SOCIAL SECURITY

Office of the Chief Actuary

June 21, 2023 

The Honorable Richard Neal

House of Representatives 

Washington, D.C. 20515 

Dear Ranking Member Neal:

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

the Social Security Trust Funds of the “Public Servants Protection and Fairness Act of 2023,” 

which you introduced today. This Bill would change the current-law windfall elimination 

provision (WEP) by adding a new formula, which we refer to in this letter as the “Public Servant 

Protection” (PSP) formula. Individuals who have non-covered earnings and become eligible for 

OASDI benefits in 2025 or later would receive the higher of their benefit using the PSP or their 

benefit using the current-law WEP. The proposal would also provide for a “relief payment” for 

months beginning at least 270 days after enactment for retired-worker and disabled-worker 

beneficiaries first eligible before 2025 who are affected by the current WEP. We have enjoyed 

working with Kathryn Olson and T.J. Sutcliffe of your staff in the development of this proposal. 

Our analysis and estimates provided for this proposal reflect the efforts of many in the Office of 

the Chief Actuary, but particularly Jacqueline Walsh, Chris Chaplain, Daniel Nickerson, Kyle 

Burkhalter, Anna Kirjusina, and Karen Glenn. 

The balance of this letter provides our understanding of the intent of the sections of the Bill with 

direct effects on the Social Security program, followed by estimates of the effects on OASDI 

program cost and income assuming enactment of the Bill. Over the period 2023 through 2032, 

we estimate the program benefit cost for the OASDI program would be increased by $31.8 

billion. However, this increase in cost would be partially offset with revenue directed to the 

OASI and DI Trust Funds from income tax on the increased benefit payments. The net reduction 

in cash flow for the OASDI program over this period, $30.1 billion, would be fully reimbursed 

on an annual basis with transfers from the General Fund of the Treasury. Note that a small 

portion of the income tax on the increased benefit payments would be directed to the HI Trust 

Fund, and is not reflected in this analysis. See Table 1b.n for the estimated change in annual 

unified budget cash flow. Over the long-range 75-year period, we estimate that enactment of the 

Bill would increase OASDI program cost and program income each by 0.02 percent of taxable 

payroll, thus having no significant effect on the OASDI actuarial balance. All estimates reflect 

the 2023 Trustees Report intermediate projections. 
Page 2 – The Honorable Richard Neal

Bill Specifications

Individuals who become eligible for retired-worker and disabled-worker benefits in 2025 or 

later, who have non-covered earnings (earnings that were not covered under the OASDI 

program) and are receiving a pension based on those non-covered earnings, would have a 

benefit level computed both under the current WEP provision, and in addition a benefit level 

computed under the new PSP provision. The benefit level provided would be the higher of these 

two alternative computations.

The PSP provides retired-worker and disabled-worker beneficiaries who have non-covered 

earnings (and their dependents) with an alternative modified benefit computed reflecting all past 

earnings (including earnings in employment that was not covered under the OASDI program in 

our records starting with 1978), then multiplied by the ratio of the average indexed monthly 

earnings(AIME) computed without non-covered earnings to a modified average indexed 

monthly earnings (AIME′) that includes both covered and non-covered earnings in our records. 

As with OASDI covered earnings, potential beneficiaries would be asked to review the noncovered earnings we have in our records so that they would have the opportunity to make 

corrections. Another way to describe the new PSP approach is that beneficiaries will receive a 

benefit that reflects the replacement rate applicable for a worker with the same career earnings, 

where all earnings had been covered. Effectively, the PSP formula would compute the worker’s 

PIA as the ratio of PIA based on all earnings (covered and non-covered) to the AIME′ computed 

based on all earnings, multiplied by the AIME based on covered earnings only. These two ways 

of describing the new approach are mathematically equivalent. The final step in the calculation 

is to compare the result of the PSP formula to the current-law WEP: beneficiaries becoming 

eligible for OASDI benefits in 2025 or later will receive the higher of the two.

For workers becoming eligible for OASDI benefits in 2025 or later who have non-covered 

earnings, but are not in receipt of a pension based on non-covered earnings or have at least 30 

years of coverage, neither the current WEP nor the new PSP would reduce their PIA. In 

addition, disabled-worker and retired-worker beneficiaries who are entitled to receive periodic 

payments based on foreign employment not covered under a totalization agreement, would 

continue to have their benefits computed under the current WEP. 

