182.2 318.9 4.1 140.8 8,001.7 -344.7

2059 184.4 328.9 4.3 148.9 8,088.2 -342.1

2060 186.6 338.8 4.6 156.8 8,169.1 -339.3

2061 188.8 348.5 4.8 164.5 8,244.5 -336.4

2062 191.0 358.0 5.1 172.0 8,314.4 -333.3

2063 193.3 367.2 5.3 179.2 8,379.0 -330.2

2064 195.6 376.3 5.6 186.2 8,438.3 -327.0

2065 197.9 385.1 5.8 193.0 8,492.4 -323.7

2066 200.3 393.7 6.0 199.5 8,541.4 -320.3

2067 202.7 402.1 6.3 205.7 8,585.4 -316.9

2068 205.1 410.3 6.5 211.8 8,624.6 -313.4

2069 207.5 418.3 6.7 217.5 8,658.9 -309.9

2070 209.9 426.0 7.0 223.1 8,688.5 -306.3

2071 212.4 433.6 7.2 228.4 8,713.6 -302.6

2072 214.9 441.0 7.4 233.5 8,734.1 -298.9

2073 217.4 448.2 7.6 238.4 8,750.2 -295.1

2074 219.9 455.2 7.8 243.1 8,762.0 -291.3

2075 222.5 462.1 8.0 247.6 8,769.4 -287.3

2076 225.1 468.9 8.0 251.8 8,772.7 -283.5

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 3.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 3.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

54
Plan 1(1+1)--67p b Unified Budget Effects

Assumed IA Cntrb 2 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

66.7% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 51.6 0.0 0.0 -51.6 53.2 -53.2

2005 53.4 0.0 0.0 -53.4 109.8 -58.3

2006 55.2 0.0 0.0 -55.2 169.9 -63.6

2007 56.6 0.0 0.0 -56.6 233.2 -68.7

2008 58.1 0.0 0.0 -58.1 299.9 -74.1

2009 59.6 0.4 0.0 -59.2 369.6 -79.4

2010 61.1 0.8 0.0 -60.3 442.5 -84.7

2011 62.8 1.4 0.0 -61.5 518.9 -90.5

2012 64.4 2.0 0.0 -62.5 598.5 -96.2

2013 66.0 2.7 0.0 -63.3 681.5 -102.1

2014 67.3 3.6 0.0 -63.7 767.6 -107.8

2015 68.4 4.6 0.0 -63.9 856.5 -113.5

2016 69.7 5.6 0.0 -64.0 948.2 -119.1

2017 70.8 6.9 0.0 -64.0 1,042.7 -124.7

2018 72.0 8.2 0.0 -63.8 1,139.8 -130.4

2019 73.2 9.7 0.0 -63.5 1,239.5 -136.1

2020 74.4 11.4 0.0 -63.1 1,341.7 -141.8

2021 75.6 13.2 0.0 -62.4 1,446.3 -147.5

2022 76.7 15.2 0.0 -61.5 1,553.2 -153.1

2023 77.8 17.3 0.0 -60.5 1,662.1 -158.6

2024 78.9 19.6 0.0 -59.3 1,773.1 -164.1

2025 80.0 22.1 0.0 -57.9 1,886.0 -169.5

2026 81.2 24.8 0.0 -56.3 2,000.7 -174.9

2027 82.2 27.7 0.0 -54.4 2,116.9 -180.1

2028 83.2 30.8 0.0 -52.4 2,234.4 -185.2

2029 84.3 34.1 0.0 -50.1 2,353.2 -190.1

2030 85.4 37.6 0.1 -47.7 2,473.0 -195.0

2031 86.5 41.3 0.1 -45.1 2,593.6 -199.7

2032 87.6 45.3 0.1 -42.2 2,715.0 -204.2

2033 88.8 49.4 0.1 -39.2 2,836.9 -208.6

2034 90.0 53.8 0.2 -36.0 2,959.2 -212.9

2035 91.2 58.5 0.2 -32.5 3,081.5 -216.9

2036 92.5 63.3 0.2 -28.9 3,203.7 -220.7

2037 93.7 68.5 0.3 -24.9 3,325.6 -224.2

2038 95.0 73.8 0.3 -20.8 3,446.8 -227.4

2039 96.2 79.4 0.4 -16.4 3,567.1 -230.4

2040 97.5 85.3 0.5 -11.7 3,686.2 -233.1

2041 98.8 91.5 0.5 -6.8 3,803.8 -235.3

2042 100.1 97.9 0.6 -1.6 3,919.5 -237.3

2043 101.4 104.5 0.7 3.9 4,033.1 -238.8

2044 102.7 111.5 0.8 9.6 4,144.2 -239.9

2045 103.9 118.5 0.9 15.4 4,252.6 -240.8

2046 105.2 125.7 1.0 21.5 4,358.0 -241.2

2047 106.6 133.8 1.1 28.4 4,459.4 -240.6

2048 107.9 141.8 1.3 35.2 4,556.8 -239.9

2049 109.2 149.5 1.4 41.8 4,650.5 -239.2

2050 110.5 156.7 1.5 47.7 4,740.8 -238.8

2051 111.8 163.8 1.7 53.7 4,827.6 -238.3

2052 113.1 171.0 1.8 59.7 4,910.9 -237.5

2053 114.5 178.1 2.0 65.5 4,990.6 -236.6

2054 115.9 185.1 2.1 71.3 5,066.7 -235.6

2055 117.2 192.1 2.3 77.1 5,139.2 -234.3

2056 118.6 199.0 2.4 82.8 5,208.0 -233.0

2057 120.0 205.8 2.6 88.4 5,273.1 -231.5

2058 121.5 212.6 2.7 93.9 5,334.5 -229.8

2059 122.9 219.3 2.9 99.3 5,392.1 -228.1

2060 124.4 225.8 3.1 104.5 5,446.1 -226.2

2061 125.9 232.3 3.2 109.7 5,496.3 -224.2

2062 127.4 238.7 3.4 114.7 5,542.9 -222.2

2063 128.9 244.8 3.5 119.5 5,586.0 -220.1

2064 130.4 250.8 3.7 124.1 5,625.5 -218.0

2065 132.0 256.7 3.9 128.6 5,661.6 -215.8

2066 133.5 262.5 4.0 133.0 5,694.3 -213.5

2067 135.1 268.1 4.2 137.2 5,723.6 -211.3

2068 136.7 273.5 4.3 141.2 5,749.7 -208.9

2069 138.3 278.9 4.5 145.0 5,772.6 -206.6

2070 139.9 284.0 4.6 148.7 5,792.4 -204.2

2071 141.6 289.1 4.8 152.3 5,809.1 -201.7

2072 143.3 294.0 4.9 155.7 5,822.8 -199.3

2073 144.9 298.8 5.1 158.9 5,833.5 -196.7

2074 146.6 303.5 5.2 162.1 5,841.3 -194.2

2075 148.3 308.1 5.3 165.1 5,846.3 -191.5

2076 150.0 312.6 5.2 167.8 5,848.6 -189.1

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 3.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 3.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

55
Plan 1(0+2)--67p b Unified Budget Effects

Assumed IA Cntrb 2 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

66.7% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 51.6 0.0 0.0 -51.6 53.2 -53.2

2005 53.4 0.0 0.0 -53.4 109.8 -58.3

2006 55.2 0.0 0.0 -55.2 169.9 -63.6

2007 56.6 0.0 0.0 -56.6 233.2 -68.7

2008 58.1 0.0 0.0 -58.1 299.9 -74.1

2009 59.6 0.4 0.0 -59.2 369.6 -79.4

2010 61.1 0.8 0.0 -60.3 442.5 -84.7

2011 62.8 1.4 0.0 -61.5 518.9 -90.5

2012 64.4 2.0 0.0 -62.5 598.5 -96.2

2013 66.0 2.7 0.0 -63.3 681.5 -102.1

2014 67.3 3.6 0.0 -63.7 767.6 -107.8

2015 68.4 4.6 0.0 -63.9 856.5 -113.5

2016 69.7 5.6 0.0 -64.0 948.2 -119.1

2017 70.8 6.9 0.0 -64.0 1,042.7 -124.7

2018 72.0 8.2 0.0 -63.8 1,139.8 -130.4

2019 73.2 9.7 0.0 -63.5 1,239.5 -136.1

2020 74.4 11.4 0.0 -63.1 1,341.7 -141.8

2021 75.6 13.2 0.0 -62.4 1,446.3 -147.5

2022 76.7 15.2 0.0 -61.5 1,553.2 -153.1

2023 77.8 17.3 0.0 -60.5 1,662.1 -158.6

2024 78.9 19.6 0.0 -59.3 1,773.1 -164.1

2025 80.0 22.1 0.0 -57.9 1,886.0 -169.5

2026 81.2 24.8 0.0 -56.3 2,000.7 -174.9

2027 82.2 27.7 0.0 -54.4 2,116.9 -180.1

2028 83.2 30.8 0.0 -52.4 2,234.4 -185.2

2029 84.3 34.1 0.0 -50.1 2,353.2 -190.1

2030 85.4 37.6 0.1 -47.7 2,473.0 -195.0

2031 86.5 41.3 0.1 -45.1 2,593.6 -199.7

2032 87.6 45.3 0.1 -42.2 2,715.0 -204.2

2033 88.8 49.4 0.1 -39.2 2,836.9 -208.6

2034 90.0 53.8 0.2 -36.0 2,959.2 -212.9

2035 91.2 58.5 0.2 -32.5 3,081.5 -216.9

2036 92.5 63.3 0.2 -28.9 3,203.7 -220.7

2037 93.7 68.5 0.3 -24.9 3,325.6 -224.2

2038 95.0 73.8 0.3 -20.8 3,446.8 -227.4

2039 96.2 79.4 0.4 -16.4 3,567.1 -230.4

2040 97.5 85.3 0.5 -11.7 3,686.2 -233.1

2041 98.8 91.5 0.5 -6.8 3,803.8 -235.3

2042 100.1 97.9 0.6 -1.6 3,919.5 -237.3

2043 101.4 104.5 0.7 3.9 4,033.1 -238.8

2044 102.7 111.5 0.8 9.6 4,144.2 -239.9

2045 103.9 118.5 0.9 15.4 4,252.6 -240.8

2046 105.2 125.7 1.0 21.5 4,358.0 -241.2

2047 106.6 133.8 1.1 28.4 4,459.4 -240.6

2048 107.9 141.8 1.3 35.2 4,556.8 -239.9

2049 109.2 149.5 1.4 41.8 4,650.5 -239.2

2050 110.5 156.7 1.5 47.7 4,740.8 -238.8

2051 111.8 163.8 1.7 53.7 4,827.6 -238.3

2052 113.1 171.0 1.8 59.7 4,910.9 -237.5

2053 114.5 178.1 2.0 65.5 4,990.6 -236.6

2054 115.9 185.1 2.1 71.3 5,066.7 -235.6

2055 117.2 192.1 2.3 77.1 5,139.2 -234.3

2056 118.6 199.0 2.4 82.8 5,208.0 -233.0

2057 120.0 205.8 2.6 88.4 5,273.1 -231.5

2058 121.5 212.6 2.7 93.9 5,334.5 -229.8

2059 122.9 219.3 2.9 99.3 5,392.1 -228.1

2060 124.4 225.8 3.1 104.5 5,446.1 -226.2

2061 125.9 232.3 3.2 109.7 5,496.3 -224.2

2062 127.4 238.7 3.4 114.7 5,542.9 -222.2

2063 128.9 244.8 3.5 119.5 5,586.0 -220.1

2064 130.4 250.8 3.7 124.1 5,625.5 -218.0

2065 132.0 256.7 3.9 128.6 5,661.6 -215.8

2066 133.5 262.5 4.0 133.0 5,694.3 -213.5

2067 135.1 268.1 4.2 137.2 5,723.6 -211.3

2068 136.7 273.5 4.3 141.2 5,749.7 -208.9

2069 138.3 278.9 4.5 145.0 5,772.6 -206.6

2070 139.9 284.0 4.6 148.7 5,792.4 -204.2

2071 141.6 289.1 4.8 152.3 5,809.1 -201.7

2072 143.3 294.0 4.9 155.7 5,822.8 -199.3

2073 144.9 298.8 5.1 158.9 5,833.5 -196.7

2074 146.6 303.5 5.2 162.1 5,841.3 -194.2

2075 148.3 308.1 5.3 165.1 5,846.3 -191.5

2076 150.0 312.6 5.2 167.8 5,848.6 -189.1

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 3.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 3.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

56
Basic Plan 2 b IA Contributions, Clawback or OASDI Benefit Cut from IA, & Budget Effect

i.e., Without IA Cntrb 0 %, Benefit Offset 0.0 %

 PAs Contribs to Offset to Other Change Change Change

PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 0.0 0.0 0.0 0.0 0.0 0.0

2005 0.0 0.0 0.0 0.0 0.0 0.0

2006 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 0.0 0.0 0.0 0.0 0.0

2008 0.0 0.0 0.0 0.0 0.0 0.0

2009 0.0 0.0 -4.2 -4.2 4.3 -4.3

2010 0.0 0.0 -4.0 -4.0 8.6 -4.4

2011 0.0 0.0 -3.6 -3.6 12.6 -4.2

2012 0.0 0.0 -2.9 -2.9 15.9 -3.7

2013 0.0 0.0 -1.8 -1.8 18.2 -2.9

2014 0.0 0.0 -0.4 -0.4 19.2 -1.5

2015 0.0 0.0 1.5 1.5 18.1 0.4

2016 0.0 0.0 3.9 3.9 14.7 2.9

2017 0.0 0.0 6.7 6.7 8.2 6.0

2018 0.0 0.0 9.9 9.9 -1.8 9.7

2019 0.0 0.0 13.7 13.7 -16.0 14.2

2020 0.0 0.0 17.8 17.8 -34.8 19.4

2021 0.0 0.0 22.4 22.4 -59.0 25.3

2022 0.0 0.0 27.5 27.5 -89.2 32.0

2023 0.0 0.0 33.0 33.0 -125.8 39.5

2024 0.0 0.0 38.9 38.9 -169.7 47.9

2025 0.0 0.0 45.2 45.2 -221.5 57.2

2026 0.0 0.0 51.9 51.9 -281.7 67.3

2027 0.0 0.0 59.0 59.0 -351.0 78.3

2028 0.0 0.0 66.5 66.5 -430.2 90.3

2029 0.0 0.0 74.2 74.2 -519.7 103.2

2030 0.0 0.0 82.3 82.3 -620.1 117.1

2031 0.0 0.0 90.7 90.7 -732.4 132.0

2032 0.0 0.0 99.5 99.5 -857.0 148.0

2033 0.0 0.0 108.6 108.6 -994.7 165.1

2034 0.0 0.0 117.8 117.8 -1,146.0 183.1

2035 0.0 0.0 127.0 127.0 -1,311.4 202.0

2036 0.0 0.0 136.5 136.5 -1,491.6 222.1

2037 0.0 0.0 146.3 146.3 -1,687.2 243.3

2038 0.0 0.0 156.3 156.3 -1,899.1 265.7

2039 0.0 0.0 166.6 166.6 -2,127.8 289.5

2040 0.0 0.0 177.1 177.1 -2,374.4 314.5

2041 0.0 0.0 188.1 188.1 -2,639.7 341.1

2042 0.0 0.0 199.6 199.6 -2,924.8 369.4

2043 0.0 0.0 211.5 211.5 -3,230.7 399.3

2044 0.0 0.0 223.8 223.8 -3,558.4 431.0

2045 0.0 0.0 236.5 236.5 -3,909.1 464.4

2046 0.0 0.0 249.6 249.6 -4,283.8 499.6

2047 0.0 0.0 263.1 263.1 -4,683.7 536.7

2048 0.0 0.0 276.9 276.9 -5,109.8 575.8

2049 0.0 0.0 291.2 291.2 -5,563.5 616.9

2050 0.0 0.0 305.8 305.8 -6,045.8 660.0

2051 0.0 0.0 320.8 320.8 -6,558.1 705.4

2052 0.0 0.0 336.3 336.3 -7,101.7 753.2

2053 0.0 0.0 352.3 352.3 -7,678.2 803.3

2054 0.0 0.0 368.5 368.5 -8,288.6 855.7

2055 0.0 0.0 385.0 385.0 -8,934.4 910.5

2056 0.0 0.0 402.0 402.0 -9,617.1 968.1

2057 0.0 0.0 419.4 419.4 -10,338.2 1,028.3

2058 0.0 0.0 436.9 436.9 -11,099.1 1,091.1

2059 0.0 0.0 454.5 454.5 -11,900.9 1,156.4

2060 0.0 0.0 472.3 472.3 -12,745.0 1,224.3

2061 0.0 0.0 490.3 490.3 -13,633.2 1,295.3

2062 0.0 0.0 508.5 508.5 -14,566.6 1,369.0

2063 0.0 0.0 526.6 526.6 -15,546.8 1,445.6

2064 0.0 0.0 545.2 545.2 -16,575.6 1,525.4

2065 0.0 0.0 563.9 563.9 -17,654.6 1,608.5

2066 0.0 0.0 583.0 583.0 -18,785.6 1,695.0

2067 0.0 0.0 602.6 602.6 -19,970.7 1,785.3

2068 0.0 0.0 622.4 622.4 -21,211.8 1,879.1

2069 0.0 0.0 642.5 642.5 -22,511.0 1,976.8

2070 0.0 0.0 663.1 663.1 -23,870.3 2,078.4

2071 0.0 0.0 684.3 684.3 -25,292.2 2,184.5

2072 0.0 0.0 705.7 705.7 -26,778.9 2,294.7

2073 0.0 0.0 727.6 727.6 -28,332.8 2,409.4

2074 0.0 0.0 749.9 749.9 -29,956.3 2,528.6

2075 0.0 0.0 772.3 772.3 -31,651.6 2,652.3

2076 0.0 0.0 794.9 794.9 -33,421.1 2,780.7

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF,

Office of the Actuary

Social Security Administration

 January 29, 2002

57
Plan 2T-67p b IA Contributions, Clawback or OASDI Benefit Cut from IA, & Budget Effect

Assumed IA Cntrb 2.39 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

66.7% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 61.6 0.0 0.0 -61.6 63.5 -63.5

2005 63.8 0.0 0.0 -63.8 131.2 -69.6

2006 66.0 0.0 0.0 -66.0 203.0 -76.0

2007 67.7 0.0 0.0 -67.7 278.7 -82.2

2008 69.4 0.0 0.0 -69.4 358.3 -88.5

2009 71.2 0.4 -4.2 -75.0 446.1 -99.2

2010 73.0 0.9 -4.0 -76.1 537.5 -105.7

2011 75.1 1.5 -3.6 -77.2 632.8 -112.4

2012 77.0 2.2 -2.9 -77.7 731.5 -118.9

2013 78.9 3.0 -1.8 -77.7 833.3 -125.2

2014 80.4 3.9 -0.4 -76.9 937.4 -130.7

2015 81.8 4.9 1.5 -75.3 1,043.3 -135.8

2016 83.3 6.0 3.9 -73.3 1,150.2 -140.3

2017 84.6 7.2 6.7 -70.7 1,257.7 -144.2

2018 86.1 8.6 10.0 -67.5 1,365.1 -147.6

2019 87.5 10.0 13.7 -63.7 1,471.7 -150.3

2020 88.9 11.6 17.9 -59.4 1,577.2 -152.4

2021 90.3 13.4 22.5 -54.5 1,680.7 -153.9

2022 91.6 15.2 27.6 -48.8 1,781.5 -154.5

2023 93.0 17.2 33.1 -42.7 1,878.9 -154.4

2024 94.3 19.3 39.1 -35.9 1,972.3 -153.4

2025 95.6 21.5 45.4 -28.7 2,061.1 -151.7

2026 97.0 23.9 52.2 -20.9 2,144.4 -149.2

2027 98.2 26.5 59.3 -12.4 2,221.6 -145.7

2028 99.5 29.1 66.9 -3.5 2,291.8 -141.2

2029 100.7 31.9 74.7 5.9 2,354.5 -135.9

2030 102.0 34.9 82.8 15.7 2,408.9 -129.7

2031 103.4 38.0 91.4 26.0 2,454.4 -122.4

2032 104.7 41.2 100.2 36.7 2,490.2 -114.2

2033 106.1 44.6 109.4 47.8 2,515.6 -104.9

2034 107.6 48.1 118.7 59.2 2,529.9 -94.7

2035 109.0 51.7 128.1 70.8 2,532.8 -83.7

2036 110.5 55.5 137.7 82.8 2,523.4 -71.5

2037 112.0 59.4 147.6 95.1 2,501.0 -58.2

2038 113.5 63.5 157.8 107.9 2,464.7 -43.7

2039 115.0 67.7 168.3 121.0 2,413.8 -27.8

2040 116.5 72.1 179.1 134.7 2,347.3 -10.6

2041 118.1 76.6 190.3 148.8 2,264.2 8.1

2042 119.6 81.2 202.1 163.7 2,163.3 28.6

2043 121.1 86.0 214.2 179.0 2,043.6 50.7

2044 122.7 90.9 226.8 195.0 1,903.7 74.6

2045 124.2 95.8 239.8 211.3 1,742.8 100.1

2046 125.8 100.8 253.2 228.2 1,559.7 127.5

2047 127.3 106.4 267.1 246.1 1,352.7 157.2

2048 128.9 111.7 281.3 264.1 1,120.8 188.7

2049 130.5 116.9 295.9 282.4 863.2 221.8

2050 132.0 121.7 310.8 300.5 579.1 256.5

2051 133.6 126.4 326.3 319.1 267.3 293.3

2052 135.2 131.1 342.1 338.1 -73.4 332.2

2053 136.8 135.8 358.5 357.5 -444.3 373.3

2054 138.5 140.4 375.1 377.0 -846.5 416.4

2055 140.1 144.9 391.9 396.8 -1,281.1 461.7

2056 141.8 149.4 409.4 417.0 -1,749.7 509.5

2057 143.4 153.8 427.1 437.5 -2,253.5 559.7

2058 145.2 158.1 445.1 458.1 -2,793.6 612.1

2059 146.9 162.4 463.0 478.6 -3,371.1 666.7

2060 148.6 166.6 481.2 499.2 -3,987.1 723.7

2061 150.4 170.7 499.7 520.0 -4,643.1 783.4

2062 152.2 174.8 518.2 540.8 -5,340.2 845.4

2063 154.0 178.7 536.7 561.5 -6,079.6 910.0

2064 155.8 182.6 555.7 582.5 -6,862.8 977.4

2065 157.7 186.4 574.8 603.6 -7,691.2 1,047.7

2066 159.6 190.2 594.2 624.9 -8,566.5 1,121.0

2067 161.5 193.8 614.2 646.5 -9,490.4 1,197.6

2068 163.4 197.4 634.4 668.4 -10,464.6 1,277.3

2069 165.3 200.9 654.8 690.5 -11,490.7 1,360.4

2070 167.2 204.4 675.7 712.8 -12,570.7 1,447.1

2071 169.2 207.8 697.2 735.8 -13,706.8 1,537.7

2072 171.2 211.1 719.0 758.9 -14,900.8 1,631.9

2073 173.2 214.4 741.2 782.4 -16,154.8 1,730.0

2074 175.2 217.6 763.8 806.2 -17,471.0 1,832.3

2075 177.2 220.8 786.4 830.0 -18,851.3 1,938.4

2076 179.3 224.0 809.4 854.1 -20,297.8 2,048.7

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 2

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of 2

Social Security Administration

 January 29, 2002 Revised July 9, 2002

58
Plan 2T-100p b IA Contributions, Clawback or OASDI Benefit Cut from IA, & Budget Effect

Assumed IA Cntrb 2.39 %, Benefit Offset 100.0 %

% Elect PA Contribs to Offset to Other Change Change Change

100.0% PRA by Fed OASI Ben Changes in Annual in Debt in Ann

Govt Based from PRA in OASDI UnifBudg Held by UnifBudg

 Year on Earnings CashFlow CashFlow Public Balance

 (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0

2004 92.4 0.0 0.0 -92.4 95.3 -95.3

2005 95.7 0.0 0.0 -95.7 196.8 -104.5

2006 98.9 0.0 0.0 -98.9 304.5 -114.0

2007 101.5 0.0 0.0 -101.5 418.0 -123.2

2008 104.1 0.0 0.0 -104.1 537.5 -132.8

2009 106.9 0.6 -4.2 -110.4 667.0 -146.6

2010 109.6 1.4 -4.0 -112.2 802.0 -156.3

2011 112.6 2.3 -3.6 -113.9 942.9 -166.5

2012 115.5 3.3 -2.9 -115.1 1,089.3 -176.5

2013 118.4 4.5 -1.8 -115.7 1,240.9 -186.4

2014 120.6 5.8 -0.4 -115.1 1,396.6 -195.4

2015 122.7 7.3 1.6 -113.8 1,555.9 -203.9

2016 124.9 9.0 3.9 -112.0 1,718.0 -211.9

2017 127.0 10.9 6.7 -109.4 1,882.4 -219.3

2018 129.1 12.9 10.0 -106.3 2,048.5 -226.2

2019 131.2 15.1 13.7 -102.4 2,215.6 -232.5

2020 133.4 17.5 17.9 -98.0 2,383.2 -238.4

2021 135.5 20.0 22.6 -92.9 2,550.5 -243.5

2022 137.5 22.8 27.7 -87.0 2,716.8 -247.7

2023 139.4 25.8 33.2 -80.5 2,881.3 -251.3

2024 141.4 28.9 39.2 -73.3 3,043.4 -254.1

2025 143.5 32.3 45.5 -65.6 3,202.4 -256.2

2026 145.5 35.9 52.3 -57.3 3,357.5 -257.5

2027 147.3 39.7 59.5 -48.1 3,507.9 -257.6

2028 149.2 43.7 67.1 -38.4 3,652.8 -256.9

2029 151.1 47.9 74.9 -28.3 3,791.5 -255.5

2030 153.0 52.3 83.1 -17.6 3,923.5 -253.1

2031 155.0 56.9 91.7 -6.4 4,047.8 -249.7

2032 157.1 61.8 100.6 5.3 4,163.8 -245.3

2033 159.2 66.8 109.8 17.5 4,270.7 -239.9

2034 161.3 72.1 119.2 30.0 4,367.9 -233.6

2035 163.5 77.6 128.6 42.7 4,454.9 -226.5

2036 165.7 83.3 138.4 55.9 4,530.9 -218.3

2037 167.9 89.2 148.3 69.6 4,595.1 -208.9

2038 170.2 95.3 158.6 83.7 4,646.6 -198.3

2039 172.5 101.6 169.2 98.3 4,684.6 -186.5

2040 174.8 108.1 180.1 113.4 4,708.2 -173.2

2041 177.1 114.8 191.4 129.2 4,716.2 -158.4

2042 179.4 121.8 203.3 145.7 4,707.4 -141.9

2043 181.7 129.0 215.5 162.8 4,680.7 -123.7

2044 184.0 136.3 228.3 180.6 4,634.8 -103.6

2045 186.3 143.7 241.4 198.8 4,568.8 -82.1

2046 188.7 151.2 255.0 217.6 4,481.5 -58.6

2047 191.0 159.5 269.0 237.6 4,370.8 -32.5

2048 193.3 167.6 283.5 257.7 4,236.1 -4.9

2049 195.7 175.4 298.3 277.9 4,076.5 24.3

2050 198.0 182.5 313.4 297.9 3,891.6 54.7

2051 200.4 189.6 329.0 318.2 3,680.1 87.2

2052 202.8 196.7 345.1 338.9 3,440.8 121.7

2053 205.2 203.7 361.6 360.1 3,172.7 158.3

2054 207.7 210.6 378.4 381.2 2,874.6 196.7

2055 210.2 217.4 395.4 402.6 2,545.5 237.3

2056 212.6 224.1 413.1 424.5 2,184.0 280.2

2057 215.2 230.7 431.0 446.6 1,788.9 325.3

2058 217.7 237.2 449.1 468.6 1,359.1 372.6

2059 220.3 243.6 467.3 490.6 893.8 421.9

2060 222.9 249.9 485.7 512.6 391.9 473.4

2061 225.6 256.1 504.3 534.8 -148.1 527.4

2062 228.3 262.2 523.1 556.9 -727.0 583.7

2063 231.0 268.1 541.8 578.9 -1,345.9 642.2

2064 233.7 273.9 560.9 601.1 -2,006.4 703.4

2065 236.5 279.7 580.2 623.4 -2,709.6 767.3

2066 239.3 285.3 599.9 645.8 -3,457.0 834.0

2067 242.2 290.7 620.0 668.5 -4,250.3 903.7

2068 245.0 296.1 640.3 691.4 -5,090.9 976.5

2069 247.9 301.4 661.0 714.4 -5,980.6 1,052.3

2070 250.9 306.5 682.0 737.7 -6,920.9 1,131.4

2071 253.8 311.6 703.7 761.5 -7,914.1 1,214.2

2072 256.8 316.6 725.6 785.5 -8,961.7 1,300.4

2073 259.8 321.5 748.0 809.7 -10,065.8 1,390.4

2074 262.8 326.4 770.7 834.3 -11,228.4 1,484.2

2075 265.9 331.2 793.5 858.9 -12,451.2 1,581.5

2076 268.9 336.0 816.6 883.6 -13,736.2 1,682.8

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 2

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of 2

Social Security Administration

 January 29, 2002 Revised July 9, 2002

59
Basic Plan 3 b Unified Budget Effects

i.e., Without Specified IA Cntrb 0 %, Benefit Offset 0.0 %

 PAs Contribs to GenFnd Offset to Other Tax Change Change Change

PRA by Fed Transfer to OASI Ben Changes Credit in Annual in Debt in Ann

Govt Based OASDI from PRA in OASDI for UnifBudg Held by UnifBudg

 Year on Earnings TrustFunds CashFlowAddon CashFlow Public Balance

(NoEffectonUB) lessGFTrans (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2004 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2005 0.0 15.5 0.0 0.0 0.0 0.0 0.0 0.0

2006 0.0 17.3 0.0 0.0 0.0 0.0 0.0 0.0

2007 0.0 18.1 0.0 0.0 0.0 0.0 0.0 0.0

2008 0.0 19.0 0.0 0.0 0.0 0.0 0.0 0.0

2009 0.0 19.6 0.0 -3.5 0.0 -3.5 3.6 -3.6

2010 0.0 21.8 0.0 -2.7 0.0 -2.7 6.6 -3.0

2011 0.0 23.3 0.0 -1.6 0.0 -1.6 8.5 -2.1

2012 0.0 24.9 0.0 -0.3 0.0 -0.3 9.0 -0.8

2013 0.0 26.5 0.0 1.4 0.0 1.4 7.8 0.9

2014 0.0 28.1 0.0 3.5 0.0 3.5 4.4 3.2

2015 0.0 29.9 0.0 6.1 0.0 6.1 -1.7 6.0

2016 0.0 31.7 0.0 8.9 0.0 8.9 -11.0 9.3

2017 0.0 33.7 0.0 12.1 0.0 12.1 -23.8 13.2

2018 0.0 35.7 0.0 15.6 0.0 15.6 -40.6 17.5

2019 0.0 37.9 0.0 19.2 0.0 19.2 -61.6 22.3

2020 0.0 38.7 0.0 23.1 0.0 23.1 -87.2 27.6

2021 0.0 39.5 0.0 27.0 0.0 27.0 -117.8 33.3

2022 0.0 40.3 0.0 31.3 0.0 31.3 -153.5 39.5

2023 0.0 41.1 0.0 35.7 0.0 35.7 -194.9 46.3

2024 0.0 41.9 0.0 40.3 0.0 40.3 -242.4 53.7

2025 0.0 42.7 0.0 45.1 0.0 45.1 -296.2 61.6

2026 0.0 43.4 0.0 50.2 0.0 50.2 -356.9 70.2

2027 0.0 44.2 0.0 55.5 0.0 55.5 -424.9 79.4

2028 0.0 44.9 0.0 61.2 0.0 61.2 -500.8 89.4

2029 0.0 45.6 0.0 67.2 0.0 67.2 -585.1 100.4

2030 0.0 46.3 0.0 73.5 0.0 73.5 -678.6 112.1

2031 0.0 46.9 0.0 80.1 0.0 80.1 -781.5 124.6

2032 0.0 47.6 0.0 86.7 0.0 86.7 -894.3 137.8

2033 0.0 48.2 0.0 93.3 0.0 93.3 -1,017.4 151.7

2034 0.0 48.8 0.0 99.7 0.0 99.7 -1,150.8 165.9

2035 0.0 49.3 0.0 105.8 0.0 105.8 -1,294.5 180.4

2036 0.0 49.9 0.0 112.0 0.0 112.0 -1,448.8 195.7

2037 0.0 50.3 0.0 118.1 0.0 118.1 -1,614.1 211.6

2038 0.0 50.8 0.0 124.3 0.0 124.3 -1,790.7 228.2

2039 0.0 51.3 0.0 130.4 0.0 130.4 -1,978.9 245.4

2040 0.0 51.7 0.0 136.5 0.0 136.5 -2,179.1 263.4

2041 0.0 52.1 0.0 142.9 0.0 142.9 -2,391.8 282.4

2042 0.0 52.5 0.0 149.5 0.0 149.5 -2,617.8 302.4

2043 0.0 52.9 0.0 156.5 0.0 156.5 -2,857.8 323.5

2044 0.0 53.2 0.0 163.8 0.0 163.8 -3,112.4 346.0

2045 0.0 53.6 0.0 171.4 0.0 171.4 -3,382.6 369.6

2046 0.0 54.0 0.0 179.4 0.0 179.4 -3,669.1 394.5

2047 0.0 54.4 0.0 187.6 0.0 187.6 -3,972.7 420.8

2048 0.0 54.8 0.0 196.1 0.0 196.1 -4,294.2 448.4

2049 0.0 55.2 0.0 205.0 0.0 205.0 -4,634.5 477.5

2050 0.0 55.6 0.0 214.1 0.0 214.1 -4,994.4 507.9

2051 0.0 56.1 0.0 223.5 0.0 223.5 -5,374.8 539.9

2052 0.0 56.7 0.0 233.1 0.0 233.1 -5,776.5 573.4

2053 0.0 57.2 0.0 243.1 0.0 243.1 -6,200.5 608.5

2054 0.0 57.8 0.0 252.9 0.0 252.9 -6,647.4 645.0

2055 0.0 58.4 0.0 262.9 0.0 262.9 -7,118.0 683.0

2056 0.0 59.0 0.0 273.4 0.0 273.4 -7,613.5 722.9

2057 0.0 59.7 0.0 284.0 0.0 284.0 -8,134.9 764.6

2058 0.0 60.4 0.0 294.9 0.0 294.9 -8,683.1 808.1

2059 0.0 61.1 0.0 305.6 0.0 305.6 -9,258.9 853.1

2060 0.0 61.9 0.0 316.3 0.0 316.3 -9,862.9 899.8

2061 0.0 62.7 0.0 327.4 0.0 327.4 -10,496.5 948.7

2062 0.0 63.4 0.0 338.4 0.0 338.4 -11,160.5 999.3

2063 0.0 64.2 0.0 349.3 0.0 349.3 -11,855.6 1,051.6

2064 0.0 65.1 0.0 360.5 0.0 360.5 -12,583.2 1,106.3

2065 0.0 65.9 0.0 371.7 0.0 371.7 -13,344.2 1,162.9

2066 0.0 66.8 0.0 383.0 0.0 383.0 -14,139.5 1,221.6

2067 0.0 67.6 0.0 394.8 0.0 394.8 -14,970.9 1,283.1

2068 0.0 68.5 0.0 406.7 0.0 406.7 -15,839.6 1,346.9

2069 0.0 69.3 0.0 418.7 0.0 418.7 -16,746.7 1,413.1

2070 0.0 70.2 0.0 431.3 0.0 431.3 -17,693.9 1,482.3

2071 0.0 71.1 0.0 444.6 0.0 444.6 -18,683.3 1,554.6

2072 0.0 72.0 0.0 457.7 0.0 457.7 -19,716.0 1,629.5

2073 0.0 72.9 0.0 471.3 0.0 471.3 -20,793.6 1,707.5

2074 0.0 73.9 0.0 485.4 0.0 485.4 -21,918.1 1,788.8

2075 0.0 74.8 0.0 499.1 0.0 499.1 -23,090.4 1,872.5

2076 0.0 75.6 0.0 512.9 0.0 512.9 -24,312.2 1,959.4

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF,

Office of the Actuary

Social Security Administration

 January 29, 2002

60
Plan 3T--67p b Unified Budget Effects

Assumed Specified IA Cntrb 1.97 %, Benefit Offset 100.0 %

% Elect PA Contribs to GenFnd Offset to Other Tax Change Change Change

66.7% PRA by Fed Transfer to OASI Ben Changes Credit in Annual in Debt in Ann

Govt Based OASDI from PRA in OASDI for UnifBudg Held by UnifBudg

 Year on Earnings TrustFunds CashFlowAddon CashFlow Public Balance

(NoEffectonUB) lessGFTrans (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2004 50.7 0.0 0.0 0.0 3.9 -54.5 56.2 -56.2

2005 52.4 15.5 0.0 0.0 4.0 -56.4 116.1 -61.6

2006 54.2 17.3 0.0 0.0 4.1 -58.4 179.7 -67.3

2007 55.6 18.1 0.0 0.0 4.2 -59.9 246.6 -72.7

2008 57.1 19.0 0.0 0.0 4.4 -61.4 317.1 -78.4

2009 58.6 19.6 0.4 -3.5 4.5 -66.2 394.6 -87.6

2010 60.1 21.8 0.8 -2.7 4.6 -66.6 474.7 -92.7

2011 61.8 23.3 1.3 -1.6 4.7 -66.8 557.4 -97.9

2012 63.3 24.9 1.9 -0.3 4.8 -66.6 642.5 -102.8

2013 64.9 26.5 2.5 1.5 5.0 -65.8 729.4 -107.5

2014 66.1 28.1 3.3 3.6 5.0 -64.3 817.4 -111.3

2015 67.3 29.9 4.2 6.1 5.1 -62.1 906.0 -114.7

2016 68.5 31.7 5.1 9.0 5.2 -59.5 994.6 -117.5

2017 69.6 33.7 6.2 12.2 5.3 -56.5 1,082.7 -119.9

2018 70.8 35.7 7.4 15.7 5.4 -53.1 1,170.0 -121.8

2019 72.0 37.9 8.7 19.4 5.5 -49.4 1,256.0 -123.4

2020 73.2 38.7 10.1 23.3 5.6 -45.4 1,340.5 -124.6

2021 74.3 39.5 11.6 27.3 5.7 -41.1 1,423.1 -125.4

2022 75.4 40.3 13.3 31.6 5.8 -36.3 1,503.2 -125.6

2023 76.5 41.1 15.0 36.1 5.8 -31.2 1,580.5 -125.3

2024 77.6 41.9 16.9 40.8 5.9 -25.8 1,654.4 -124.5

2025 78.7 42.7 19.0 45.7 6.0 -20.0 1,724.7 -123.1

2026 79.8 43.4 21.1 50.9 6.1 -13.9 1,790.8 -121.1

2027 80.8 44.2 23.4 56.3 6.2 -7.2 1,851.9 -118.4

2028 81.8 44.9 25.9 62.1 6.2 -0.1 1,907.6 -114.9

2029 82.9 45.6 28.5 68.3 6.3 7.5 1,957.1 -110.4

2030 84.0 46.3 31.2 74.7 6.4 15.5 1,999.8 -105.2

2031 85.1 46.9 34.1 81.4 6.5 23.9 2,035.1 -99.2

2032 86.2 47.6 37.1 88.2 6.6 32.5 2,062.7 -92.6

2033 87.3 48.2 40.2 95.0 6.7 41.2 2,082.0 -85.3

2034 88.5 48.8 43.5 101.6 6.8 49.8 2,093.1 -77.6

2035 89.7 49.3 47.0 107.9 6.9 58.3 2,095.7 -69.5

2036 90.9 49.9 50.6 114.3 6.9 67.0 2,089.5 -60.7

2037 92.2 50.3 54.3 120.7 7.0 75.8 2,073.9 -51.2

2038 93.4 50.8 58.2 127.2 7.1 84.9 2,048.6 -40.9

2039 94.7 51.3 62.3 133.6 7.2 94.0 2,013.2 -30.0

2040 95.9 51.7 66.5 140.0 7.3 103.3 1,967.1 -18.2

2041 97.2 52.1 70.8 146.7 7.4 113.0 1,909.5 -5.3

2042 98.4 52.5 75.3 153.8 7.5 123.2 1,839.8 8.8

2043 99.7 52.9 80.0 161.1 7.6 133.8 1,757.0 24.0

2044 101.0 53.2 84.8 168.9 7.7 145.0 1,660.1 40.7

2045 102.2 53.6 89.6 176.9 7.8 156.5 1,548.5 58.6

2046 103.5 54.0 94.6 185.3 7.9 168.5 1,421.1 77.9

2047 104.8 54.4 100.1 194.1 8.0 181.4 1,276.6 99.1

2048 106.1 54.8 105.5 203.2 8.1 194.4 1,114.3 121.5

2049 107.4 55.2 110.7 212.6 8.2 207.7 933.5 145.2

2050 108.7 55.6 115.4 222.2 8.3 220.7 733.9 169.8

2051 110.0 56.1 120.2 232.1 8.4 233.9 514.6 195.8

2052 111.3 56.7 124.9 242.2 8.5 247.4 274.9 223.3

2053 112.6 57.2 129.6 252.7 8.6 261.1 13.8 252.3

2054 114.0 57.8 134.3 263.1 8.7 274.7 -269.1 282.5

2055 115.3 58.4 138.9 273.6 8.8 288.4 -574.6 314.1

2056 116.7 59.0 143.4 284.6 8.9 302.5 -903.9 347.6

2057 118.1 59.7 147.9 295.8 9.0 316.6 -1,257.6 382.6

2058 119.5 60.4 152.3 307.3 9.1 331.0 -1,636.7 419.3

2059 120.9 61.1 156.7 318.5 9.2 345.1 -2,041.7 457.3

2060 122.3 61.9 161.0 329.8 9.3 359.0 -2,473.3 496.8

2061 123.8 62.7 165.2 341.4 9.5 373.3 -2,932.7 538.3

2062 125.3 63.4 169.3 353.0 9.6 387.4 -3,420.3 581.3

2063 126.8 64.2 173.4 364.3 9.7 401.2 -3,936.7 625.7

2064 128.3 65.1 177.3 376.1 9.8 415.4 -4,483.3 672.3

2065 129.8 65.9 181.2 387.8 9.9 429.3 -5,060.7 720.6

2066 131.4 66.8 185.0 399.6 10.0 443.2 -5,669.6 770.6

2067 132.9 67.6 188.7 411.9 10.1 457.6 -6,311.8 823.2

2068 134.5 68.5 192.4 424.3 10.3 471.9 -6,987.9 877.8

2069 136.1 69.3 196.0 436.8 10.4 486.3 -7,699.2 934.5

2070 137.7 70.2 199.5 449.8 10.5 501.1 -8,447.0 993.8

2071 139.3 71.1 202.9 463.5 10.6 516.5 -9,233.2 1,056.1

2072 140.9 72.0 206.3 477.1 10.8 531.7 -10,058.7 1,120.4

2073 142.6 72.9 209.6 491.1 10.9 547.3 -10,925.0 1,187.6

2074 144.2 73.9 212.8 505.7 11.0 563.3 -11,833.8 1,257.8

2075 145.9 74.8 216.1 519.8 11.1 578.8 -12,785.8 1,330.1

2076 147.6 75.6 219.2 533.9 11.3 594.3 -13,782.4 1,405.1

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 2.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 2.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