In general, retired-worker and disabled-worker beneficiaries who become eligible before January 

2025 will receive a monthly “relief payment” for each month they receive a Social Security 

benefit that is reduced by the current-law WEP, for months beginning at least 270 days after 

enactment of the Bill. In 2024, the amount of the relief payment will be $150, but no more than

the amount of reduction in the worker’s primary insurance amount due to WEP. In years after 

2024, the level of relief payment will be increased by the annual cost of living adjustments.

Beneficiaries who are receiving a foreign pension are not eligible to receive a relief payment.

The relief payment would not be subject to benefit adjustments, such as for the government 

pension offset (GPO), retirement earnings test (RET), early/late claiming, and dual entitlement.

Further specifications relating to the relief payment include: (1) individuals whose benefits are 

offset (to zero) due to the GPO, RET, workers’ compensation offset, etc. still receive a relief 

payment; (2) individuals whose benefits are suspended due to incarceration would not receive 
Page 3 – The Honorable Richard Neal

the relief payment; (3) disabled worker beneficiaries with benefits fully suspended due to work 

would not receive the relief payment; and (4) individuals with an outstanding overpayment 

would be eligible for the relief payment but would have it withheld to help repay the 

overpayment.

Finally, under the proposal, annual transfers from the General Fund of the Treasury would be 

made in amounts equal to the annual OASDI cost increase less OASDI revenue from income tax 

on the additional benefits resulting from implementation of the provisions of the Bill. Transfer 

amounts would be determined for each year based on estimates from the Chief Actuary at the 

Social Security Administration, with adjustments to transfers after the end of each year equal to 

any difference between the estimated cost increase and the actual cost increase measured after 

the end of the year. 

OASDI Program Cost Effects

The proposal will result in added program cost for workers newly eligible for an OASDI benefit 

after 2024, because they will receive the greater of the benefit subject to PSP or the benefit 

subject to the WEP. As noted above, most of the income tax on the increased benefit payments 

would be directed to the OASI and DI Trust Funds, which would partially offset the additional 

benefit cost. The increase in OASDI program benefit cost is estimated at $1.6 billion in total for 

calendar years 2023 through 2032 for those newly eligible for OASDI benefits after 2024 who 

are advantaged by the alternative benefit computation using the PSP. The change in both the 

unified budget cash flow and on-budget cash flow due to this formula change, net of OASDI 

revenue from income taxation of benefits, is estimated to be a reduction of $1.5 billion in total 

for calendar years 2023 through 2032.

The amount of relief payments for months beginning at least 270 days after enactment applied 

for beneficiaries who are affected by the WEP is estimated to be $30.3 billion in total for 

calendar years 2023 through 2032. For the purpose of these estimates, we are assuming 

enactment of the Bill at the end of calendar year 2023. The change in both the unified budget 

cash flow and on-budget cash flow due to these relief payments, net of OASDI revenue from 

income taxation of benefits, is estimated to be a reduction of $28.7 billion in total for calendar 

years 2023 through 2032.

Combining the effects described in the previous two paragraphs, the benefit cost for both the 

formula change and the relief payments is estimated to be $31.8 billion in total for calendar 

years 2023 through 2032. The change in both the unified budget cash flow and the on-budget 

cash flow, net of OASDI revenue from income taxation of these benefits, is estimated to be a 

reduction of $30.1 billion in total for calendar years 2023 through 2032.

For all years starting in 2024, all increases in program benefit cost, net of additional OASDI 

revenue from income taxation of these benefits, would be fully offset by transfers from the 

General Fund of the Treasury. Over the long-range period, the net effect of the proposal on the 

75-year actuarial balance would be negligible (i.e., less than 0.005 percent of payroll). Table 1, 

attached, indicates that the effect of the changes in the Bill would increase annual cost and 

annual income for the OASDI program by equal amounts in all years beginning with 2024. 
Page 4 – The Honorable Richard Neal

These estimates do not reflect the implications of any change in administrative expenses 

necessary to implement the provisions of this Bill.

The implications of the proposal for beneficiaries would change over the long-range period.

Eventually, the beneficiaries affected by the proposal will be limited to the roughly 25 percent of 

all state and local government employees with earnings that are not covered by OASDI, because 

the closed group of Federal government employees whose earnings are not covered by OASDI 

were all hired before 1984. 

Tables 1b and 1b.n show the effects of enacting the proposal on federal budget operations. With 

enactment, the annual on-budget and unified budget balances are reduced starting in 2024, and 

both publicly-held debt and total federal debt subject to limit are increased.

Our estimates for the proposal reflect extensive innovative analysis of data for individuals born 

in 1950 with experience through May of 2018, including SSA records of earnings not covered

by OASDI back to 1978, with adjustments for over-recording of non-covered earnings for years 

1978 through 1981. This analysis has allowed us to model the potential effect of the proposal 

for 2018 as if it were fully in effect for all retired and disabled workers at that time. Based on 

these results, we are able to model the expected effects of the PSP for benefit payments starting 

in 2025. 

Effects of the Proposal on Beneficiaries

In order to meaningfully illustrate the effects of enacting the Bill on workers who will become 

eligible starting in 2025 under this proposal, we provide here estimates of the effects of the 

provisions for all current beneficiaries in 2018, assuming the new approach were fully phased in 

and had applied for them since their initial benefit eligibility.

There were roughly 1.6 million retired-worker and disabled-worker beneficiaries in 2018 whose 

benefit was reduced under the current WEP and were not receiving a pension based on foreign 

employment. If the ultimate provisions of the Bill had applied to them since their initial 

eligibility, the Bill would have provided a higher average monthly benefit (on average, $74 

higher) for about 1.1 million (about 69 percent) of these beneficiaries. For this group of 1.1 

million beneficiaries, their average monthly benefit using the PSP would have been $548, while 

their monthly benefit using the current WEP was $474. The remaining 0.5 million (about 31 

percent) of the beneficiaries reduced by the WEP in 2018 would have had no change in their 

benefits under this Bill. These beneficiaries received an average benefit of $643 under the 

current WEP.

Additionally, we estimate monthly relief payments would have been provided to roughly 1.7 

million retired worker and disabled worker beneficiaries whose primary benefit was reduced 

under the WEP in 2018, assuming the relief payments had started in 2018 and that the other 

provisions of the proposal applied for beneficiaries becoming newly eligible after 2018.
Page 5 – The Honorable Richard Neal

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

Sincerely,

 