61
Plan 3T-100p b Unified Budget Effects

Assumed Specified IA Cntrb 1.97 %, Benefit Offset 100.0 %

% Elect PA Contribs to GenFnd Offset to Other Tax Change Change Change

100.0% PRA by Fed Transfer to OASI Ben Changes Credit in Annual in Debt in Ann

Govt Based OASDI from PRA in OASDI for UnifBudg Held by UnifBudg

 Year on Earnings TrustFunds CashFlowAddon CashFlow Public Balance

(NoEffectonUB) lessGFTrans (EOY)

 (Billions of Constant 2001 $)

2002 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2003 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2004 76.0 0.0 0.0 0.0 5.8 -81.8 84.3 -84.3

2005 78.7 15.5 0.0 0.0 6.0 -84.7 174.2 -92.4

2006 81.4 17.3 0.0 0.0 6.2 -87.6 269.5 -100.9

2007 83.5 18.1 0.0 0.0 6.4 -89.8 369.9 -109.0

2008 85.6 19.0 0.0 0.0 6.5 -92.1 475.7 -117.5

2009 87.9 19.6 0.5 -3.5 6.7 -97.6 590.1 -129.6

2010 90.1 21.8 1.2 -2.7 6.9 -98.5 708.7 -137.5

2011 92.6 23.3 1.9 -1.6 7.1 -99.4 831.9 -145.8

2012 95.0 24.9 2.8 -0.2 7.3 -99.7 959.2 -153.8

2013 97.3 26.5 3.8 1.5 7.4 -99.5 1,090.2 -161.6

2014 99.2 28.1 5.0 3.6 7.6 -98.2 1,223.9 -168.6

2015 100.9 29.9 6.3 6.2 7.7 -96.2 1,359.9 -175.0

2016 102.7 31.7 7.7 9.1 7.8 -93.8 1,497.4 -181.0

2017 104.4 33.7 9.3 12.3 8.0 -90.8 1,636.0 -186.4

2018 106.2 35.7 11.1 15.8 8.1 -87.4 1,775.2 -191.5

2019 108.0 37.9 13.0 19.5 8.2 -83.7 1,914.8 -196.3

2020 109.8 38.7 15.1 23.4 8.4 -79.6 2,054.4 -200.7

2021 111.5 39.5 17.4 27.5 8.5 -75.1 2,193.5 -204.7

2022 113.1 40.3 19.9 31.8 8.6 -70.1 2,331.5 -208.1

2023 114.7 41.1 22.6 36.3 8.8 -64.6 2,468.2 -211.1

2024 116.4 41.9 25.4 41.1 8.9 -58.8 2,602.9 -213.5

2025 118.0 42.7 28.5 46.0 9.0 -52.6 2,735.2 -215.5

2026 119.7 43.4 31.7 51.2 9.1 -45.9 2,864.6 -216.8

2027 121.2 44.2 35.2 56.7 9.3 -38.6 2,990.4 -217.3

2028 122.8 44.9 38.8 62.5 9.4 -30.8 3,111.8 -217.0

2029 124.3 45.6 42.7 68.8 9.5 -22.3 3,228.2 -215.8

2030 125.9 46.3 46.8 75.3 9.6 -13.5 3,339.0 -213.9

2031 127.6 46.9 51.1 82.0 9.7 -4.2 3,443.5 -211.2

2032 129.3 47.6 55.6 88.9 9.9 5.4 3,541.2 -207.8

2033 131.0 48.2 60.4 95.8 10.0 15.2 3,631.8 -203.7

2034 132.8 48.8 65.3 102.5 10.1 24.9 3,715.1 -199.3

2035 134.6 49.3 70.5 109.0 10.3 34.6 3,790.9 -194.5

2036 136.4 49.9 75.9 115.5 10.4 44.5 3,858.6 -188.9

2037 138.3 50.3 81.5 122.0 10.6 54.7 3,918.0 -182.6

2038 140.1 50.8 87.3 128.6 10.7 65.1 3,968.3 -175.5

2039 142.0 51.3 93.4 135.2 10.8 75.7 4,009.3 -167.7

2040 143.9 51.7 99.7 141.8 11.0 86.6 4,040.2 -159.0

2041 145.8 52.1 106.2 148.7 11.1 98.0 4,060.3 -149.2

2042 147.7 52.5 113.0 155.9 11.3 110.0 4,068.6 -138.1

2043 149.6 52.9 120.0 163.4 11.4 122.4 4,064.4 -125.7

2044 151.5 53.2 127.2 171.4 11.6 135.6 4,046.5 -111.9

2045 153.4 53.6 134.5 179.7 11.7 149.1 4,014.1 -96.9

2046 155.3 54.0 141.9 188.3 11.9 163.1 3,966.3 -80.4

2047 157.2 54.4 150.2 197.4 12.0 178.3 3,901.3 -61.7

2048 159.1 54.8 158.2 206.7 12.1 193.6 3,818.7 -42.0

2049 161.1 55.2 166.0 216.4 12.3 209.0 3,717.6 -21.0

2050 163.0 55.6 173.2 226.2 12.4 223.9 3,598.2 0.7

2051 165.0 56.1 180.3 236.4 12.6 239.1 3,459.5 23.8

2052 166.9 56.7 187.4 246.8 12.7 254.5 3,300.8 48.2

2053 168.9 57.2 194.4 257.5 12.9 270.1 3,121.1 74.2

2054 171.0 57.8 201.4 268.2 13.0 285.6 2,920.2 101.2

2055 173.0 58.4 208.3 279.0 13.2 301.1 2,697.2 129.7

2056 175.0 59.0 215.1 290.2 13.4 317.0 2,451.2 159.9

2057 177.1 59.7 221.9 301.7 13.5 332.9 2,181.3 191.6

2058 179.2 60.4 228.5 313.4 13.7 349.0 1,886.8 224.9

2059 181.4 61.1 235.0 325.0 13.8 364.8 1,567.1 259.4

2060 183.5 61.9 241.4 336.5 14.0 380.4 1,221.8 295.3

2061 185.7 62.7 247.8 348.4 14.2 396.3 849.7 333.1

2062 187.9 63.4 254.0 360.2 14.3 411.9 450.3 372.2

2063 190.2 64.2 260.0 371.8 14.5 427.2 23.2 412.7

2064 192.4 65.1 266.0 383.9 14.7 442.8 -432.8 455.3

2065 194.7 65.9 271.8 395.9 14.9 458.1 -918.3 499.3

2066 197.0 66.8 277.5 407.8 15.0 473.3 -1,434.1 545.1

2067 199.4 67.6 283.1 420.4 15.2 489.0 -1,981.5 593.2

2068 201.7 68.5 288.6 433.1 15.4 504.5 -2,561.4 643.2

2069 204.1 69.3 293.9 445.8 15.6 520.0 -3,174.6 695.1

2070 206.5 70.2 299.2 459.0 15.8 536.0 -3,822.7 749.5

2071 208.9 71.1 304.3 473.0 15.9 552.5 -4,507.3 806.7

2072 211.4 72.0 309.4 486.8 16.1 568.7 -5,229.1 865.8

2073 213.8 72.9 314.4 501.0 16.3 585.2 -5,989.6 927.6

2074 216.3 73.9 319.3 515.8 16.5 602.2 -6,790.5 992.2

2075 218.8 74.8 324.1 530.0 16.7 618.6 -7,632.3 1,058.7

2076 221.4 75.6 328.9 544.4 16.9 635.0 -8,516.2 1,127.8

Based on Intermediate Assumptions of the 2001 Trustees Report

 With Ult Real Int Rate of 3.0 TF, Ult Ave Real BenOffstYld Rate of 2.5

Office of the Actuary Ave BenOffst Annuity Net Yld Rate of Annuity Yield 2.5

Social Security Administration

 January 29, 2002 Revised July 9, 2002

62
Plan 1(2+0)--67p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with Borrowing to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

66.7% Borrowing Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

Needed Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

In Year 2/ from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -49 -366 0 -101 -418 0 -101 -418

2005 0 -46 -424 0 -99 -532 0 -99 -532

2006 0 -42 -479 0 -97 -646 0 -97 -646

2007 0 -37 -529 0 -93 -759 0 -93 -759

2008 0 -30 -575 0 -88 -870 0 -88 -870

2009 0 -21 -613 0 -81 -977 0 -81 -977

2010 0 -12 -643 0 -72 -1,078 0 -72 -1,078

2011 0 -1 -663 0 -63 -1,173 0 -63 -1,173

2012 0 12 -670 0 -50 -1,259 0 -50 -1,259

2013 0 27 -662 0 -36 -1,332 0 -36 -1,332

2014 0 44 -637 0 -20 -1,392 0 -20 -1,392

2015 0 61 -594 0 -3 -1,437 0 -3 -1,437

2016 0 80 -531 0 15 -1,464 0 15 -1,464

2017 0 99 -447 0 35 -1,473 0 35 -1,473

2018 0 119 -339 0 55 -1,461 0 55 -1,461

2019 0 140 -208 0 76 -1,427 0 76 -1,427

2020 0 160 -51 0 97 -1,371 0 97 -1,371

2021 0 180 129 0 117 -1,294 0 117 -1,294

2022 0 198 334 0 137 -1,194 0 137 -1,194

2023 0 216 564 0 156 -1,072 0 156 -1,072

2024 0 233 818 0 174 -927 0 174 -927

2025 0 250 1,096 0 192 -760 0 192 -760

2026 0 266 1,399 0 210 -570 0 210 -570

2027 0 281 1,726 0 226 -357 0 226 -357

2028 0 294 2,076 0 242 -123 0 242 -123

2029 0 306 2,449 0 256 133 0 256 133

2030 295 316 2,843 0 269 410 0 269 410

2031 326 326 3,259 0 281 707 0 281 707

2032 334 334 3,696 0 292 1,024 0 292 1,024

2033 341 341 4,152 0 302 1,361 0 302 1,361

2034 345 345 4,627 0 309 1,716 0 309 1,716

2035 348 348 5,119 0 315 2,087 0 315 2,087

2036 349 349 5,627 0 320 2,475 0 320 2,475

2037 350 350 6,151 0 325 2,879 0 325 2,879

2038 349 349 6,689 87 328 3,298 0 241 3,209

2039 347 347 7,242 331 331 3,732 0 0 3,305

2040 345 345 7,809 333 333 4,182 0 0 3,405

2041 343 343 8,391 336 336 4,648 0 0 3,507

2042 340 340 8,988 339 339 5,131 0 0 3,612

2043 338 338 9,601 342 342 5,633 0 0 3,720

2044 337 337 10,231 346 346 6,153 0 0 3,832

2045 335 335 10,878 351 351 6,693 0 0 3,947

2046 334 334 11,543 355 355 7,255 0 0 4,065

2047 332 332 12,227 361 361 7,839 0 0 4,187

2048 332 332 12,930 367 367 8,446 0 0 4,313

2049 331 331 13,654 373 373 9,078 0 0 4,442

2050 332 332 14,401 380 380 9,736 0 0 4,575

2051 334 334 15,172 388 388 10,422 0 0 4,713

2052 338 338 15,970 397 397 11,138 0 0 4,854

2053 342 342 16,796 407 407 11,886 0 0 5,000

2054 346 346 17,651 417 417 12,666 0 0 5,150

2055 351 351 18,537 428 428 13,480 0 0 5,304

2056 356 356 19,455 439 439 14,330 0 0 5,463

2057 362 362 20,406 450 450 15,217 0 0 5,627

2058 368 368 21,391 462 462 16,142 0 0 5,796

2059 374 374 22,413 473 473 17,107 0 0 5,970

2060 380 380 23,471 485 485 18,113 0 0 6,149

2061 387 387 24,568 497 497 19,160 0 0 6,334

2062 394 394 25,705 509 509 20,251 0 0 6,524

2063 401 401 26,883 520 520 21,387 0 0 6,719

2064 408 408 28,104 532 532 22,569 0 0 6,921

2065 416 416 29,369 544 544 23,798 0 0 7,128

2066 424 424 30,680 557 557 25,077 0 0 7,342

2067 432 432 32,039 569 569 26,407 0 0 7,563

2068 440 440 33,447 581 581 27,789 0 0 7,789

2069 449 449 34,906 594 594 29,225 0 0 8,023

2070 458 458 36,417 606 606 30,717 0 0 8,264

2071 467 467 37,984 619 619 32,267 0 0 8,512

2072 477 477 39,607 632 632 33,877 0 0 8,767

2073 487 487 41,289 646 646 35,549 0 0 9,030

2074 497 497 43,032 659 659 37,284 0 0 9,301

2075 508 508 44,839 673 673 39,086 0 0 9,580

2076 519 519 46,711 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

63
Plan1(2+0)--100p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with Borrowing to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

100.0% Borrowing Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

Needed Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

In Year 2/ from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -23 -340 0 -101 -418 0 -101 -418

2005 0 -19 -369 0 -99 -532 0 -99 -532

2006 0 -15 -395 0 -97 -646 0 -97 -646

2007 0 -8 -415 0 -93 -759 0 -93 -759

2008 0 -1 -427 0 -88 -870 0 -88 -870

2009 0 8 -431 0 -81 -977 0 -81 -977

2010 0 18 -425 0 -72 -1,078 0 -72 -1,078

2011 0 30 -407 0 -63 -1,173 0 -63 -1,173

2012 0 43 -375 0 -50 -1,259 0 -50 -1,259

2013 0 59 -326 0 -36 -1,332 0 -36 -1,332

2014 0 76 -260 0 -20 -1,392 0 -20 -1,392

2015 0 93 -173 0 -3 -1,437 0 -3 -1,437

2016 0 112 -65 0 15 -1,464 0 15 -1,464

2017 0 131 66 0 35 -1,473 0 35 -1,473

2018 0 151 221 0 55 -1,461 0 55 -1,461

2019 0 171 402 0 76 -1,427 0 76 -1,427

2020 0 192 609 0 97 -1,371 0 97 -1,371

2021 0 211 841 0 117 -1,294 0 117 -1,294

2022 0 229 1,098 0 137 -1,194 0 137 -1,194

2023 0 246 1,381 0 156 -1,072 0 156 -1,072

2024 0 263 1,690 0 174 -927 0 174 -927

2025 0 279 2,024 0 192 -760 0 192 -760

2026 117 294 2,383 0 210 -570 0 210 -570

2027 308 308 2,767 0 226 -357 0 226 -357

2028 320 320 3,175 0 242 -123 0 242 -123

2029 331 331 3,606 0 256 133 0 256 133

2030 340 340 4,060 0 269 410 0 269 410

2031 348 348 4,535 0 281 707 0 281 707

2032 355 355 5,031 0 292 1,024 0 292 1,024

2033 360 360 5,548 0 302 1,361 0 302 1,361

2034 363 363 6,083 0 309 1,716 0 309 1,716

2035 364 364 6,635 0 315 2,087 0 315 2,087

2036 364 364 7,203 0 320 2,475 0 320 2,475

2037 362 362 7,787 0 325 2,879 0 325 2,879

2038 359 359 8,385 87 328 3,298 0 241 3,209

2039 355 355 8,997 331 331 3,732 0 0 3,305

2040 351 351 9,622 333 333 4,182 0 0 3,405

2041 346 346 10,262 336 336 4,648 0 0 3,507

2042 341 341 10,916 339 339 5,131 0 0 3,612

2043 336 336 11,585 342 342 5,633 0 0 3,720

2044 332 332 12,269 346 346 6,153 0 0 3,832

2045 327 327 12,970 351 351 6,693 0 0 3,947

2046 323 323 13,687 355 355 7,255 0 0 4,065

2047 318 318 14,420 361 361 7,839 0 0 4,187

2048 314 314 15,172 367 367 8,446 0 0 4,313

2049 310 310 15,942 373 373 9,078 0 0 4,442

2050 309 309 16,733 380 380 9,736 0 0 4,575

2051 308 308 17,547 388 388 10,422 0 0 4,713

2052 308 308 18,386 397 397 11,138 0 0 4,854

2053 309 309 19,251 407 407 11,886 0 0 5,000

2054 310 310 20,144 417 417 12,666 0 0 5,150

2055 312 312 21,065 428 428 13,480 0 0 5,304

2056 315 315 22,017 439 439 14,330 0 0 5,463

2057 318 318 23,000 450 450 15,217 0 0 5,627

2058 321 321 24,016 462 462 16,142 0 0 5,796

2059 325 325 25,066 473 473 17,107 0 0 5,970

2060 328 328 26,151 485 485 18,113 0 0 6,149

2061 332 332 27,273 497 497 19,160 0 0 6,334

2062 337 337 28,432 509 509 20,251 0 0 6,524

2063 341 341 29,632 520 520 21,387 0 0 6,719

2064 346 346 30,872 532 532 22,569 0 0 6,921

2065 352 352 32,155 544 544 23,798 0 0 7,128

2066 357 357 33,482 557 557 25,077 0 0 7,342

2067 363 363 34,855 569 569 26,407 0 0 7,563

2068 370 370 36,276 581 581 27,789 0 0 7,789

2069 376 376 37,746 594 594 29,225 0 0 8,023

2070 383 383 39,267 606 606 30,717 0 0 8,264

2071 391 391 40,842 619 619 32,267 0 0 8,512

2072 399 399 42,472 632 632 33,877 0 0 8,767

2073 407 407 44,159 646 646 35,549 0 0 9,030

2074 416 416 45,906 659 659 37,284 0 0 9,301

2075 425 425 47,715 673 673 39,086 0 0 9,580

2076 435 435 49,588 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

64
Plan 1(1+1)--67p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with Borrowing to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

66.7% Borrowing Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

Needed Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

In Year 2/ from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -75 -392 0 -101 -418 0 -101 -418