Stephen C. Goss, ASA, MAAA

Chief Actuary

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

Year Cost Rate

Income

Rate

Annual

Balance Cost Rate

Income

Rate

Annual

Balance

2023 14.53 13.29 -1.24 204 0.00 0.00 0.00

2024 14.87 12.89 -1.98 187 0.01 0.01 0.00

2025 15.08 13.01 -2.07 167 0.03 0.03 0.00

2026 15.27 13.11 -2.15 149 0.03 0.03 0.00

2027 15.41 13.13 -2.29 131 0.03 0.03 0.00

2028 15.59 13.16 -2.42 113 0.03 0.03 0.00

2029 15.75 13.19 -2.56 96 0.03 0.03 0.00

2030 15.90 13.22 -2.69 78 0.03 0.03 0.00

2031 16.03 13.24 -2.79 60 0.03 0.03 0.00

2032 16.18 13.27 -2.91 43 0.03 0.03 0.00

2033 16.30 13.28 -3.02 25 0.03 0.03 0.00

2034 16.41 13.29 -3.12 7 0.03 0.03 0.00

2035 16.51 13.30 -3.21 ---- 0.03 0.03 0.00

2036 16.58 13.30 -3.28 ---- 0.03 0.03 0.00

2037 16.66 13.31 -3.35 ---- 0.03 0.03 0.00

2038 16.72 13.31 -3.41 ---- 0.03 0.03 0.00

2039 16.77 13.32 -3.45 ---- 0.02 0.02 0.00

2040 16.80 13.32 -3.48 ---- 0.02 0.02 0.00

2041 16.83 13.32 -3.51 ---- 0.02 0.02 0.00

2042 16.84 13.32 -3.52 ---- 0.02 0.02 0.00

2043 16.85 13.32 -3.53 ---- 0.02 0.02 0.00

2044 16.86 13.32 -3.54 ---- 0.02 0.02 0.00

2045 16.88 13.33 -3.55 ---- 0.02 0.02 0.00

2046 16.90 13.33 -3.57 ---- 0.02 0.02 0.00

2047 16.92 13.33 -3.59 ---- 0.02 0.02 0.00

2048 16.94 13.33 -3.61 ---- 0.02 0.02 0.00

2049 16.97 13.33 -3.64 ---- 0.01 0.01 0.00

2050 17.00 13.34 -3.67 ---- 0.01 0.01 0.00

2051 17.03 13.34 -3.69 ---- 0.01 0.01 0.00

2052 17.07 13.34 -3.73 ---- 0.01 0.01 0.00

2053 17.12 13.35 -3.78 ---- 0.01 0.01 0.00

2054 17.18 13.35 -3.83 ---- 0.01 0.01 0.00

2055 17.24 13.36 -3.89 ---- 0.01 0.01 0.00

2056 17.32 13.36 -3.96 ---- 0.01 0.01 0.00

2057 17.39 13.37 -4.02 ---- 0.01 0.01 0.00

2058 17.47 13.37 -4.10 ---- 0.01 0.01 0.00

2059 17.55 13.38 -4.17 ---- 0.01 0.01 0.00

2060 17.63 13.39 -4.24 ---- 0.01 0.01 0.00

2061 17.70 13.39 -4.31 ---- 0.01 0.01 0.00

2062 17.77 13.40 -4.37 ---- 0.01 0.01 0.00

2063 17.84 13.40 -4.43 ---- 0.01 0.01 0.00

2064 17.90 13.41 -4.49 ---- 0.01 0.01 0.00

2065 17.96 13.41 -4.54 ---- 0.01 0.01 0.00

2066 18.02 13.42 -4.60 ---- 0.01 0.01 0.00

2067 18.07 13.42 -4.65 ---- 0.01 0.01 0.00

2068 18.13 13.43 -4.70 ---- 0.01 0.01 0.00

2069 18.19 13.43 -4.76 ---- 0.01 0.01 0.00

2070 18.24 13.44 -4.81 ---- 0.01 0.01 0.00

2071 18.30 13.44 -4.86 ---- 0.01 0.01 0.00

2072 18.35 13.45 -4.90 ---- 0.01 0.01 0.00

2073 18.40 13.45 -4.95 ---- 0.01 0.01 0.00

2074 18.44 13.45 -4.99 ---- 0.01 0.01 0.00

2075 18.48 13.46 -5.02 ---- 0.01 0.01 0.00

2076 18.50 13.46 -5.04 ---- 0.01 0.01 0.00

2077 18.52 13.46 -5.06 ---- 0.01 0.01 0.00

2078 18.52 13.46 -5.06 ---- 0.01 0.01 0.00

2079 18.50 13.46 -5.04 ---- 0.01 0.01 0.00

2080 18.48 13.46 -5.02 ---- 0.01 0.01 0.00

2081 18.45 13.46 -4.99 ---- 0.01 0.01 0.00

2082 18.41 13.46 -4.95 ---- 0.01 0.01 0.00

2083 18.36 13.45 -4.90 ---- 0.01 0.01 0.00

2084 18.30 13.45 -4.85 ---- 0.01 0.01 0.00

2085 18.24 13.45 -4.79 ---- 0.01 0.01 0.00

2086 18.17 13.44 -4.73 ---- 0.01 0.01 0.00

2087 18.10 13.44 -4.66 ---- 0.01 0.01 0.00

2088 18.03 13.43 -4.60 ---- 0.01 0.01 0.00

2089 17.97 13.43 -4.54 ---- 0.01 0.01 0.00

2090 17.91 13.43 -4.48 ---- 0.01 0.01 0.00

2091 17.85 13.42 -4.43 ---- 0.01 0.01 0.00

2092 17.81 13.42 -4.39 ---- 0.01 0.01 0.00

2093 17.78 13.42 -4.37 ---- 0.01 0.01 0.00

2094 17.77 13.42 -4.35 ---- 0.01 0.01 0.00

2095 17.76 13.42 -4.34 ---- 0.01 0.01 0.00

2096 17.76 13.42 -4.34 ---- 0.01 0.01 0.00

2097 17.77 13.42 -4.35 ---- 0.01 0.01 0.00

2098 17.78 13.42 -4.36 ---- 0.01 0.01 0.00

Summarized Rates: OASDI Summarized Rates: OASDI

Cost Rate Income Rate

Actuarial 

Balance

Change in 

Cost rate

Change in 

Income Rate

Change in 

Actuarial

Balance

2023 - 2097 17.40% 13.79% -3.61% 2034 0.02% 0.02% 0.00%

Office of the Chief Actuary

Note: Based on the Intermediate Assumptions of the 2023 Trustees Report. Social Security Administration 1 Under current law, the year of combined Trust Fund reserve depletion is 2034. June 21, 2023