2005 0 -73 -478 0 -99 -532 0 -99 -532

2006 0 -70 -562 0 -97 -646 0 -97 -646

2007 0 -65 -644 0 -93 -759 0 -93 -759

2008 0 -59 -722 0 -88 -870 0 -88 -870

2009 0 -51 -795 0 -81 -977 0 -81 -977

2010 0 -42 -861 0 -72 -1,078 0 -72 -1,078

2011 0 -33 -919 0 -63 -1,173 0 -63 -1,173

2012 0 -20 -967 0 -50 -1,259 0 -50 -1,259

2013 0 -6 -1,001 0 -36 -1,332 0 -36 -1,332

2014 0 10 -1,020 0 -20 -1,392 0 -20 -1,392

2015 0 27 -1,024 0 -3 -1,437 0 -3 -1,437

2016 0 45 -1,009 0 15 -1,464 0 15 -1,464

2017 0 64 -975 0 35 -1,473 0 35 -1,473

2018 0 83 -920 0 55 -1,461 0 55 -1,461

2019 0 103 -843 0 76 -1,427 0 76 -1,427

2020 0 123 -743 0 97 -1,371 0 97 -1,371

2021 0 142 -622 0 117 -1,294 0 117 -1,294

2022 0 160 -478 0 137 -1,194 0 137 -1,194

2023 0 177 -313 0 156 -1,072 0 156 -1,072

2024 0 194 -125 0 174 -927 0 174 -927

2025 0 210 84 0 192 -760 0 192 -760

2026 0 225 316 0 210 -570 0 210 -570

2027 0 240 568 0 226 -357 0 226 -357

2028 0 252 842 0 242 -123 0 242 -123

2029 0 264 1,135 0 256 133 0 256 133

2030 0 274 1,446 0 269 410 0 269 410

2031 0 282 1,776 0 281 707 0 281 707

2032 0 290 2,124 0 292 1,024 0 292 1,024

2033 0 296 2,489 0 302 1,361 0 302 1,361

2034 9 300 2,868 0 309 1,716 0 309 1,716

2035 302 302 3,261 0 315 2,087 0 315 2,087

2036 303 303 3,666 0 320 2,475 0 320 2,475

2037 303 303 4,083 0 325 2,879 0 325 2,879

2038 301 301 4,512 87 328 3,298 0 241 3,209

2039 299 299 4,950 331 331 3,732 0 0 3,305

2040 296 296 5,399 333 333 4,182 0 0 3,405

2041 293 293 5,858 336 336 4,648 0 0 3,507

2042 290 290 6,329 339 339 5,131 0 0 3,612

2043 288 288 6,811 342 342 5,633 0 0 3,720

2044 285 285 7,305 346 346 6,153 0 0 3,832

2045 283 283 7,811 351 351 6,693 0 0 3,947

2046 281 281 8,331 355 355 7,255 0 0 4,065

2047 279 279 8,864 361 361 7,839 0 0 4,187

2048 278 278 9,412 367 367 8,446 0 0 4,313

2049 277 277 9,975 373 373 9,078 0 0 4,442

2050 277 277 10,555 380 380 9,736 0 0 4,575

2051 279 279 11,155 388 388 10,422 0 0 4,713

2052 281 281 11,775 397 397 11,138 0 0 4,854

2053 284 284 12,417 407 407 11,886 0 0 5,000

2054 288 288 13,081 417 417 12,666 0 0 5,150

2055 292 292 13,771 428 428 13,480 0 0 5,304

2056 297 297 14,485 439 439 14,330 0 0 5,463

2057 302 302 15,226 450 450 15,217 0 0 5,627

2058 307 307 15,995 462 462 16,142 0 0 5,796

2059 313 313 16,792 473 473 17,107 0 0 5,970

2060 318 318 17,619 485 485 18,113 0 0 6,149

2061 324 324 18,476 497 497 19,160 0 0 6,334

2062 330 330 19,366 509 509 20,251 0 0 6,524

2063 336 336 20,288 520 520 21,387 0 0 6,719

2064 343 343 21,245 532 532 22,569 0 0 6,921

2065 350 350 22,238 544 544 23,798 0 0 7,128

2066 357 357 23,267 557 557 25,077 0 0 7,342

2067 364 364 24,335 569 569 26,407 0 0 7,563

2068 372 372 25,442 581 581 27,789 0 0 7,789

2069 380 380 26,590 594 594 29,225 0 0 8,023

2070 388 388 27,782 606 606 30,717 0 0 8,264

2071 396 396 29,017 619 619 32,267 0 0 8,512

2072 405 405 30,299 632 632 33,877 0 0 8,767

2073 414 414 31,628 646 646 35,549 0 0 9,030

2074 424 424 33,007 659 659 37,284 0 0 9,301

2075 434 434 34,437 673 673 39,086 0 0 9,580

2076 444 444 35,921 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

65
Plan 1(0+2)--67p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with Borrowing to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

66.7% Borrowing Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

Needed Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

In Year 2/ from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -101 -418 0 -101 -418 0 -101 -418

2005 0 -99 -532 0 -99 -532 0 -99 -532

2006 0 -97 -646 0 -97 -646 0 -97 -646

2007 0 -93 -759 0 -93 -759 0 -93 -759

2008 0 -88 -870 0 -88 -870 0 -88 -870

2009 0 -81 -977 0 -81 -977 0 -81 -977

2010 0 -73 -1,079 0 -72 -1,078 0 -72 -1,078

2011 0 -64 -1,176 0 -63 -1,173 0 -63 -1,173

2012 0 -52 -1,263 0 -50 -1,259 0 -50 -1,259

2013 0 -39 -1,340 0 -36 -1,332 0 -36 -1,332

2014 0 -24 -1,404 0 -20 -1,392 0 -20 -1,392

2015 0 -7 -1,453 0 -3 -1,437 0 -3 -1,437

2016 0 10 -1,487 0 15 -1,464 0 15 -1,464

2017 0 28 -1,503 0 35 -1,473 0 35 -1,473

2018 0 47 -1,500 0 55 -1,461 0 55 -1,461

2019 0 66 -1,478 0 76 -1,427 0 76 -1,427

2020 0 86 -1,435 0 97 -1,371 0 97 -1,371

2021 0 104 -1,373 0 117 -1,294 0 117 -1,294

2022 0 121 -1,291 0 137 -1,194 0 137 -1,194

2023 0 138 -1,189 0 156 -1,072 0 156 -1,072

2024 0 155 -1,068 0 174 -927 0 174 -927

2025 0 170 -927 0 192 -760 0 192 -760

2026 0 185 -767 0 210 -570 0 210 -570

2027 0 198 -589 0 226 -357 0 226 -357

2028 0 211 -393 0 242 -123 0 242 -123

2029 0 222 -179 0 256 133 0 256 133

2030 0 231 49 0 269 410 0 269 410

2031 0 239 294 0 281 707 0 281 707

2032 0 246 553 0 292 1,024 0 292 1,024

2033 0 252 825 0 302 1,361 0 302 1,361

2034 0 255 1,109 0 309 1,716 0 309 1,716

2035 0 257 1,402 0 315 2,087 0 315 2,087

2036 0 257 1,705 0 320 2,475 0 320 2,475

2037 0 256 2,016 0 325 2,879 0 325 2,879

2038 0 254 2,334 87 328 3,298 0 241 3,209

2039 0 251 2,658 331 331 3,732 0 0 3,305

2040 0 247 2,989 333 333 4,182 0 0 3,405

2041 0 244 3,326 336 336 4,648 0 0 3,507

2042 57 240 3,670 339 339 5,131 0 0 3,612

2043 237 237 4,020 342 342 5,633 0 0 3,720

2044 234 234 4,378 346 346 6,153 0 0 3,832

2045 231 231 4,744 351 351 6,693 0 0 3,947

2046 229 229 5,119 355 355 7,255 0 0 4,065

2047 226 226 5,501 361 361 7,839 0 0 4,187

2048 224 224 5,893 367 367 8,446 0 0 4,313

2049 222 222 6,296 373 373 9,078 0 0 4,442

2050 222 222 6,710 380 380 9,736 0 0 4,575

2051 223 223 7,137 388 388 10,422 0 0 4,713

2052 225 225 7,579 397 397 11,138 0 0 4,854

2053 227 227 8,037 407 407 11,886 0 0 5,000

2054 230 230 8,512 417 417 12,666 0 0 5,150

2055 234 234 9,004 428 428 13,480 0 0 5,304

2056 238 238 9,516 439 439 14,330 0 0 5,463

2057 242 242 10,047 450 450 15,217 0 0 5,627

2058 247 247 10,598 462 462 16,142 0 0 5,796

2059 251 251 11,171 473 473 17,107 0 0 5,970

2060 256 256 11,766 485 485 18,113 0 0 6,149

2061 261 261 12,385 497 497 19,160 0 0 6,334

2062 266 266 13,027 509 509 20,251 0 0 6,524

2063 272 272 13,693 520 520 21,387 0 0 6,719

2064 278 278 14,386 532 532 22,569 0 0 6,921

2065 284 284 15,106 544 544 23,798 0 0 7,128

2066 290 290 15,854 557 557 25,077 0 0 7,342

2067 297 297 16,630 569 569 26,407 0 0 7,563

2068 303 303 17,437 581 581 27,789 0 0 7,789

2069 310 310 18,275 594 594 29,225 0 0 8,023

2070 318 318 19,146 606 606 30,717 0 0 8,264

2071 325 325 20,051 619 619 32,267 0 0 8,512

2072 333 333 20,991 632 632 33,877 0 0 8,767

2073 342 342 21,967 646 646 35,549 0 0 9,030

2074 350 350 22,982 659 659 37,284 0 0 9,301

2075 359 359 24,036 673 673 39,086 0 0 9,580

2076 369 369 25,132 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

66
Basic Plan 2 c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

i.e., Without Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

 PAs with Borrowing to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

Borrowing Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

Needed Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

In Year 2/ from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -101 -418 0 -101 -418 0 -101 -418

2005 0 -99 -532 0 -99 -532 0 -99 -532

2006 0 -97 -646 0 -97 -646 0 -97 -646

2007 0 -93 -759 0 -93 -759 0 -93 -759

2008 0 -88 -870 0 -88 -870 0 -88 -870

2009 0 -76 -973 0 -81 -977 0 -81 -977

2010 0 -68 -1,070 0 -72 -1,078 0 -72 -1,078

2011 0 -59 -1,161 0 -63 -1,173 0 -63 -1,173

2012 0 -47 -1,243 0 -50 -1,259 0 -50 -1,259

2013 0 -34 -1,314 0 -36 -1,332 0 -36 -1,332

2014 0 -20 -1,374 0 -20 -1,392 0 -20 -1,392

2015 0 -4 -1,419 0 -3 -1,437 0 -3 -1,437

2016 0 12 -1,450 0 15 -1,464 0 15 -1,464

2017 0 28 -1,465 0 35 -1,473 0 35 -1,473

2018 0 45 -1,463 0 55 -1,461 0 55 -1,461

2019 0 63 -1,443 0 76 -1,427 0 76 -1,427

2020 0 79 -1,406 0 97 -1,371 0 97 -1,371

2021 0 95 -1,352 0 117 -1,294 0 117 -1,294

2022 0 109 -1,282 0 137 -1,194 0 137 -1,194

2023 0 123 -1,196 0 156 -1,072 0 156 -1,072

2024 0 135 -1,094 0 174 -927 0 174 -927

2025 0 147 -978 0 192 -760 0 192 -760

2026 0 158 -847 0 210 -570 0 210 -570

2027 0 167 -703 0 226 -357 0 226 -357

2028 0 175 -546 0 242 -123 0 242 -123

2029 0 182 -378 0 256 133 0 256 133

2030 0 186 -200 0 269 410 0 269 410

2031 0 190 -14 0 281 707 0 281 707

2032 0 192 181 0 292 1,024 0 292 1,024

2033 0 193 382 0 302 1,361 0 302 1,361

2034 0 191 588 0 309 1,716 0 309 1,716

2035 0 188 797 0 315 2,087 0 315 2,087

2036 0 184 1,007 0 320 2,475 0 320 2,475

2037 0 178 1,219 0 325 2,879 0 325 2,879

2038 0 172 1,429 87 328 3,298 0 241 3,209

2039 0 164 1,639 331 331 3,732 0 0 3,305

2040 0 156 1,846 333 333 4,182 0 0 3,405

2041 0 148 2,051 336 336 4,648 0 0 3,507

2042 0 139 2,254 339 339 5,131 0 0 3,612

2043 0 131 2,454 342 342 5,633 0 0 3,720

2044 0 122 2,652 346 346 6,153 0 0 3,832

2045 0 114 2,848 351 351 6,693 0 0 3,947

2046 0 106 3,040 355 355 7,255 0 0 4,065

2047 0 98 3,231 361 361 7,839 0 0 4,187

2048 0 90 3,419 367 367 8,446 0 0 4,313

2049 0 82 3,605 373 373 9,078 0 0 4,442

2050 0 74 3,788 380 380 9,736 0 0 4,575

2051 0 67 3,970 388 388 10,422 0 0 4,713

2052 0 61 4,151 397 397 11,138 0 0 4,854

2053 0 55 4,331 407 407 11,886 0 0 5,000

2054 0 49 4,511 417 417 12,666 0 0 5,150

2055 0 43 4,690 428 428 13,480 0 0 5,304

2056 0 37 4,868 439 439 14,330 0 0 5,463

2057 0 31 5,046 450 450 15,217 0 0 5,627

2058 0 25 5,223 462 462 16,142 0 0 5,796

2059 0 19 5,399 473 473 17,107 0 0 5,970

2060 0 13 5,574 485 485 18,113 0 0 6,149

2061 0 6 5,747 497 497 19,160 0 0 6,334

2062 0 0 5,920 509 509 20,251 0 0 6,524

2063 0 -6 6,091 520 520 21,387 0 0 6,719

2064 0 -13 6,261 532 532 22,569 0 0 6,921

2065 0 -19 6,429 544 544 23,798 0 0 7,128

2066 0 -26 6,595 557 557 25,077 0 0 7,342

2067 0 -34 6,759 569 569 26,407 0 0 7,563

2068 0 -41 6,920 581 581 27,789 0 0 7,789

2069 0 -49 7,078 594 594 29,225 0 0 8,023

2070 0 -57 7,233 606 606 30,717 0 0 8,264

2071 0 -65 7,384 619 619 32,267 0 0 8,512

2072 0 -73 7,531 632 632 33,877 0 0 8,767

2073 0 -82 7,674 646 646 35,549 0 0 9,030

2074 0 -91 7,812 659 659 37,284 0 0 9,301

2075 0 -99 7,945 673 673 39,086 0 0 9,580

2076 0 -108 8,074 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

67
Plan 2T-67p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with GF Transfer to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

66.7% Addl Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

GF Transfer Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

for Balance from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -39 -356 0 -101 -418 0 -101 -418

2005 0 -35 -402 0 -99 -532 0 -99 -532

2006 0 -31 -446 0 -97 -646 0 -97 -646

2007 0 -25 -485 0 -93 -759 0 -93 -759

2008 0 -18 -517 0 -88 -870 0 -88 -870

2009 0 -5 -538 0 -81 -977 0 -81 -977

2010 0 4 -549 0 -72 -1,078 0 -72 -1,078

2011 0 15 -551 0 -63 -1,173 0 -63 -1,173

2012 0 27 -539 0 -50 -1,259 0 -50 -1,259

2013 0 42 -512 0 -36 -1,332 0 -36 -1,332

2014 0 57 -470 0 -20 -1,392 0 -20 -1,392

2015 0 73 -410 0 -3 -1,437 0 -3 -1,437

2016 0 89 -333 0 15 -1,464 0 15 -1,464

2017 0 106 -235 0 35 -1,473 0 35 -1,473

2018 0 123 -118 0 55 -1,461 0 55 -1,461

2019 0 140 21 0 76 -1,427 0 76 -1,427

2020 0 157 180 0 97 -1,371 0 97 -1,371

2021 0 172 360 0 117 -1,294 0 117 -1,294

2022 0 185 559 0 137 -1,194 0 137 -1,194

2023 0 198 777 0 156 -1,072 0 156 -1,072

2024 0 210 1,014 0 174 -927 0 174 -927

2025 6 221 1,268 0 192 -760 0 192 -760

2026 219 230 1,540 0 210 -570 0 210 -570

2027 228 239 1,829 0 226 -357 0 226 -357

2028 231 245 2,132 0 242 -123 0 242 -123

2029 234 250 2,450 0 256 133 0 256 133

2030 237 253 2,780 0 269 410 0 269 410

2031 240 255 3,122 0 281 707 0 281 707

2032 230 255 3,474 0 292 1,024 0 292 1,024

2033 233 254 3,836 0 302 1,361 0 302 1,361

2034 230 250 4,205 0 309 1,716 0 309 1,716

2035 219 245 4,579 0 315 2,087 0 315 2,087

2036 208 238 4,958 0 320 2,475 0 320 2,475

2037 204 229 5,340 0 325 2,879 0 325 2,879

2038 185 220 5,723 87 328 3,298 0 241 3,209

2039 180 209 6,107 331 331 3,732 0 0 3,305

2040 168 198 6,492 333 333 4,182 0 0 3,405

2041 156 187 6,876 336 336 4,648 0 0 3,507

2042 150 175 7,260 339 339 5,131 0 0 3,612

2043 129 163 7,644 342 342 5,633 0 0 3,720

2044 123 151 8,027 346 346 6,153 0 0 3,832

2045 109 139 8,409 351 351 6,693 0 0 3,947

2046 95 127 8,790 355 355 7,255 0 0 4,065

2047 80 115 9,170 361 361 7,839 0 0 4,187

2048 73 103 9,549 367 367 8,446 0 0 4,313

2049 66 91 9,928 373 373 9,078 0 0 4,442

2050 50 80 10,307 380 380 9,736 0 0 4,575

2051 42 69 10,686 388 388 10,422 0 0 4,713

2052 34 59 11,067 397 397 11,138 0 0 4,854

2053 17 50 11,449 407 407 11,886 0 0 5,000

2054 17 40 11,834 417 417 12,666 0 0 5,150

2055 0 31 12,220 428 428 13,480 0 0 5,304

2056 0 22 12,609 439 439 14,330 0 0 5,463

2057 0 13 13,001 450 450 15,217 0 0 5,627

2058 0 4 13,395 462 462 16,142 0 0 5,796

2059 0 -5 13,791 473 473 17,107 0 0 5,970

2060 0 -14 14,191 485 485 18,113 0 0 6,149

2061 0 -23 14,593 497 497 19,160 0 0 6,334

2062 0 -32 14,998 509 509 20,251 0 0 6,524

2063 0 -41 15,406 520 520 21,387 0 0 6,719

2064 0 -50 15,818 532 532 22,569 0 0 6,921

2065 0 -59 16,232 544 544 23,798 0 0 7,128

2066 0 -68 16,650 557 557 25,077 0 0 7,342

2067 0 -78 17,071 569 569 26,407 0 0 7,563

2068 0 -87 17,495 581 581 27,789 0 0 7,789

2069 0 -97 17,921 594 594 29,225 0 0 8,023

2070 0 -106 18,351 606 606 30,717 0 0 8,264

2071 0 -116 18,783 619 619 32,267 0 0 8,512

2072 0 -126 19,219 632 632 33,877 0 0 8,767

2073 0 -137 19,656 646 646 35,549 0 0 9,030

2074 0 -147 20,097 659 659 37,284 0 0 9,301

2075 0 -157 20,540 673 673 39,086 0 0 9,580

2076 0 -167 20,987 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

68
Plan 2T-100p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with GF Transfer to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

100.0% Addl Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

GF Transfer Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

for Balance from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -8 -325 0 -101 -418 0 -101 -418

2005 0 -4 -338 0 -99 -532 0 -99 -532

2006 0 2 -346 0 -97 -646 0 -97 -646

2007 0 8 -348 0 -93 -759 0 -93 -759

2008 0 16 -341 0 -88 -870 0 -88 -870

2009 0 30 -321 0 -81 -977 0 -81 -977

2010 0 40 -289 0 -72 -1,078 0 -72 -1,078

2011 0 51 -246 0 -63 -1,173 0 -63 -1,173

2012 0 65 -187 0 -50 -1,259 0 -50 -1,259

2013 0 80 -111 0 -36 -1,332 0 -36 -1,332

2014 0 95 -18 0 -20 -1,392 0 -20 -1,392

2015 0 111 94 0 -3 -1,437 0 -3 -1,437

2016 0 127 226 0 15 -1,464 0 15 -1,464

2017 0 144 379 0 35 -1,473 0 35 -1,473

2018 0 162 555 0 55 -1,461 0 55 -1,461

2019 0 179 753 0 76 -1,427 0 76 -1,427

2020 0 195 973 0 97 -1,371 0 97 -1,371

2021 103 210 1,216 0 117 -1,294 0 117 -1,294

2022 220 224 1,479 0 137 -1,194 0 137 -1,194

2023 235 236 1,763 0 156 -1,072 0 156 -1,072

2024 244 248 2,067 0 174 -927 0 174 -927

2025 247 258 2,391 0 192 -760 0 192 -760

2026 250 267 2,734 0 210 -570 0 210 -570

2027 265 274 3,094 0 226 -357 0 226 -357

2028 268 280 3,471 0 242 -123 0 242 -123

2029 266 284 3,864 0 256 133 0 256 133

2030 269 286 4,270 0 269 410 0 269 410

2031 272 287 4,690 0 281 707 0 281 707

2032 263 287 5,121 0 292 1,024 0 292 1,024

2033 260 284 5,563 0 302 1,361 0 302 1,361

2034 257 279 6,013 0 309 1,716 0 309 1,716

2035 246 273 6,471 0 315 2,087 0 315 2,087

2036 236 264 6,933 0 320 2,475 0 320 2,475

2037 225 255 7,400 0 325 2,879 0 325 2,879

2038 214 244 7,870 87 328 3,298 0 241 3,209

2039 202 232 8,342 331 331 3,732 0 0 3,305

2040 183 220 8,815 333 333 4,182 0 0 3,405

2041 178 207 9,289 336 336 4,648 0 0 3,507

2042 158 193 9,764 339 339 5,131 0 0 3,612

2043 152 179 10,239 342 342 5,633 0 0 3,720

2044 131 166 10,714 346 346 6,153 0 0 3,832

2045 117 152 11,189 351 351 6,693 0 0 3,947

2046 111 138 11,665 355 355 7,255 0 0 4,065

2047 88 123 12,140 361 361 7,839 0 0 4,187

2048 81 109 12,615 367 367 8,446 0 0 4,313

2049 66 95 13,090 373 373 9,078 0 0 4,442

2050 50 82 13,566 380 380 9,736 0 0 4,575

2051 42 70 14,044 388 388 10,422 0 0 4,713

2052 34 58 14,524 397 397 11,138 0 0 4,854

2053 17 47 15,008 407 407 11,886 0 0 5,000

2054 9 36 15,495 417 417 12,666 0 0 5,150

2055 0 25 15,986 428 428 13,480 0 0 5,304

2056 0 15 16,480 439 439 14,330 0 0 5,463

2057 0 4 16,978 450 450 15,217 0 0 5,627

2058 0 -7 17,481 462 462 16,142 0 0 5,796

2059 0 -17 17,988 473 473 17,107 0 0 5,970

2060 0 -28 18,500 485 485 18,113 0 0 6,149

2061 0 -38 19,016 497 497 19,160 0 0 6,334

2062 0 -48 19,537 509 509 20,251 0 0 6,524

2063 0 -58 20,064 520 520 21,387 0 0 6,719

2064 0 -69 20,596 532 532 22,569 0 0 6,921

2065 0 -79 21,134 544 544 23,798 0 0 7,128

2066 0 -89 21,678 557 557 25,077 0 0 7,342

2067 0 -100 22,227 569 569 26,407 0 0 7,563

2068 0 -110 22,782 581 581 27,789 0 0 7,789

2069 0 -121 23,343 594 594 29,225 0 0 8,023

2070 0 -131 23,910 606 606 30,717 0 0 8,264

2071 0 -142 24,483 619 619 32,267 0 0 8,512

2072 0 -153 25,062 632 632 33,877 0 0 8,767

2073 0 -164 25,648 646 646 35,549 0 0 9,030

2074 0 -175 26,239 659 659 37,284 0 0 9,301

2075 0 -186 26,838 673 673 39,086 0 0 9,580

2076 0 -197 27,443 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

69
Basic Plan 3 c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

i.e., Without Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

 PAs with GF Transfer to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

Specified Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

GF Transfer Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -101 -418 0 -101 -418 0 -101 -418