The "Public Servants Protection and Fairness Act of 2023," introduced by Ranking Member Neal

Year of reserve 

depletion1

Proposal Change from Current Law

Expressed as a percentage of current-law

taxable payroll Trust Fund

Ratio

1-1-year

Expressed as a percentage of current-law

taxable payroll
Table 1b - OASDI Changes & Implications for Federal Budget Scoring1

 and Federal Debt of Specified Plan Provision Effects on OASDI (Present Value Dollars)

Year

Specified 

General Fund 

Transfers2

Portion of GF 

Transfers for 

Relief Payments

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow3

Change in

Debt Held

by Public at

End of Year

Change

in Annual

Unified Budget

Balance

Change

in Annual

On Budget

Cash Flow3

Change in Total

Federal Debt

Subject to Limit

End Of Year

Change

in Annual

On Budget

Balance

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

2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2024 0.5 0.5 0.0 -0.5 0.5 -0.5 -0.5 0.5 -0.5

2025 3.2 3.2 0.0 -3.2 3.7 -3.2 -3.2 3.7 -3.2

2026 3.2 3.2 0.0 -3.2 6.9 -3.3 -3.2 6.9 -3.3

2027 3.2 3.2 0.0 -3.2 10.1 -3.4 -3.2 10.1 -3.4

2028 3.2 3.1 0.0 -3.2 13.3 -3.5 -3.2 13.3 -3.5

2029 3.2 3.1 0.0 -3.2 16.5 -3.6 -3.2 16.5 -3.6

2030 3.2 2.9 0.0 -3.2 19.7 -3.7 -3.2 19.7 -3.7

2031 3.1 2.8 0.0 -3.1 22.8 -3.8 -3.1 22.8 -3.8

2032 3.1 2.7 0.0 -3.1 25.9 -3.9 -3.1 25.9 -3.9

2033 3.0 2.6 0.0 -3.0 28.9 -4.1 -3.0 28.9 -4.1

2034 3.0 2.4 0.0 -3.0 31.9 -4.2 -3.0 31.9 -4.2

2035 2.9 2.2 0.0 -2.9 34.8 -4.3 -2.9 34.8 -4.3

2036 2.7 2.1 0.0 -2.7 37.5 -4.3 -2.7 37.5 -4.3

2037 2.6 1.9 0.0 -2.6 40.1 -4.3 -2.6 40.1 -4.3

2038 2.5 1.7 0.0 -2.5 42.6 -4.3 -2.5 42.6 -4.3

2039 2.4 1.6 0.0 -2.4 45.0 -4.3 -2.4 45.0 -4.3

2040 2.2 1.4 0.0 -2.2 47.3 -4.3 -2.2 47.3 -4.3

2041 2.1 1.3 0.0 -2.1 49.4 -4.3 -2.1 49.4 -4.3

2042 2.0 1.1 0.0 -2.0 51.4 -4.2 -2.0 51.4 -4.2

2043 1.9 1.0 0.0 -1.9 53.2 -4.2 -1.9 53.2 -4.2

2044 1.8 0.8 0.0 -1.8 55.0 -4.2 -1.8 55.0 -4.2

2045 1.6 0.7 0.0 -1.6 56.6 -4.1 -1.6 56.6 -4.1

2046 1.5 0.6 0.0 -1.5 58.2 -4.1 -1.5 58.2 -4.1

2047 1.5 0.5 0.0 -1.5 59.6 -4.1 -1.5 59.6 -4.1

2048 1.4 0.4 0.0 -1.4 61.0 -4.1 -1.4 61.0 -4.1

2049 1.3 0.3 0.0 -1.3 62.3 -4.1 -1.3 62.3 -4.1

2050 1.3 0.2 0.0 -1.3 63.6 -4.1 -1.3 63.6 -4.1

2051 1.2 0.2 0.0 -1.2 64.8 -4.1 -1.2 64.8 -4.1

2052 1.2 0.1 0.0 -1.2 65.9 -4.1 -1.2 65.9 -4.1

2053 1.1 0.1 0.0 -1.1 67.1 -4.1 -1.1 67.1 -4.1

2054 1.1 0.1 0.0 -1.1 68.2 -4.2 -1.1 68.2 -4.2

2055 1.1 0.1 0.0 -1.1 69.3 -4.2 -1.1 69.3 -4.2

2056 1.1 0.0 0.0 -1.1 70.4 -4.2 -1.1 70.4 -4.2

2057 1.1 0.0 0.0 -1.1 71.5 -4.3 -1.1 71.5 -4.3

2058 1.1 0.0 0.0 -1.1 72.5 -4.3 -1.1 72.5 -4.3

2059 1.1 0.0 0.0 -1.1 73.6 -4.4 -1.1 73.6 -4.4

2060 1.1 0.0 0.0 -1.1 74.7 -4.4 -1.1 74.7 -4.4

2061 1.1 0.0 0.0 -1.1 75.8 -4.5 -1.1 75.8 -4.5

2062 1.1 0.0 0.0 -1.1 76.8 -4.5 -1.1 76.8 -4.5

2063 1.1 0.0 0.0 -1.1 77.9 -4.5 -1.1 77.9 -4.5

2064 1.1 0.0 0.0 -1.1 78.9 -4.6 -1.1 78.9 -4.6

2065 1.0 0.0 0.0 -1.0 80.0 -4.6 -1.0 80.0 -4.6

2066 1.0 0.0 0.0 -1.0 81.0 -4.7 -1.0 81.0 -4.7

2067 1.0 0.0 0.0 -1.0 82.1 -4.7 -1.0 82.1 -4.7

2068 1.0 0.0 0.0 -1.0 83.1 -4.8 -1.0 83.1 -4.8

2069 1.0 0.0 0.0 -1.0 84.1 -4.8 -1.0 84.1 -4.8

2070 1.0 0.0 0.0 -1.0 85.1 -4.8 -1.0 85.1 -4.8

2071 1.0 0.0 0.0 -1.0 86.2 -4.9 -1.0 86.2 -4.9

2072 1.0 0.0 0.0 -1.0 87.2 -4.9 -1.0 87.2 -4.9

2073 1.0 0.0 0.0 -1.0 88.2 -5.0 -1.0 88.2 -5.0

2074 1.0 0.0 0.0 -1.0 89.2 -5.0 -1.0 89.2 -5.0

2075 1.0 0.0 0.0 -1.0 90.2 -5.0 -1.0 90.2 -5.0

2076 1.0 0.0 0.0 -1.0 91.2 -5.1 -1.0 91.2 -5.1

2077 1.0 0.0 0.0 -1.0 92.2 -5.1 -1.0 92.2 -5.1

2078 1.0 0.0 0.0 -1.0 93.1 -5.2 -1.0 93.1 -5.2

2079 1.0 0.0 0.0 -1.0 94.1 -5.2 -1.0 94.1 -5.2

2080 1.0 0.0 0.0 -1.0 95.1 -5.2 -1.0 95.1 -5.2

2081 1.0 0.0 0.0 -1.0 96.0 -5.3 -1.0 96.0 -5.3

2082 0.9 0.0 0.0 -0.9 97.0 -5.3 -0.9 97.0 -5.3

2083 0.9 0.0 0.0 -0.9 97.9 -5.3 -0.9 97.9 -5.3

2084 0.9 0.0 0.0 -0.9 98.8 -5.4 -0.9 98.8 -5.4

2085 0.9 0.0 0.0 -0.9 99.7 -5.4 -0.9 99.7 -5.4

2086 0.9 0.0 0.0 -0.9 100.7 -5.4 -0.9 100.7 -5.4

2087 0.9 0.0 0.0 -0.9 101.6 -5.5 -0.9 101.6 -5.5

2088 0.9 0.0 0.0 -0.9 102.4 -5.5 -0.9 102.4 -5.5

2089 0.9 0.0 0.0 -0.9 103.3 -5.5 -0.9 103.3 -5.5

2090 0.9 0.0 0.0 -0.9 104.2 -5.6 -0.9 104.2 -5.6

2091 0.9 0.0 0.0 -0.9 105.0 -5.6 -0.9 105.0 -5.6

2092 0.9 0.0 0.0 -0.9 105.9 -5.6 -0.9 105.9 -5.6

2093 0.8 0.0 0.0 -0.8 106.7 -5.7 -0.8 106.7 -5.7

2094 0.8 0.0 0.0 -0.8 107.6 -5.7 -0.8 107.6 -5.7

2095 0.8 0.0 0.0 -0.8 108.4 -5.7 -0.8 108.4 -5.7

2096 0.8 0.0 0.0 -0.8 109.2 -5.7 -0.8 109.2 -5.7

2097 0.8 0.0 0.0 -0.8 110.1 -5.8 -0.8 110.1 -5.8

Total 2023-2097 110.1 48.1 0.0 -110.1 -110.1

Notes: Based on the Intermediate Assumptions of the 2023 Trustees Report.

 Ultimate Real Trust Fund Yield of 2.3%.

 Budget cash flows do not include effects on the Medicare Hospital Insurance Trust Fund of income taxation of OASDI benefits.

1 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless be paid,