2005 15 -99 -532 0 -99 -532 0 -99 -532

2006 17 -97 -646 0 -97 -646 0 -97 -646

2007 18 -93 -759 0 -93 -759 0 -93 -759

2008 19 -88 -870 0 -88 -870 0 -88 -870

2009 20 -77 -973 0 -81 -977 0 -81 -977

2010 22 -69 -1,072 0 -72 -1,078 0 -72 -1,078

2011 23 -61 -1,165 0 -63 -1,173 0 -63 -1,173

2012 25 -50 -1,250 0 -50 -1,259 0 -50 -1,259

2013 26 -37 -1,325 0 -36 -1,332 0 -36 -1,332

2014 28 -24 -1,388 0 -20 -1,392 0 -20 -1,392

2015 30 -9 -1,439 0 -3 -1,437 0 -3 -1,437

2016 32 7 -1,475 0 15 -1,464 0 15 -1,464

2017 34 23 -1,496 0 35 -1,473 0 35 -1,473

2018 36 40 -1,501 0 55 -1,461 0 55 -1,461

2019 38 57 -1,488 0 76 -1,427 0 76 -1,427

2020 39 74 -1,457 0 97 -1,371 0 97 -1,371

2021 40 90 -1,410 0 117 -1,294 0 117 -1,294

2022 40 105 -1,345 0 137 -1,194 0 137 -1,194

2023 41 120 -1,264 0 156 -1,072 0 156 -1,072

2024 42 134 -1,166 0 174 -927 0 174 -927

2025 43 147 -1,051 0 192 -760 0 192 -760

2026 43 159 -921 0 210 -570 0 210 -570

2027 44 171 -775 0 226 -357 0 226 -357

2028 45 181 -615 0 242 -123 0 242 -123

2029 46 189 -443 0 256 133 0 256 133

2030 46 195 -258 0 269 410 0 269 410

2031 47 201 -62 0 281 707 0 281 707

2032 48 205 144 0 292 1,024 0 292 1,024

2033 48 208 360 0 302 1,361 0 302 1,361

2034 49 210 583 0 309 1,716 0 309 1,716

2035 49 210 814 0 315 2,087 0 315 2,087

2036 50 208 1,050 0 320 2,475 0 320 2,475

2037 50 206 1,291 0 325 2,879 0 325 2,879

2038 51 204 1,536 87 328 3,298 0 241 3,209

2039 51 200 1,785 331 331 3,732 0 0 3,305

2040 52 196 2,038 333 333 4,182 0 0 3,405

2041 52 193 2,295 336 336 4,648 0 0 3,507

2042 52 189 2,556 339 339 5,131 0 0 3,612

2043 53 186 2,821 342 342 5,633 0 0 3,720

2044 53 182 3,091 346 346 6,153 0 0 3,832

2045 54 179 3,365 351 351 6,693 0 0 3,947

2046 54 176 3,645 355 355 7,255 0 0 4,065

2047 54 173 3,930 361 361 7,839 0 0 4,187

2048 55 171 4,221 367 367 8,446 0 0 4,313

2049 55 168 4,518 373 373 9,078 0 0 4,442

2050 56 166 4,822 380 380 9,736 0 0 4,575

2051 56 165 5,134 388 388 10,422 0 0 4,713

2052 57 164 5,455 397 397 11,138 0 0 4,854

2053 57 164 5,785 407 407 11,886 0 0 5,000

2054 58 164 6,126 417 417 12,666 0 0 5,150

2055 58 165 6,477 428 428 13,480 0 0 5,304

2056 59 166 6,840 439 439 14,330 0 0 5,463

2057 60 166 7,214 450 450 15,217 0 0 5,627

2058 60 167 7,600 462 462 16,142 0 0 5,796

2059 61 168 7,998 473 473 17,107 0 0 5,970

2060 62 169 8,409 485 485 18,113 0 0 6,149

2061 63 169 8,833 497 497 19,160 0 0 6,334

2062 63 170 9,271 509 509 20,251 0 0 6,524

2063 64 171 9,722 520 520 21,387 0 0 6,719

2064 65 172 10,189 532 532 22,569 0 0 6,921

2065 66 173 10,670 544 544 23,798 0 0 7,128

2066 67 174 11,166 557 557 25,077 0 0 7,342

2067 68 174 11,678 569 569 26,407 0 0 7,563

2068 68 175 12,205 581 581 27,789 0 0 7,789

2069 69 175 12,749 594 594 29,225 0 0 8,023

2070 70 175 13,309 606 606 30,717 0 0 8,264

2071 71 175 13,886 619 619 32,267 0 0 8,512

2072 72 175 14,480 632 632 33,877 0 0 8,767

2073 73 174 15,091 646 646 35,549 0 0 9,030

2074 74 174 15,720 659 659 37,284 0 0 9,301

2075 75 174 16,368 673 673 39,086 0 0 9,580

2076 76 174 17,036 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

70
Plan 3T--67p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with GF Transfer to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

66.7% Spec +Addl Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

GF Transfer Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

for Balance from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -50 -367 0 -101 -418 0 -101 -418

2005 15 -47 -425 0 -99 -532 0 -99 -532

2006 17 -43 -481 0 -97 -646 0 -97 -646

2007 18 -38 -533 0 -93 -759 0 -93 -759

2008 19 -31 -580 0 -88 -870 0 -88 -870

2009 20 -19 -616 0 -81 -977 0 -81 -977

2010 22 -10 -644 0 -72 -1,078 0 -72 -1,078

2011 23 -1 -663 0 -63 -1,173 0 -63 -1,173

2012 25 12 -671 0 -50 -1,259 0 -50 -1,259

2013 26 25 -666 0 -36 -1,332 0 -36 -1,332

2014 28 39 -646 0 -20 -1,392 0 -20 -1,392

2015 30 54 -610 0 -3 -1,437 0 -3 -1,437

2016 32 70 -557 0 15 -1,464 0 15 -1,464

2017 34 86 -487 0 35 -1,473 0 35 -1,473

2018 36 103 -397 0 55 -1,461 0 55 -1,461

2019 38 120 -287 0 76 -1,427 0 76 -1,427

2020 39 137 -156 0 97 -1,371 0 97 -1,371

2021 40 152 -6 0 117 -1,294 0 117 -1,294

2022 41 167 163 0 137 -1,194 0 137 -1,194

2023 42 181 352 0 156 -1,072 0 156 -1,072

2024 43 194 559 0 174 -927 0 174 -927

2025 44 206 786 0 192 -760 0 192 -760

2026 44 217 1,030 0 210 -570 0 210 -570

2027 45 227 1,291 0 226 -357 0 226 -357

2028 46 236 1,569 0 242 -123 0 242 -123

2029 47 242 1,862 0 256 133 0 256 133

2030 48 247 2,168 0 269 410 0 269 410

2031 49 250 2,487 0 281 707 0 281 707

2032 50 253 2,818 0 292 1,024 0 292 1,024

2033 50 254 3,160 0 302 1,361 0 302 1,361

2034 207 253 3,511 0 309 1,716 0 309 1,716

2035 223 250 3,870 0 315 2,087 0 315 2,087

2036 226 246 4,237 0 320 2,475 0 320 2,475

2037 215 242 4,609 0 325 2,879 0 325 2,879

2038 204 236 4,987 87 328 3,298 0 241 3,209

2039 207 229 5,369 331 331 3,732 0 0 3,305

2040 195 222 5,756 333 333 4,182 0 0 3,405

2041 183 215 6,147 336 336 4,648 0 0 3,507

2042 185 208 6,543 339 339 5,131 0 0 3,612

2043 172 201 6,943 342 342 5,633 0 0 3,720

2044 167 193 7,348 346 346 6,153 0 0 3,832

2045 161 186 7,757 351 351 6,693 0 0 3,947

2046 148 179 8,171 355 355 7,255 0 0 4,065

2047 142 171 8,590 361 361 7,839 0 0 4,187

2048 136 164 9,015 367 367 8,446 0 0 4,313

2049 137 157 9,445 373 373 9,078 0 0 4,442

2050 123 151 9,882 380 380 9,736 0 0 4,575

2051 124 146 10,326 388 388 10,422 0 0 4,713

2052 109 141 10,779 397 397 11,138 0 0 4,854

2053 111 137 11,242 407 407 11,886 0 0 5,000

2054 112 134 11,715 417 417 12,666 0 0 5,150

2055 114 131 12,200 428 428 13,480 0 0 5,304

2056 98 128 12,695 439 439 14,330 0 0 5,463

2057 99 125 13,203 450 450 15,217 0 0 5,627

2058 101 122 13,723 462 462 16,142 0 0 5,796

2059 93 119 14,255 473 473 17,107 0 0 5,970

2060 95 117 14,801 485 485 18,113 0 0 6,149

2061 87 114 15,361 497 497 19,160 0 0 6,334

2062 88 112 15,935 509 509 20,251 0 0 6,524

2063 90 109 16,524 520 520 21,387 0 0 6,719

2064 81 107 17,129 532 532 22,569 0 0 6,921

2065 83 105 17,750 544 544 23,798 0 0 7,128

2066 84 103 18,387 557 557 25,077 0 0 7,342

2067 85 101 19,041 569 569 26,407 0 0 7,563

2068 87 99 19,713 581 581 27,789 0 0 7,789

2069 88 97 20,403 594 594 29,225 0 0 8,023

2070 89 95 21,111 606 606 30,717 0 0 8,264

2071 91 92 21,838 619 619 32,267 0 0 8,512

2072 92 90 22,585 632 632 33,877 0 0 8,767

2073 94 87 23,351 646 646 35,549 0 0 9,030

2074 95 85 24,138 659 659 37,284 0 0 9,301

2075 96 83 24,946 673 673 39,086 0 0 9,580

2076 97 81 25,777 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

71
Plan 3T-100p c Cash Flow From the General Fund of the Treasury to the OASDI Trust Funds--- Constant 2001 Dollars 1/

Assumed Estimate for this Plan Estimate for Modified Present Law Estimate for Present Law

% Elect PA with GF Transfer to Pay Scheduled Benefits with Borrowing to Pay Scheduled Benefits with Only Payable Benefits

100.0% Spec +Addl Full Plan Net Total to Borrowing NetAnn Total to Borrowing NetAnnual Total to

GF Transfer Cash Flow EndOfYear Needed Cash Flow EOYwith Needed Cash Flow EOYwith

for Balance from the GF withInterest In Year 2/ from GF Interest In Year 2/ from GF Interest

Year (billions of Constant 2001$) (billions of Constant 2001$) (billions of Constant 2001$)

2001 0 -93 -95 0 -93 -95 0 -93 -95

2002 0 -99 -199 0 -99 -199 0 -99 -199

2003 0 -100 -307 0 -100 -307 0 -100 -307

2004 0 -25 -341 0 -101 -418 0 -101 -418

2005 15 -21 -372 0 -99 -532 0 -99 -532

2006 17 -16 -399 0 -97 -646 0 -97 -646

2007 18 -10 -421 0 -93 -759 0 -93 -759

2008 19 -2 -435 0 -88 -870 0 -88 -870

2009 20 10 -437 0 -81 -977 0 -81 -977

2010 22 20 -430 0 -72 -1,078 0 -72 -1,078

2011 23 30 -412 0 -63 -1,173 0 -63 -1,173

2012 25 42 -382 0 -50 -1,259 0 -50 -1,259

2013 27 56 -336 0 -36 -1,332 0 -36 -1,332

2014 28 71 -274 0 -20 -1,392 0 -20 -1,392

2015 30 86 -196 0 -3 -1,437 0 -3 -1,437

2016 32 101 -99 0 15 -1,464 0 15 -1,464

2017 34 118 18 0 35 -1,473 0 35 -1,473

2018 36 135 155 0 55 -1,461 0 55 -1,461

2019 38 152 314 0 76 -1,427 0 76 -1,427

2020 39 169 494 0 97 -1,371 0 97 -1,371

2021 40 184 695 0 117 -1,294 0 117 -1,294

2022 41 198 917 0 137 -1,194 0 137 -1,194

2023 42 212 1,160 0 156 -1,072 0 156 -1,072

2024 43 224 1,422 0 174 -927 0 174 -927

2025 44 236 1,704 0 192 -760 0 192 -760

2026 45 246 2,005 0 210 -570 0 210 -570

2027 46 256 2,325 0 226 -357 0 226 -357

2028 240 263 2,661 0 242 -123 0 242 -123

2029 250 269 3,014 0 256 133 0 256 133

2030 254 272 3,381 0 269 410 0 269 410

2031 257 275 3,761 0 281 707 0 281 707

2032 261 277 4,155 0 292 1,024 0 292 1,024

2033 258 276 4,560 0 302 1,361 0 302 1,361

2034 255 274 4,975 0 309 1,716 0 309 1,716

2035 245 270 5,399 0 315 2,087 0 315 2,087

2036 235 265 5,830 0 320 2,475 0 320 2,475

2037 238 259 6,268 0 325 2,879 0 325 2,879

2038 220 252 6,712 87 328 3,298 0 241 3,209

2039 216 244 7,161 331 331 3,732 0 0 3,305

2040 212 235 7,615 333 333 4,182 0 0 3,405

2041 193 227 8,073 336 336 4,648 0 0 3,507

2042 195 218 8,536 339 339 5,131 0 0 3,612

2043 175 208 9,004 342 342 5,633 0 0 3,720

2044 170 199 9,476 346 346 6,153 0 0 3,832

2045 165 190 9,953 351 351 6,693 0 0 3,947

2046 151 180 10,435 355 355 7,255 0 0 4,065

2047 137 170 10,921 361 361 7,839 0 0 4,187

2048 131 161 11,412 367 367 8,446 0 0 4,313

2049 125 152 11,908 373 373 9,078 0 0 4,442

2050 119 144 12,411 380 380 9,736 0 0 4,575

2051 112 136 12,922 388 388 10,422 0 0 4,713

2052 106 130 13,442 397 397 11,138 0 0 4,854

2053 99 124 13,971 407 407 11,886 0 0 5,000

2054 92 119 14,511 417 417 12,666 0 0 5,150

2055 93 114 15,061 428 428 13,480 0 0 5,304

2056 86 109 15,624 439 439 14,330 0 0 5,463

2057 79 104 16,198 450 450 15,217 0 0 5,627

2058 80 99 16,785 462 462 16,142 0 0 5,796

2059 82 95 17,384 473 473 17,107 0 0 5,970

2060 83 91 17,998 485 485 18,113 0 0 6,149

2061 85 86 18,625 497 497 19,160 0 0 6,334

2062 86 82 19,268 509 509 20,251 0 0 6,524

2063 88 79 19,926 520 520 21,387 0 0 6,719

2064 90 75 20,599 532 532 22,569 0 0 6,921

2065 91 72 21,290 544 544 23,798 0 0 7,128

2066 93 68 21,998 557 557 25,077 0 0 7,342

2067 94 65 22,724 569 569 26,407 0 0 7,563

2068 96 61 23,468 581 581 27,789 0 0 7,789

2069 98 58 24,231 594 594 29,225 0 0 8,023

2070 99 55 25,013 606 606 30,717 0 0 8,264

2071 101 51 25,815 619 619 32,267 0 0 8,512

2072 102 48 26,638 632 632 33,877 0 0 8,767

2073 104 44 27,482 646 646 35,549 0 0 9,030

2074 105 40 28,348 659 659 37,284 0 0 9,301

2075 107 38 29,236 673 673 39,086 0 0 9,580

2076 108 35 30,149 687 687 40,955 0 0 9,867

1/ Including redemption of TF assets as of 1-1-2001. Office of the Actuary

2/ Trust Funds are assumed to borrow from the General Fund of the Treasury. Social Security Administration

 January 29, 2002

72
Wealth Estimated Accumulation of Personal Account Assets at Retirement at Age 65 for Plans 1, 2, and 3

Individual Worker Personal Account Contributions Starting 2004

Couple

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

Plan 1-- 2%

Retire at 65 in--

2012 $2,336 $2,532 $2,567 $5,192 $5,627 $5,704 $8,307 $9,003 $9,126 

2022 $7,530 $9,117 $9,420 $16,733 $20,261 $20,934 $26,772 $32,417 $33,494 2032 $14,767 $19,935 $20,995 $32,815 $44,299 $46,657 $52,504 $70,879 $74,650 

2042 $23,388 $35,001 $37,557 $51,974 $77,781 $83,460 $83,158 $124,449 $133,536 2052 $29,006 $45,395 $49,117 $64,457 $100,879 $109,149 $103,132 $161,406 $174,638 2075 $36,201 $56,656 $61,300 $80,446 $125,901 $136,223 $128,713 $201,442 $217,957 

Plan 2-- 4% to $1,000

Retire at 65 in--

2012 $4,673 $5,064 $5,134 $9,068 $9,785 $9,912 $9,118 $9,836 $9,963 

2022 $15,059 $18,235 $18,840 $24,615 $29,416 $30,329 $24,669 $29,470 $30,383 

2032 $29,533 $39,869 $41,991 $46,200 $61,616 $64,777 $46,259 $61,676 $64,837 2042 $46,776 $70,003 $75,114 $75,796 $113,669 $122,057 $75,862 $113,735 $122,123 

2052 $58,011 $90,791 $98,234 $97,854 $155,504 $168,757 $101,586 $163,501 $177,844 2075 $72,401 $113,311 $122,601 $122,127 $194,076 $210,617 $126,785 $204,058 $221,958 

Plan 3-- 2.5% to $1,000, +1%

Retire at 65 in--

2012 $4,089 $4,431 $4,492 $9,086 $9,847 $9,982 $13,221 $14,287 $14,475 

2022 $13,177 $15,955 $16,485 $29,282 $35,456 $36,634 $38,001 $45,625 $47,076 2032 $25,842 $34,886 $36,742 $57,426 $77,524 $81,649 $72,451 $97,055 $102,102 

2042 $40,929 $61,252 $65,725 $90,954 $136,116 $146,055 $117,375 $175,893 $188,825 2052 $50,760 $79,442 $85,955 $112,800 $176,538 $191,010 $149,420 $236,206 $256,076 2075 $63,351 $99,147 $107,275 $140,780 $220,328 $238,390 $186,483 $294,797 $319,595 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chief 
Plan 1 Estimated Change in Monthly Benefit for Retiree at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

2-Earner No Basic Benefit Changes

Couple 2% Redirect PA 2004 with Ben Offset (Offset Yield Rate at Inflation +3.5% Or TreasBndYld +0.5%)

Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 1.8 2.0 2.0 2.4 2.7 2.7 2.9 3.3 3.3 

% for Ben Offset -2.0 -2.0 -2.0 -2.7 -2.7 -2.7 -3.3 -3.3 -3.3 

Prop Benefit $722 $723 $723 $1,191 $1,194 $1,194 $1,572 $1,578 $1,578 

Percent of PL Scheduled 99.8 100.0 100.0 99.7 100.0 100.0 99.7 100.0 100.0 

Percent of PL Payable 99.8 100.0 100.0 99.7 100.0 100.0 99.7 100.0 100.0 

Percent of 2001 Real Benefit 113.3 113.5 113.6 113.2 113.5 113.6 115.1 115.5 115.6 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 5.3 6.6 6.8 7.1 8.9 9.2 8.6 10.8 11.2 

% for Ben Offset -6.2 -6.2 -6.2 -8.4 -8.4 -8.4 -10.1 -10.1 -10.1 

Prop Benefit $760 $770 $772 $1,250 $1,273 $1,277 $1,648 $1,684 $1,690 

Percent of PL Scheduled 99.1 100.4 100.6 98.8 100.5 100.8 98.5 100.7 101.0 

Percent of PL Payable 99.1 100.4 100.6 98.8 100.5 100.8 98.5 100.7 101.0 

Percent of 2001 Real Benefit 119.3 120.9 121.1 118.9 121.0 121.4 120.6 123.3 123.7 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.6 13.4 14.1 12.9 18.0 19.0 15.6 21.8 23.0 

% for Ben Offset -11.8 -11.8 -11.8 -15.9 -15.9 -15.9 -19.2 -19.2 -19.2 

Prop Benefit $795 $826 $832 $1,303 $1,371 $1,384 $1,710 $1,820 $1,841 

Percent of PL Scheduled 97.8 101.6 102.3 97.0 102.1 103.1 96.4 102.6 103.8 

Percent of PL Payable 97.8 101.6 102.3 97.0 102.1 103.1 96.4 102.6 103.8 

Percent of 2001 Real Benefit 124.9 129.7 130.6 123.8 130.4 131.6 125.2 133.2 134.8 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 13.5 20.9 22.5 18.2 28.2 30.3 22.1 34.1 36.6 

% for Ben Offset -17.4 -17.4 -17.4 -23.4 -23.4 -23.4 -28.3 -28.3 -28.3 

Prop Benefit $861 $928 $941 $1,402 $1,549 $1,580 $1,831 $2,067 $2,116 

Percent of PL Scheduled 96.2 103.6 105.1 94.8 104.8 106.9 93.7 105.8 108.3 

Percent of PL Payable 131.5 141.7 143.8 129.7 143.4 146.2 128.2 144.7 148.2 

Percent of 2001 Real Benefit 135.2 145.6 147.8 133.3 147.3 150.2 134.0 151.3 154.9 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 15.0 24.2 26.2 20.1 32.6 35.3 24.4 39.5 42.8 

% for Ben Offset -19.6 -19.6 -19.6 -26.4 -26.4 -26.4 -31.9 -31.9 -31.9 

Prop Benefit $940 $1,032 $1,052 $1,526 $1,730 $1,773 $1,989 $2,314 $2,384 

Percent of PL Scheduled 95.4 104.7 106.6 93.8 106.3 108.9 92.5 107.6 110.8 

Percent of PL Payable 131.7 144.6 147.3 129.5 146.8 150.5 127.7 148.6 153.1 

Percent of 2001 Real Benefit 147.6 162.0 165.1 145.1 164.4 168.6 145.6 169.4 174.5 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 14.5 23.5 25.4 19.5 31.6 34.2 23.6 38.2 41.4 

% for Ben Offset -19.0 -19.0 -19.0 -25.6 -25.6 -25.6 -30.9 -30.9 -30.9 

Prop Benefit $1,175 $1,286 $1,310 $1,908 $2,154 $2,207 $2,486 $2,880 $2,964 

Percent of PL Scheduled 95.5 104.5 106.4 93.9 106.0 108.6 92.6 107.3 110.4 

Percent of PL Payable 142.4 155.9 158.7 140.1 158.2 162.0 138.2 160.1 164.7 

Percent of 2001 Real Benefit 184.5 201.9 205.6 181.4 204.8 209.8 182.0 210.9 217.0 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 2 Estimated Change in Monthly Benefit for Retiree at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

2-Earner CPI Index PIA Starting 2009, LowEarnerEnhancement 

Couple 4% to $1,000 Redirect 2004 PA with Ben Offset (Offset Yield Rate at Inflation +2% Or TreasBndYld -1%)

Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 1.2 1.2 1.2 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 

% for PA Annuity** 3.6 4.0 4.0 4.2 4.7 4.7 3.2 3.6 3.6 

% for Ben Offset -3.2 -3.2 -3.2 -3.8 -3.8 -3.8 -2.9 -2.9 -2.9 

Prop Benefit $734 $737 $738 $1,188 $1,194 $1,194 $1,568 $1,574 $1,575 

Percent of PL Scheduled 101.5 101.9 102.0 99.5 100.0 100.0 99.4 99.8 99.8 

Percent of PL Payable 101.5 101.9 102.0 99.5 100.0 100.0 99.4 99.8 99.8 

Percent of 2001 Real Benefit 115.3 115.7 115.8 112.9 113.5 113.5 114.8 115.2 115.3 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 9.2 9.2 9.2 -9.9 -9.9 -9.9 -9.9 -9.9 -9.9 

% for PA Annuity** 10.6 13.3 13.7 10.5 13.0 13.4 8.0 9.8 10.1 

% for Ben Offset -9.2 -9.2 -9.2 -9.1 -9.1 -9.1 -6.9 -6.9 -6.9 

Prop Benefit $848 $868 $872 $1,158 $1,189 $1,194 $1,525 $1,556 $1,561 

Percent of PL Scheduled 110.6 113.2 113.7 91.5 93.9 94.3 91.1 93.0 93.3 

Percent of PL Payable 110.6 113.2 113.7 91.5 93.9 94.3 91.1 93.0 93.3 

Percent of 2001 Real Benefit 133.1 136.3 136.8 110.1 113.0 113.5 111.6 113.9 114.3 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All -0.9 -0.9 -0.9 -18.2 -18.2 -18.2 -18.2 -18.2 -18.2 

% for PA Annuity** 19.2 26.8 28.2 18.2 25.1 26.3 13.8 19.0 20.0 

% for Ben Offset -16.0 -16.0 -16.0 -15.2 -15.2 -15.2 -11.6 -11.6 -11.6 

Prop Benefit $832 $894 $905 $1,138 $1,231 $1,248 $1,491 $1,584 $1,601 

Percent of PL Scheduled 102.3 109.9 111.3 84.8 91.7 93.0 84.1 89.3 90.3 

Percent of PL Payable 102.3 109.9 111.3 84.8 91.7 93.0 84.1 89.3 90.3 

Percent of 2001 Real Benefit 130.6 140.3 142.1 108.2 117.0 118.6 109.2 116.0 117.2 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All -10.0 -10.0 -10.0 -25.7 -25.7 -25.7 -25.7 -25.7 -25.7 

% for PA Annuity** 27.1 41.9 44.9 26.6 41.2 44.2 20.1 31.2 33.5 

% for Ben Offset -21.8 -21.8 -21.8 -21.4 -21.4 -21.4 -16.2 -16.2 -16.2 

Prop Benefit $853 $986 $1,014 $1,175 $1,392 $1,437 $1,528 $1,745 $1,790 

Percent of PL Scheduled 95.3 110.1 113.2 79.5 94.1 97.2 78.2 89.3 91.6 

Percent of PL Payable 130.3 150.6 154.8 108.7 128.8 132.9 107.0 122.2 125.3 

Percent of 2001 Real Benefit 134.0 154.8 159.1 111.7 132.3 136.6 111.9 127.8 131.0 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All -18.2 -18.2 -18.2 -32.5 -32.5 -32.5 -32.5 -32.5 -32.5 

% for PA Annuity** 29.9 48.5 52.5 30.6 50.3 54.6 24.0 40.0 43.6 

% for Ben Offset -23.7 -23.7 -23.7 -24.1 -24.1 -24.1 -18.9 -18.9 -18.9 

Prop Benefit $867 $1,050 $1,090 $1,204 $1,525 $1,595 $1,563 $1,907 $1,983 

Percent of PL Scheduled 88.0 106.5 110.5 73.9 93.7 98.0 72.6 88.7 92.2 

Percent of PL Payable 121.5 147.2 152.6 102.1 129.4 135.3 100.4 122.5 127.3 

Percent of 2001 Real Benefit 136.2 164.9 171.1 114.4 145.0 151.6 114.4 139.6 145.1 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All -34.5 -34.5 -34.5 -45.9 -45.9 -45.9 -45.9 -45.9 -45.9 

% for PA Annuity** 28.9 46.9 50.8 29.6 48.7 52.8 23.2 38.7 42.1 

% for Ben Offset -22.9 -22.9 -22.9 -23.3 -23.3 -23.3 -18.2 -18.2 -18.2 

Prop Benefit $881 $1,102 $1,150 $1,227 $1,615 $1,700 $1,587 $2,003 $2,095 

Percent of PL Scheduled 71.6 89.6 93.4 60.4 79.5 83.7 59.1 74.6 78.0 

Percent of PL Payable 106.8 133.6 139.3 90.1 118.6 124.8 88.2 111.3 116.4 

Percent of 2001 Real Benefit 138.3 173.1 180.5 116.6 153.6 161.6 116.2 146.7 153.3 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 3 Estimated Change in Monthly Benefit for Retiree at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

2-Earner Index PIA by 0.995 Starting 2009, Change PIA 15 to 10, Incrs Act Red, LowEarnerEnhancement 

Couple 2.5% to $1,000 Redirect PA 2004 with Ben Offset (Offst Yld Rt at Inflation +2.5% Or TreasBndYld -0.5%), IF Make 1% AddOn PA Contrib

Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 0.2 0.2 0.2 -0.9 -0.9 -0.9 -1.0 -1.0 -1.0 

% for PA Annuity** 3.1 3.5 3.5 4.2 4.7 4.8 4.6 5.2 5.2 

% for Ben Offset -2.2 -2.2 -2.2 -2.9 -2.9 -2.9 -3.1 -3.1 -3.1 

Prop Benefit $732 $734 $735 $1,199 $1,205 $1,206 $1,587 $1,595 $1,596 

Percent of PL Scheduled 101.2 101.6 101.6 100.4 100.9 101.0 100.6 101.1 101.2 

Percent of PL Payable 101.2 101.6 101.6 100.4 100.9 101.0 100.6 101.1 101.2 

Percent of 2001 Real Benefit 114.9 115.3 115.4 114.0 114.6 114.6 116.2 116.8 116.9 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 2.1 2.1 2.1 -8.0 -8.0 -8.0 -9.2 -9.2 -9.2 

% for PA Annuity** 9.3 11.6 12.0 12.5 15.6 16.1 12.3 15.2 15.7 

% for Ben Offset -6.4 -6.4 -6.4 -8.6 -8.6 -8.6 -7.6 -7.6 -7.6 

Prop Benefit $806 $823 $826 $1,214 $1,254 $1,261 $1,596 $1,646 $1,654 

Percent of PL Scheduled 105.0 107.4 107.8 95.9 99.1 99.6 95.4 98.4 98.8 

Percent of PL Payable 105.0 107.4 107.8 95.9 99.1 99.6 95.4 98.4 98.8 

Percent of 2001 Real Benefit 126.5 129.3 129.7 115.5 119.2 119.9 116.9 120.5 121.1 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All -3.9 -3.9 -3.9 -13.5 -13.5 -13.5 -15.5 -15.5 -15.5 

% for PA Annuity** 16.8 23.4 24.7 22.6 31.5 33.2 21.6 29.9 31.4 

% for Ben Offset -11.4 -11.4 -11.4 -15.3 -15.3 -15.3 -13.1 -13.1 -13.1 

Prop Benefit $825 $879 $889 $1,260 $1,380 $1,402 $1,649 $1,796 $1,824 

Percent of PL Scheduled 101.5 108.1 109.4 93.8 102.8 104.4 93.0 101.3 102.8 

Percent of PL Payable 101.5 108.1 109.4 93.8 102.8 104.4 93.0 101.3 102.8 

Percent of 2001 Real Benefit 129.6 138.0 139.6 119.8 131.2 133.3 120.7 131.5 133.5 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All -8.6 -8.6 -8.6 -17.7 -17.7 -17.7 -19.7 -19.7 -19.7 

% for PA Annuity** 23.7 36.7 39.3 31.9 49.3 52.9 31.1 48.3 51.8 

% for Ben Offset -15.9 -15.9 -15.9 -21.4 -21.4 -21.4 -18.9 -18.9 -18.9 

Prop Benefit $888 $1,004 $1,028 $1,372 $1,630 $1,684 $1,808 $2,143 $2,212 

Percent of PL Scheduled 99.2 112.1 114.8 92.8 110.3 113.9 92.6 109.7 113.3 

Percent of PL Payable 135.6 153.4 157.1 126.9 150.8 155.8 126.6 150.1 154.9 

Percent of 2001 Real Benefit 139.4 157.7 161.4 130.4 155.0 160.1 132.4 156.9 162.0 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All -13.1 -13.1 -13.1 -21.7 -21.7 -21.7 -23.6 -23.6 -23.6 

% for PA Annuity** 26.2 42.4 45.9 35.3 57.1 61.8 35.3 57.8 62.7 

% for Ben Offset -17.5 -17.5 -17.5 -23.5 -23.5 -23.5 -21.6 -21.6 -21.6 

Prop Benefit $943 $1,103 $1,137 $1,465 $1,821 $1,897 $1,939 $2,423 $2,527 

Percent of PL Scheduled 95.6 111.9 115.3 90.0 111.9 116.6 90.1 112.6 117.5 

Percent of PL Payable 132.1 154.5 159.3 124.3 154.5 161.0 124.5 155.6 162.3 

Percent of 2001 Real Benefit 148.0 173.2 178.5 139.3 173.1 180.4 141.9 177.4 185.0 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All -22.2 -22.2 -22.2 -29.9 -29.9 -29.9 -31.6 -31.6 -31.6 

% for PA Annuity** 25.3 41.1 44.4 34.1 55.3 59.8 34.1 56.0 60.7 

% for Ben Offset -16.9 -16.9 -16.9 -22.7 -22.7 -22.7 -20.9 -20.9 -20.9 

Prop Benefit $1,062 $1,255 $1,297 $1,655 $2,086 $2,178 $2,194 $2,779 $2,905 

Percent of PL Scheduled 86.3 102.0 105.4 81.5 102.7 107.2 81.7 103.5 108.2 

Percent of PL Payable 128.7 152.2 157.2 121.5 153.1 159.9 121.9 154.4 161.5 

Percent of 2001 Real Benefit 166.7 197.1 203.6 157.3 198.3 207.0 160.6 203.5 212.7 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 1 Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

1-Earner No Basic Benefit Changes

Couple 2% Redirect PA 2004 with Ben Offset (Offset Yield Rate at Inflation +3.5% Or TreasBndYld +0.5%)

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 1.2 1.3 1.4 1.6 1.8 1.8 1.9 2.2 2.2 

% for Ben Offset -1.3 -1.3 -1.3 -1.8 -1.8 -1.8 -2.2 -2.2 -2.2 

Prop Benefit $1,077 $1,078 $1,078 $1,777 $1,780 $1,781 $2,347 $2,353 $2,353 

Percent of PL Scheduled 99.9 100.0 100.0 99.8 100.0 100.0 99.8 100.0 100.0 

Percent of PL Payable 99.9 100.0 100.0 99.8 100.0 100.0 99.8 100.0 100.0 

Percent of 2001 Real Benefit 112.7 112.9 112.9 112.6 112.8 112.9 114.6 114.8 114.9 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 3.6 4.5 4.6 4.8 6.0 6.2 5.8 7.3 7.5 

% for Ben Offset -4.2 -4.2 -4.2 -5.6 -5.6 -5.6 -6.8 -6.8 -6.8 

Prop Benefit $1,133 $1,143 $1,144 $1,866 $1,888 $1,892 $2,461 $2,497 $2,503 

Percent of PL Scheduled 99.4 100.3 100.4 99.2 100.4 100.6 99.0 100.4 100.7 

Percent of PL Payable 99.4 100.3 100.4 99.2 100.4 100.6 99.0 100.4 100.7 

Percent of 2001 Real Benefit 118.5 119.6 119.8 118.2 119.7 119.9 120.1 121.9 122.2 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 6.5 9.0 9.5 8.7 12.2 12.8 10.6 14.7 15.5 

% for Ben Offset -8.0 -8.0 -8.0 -10.7 -10.7 -10.7 -13.0 -13.0 -13.0 

Prop Benefit $1,186 $1,217 $1,223 $1,948 $2,017 $2,030 $2,563 $2,673 $2,694 

Percent of PL Scheduled 98.5 101.1 101.6 98.0 101.4 102.1 97.6 101.8 102.5 

Percent of PL Payable 98.5 101.1 101.6 98.0 101.4 102.1 97.6 101.8 102.5 

Percent of 2001 Real Benefit 124.2 127.4 128.0 123.5 127.8 128.6 125.1 130.5 131.5 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.1 14.1 15.2 12.3 19.0 20.4 14.9 23.1 24.7 

% for Ben Offset -11.7 -11.7 -11.7 -15.8 -15.8 -15.8 -19.1 -19.1 -19.1 

Prop Benefit $1,292 $1,358 $1,372 $2,113 $2,260 $2,291 $2,770 $3,006 $3,055 

Percent of PL Scheduled 97.4 102.4 103.4 96.5 103.2 104.6 95.8 103.9 105.6 

Percent of PL Payable 133.2 140.1 141.5 132.0 141.2 143.1 131.0 142.2 144.5 

Percent of 2001 Real Benefit 135.2 142.1 143.6 133.9 143.2 145.2 135.2 146.7 149.1 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 10.1 16.4 17.7 13.6 22.0 23.9 16.5 26.7 28.9 

% for Ben Offset -13.2 -13.2 -13.2 -17.8 -17.8 -17.8 -21.6 -21.6 -21.6 

Prop Benefit $1,415 $1,506 $1,526 $2,309 $2,512 $2,556 $3,023 $3,348 $3,418 

Percent of PL Scheduled 96.9 103.1 104.5 95.8 104.2 106.0 94.9 105.1 107.3 

Percent of PL Payable 133.8 142.5 144.3 132.3 144.0 146.5 131.1 145.2 148.2 

Percent of 2001 Real Benefit 148.0 157.6 159.7 146.3 159.2 162.0 147.5 163.4 166.8 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.8 15.8 17.1 13.1 21.3 23.1 15.9 25.8 27.9 

% for Ben Offset -12.8 -12.8 -12.8 -17.3 -17.3 -17.3 -20.9 -20.9 -20.9 

Prop Benefit $1,767 $1,878 $1,901 $2,885 $3,131 $3,183 $3,777 $4,171 $4,255 

Percent of PL Scheduled 96.9 103.0 104.3 95.9 104.1 105.8 95.0 104.9 107.0 

Percent of PL Payable 144.6 153.7 155.6 143.0 155.2 157.9 141.7 156.5 159.7 

Percent of 2001 Real Benefit 184.9 196.5 199.0 182.8 198.4 201.8 184.4 203.6 207.7 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 2 Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

1-Earner CPI Index PIA Starting 2009, LowEarnerEnhancement 

Couple 4% to $1,000 Redirect 2004 PA with Ben Offset (Offset Yield Rate at Inflation +2% Or TreasBndYld -1%)

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 1.2 1.2 1.2 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 

% for PA Annuity** 2.4 2.7 2.7 2.8 3.1 3.2 2.1 2.4 2.4 

% for Ben Offset -2.2 -2.2 -2.2 -2.5 -2.5 -2.5 -1.9 -1.9 -1.9 

Prop Benefit $1,093 $1,097 $1,097 $1,769 $1,775 $1,775 $2,336 $2,342 $2,342 

Percent of PL Scheduled 101.4 101.7 101.7 99.4 99.7 99.7 99.3 99.5 99.6 

Percent of PL Payable 101.4 101.7 101.7 99.4 99.7 99.7 99.3 99.5 99.6 

Percent of 2001 Real Benefit 114.4 114.8 114.8 112.1 112.5 112.5 114.0 114.3 114.3 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 9.2 9.2 9.2 -9.9 -9.9 -9.9 -9.9 -9.9 -9.9 

% for PA Annuity** 7.1 8.9 9.2 7.1 8.7 9.0 5.4 6.6 6.8 

% for Ben Offset -6.2 -6.2 -6.2 -6.2 -6.2 -6.2 -4.7 -4.7 -4.7 

Prop Benefit $1,255 $1,275 $1,279 $1,713 $1,744 $1,749 $2,258 $2,289 $2,294 

Percent of PL Scheduled 110.1 111.9 112.2 91.0 92.7 93.0 90.8 92.1 92.3 

Percent of PL Payable 110.1 111.9 112.2 91.0 92.7 93.0 90.8 92.1 92.3 

Percent of 2001 Real Benefit 131.3 133.5 133.8 108.5 110.5 110.8 110.2 111.7 112.0 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All -0.9 -0.9 -0.9 -18.2 -18.2 -18.2 -18.2 -18.2 -18.2 