 based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public. Office of the Chief Actuary 2 Reflects reimbursement to OASDI Trust Funds for increased WEP benefits and relief payments. Social Security Administration 3 Unified budget and on-budget cash flows show effect of increased WEP benefits and relief payments. 

Billions of Present Value Dollars as of 1-1-2023

The "Public Servants Protection and Fairness Act of 2023," introduced by Ranking Member Neal

June 21, 2023
Table 1b.n - OASDI Changes & Implications for Federal Budget Scoring1

 and Federal Debt of Specified Plan Provision Effects on OASDI (Nominal Dollars)

Year

Specified 

General Fund 

Transfers2

Portion of GF 

Transfers for 

Relief 

Payments

Basic Changes

in OASDI

Cash Flow

Change

in Annual

Unified Budget

Cash Flow3

Change in

Debt Held

by Public at

End of Year4

Change

in Annual

Unified Budget

Balance4

Change

in Annual

On Budget

Cash Flow3

Change in Total

Federal Debt

Subject to Limit

End of Year4

Change

in Annual

On Budget

Balance4

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

2023 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

2024 0.5 0.5 0.0 -0.5 0.5 -0.5 -0.5 0.5 -0.5

2025 3.4 3.4 0.0 -3.4 4.0 -3.5 -3.4 4.0 -3.5

2026 3.5 3.5 0.0 -3.5 7.6 -3.6 -3.5 7.6 -3.6

2027 3.6 3.5 0.0 -3.6 11.4 -3.8 -3.6 11.4 -3.8

2028 3.7 3.6 0.0 -3.7 15.4 -4.0 -3.7 15.4 -4.0

2029 3.8 3.6 0.0 -3.8 19.7 -4.2 -3.8 19.7 -4.2

2030 3.8 3.6 0.0 -3.8 24.1 -4.5 -3.8 24.1 -4.5

2031 3.9 3.5 0.0 -3.9 28.8 -4.7 -3.9 28.8 -4.7

2032 4.0 3.5 0.0 -4.0 33.8 -4.9 -4.0 33.8 -4.9

Total 2023-2032 30.1 28.7 0.0 -30.1 -30.1

Notes: Based on the Intermediate Assumptions of the 2023 Trustees Report.

 Budget cash flows do not reflect effects on the Medicare Hospital Insurance Trust Fund of income taxation of OASDI benefits.

1 Changes reflect the budget scoring convention that presumes benefits not payable after reserve depletion would nonetheless

 be paid, based on transfers from the General Fund of the Treasury resulting in additional borrowing from the public.

2

 Reflects reimbursement to OASDI Trust Funds for increased WEP benefits and relief payments. Office of the Chief Actuary 3 Unified budget and on-budget cash flows show effect of increased WEP benefits and relief payments. Social Security Administration 4

 Includes the effect of accumulated interest income.

Billions of Nominal Dollars

June 21, 2023

The "Public Servants Protection and Fairness Act of 2023," introduced by Ranking Member Neal