% for PA Annuity** 13.0 18.1 19.0 12.3 16.9 17.8 9.3 12.8 13.5 

% for Ben Offset -10.8 -10.8 -10.8 -10.3 -10.3 -10.3 -7.8 -7.8 -7.8 

Prop Benefit $1,220 $1,281 $1,293 $1,667 $1,759 $1,776 $2,189 $2,282 $2,299 

Percent of PL Scheduled 101.3 106.4 107.4 83.8 88.5 89.3 83.3 86.9 87.5 

Percent of PL Payable 101.3 106.4 107.4 83.8 88.5 89.3 83.3 86.9 87.5 

Percent of 2001 Real Benefit 127.6 134.1 135.3 105.6 111.5 112.6 106.9 111.4 112.2 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All -10.0 -10.0 -10.0 -25.7 -25.7 -25.7 -25.7 -25.7 -25.7 

% for PA Annuity** 18.3 28.3 30.4 17.9 27.8 29.9 13.6 21.1 22.6 

% for Ben Offset -14.7 -14.7 -14.7 -14.4 -14.4 -14.4 -10.9 -10.9 -10.9 

Prop Benefit $1,241 $1,374 $1,401 $1,704 $1,920 $1,965 $2,226 $2,443 $2,488 

Percent of PL Scheduled 93.6 103.6 105.7 77.8 87.7 89.8 77.0 84.5 86.0 

Percent of PL Payable 128.0 141.7 144.5 106.4 120.0 122.8 105.3 115.5 117.7 

Percent of 2001 Real Benefit 129.9 143.8 146.7 108.0 121.7 124.5 108.7 119.2 121.4 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All -18.2 -18.2 -18.2 -32.5 -32.5 -32.5 -32.5 -32.5 -32.5 

% for PA Annuity** 20.2 32.7 35.4 20.7 34.0 36.9 16.2 27.0 29.4 

% for Ben Offset -16.0 -16.0 -16.0 -16.3 -16.3 -16.3 -12.8 -12.8 -12.8 

Prop Benefit $1,255 $1,438 $1,477 $1,732 $2,053 $2,123 $2,261 $2,605 $2,681 

Percent of PL Scheduled 85.9 98.5 101.2 71.9 85.2 88.1 71.0 81.8 84.2 

Percent of PL Payable 118.7 136.0 139.8 99.3 117.7 121.7 98.0 113.0 116.3 

Percent of 2001 Real Benefit 131.3 150.5 154.6 109.8 130.1 134.6 110.3 127.1 130.8 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All -34.5 -34.5 -34.5 -45.9 -45.9 -45.9 -45.9 -45.9 -45.9 

% for PA Annuity** 19.5 31.7 34.3 20.0 32.9 35.7 15.7 26.2 28.5 

% for Ben Offset -15.4 -15.4 -15.4 -15.7 -15.7 -15.7 -12.3 -12.3 -12.3 

Prop Benefit $1,269 $1,490 $1,537 $1,755 $2,144 $2,228 $2,285 $2,701 $2,793 

Percent of PL Scheduled 69.6 81.8 84.4 58.3 71.3 74.1 57.5 68.0 70.3 

Percent of PL Payable 103.8 122.0 125.8 87.0 106.3 110.5 85.7 101.4 104.8 

Percent of 2001 Real Benefit 132.8 155.9 160.9 111.2 135.9 141.2 111.5 131.9 136.3 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 3 Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- Personal Account Annuity is CPI-Indexed Life Annuity

1-Earner Index PIA by 0.995 Starting 2009, Change PIA 15 to 10, Incrs Act Red, LowEarnerEnhancement 

Couple 2.5% to $1,000 Redirect PA 2004 with Ben Offset (Offst Yld Rt at Inflation +2.5% Or TreasBndYld -0.5%), IF Make 1% AddOn PA Contrib

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 0.2 0.2 0.2 -0.9 -0.9 -0.9 -1.0 -1.0 -1.0 

% for PA Annuity** 2.1 2.3 2.4 2.8 3.2 3.2 3.1 3.5 3.5 

% for Ben Offset -1.5 -1.5 -1.5 -2.0 -2.0 -2.0 -2.1 -2.1 -2.1 

Prop Benefit $1,088 $1,090 $1,091 $1,781 $1,786 $1,787 $2,354 $2,362 $2,363 

Percent of PL Scheduled 100.9 101.1 101.2 100.0 100.3 100.4 100.1 100.4 100.5 

Percent of PL Payable 100.9 101.1 101.2 100.0 100.3 100.4 100.1 100.4 100.5 

Percent of 2001 Real Benefit 113.8 114.1 114.2 112.8 113.2 113.3 114.9 115.3 115.4 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 2.1 2.1 2.1 -8.0 -8.0 -8.0 -9.2 -9.2 -9.2 

% for PA Annuity** 6.2 7.8 8.1 8.4 10.5 10.9 8.2 10.2 10.6 

% for Ben Offset -4.3 -4.3 -4.3 -5.8 -5.8 -5.8 -5.1 -5.1 -5.1 

Prop Benefit $1,186 $1,204 $1,207 $1,781 $1,820 $1,827 $2,335 $2,384 $2,392 

Percent of PL Scheduled 104.1 105.7 105.9 94.6 96.8 97.1 93.9 95.9 96.2 

Percent of PL Payable 104.1 105.7 105.9 94.6 96.8 97.1 93.9 95.9 96.2 

Percent of 2001 Real Benefit 124.2 126.0 126.3 112.9 115.4 115.8 114.0 116.4 116.8 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All -3.9 -3.9 -3.9 -13.5 -13.5 -13.5 -15.5 -15.5 -15.5 

% for PA Annuity** 11.3 15.8 16.7 15.3 21.3 22.4 14.6 20.2 21.2 

% for Ben Offset -7.7 -7.7 -7.7 -10.3 -10.3 -10.3 -8.8 -8.8 -8.8 

Prop Benefit $1,201 $1,255 $1,265 $1,818 $1,938 $1,961 $2,369 $2,517 $2,544 

Percent of PL Scheduled 99.7 104.2 105.0 91.5 97.5 98.6 90.2 95.8 96.9 

Percent of PL Payable 99.7 104.2 105.0 91.5 97.5 98.6 90.2 95.8 96.9 

Percent of 2001 Real Benefit 125.7 131.3 132.4 115.2 122.8 124.3 115.6 122.8 124.2 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All -8.6 -8.6 -8.6 -17.7 -17.7 -17.7 -19.7 -19.7 -19.7 

% for PA Annuity** 16.0 24.8 26.6 21.5 33.3 35.8 21.0 32.6 35.0 

% for Ben Offset -10.7 -10.7 -10.7 -14.4 -14.4 -14.4 -12.7 -12.7 -12.7 

Prop Benefit $1,282 $1,398 $1,422 $1,957 $2,215 $2,269 $2,563 $2,897 $2,967 

Percent of PL Scheduled 96.6 105.4 107.2 89.4 101.2 103.6 88.6 100.2 102.6 

Percent of PL Payable 132.2 144.2 146.6 122.3 138.4 141.8 121.2 137.0 140.3 

Percent of 2001 Real Benefit 134.1 146.3 148.8 124.0 140.4 143.8 125.1 141.4 144.8 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All -13.1 -13.1 -13.1 -21.7 -21.7 -21.7 -23.6 -23.6 -23.6 

% for PA Annuity** 17.7 28.7 31.0 23.8 38.6 41.7 23.9 39.1 42.3 

% for Ben Offset -11.8 -11.8 -11.8 -15.9 -15.9 -15.9 -14.6 -14.6 -14.6 

Prop Benefit $1,355 $1,515 $1,549 $2,078 $2,434 $2,510 $2,729 $3,213 $3,317 

Percent of PL Scheduled 92.8 103.8 106.1 86.2 101.0 104.1 85.7 100.9 104.2 

Percent of PL Payable 128.2 143.3 146.6 119.1 139.5 143.8 118.3 139.3 143.9 

Percent of 2001 Real Benefit 141.8 158.6 162.1 131.7 154.3 159.1 133.2 156.8 161.9 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All -22.2 -22.2 -22.2 -29.9 -29.9 -29.9 -31.6 -31.6 -31.6 

% for PA Annuity** 17.1 27.7 30.0 23.0 37.3 40.4 23.1 37.8 41.0 

% for Ben Offset -11.4 -11.4 -11.4 -15.3 -15.3 -15.3 -14.1 -14.1 -14.1 

Prop Benefit $1,522 $1,716 $1,757 $2,340 $2,771 $2,863 $3,077 $3,662 $3,789 

Percent of PL Scheduled 83.5 94.2 96.4 77.8 92.1 95.1 77.4 92.1 95.3 

Percent of PL Payable 124.6 140.5 143.8 116.0 137.4 141.9 115.5 137.4 142.2 

Percent of 2001 Real Benefit 159.3 179.6 183.9 148.3 175.6 181.4 150.2 178.7 184.9 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have a net real yield equal to LT Treas Bonds, except for 100% Treas case, where gross annuity yield is equal to Treas.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 1-V Estimated Change in Monthly Benefit for a Retiree at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity for Life

2-Earner No Basic Benefit Changes

 Couple 2% Redirect PA 2004 with Ben Offset (Offset Yield Rate at Inflation +3.5% Or TreasBndYld +0.5%)Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 1.8 2.3 2.4 2.4 3.1 3.3 2.9 3.8 3.9 

% for Ben Offset -2.0 -2.0 -2.0 -2.7 -2.7 -2.7 -3.3 -3.3 -3.3 

Prop Benefit $722 $725 $726 $1,191 $1,199 $1,201 $1,572 $1,586 $1,589 

Percent of PL Scheduled 99.8 100.3 100.4 99.7 100.4 100.6 99.7 100.5 100.7 

Percent of PL Payable 99.8 100.3 100.4 99.7 100.4 100.6 99.7 100.5 100.7 

Percent of 2001 Real Benefit 113.3 113.9 114.0 113.2 114.0 114.2 115.1 116.1 116.3 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 5.3 7.7 8.2 7.1 10.4 11.1 8.6 12.6 13.4 

% for Ben Offset -6.2 -6.2 -6.2 -8.4 -8.4 -8.4 -10.1 -10.1 -10.1 

Prop Benefit $760 $778 $782 $1,250 $1,292 $1,300 $1,648 $1,714 $1,728 

Percent of PL Scheduled 99.1 101.5 102.0 98.8 102.0 102.7 98.5 102.4 103.3 

Percent of PL Payable 99.1 101.5 102.0 98.8 102.0 102.7 98.5 102.4 103.3 

Percent of 2001 Real Benefit 119.3 122.2 122.8 118.9 122.8 123.6 120.6 125.5 126.5 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.6 15.6 17.0 12.9 21.0 22.9 15.6 25.5 27.7 

% for Ben Offset -11.8 -11.8 -11.8 -15.9 -15.9 -15.9 -19.2 -19.2 -19.2 

Prop Benefit $795 $845 $855 $1,303 $1,412 $1,436 $1,710 $1,885 $1,924 

Percent of PL Scheduled 97.8 103.8 105.2 97.0 105.2 107.0 96.4 106.3 108.5 

Percent of PL Payable 97.8 103.8 105.2 97.0 105.2 107.0 96.4 106.3 108.5 

Percent of 2001 Real Benefit 124.9 132.6 134.3 123.8 134.2 136.5 125.2 138.0 140.9 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 13.5 24.5 27.2 18.2 33.0 36.6 22.1 40.0 44.3 

% for Ben Offset -17.4 -17.4 -17.4 -23.4 -23.4 -23.4 -28.3 -28.3 -28.3 

Prop Benefit $861 $960 $983 $1,402 $1,621 $1,673 $1,831 $2,181 $2,265 

Percent of PL Scheduled 96.2 107.2 109.8 94.8 109.6 113.2 93.7 111.7 116.0 

Percent of PL Payable 131.5 146.6 150.2 129.7 150.0 154.8 128.2 152.7 158.6 

Percent of 2001 Real Benefit 135.2 150.7 154.4 133.3 154.1 159.1 134.0 159.7 165.8 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 15.0 28.5 31.8 20.1 38.3 42.8 24.4 46.4 51.8 

% for Ben Offset -19.6 -19.6 -19.6 -26.4 -26.4 -26.4 -31.9 -31.9 -31.9 

Prop Benefit $940 $1,074 $1,106 $1,526 $1,822 $1,895 $1,989 $2,462 $2,579 

Percent of PL Scheduled 95.4 108.9 112.2 93.8 112.0 116.4 92.5 114.5 119.9 

Percent of PL Payable 131.7 150.4 155.0 129.5 154.6 160.8 127.7 158.1 165.6 

Percent of 2001 Real Benefit 147.6 168.6 173.7 145.1 173.2 180.2 145.6 180.3 188.8 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 14.5 27.7 31.0 19.5 37.3 41.7 23.6 45.1 50.5 

% for Ben Offset -19.0 -19.0 -19.0 -25.6 -25.6 -25.6 -30.9 -30.9 -30.9 

Prop Benefit $1,175 $1,338 $1,378 $1,908 $2,270 $2,359 $2,486 $3,065 $3,208 

Percent of PL Scheduled 95.5 108.7 112.0 93.9 111.7 116.1 92.6 114.2 119.5 

Percent of PL Payable 142.4 162.2 167.0 140.1 166.7 173.2 138.2 170.3 178.3 

Percent of 2001 Real Benefit 184.5 210.0 216.4 181.4 215.8 224.3 182.0 224.4 234.9 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 2-V Estimated Change in Monthly Benefit for a Retiree at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity for Life

2-Earner CPI Index PIA Starting 2009, LowEarnerEnhancement 

 Couple 4% to $1,000 Redirect 2004 PA with Ben Offset (Offset Yield Rate at Inflation +2% Or TreasBndYld -1%)Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PRA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 1.2 1.2 1.2 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 

% for PA Annuity** 3.6 4.6 4.8 4.2 5.4 5.7 3.2 4.1 4.3 

% for Ben Offset -3.2 -3.2 -3.2 -3.8 -3.8 -3.8 -2.9 -2.9 -2.9 

Prop Benefit $734 $742 $743 $1,188 $1,203 $1,205 $1,568 $1,583 $1,586 

Percent of PL Scheduled 101.5 102.6 102.8 99.5 100.7 100.9 99.4 100.3 100.5 

Percent of PL Payable 101.5 102.6 102.8 99.5 100.7 100.9 99.4 100.3 100.5 

Percent of 2001 Real Benefit 115.3 116.5 116.7 112.9 114.3 114.6 114.8 115.9 116.1 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 9.2 9.2 9.2 -9.9 -9.9 -9.9 -9.9 -9.9 -9.9 

% for PA Annuity** 10.6 15.4 16.4 10.5 15.1 16.0 8.0 11.4 12.2 

% for Ben Offset -9.2 -9.2 -9.2 -9.1 -9.1 -9.1 -6.9 -6.9 -6.9 

Prop Benefit $848 $885 $893 $1,158 $1,216 $1,228 $1,525 $1,583 $1,595 

Percent of PL Scheduled 110.6 115.4 116.4 91.5 96.1 97.0 91.1 94.6 95.3 

Percent of PL Payable 110.6 115.4 116.4 91.5 96.1 97.0 91.1 94.6 95.3 

Percent of 2001 Real Benefit 133.1 138.9 140.1 110.1 115.6 116.8 111.6 115.9 116.8 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All -0.9 -0.9 -0.9 -18.2 -18.2 -18.2 -18.2 -18.2 -18.2 

% for PA Annuity** 19.2 31.3 34.0 18.2 29.3 31.7 13.8 22.2 24.0 

% for Ben Offset -16.0 -16.0 -16.0 -15.2 -15.2 -15.2 -11.6 -11.6 -11.6 

Prop Benefit $832 $930 $952 $1,138 $1,287 $1,320 $1,491 $1,640 $1,674 

Percent of PL Scheduled 102.3 114.4 117.1 84.8 95.9 98.3 84.1 92.5 94.3 

Percent of PL Payable 102.3 114.4 117.1 84.8 95.9 98.3 84.1 92.5 94.3 

Percent of 2001 Real Benefit 130.6 146.1 149.5 108.2 122.4 125.5 109.2 120.1 122.5 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All -10.0 -10.0 -10.0 -25.7 -25.7 -25.7 -25.7 -25.7 -25.7 

% for PA Annuity** 27.1 49.1 54.3 26.6 48.3 53.5 20.1 36.5 40.5 

% for Ben Offset -21.8 -21.8 -21.8 -21.4 -21.4 -21.4 -16.2 -16.2 -16.2 

Prop Benefit $853 $1,051 $1,098 $1,175 $1,496 $1,573 $1,528 $1,849 $1,926 

Percent of PL Scheduled 95.3 117.3 122.6 79.5 101.2 106.4 78.2 94.7 98.6 

Percent of PL Payable 130.3 160.5 167.6 108.7 138.4 145.6 107.0 129.5 134.9 

Percent of 2001 Real Benefit 134.0 164.9 172.3 111.7 142.2 149.6 111.9 135.4 141.0 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All -18.2 -18.2 -18.2 -32.5 -32.5 -32.5 -32.5 -32.5 -32.5 

% for PA Annuity** 29.9 56.9 63.6 30.6 59.1 66.2 24.0 47.0 52.8 

% for Ben Offset -23.7 -23.7 -23.7 -24.1 -24.1 -24.1 -18.9 -18.9 -18.9 

Prop Benefit $867 $1,134 $1,199 $1,204 $1,668 $1,783 $1,563 $2,057 $2,181 

Percent of PL Scheduled 88.0 115.0 121.6 73.9 102.4 109.6 72.6 95.6 101.4 

Percent of PL Payable 121.5 158.8 168.0 102.1 141.5 151.3 100.4 132.1 140.1 

Percent of 2001 Real Benefit 136.2 178.0 188.3 114.4 158.5 169.5 114.4 150.6 159.7 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All -34.5 -34.5 -34.5 -45.9 -45.9 -45.9 -45.9 -45.9 -45.9 

% for PA Annuity** 28.9 55.4 61.9 29.6 57.5 64.4 23.2 45.7 51.4 

% for Ben Offset -22.9 -22.9 -22.9 -23.3 -23.3 -23.3 -18.2 -18.2 -18.2 

Prop Benefit $881 $1,207 $1,287 $1,227 $1,794 $1,935 $1,587 $2,191 $2,343 

Percent of PL Scheduled 71.6 98.0 104.6 60.4 88.3 95.3 59.1 81.6 87.3 

Percent of PL Payable 106.8 146.2 156.0 90.1 131.7 142.1 88.2 121.7 130.2 

Percent of 2001 Real Benefit 138.3 189.4 202.0 116.6 170.5 184.0 116.2 160.4 171.5 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 3-V Estimated Change in Monthly Benefit for a Retiree at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity for Life

2-Earner Index PIA by 0.995 Starting 2009, Change PIA 15 to 10, Incrs Act Red, LowEarnerEnhancement 

 Couple 2.5% to $1,000 Redirect PA 2004 with Ben Offset (Offst Yld Rt at Inflation +2.5% Or TreasBndYld -0.5%), IF Make 1% AddOn PA Contrib

Equal Earns Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $723 $723 $723 $1,194 $1,194 $1,194 $1,578 $1,578 $1,578 

% Basic Change for All 0.2 0.2 0.2 -0.9 -0.9 -0.9 -1.0 -1.0 -1.0 

% for PA Annuity** 3.1 4.1 4.2 4.2 5.5 5.7 4.6 6.0 6.3 

% for Ben Offset -2.2 -2.2 -2.2 -2.9 -2.9 -2.9 -3.1 -3.1 -3.1 

Prop Benefit $732 $739 $740 $1,199 $1,214 $1,217 $1,587 $1,608 $1,612 

Percent of PL Scheduled 101.2 102.1 102.3 100.4 101.7 101.9 100.6 101.9 102.2 

Percent of PL Payable 101.2 102.1 102.3 100.4 101.7 101.9 100.6 101.9 102.2 

Percent of 2001 Real Benefit 114.9 115.9 116.1 114.0 115.4 115.7 116.2 117.7 118.0 

2022 Retiree PL Sched Ben $767 $767 $767 $1,266 $1,266 $1,266 $1,673 $1,673 $1,673 

% Basic Change for All 2.1 2.1 2.1 -8.0 -8.0 -8.0 -9.2 -9.2 -9.2 

% for PA Annuity** 9.3 13.5 14.4 12.5 18.2 19.4 12.3 17.7 18.8 

% for Ben Offset -6.4 -6.4 -6.4 -8.6 -8.6 -8.6 -7.6 -7.6 -7.6 

Prop Benefit $806 $838 $845 $1,214 $1,287 $1,302 $1,596 $1,688 $1,706 

Percent of PL Scheduled 105.0 109.3 110.2 95.9 101.6 102.8 95.4 100.9 102.0 

Percent of PL Payable 105.0 109.3 110.2 95.9 101.6 102.8 95.4 100.9 102.0 

Percent of 2001 Real Benefit 126.5 131.6 132.6 115.5 122.3 123.7 116.9 123.5 124.9 

2032 Retiree PL Sched Ben $813 $813 $813 $1,343 $1,343 $1,343 $1,774 $1,774 $1,774 

% Basic Change for All -3.9 -3.9 -3.9 -13.5 -13.5 -13.5 -15.5 -15.5 -15.5 

% for PA Annuity** 16.8 27.4 29.7 22.6 36.8 40.0 21.6 34.9 37.9 

% for Ben Offset -11.4 -11.4 -11.4 -15.3 -15.3 -15.3 -13.1 -13.1 -13.1 

Prop Benefit $825 $911 $930 $1,260 $1,451 $1,493 $1,649 $1,885 $1,938 

Percent of PL Scheduled 101.5 112.1 114.4 93.8 108.1 111.2 93.0 106.3 109.2 

Percent of PL Payable 101.5 112.1 114.4 93.8 108.1 111.2 93.0 106.3 109.2 

Percent of 2001 Real Benefit 129.6 143.1 146.1 119.8 137.9 142.0 120.7 138.0 141.9 

2042 Retiree PL Sched Ben $896 $896 $896 $1,478 $1,478 $1,478 $1,953 $1,953 $1,953 

% Basic Change for All -8.6 -8.6 -8.6 -17.7 -17.7 -17.7 -19.7 -19.7 -19.7 

% for PA Annuity** 23.7 42.9 47.5 31.9 57.8 64.0 31.1 56.5 62.6 

% for Ben Offset -15.9 -15.9 -15.9 -21.4 -21.4 -21.4 -18.9 -18.9 -18.9 

Prop Benefit $888 $1,061 $1,102 $1,372 $1,755 $1,847 $1,808 $2,304 $2,423 

Percent of PL Scheduled 99.2 118.4 123.0 92.8 118.7 124.9 92.6 118.0 124.1 

Percent of PL Payable 135.6 162.0 168.3 126.9 162.4 170.9 126.6 161.4 169.7 

Percent of 2001 Real Benefit 139.4 166.5 173.0 130.4 166.9 175.6 132.4 168.7 177.4 

2052 Retiree PL Sched Ben $986 $986 $986 $1,628 $1,628 $1,628 $2,151 $2,151 $2,151 

% Basic Change for All -13.1 -13.1 -13.1 -21.7 -21.7 -21.7 -23.6 -23.6 -23.6 

% for PA Annuity** 26.2 49.8 55.7 35.3 67.1 74.9 35.3 67.9 76.0 

% for Ben Offset -17.5 -17.5 -17.5 -23.5 -23.5 -23.5 -21.6 -21.6 -21.6 

Prop Benefit $943 $1,176 $1,233 $1,465 $1,983 $2,111 $1,939 $2,639 $2,813 

Percent of PL Scheduled 95.6 119.2 125.1 90.0 121.8 129.7 90.1 122.7 130.8 

Percent of PL Payable 132.1 164.7 172.8 124.3 168.3 179.1 124.5 169.5 180.7 

Percent of 2001 Real Benefit 148.0 184.6 193.6 139.3 188.5 200.7 141.9 193.2 206.0 

2075 Retiree PL Sched Ben $1,231 $1,231 $1,231 $2,032 $2,032 $2,032 $2,685 $2,685 $2,685 

% Basic Change for All -22.2 -22.2 -22.2 -29.9 -29.9 -29.9 -31.6 -31.6 -31.6 

% for PA Annuity** 25.3 48.5 54.2 34.1 65.2 72.9 34.1 66.0 74.0 

% for Ben Offset -16.9 -16.9 -16.9 -22.7 -22.7 -22.7 -20.9 -20.9 -20.9 

Prop Benefit $1,062 $1,347 $1,417 $1,655 $2,288 $2,445 $2,194 $3,050 $3,263 

Percent of PL Scheduled 86.3 109.4 115.1 81.5 112.6 120.3 81.7 113.6 121.6 

Percent of PL Payable 128.7 163.2 171.7 121.5 168.0 179.5 121.9 169.5 181.3 

Percent of 2001 Real Benefit 166.7 211.4 222.4 157.3 217.5 232.4 160.6 223.3 238.9 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and ann

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 1-V Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity 

1-Earner No Basic Benefit Changes

Couple 2% Redirect PA 2004 with Ben Offset (Offset Yield Rate at Inflation +3.5% Or TreasBndYld +0.5%)

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 1.2 1.6 1.6 1.6 2.1 2.2 1.9 2.5 2.6 

% for Ben Offset -1.3 -1.3 -1.3 -1.8 -1.8 -1.8 -2.2 -2.2 -2.2 

Prop Benefit $1,077 $1,081 $1,081 $1,777 $1,786 $1,787 $2,347 $2,361 $2,363 

Percent of PL Scheduled 99.9 100.2 100.3 99.8 100.3 100.4 99.8 100.4 100.5 

Percent of PL Payable 99.9 100.2 100.3 99.8 100.3 100.4 99.8 100.4 100.5 

Percent of 2001 Real Benefit 112.7 113.1 113.2 112.6 113.2 113.3 114.6 115.2 115.4 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 3.6 5.2 5.5 4.8 7.0 7.4 5.8 8.5 9.0 

% for Ben Offset -4.2 -4.2 -4.2 -5.6 -5.6 -5.6 -6.8 -6.8 -6.8 

Prop Benefit $1,133 $1,151 $1,155 $1,866 $1,907 $1,916 $2,461 $2,527 $2,541 

Percent of PL Scheduled 99.4 101.0 101.3 99.2 101.4 101.8 99.0 101.6 102.2 

Percent of PL Payable 99.4 101.0 101.3 99.2 101.4 101.8 99.0 101.6 102.2 

Percent of 2001 Real Benefit 118.5 120.5 120.9 118.2 120.9 121.4 120.1 123.3 124.0 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 6.5 10.6 11.5 8.7 14.2 15.4 10.6 17.2 18.7 

% for Ben Offset -8.0 -8.0 -8.0 -10.7 -10.7 -10.7 -13.0 -13.0 -13.0 

Prop Benefit $1,186 $1,236 $1,246 $1,948 $2,057 $2,082 $2,563 $2,738 $2,777 

Percent of PL Scheduled 98.5 102.6 103.5 98.0 103.5 104.7 97.6 104.2 105.7 

Percent of PL Payable 98.5 102.6 103.5 98.0 103.5 104.7 97.6 104.2 105.7 

Percent of 2001 Real Benefit 124.2 129.3 130.5 123.5 130.4 131.9 125.1 133.6 135.5 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.1 16.6 18.3 12.3 22.3 24.7 14.9 27.0 29.9 

% for Ben Offset -11.7 -11.7 -11.7 -15.8 -15.8 -15.8 -19.1 -19.1 -19.1 

Prop Benefit $1,292 $1,390 $1,414 $2,113 $2,332 $2,384 $2,770 $3,120 $3,204 

Percent of PL Scheduled 97.4 104.8 106.6 96.5 106.5 108.9 95.8 107.9 110.8 

Percent of PL Payable 133.2 143.4 145.8 132.0 145.7 149.0 131.0 147.6 151.5 

Percent of 2001 Real Benefit 135.2 145.5 148.0 133.9 147.8 151.1 135.2 152.3 156.4 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 10.1 19.2 21.5 13.6 25.9 28.9 16.5 31.3 35.0 

% for Ben Offset -13.2 -13.2 -13.2 -17.8 -17.8 -17.8 -21.6 -21.6 -21.6 

Prop Benefit $1,415 $1,548 $1,581 $2,309 $2,605 $2,678 $3,023 $3,496 $3,613 

Percent of PL Scheduled 96.9 106.0 108.2 95.8 108.1 111.1 94.9 109.8 113.4 

Percent of PL Payable 133.8 146.4 149.5 132.3 149.3 153.5 131.1 151.6 156.7 

Percent of 2001 Real Benefit 148.0 162.0 165.4 146.3 165.1 169.7 147.5 170.7 176.3 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

% for PA Annuity** 9.8 18.7 20.9 13.1 25.2 28.1 15.9 30.5 34.1 

% for Ben Offset -12.8 -12.8 -12.8 -17.3 -17.3 -17.3 -20.9 -20.9 -20.9 

Prop Benefit $1,767 $1,930 $1,970 $2,885 $3,247 $3,336 $3,777 $4,356 $4,499 

Percent of PL Scheduled 96.9 105.9 108.1 95.9 107.9 110.9 95.0 109.6 113.2 

Percent of PL Payable 144.6 158.0 161.2 143.0 161.0 165.4 141.7 163.5 168.8 

Percent of 2001 Real Benefit 184.9 202.0 206.2 182.8 205.8 211.4 184.4 212.6 219.6 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 2-V Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity 

1-Earner CPI Index PIA Starting 2009, LowEarnerEnhancement 

Couple 4% to $1,000 Redirect 2004 PA with Ben Offset (Offset Yield Rate at Inflation +2% Or TreasBndYld -1%)

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 1.2 1.2 1.2 -0.9 -0.9 -0.9 -0.9 -0.9 -0.9 

% for PA Annuity** 2.4 3.1 3.2 2.8 3.6 3.8 2.1 2.8 2.9 

% for Ben Offset -2.2 -2.2 -2.2 -2.5 -2.5 -2.5 -1.9 -1.9 -1.9 

Prop Benefit $1,093 $1,101 $1,103 $1,769 $1,784 $1,786 $2,336 $2,351 $2,353 

Percent of PL Scheduled 101.4 102.1 102.3 99.4 100.2 100.3 99.3 99.9 100.0 

Percent of PL Payable 101.4 102.1 102.3 99.4 100.2 100.3 99.3 99.9 100.0 

Percent of 2001 Real Benefit 114.4 115.2 115.4 112.1 113.0 113.2 114.0 114.7 114.9 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 9.2 9.2 9.2 -9.9 -9.9 -9.9 -9.9 -9.9 -9.9 

% for PA Annuity** 7.1 10.4 11.1 7.1 10.2 10.8 5.4 7.7 8.2 

% for Ben Offset -6.2 -6.2 -6.2 -6.2 -6.2 -6.2 -4.7 -4.7 -4.7 

Prop Benefit $1,255 $1,292 $1,300 $1,713 $1,771 $1,783 $2,258 $2,316 $2,328 

Percent of PL Scheduled 110.1 113.4 114.0 91.0 94.1 94.8 90.8 93.2 93.6 

Percent of PL Payable 110.1 113.4 114.0 91.0 94.1 94.8 90.8 93.2 93.6 

Percent of 2001 Real Benefit 131.3 135.2 136.0 108.5 112.2 113.0 110.2 113.0 113.6 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All -0.9 -0.9 -0.9 -18.2 -18.2 -18.2 -18.2 -18.2 -18.2 

% for PA Annuity** 13.0 21.1 22.9 12.3 19.8 21.4 9.3 15.0 16.2 

% for Ben Offset -10.8 -10.8 -10.8 -10.3 -10.3 -10.3 -7.8 -7.8 -7.8 

Prop Benefit $1,220 $1,318 $1,340 $1,667 $1,816 $1,849 $2,189 $2,339 $2,372 

Percent of PL Scheduled 101.3 109.4 111.3 83.8 91.3 93.0 83.3 89.0 90.3 

Percent of PL Payable 101.3 109.4 111.3 83.8 91.3 93.0 83.3 89.0 90.3 

Percent of 2001 Real Benefit 127.6 137.9 140.2 105.6 115.1 117.2 106.9 114.1 115.8 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All -10.0 -10.0 -10.0 -25.7 -25.7 -25.7 -25.7 -25.7 -25.7 

% for PA Annuity** 18.3 33.1 36.7 17.9 32.6 36.1 13.6 24.7 27.3 

% for Ben Offset -14.7 -14.7 -14.7 -14.4 -14.4 -14.4 -10.9 -10.9 -10.9 

Prop Benefit $1,241 $1,438 $1,485 $1,704 $2,024 $2,101 $2,226 $2,547 $2,624 

Percent of PL Scheduled 93.6 108.4 112.0 77.8 92.5 96.0 77.0 88.1 90.7 

Percent of PL Payable 128.0 148.3 153.2 106.4 126.5 131.3 105.3 120.5 124.1 

Percent of 2001 Real Benefit 129.9 150.5 155.4 108.0 128.3 133.2 108.7 124.3 128.1 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All -18.2 -18.2 -18.2 -32.5 -32.5 -32.5 -32.5 -32.5 -32.5 

% for PA Annuity** 20.2 38.5 43.0 20.7 39.9 44.7 16.2 31.8 35.6 

% for Ben Offset -16.0 -16.0 -16.0 -16.3 -16.3 -16.3 -12.8 -12.8 -12.8 

Prop Benefit $1,255 $1,521 $1,587 $1,732 $2,196 $2,312 $2,261 $2,755 $2,879 

Percent of PL Scheduled 85.9 104.2 108.7 71.9 91.1 95.9 71.0 86.5 90.4 

Percent of PL Payable 118.7 143.9 150.1 99.3 125.8 132.5 98.0 119.5 124.9 

Percent of 2001 Real Benefit 131.3 159.2 166.1 109.8 139.2 146.5 110.3 134.5 140.5 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All -34.5 -34.5 -34.5 -45.9 -45.9 -45.9 -45.9 -45.9 -45.9 

% for PA Annuity** 19.5 37.4 41.8 20.0 38.8 43.5 15.7 30.9 34.7 

% for Ben Offset -15.4 -15.4 -15.4 -15.7 -15.7 -15.7 -12.3 -12.3 -12.3 

Prop Benefit $1,269 $1,594 $1,675 $1,755 $2,322 $2,464 $2,285 $2,889 $3,041 

Percent of PL Scheduled 69.6 87.5 91.9 58.3 77.2 81.9 57.5 72.7 76.5 

Percent of PL Payable 103.8 130.5 137.1 87.0 115.1 122.2 85.7 108.4 114.1 

Percent of 2001 Real Benefit 132.8 166.8 175.3 111.2 147.2 156.1 111.5 141.0 148.4 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie
Plan 3-V Estimated Change in Monthly Benefit for Retiree and Spouse at 65-- PA VARIABLE Annuity Selected by Some, or Required for All, with 50% Equity 

1-Earner Index PIA by 0.995 Starting 2009, Change PIA 15 to 10, Incrs Act Red, LowEarnerEnhancement 

Couple 2.5% to $1,000 Redirect PA 2004 with Ben Offset (Offst Yld Rt at Inflation +2.5% Or TreasBndYld -0.5%), IF Make 1% AddOn PA Contrib

Scaled LOW Earner Scaled MEDIUM Earner Scaled HIGH Earner 

($15,875 in 2002) ($35,277 in 2002) ($56,443 in 2002) 

PA Portfolio/Yield* Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield Low Yield 50% Equity High Yield 

constant 2001$ constant 2001$ constant 2001$ 

2012 Retiree PL Sched Ben $1,078 $1,078 $1,078 $1,780 $1,780 $1,780 $2,353 $2,353 $2,353 

% Basic Change for All 0.2 0.2 0.2 -0.9 -0.9 -0.9 -1.0 -1.0 -1.0 

% for PA Annuity** 2.1 2.7 2.8 2.8 3.7 3.8 3.1 4.0 4.2 

% for Ben Offset -1.5 -1.5 -1.5 -2.0 -2.0 -2.0 -2.1 -2.1 -2.1 

Prop Benefit $1,088 $1,094 $1,096 $1,781 $1,796 $1,798 $2,354 $2,375 $2,380 

Percent of PL Scheduled 100.9 101.5 101.6 100.0 100.9 101.0 100.1 101.0 101.1 

Percent of PL Payable 100.9 101.5 101.6 100.0 100.9 101.0 100.1 101.0 101.1 

Percent of 2001 Real Benefit 113.8 114.5 114.7 112.8 113.8 114.0 114.9 115.9 116.1 

2022 Retiree PL Sched Ben $1,140 $1,140 $1,140 $1,881 $1,881 $1,881 $2,486 $2,486 $2,486 

% Basic Change for All 2.1 2.1 2.1 -8.0 -8.0 -8.0 -9.2 -9.2 -9.2 

% for PA Annuity** 6.2 9.1 9.7 8.4 12.2 13.0 8.2 11.9 12.7 

% for Ben Offset -4.3 -4.3 -4.3 -5.8 -5.8 -5.8 -5.1 -5.1 -5.1 

Prop Benefit $1,186 $1,219 $1,225 $1,781 $1,853 $1,868 $2,335 $2,426 $2,445 

Percent of PL Scheduled 104.1 106.9 107.5 94.6 98.5 99.3 93.9 97.6 98.3 

Percent of PL Payable 104.1 106.9 107.5 94.6 98.5 99.3 93.9 97.6 98.3 

Percent of 2001 Real Benefit 124.2 127.6 128.3 112.9 117.4 118.4 114.0 118.4 119.3 

2032 Retiree PL Sched Ben $1,204 $1,204 $1,204 $1,988 $1,988 $1,988 $2,627 $2,627 $2,627 

% Basic Change for All -3.9 -3.9 -3.9 -13.5 -13.5 -13.5 -15.5 -15.5 -15.5 

% for PA Annuity** 11.3 18.5 20.1 15.3 24.9 27.0 14.6 23.6 25.6 

% for Ben Offset -7.7 -7.7 -7.7 -10.3 -10.3 -10.3 -8.8 -8.8 -8.8 

Prop Benefit $1,201 $1,287 $1,306 $1,818 $2,010 $2,052 $2,369 $2,606 $2,658 

Percent of PL Scheduled 99.7 106.9 108.5 91.5 101.1 103.2 90.2 99.2 101.2 

Percent of PL Payable 99.7 106.9 108.5 91.5 101.1 103.2 90.2 99.2 101.2 

Percent of 2001 Real Benefit 125.7 134.7 136.7 115.2 127.4 130.1 115.6 127.2 129.7 

2042 Retiree PL Sched Ben $1,326 $1,326 $1,326 $2,189 $2,189 $2,189 $2,893 $2,893 $2,893 

% Basic Change for All -8.6 -8.6 -8.6 -17.7 -17.7 -17.7 -19.7 -19.7 -19.7 

% for PA Annuity** 16.0 29.0 32.1 21.5 39.0 43.2 21.0 38.2 42.3 

% for Ben Offset -10.7 -10.7 -10.7 -14.4 -14.4 -14.4 -12.7 -12.7 -12.7 

Prop Benefit $1,282 $1,454 $1,495 $1,957 $2,340 $2,432 $2,563 $3,059 $3,178 

Percent of PL Scheduled 96.6 109.6 112.7 89.4 106.9 111.1 88.6 105.8 109.9 

Percent of PL Payable 132.2 150.0 154.2 122.3 146.2 152.0 121.2 144.6 150.3 

Percent of 2001 Real Benefit 134.1 152.2 156.5 124.0 148.3 154.1 125.1 149.3 155.1 

2052 Retiree PL Sched Ben $1,460 $1,460 $1,460 $2,410 $2,410 $2,410 $3,185 $3,185 $3,185 

% Basic Change for All -13.1 -13.1 -13.1 -21.7 -21.7 -21.7 -23.6 -23.6 -23.6 

% for PA Annuity** 17.7 33.6 37.6 23.8 45.3 50.6 23.9 45.9 51.3 

% for Ben Offset -11.8 -11.8 -11.8 -15.9 -15.9 -15.9 -14.6 -14.6 -14.6 

Prop Benefit $1,355 $1,588 $1,645 $2,078 $2,596 $2,724 $2,729 $3,430 $3,604 

Percent of PL Scheduled 92.8 108.7 112.7 86.2 107.7 113.0 85.7 107.7 113.1 

Percent of PL Payable 128.2 150.2 155.6 119.1 148.8 156.1 118.3 148.7 156.3 

Percent of 2001 Real Benefit 141.8 166.2 172.2 131.7 164.5 172.6 133.2 167.4 175.9 

2075 Retiree PL Sched Ben $1,823 $1,823 $1,823 $3,009 $3,009 $3,009 $3,975 $3,975 $3,975 

% Basic Change for All -22.2 -22.2 -22.2 -29.9 -29.9 -29.9 -31.6 -31.6 -31.6 

% for PA Annuity** 17.1 32.7 36.6 23.0 44.0 49.2 23.1 44.6 50.0 

% for Ben Offset -11.4 -11.4 -11.4 -15.3 -15.3 -15.3 -14.1 -14.1 -14.1 

Prop Benefit $1,522 $1,807 $1,878 $2,340 $2,973 $3,129 $3,077 $3,933 $4,146 

Percent of PL Scheduled 83.5 99.2 103.0 77.8 98.8 104.0 77.4 98.9 104.3 

Percent of PL Payable 124.6 147.9 153.7 116.0 147.4 155.2 115.5 147.6 155.6 

Percent of 2001 Real Benefit 159.3 189.1 196.5 148.3 188.4 198.3 150.2 192.0 202.4 

* Low Yield assumes the Treas Bond yield on all assets, or risk adjusted returns. High Yield reflects a higher 7.1% ult real yield on equities, OR investing 60 percent of PA in 

** Annuity is assumed to have same average yield as PRA accumulation, however, annuity would NOT be CPI indexed oner lifetime.

Note: Based on 2001 Trustees Intermediate assms, including 3.0 Treas ultimate real yield; Plus 6.5 equity, 3.5 corp bond ultimate real yields, and 0.3% annual ult PA and an

 For portfolios with part equity, balance is assumed 60% corporate and 40% Treas bonds. Office of the Chie