| Phased ParticipationNo Taxation of RB or IA DistributionsIndividual Account Contribution Rate: 6.2%Benefit Offset: 0.0%Ultimate Real Trust Fund Interest Rate of 3.00Ultimate Real IA Yield Rate of 4.65Annuity Net Real Yield Rate of 3.00 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
||
| 2004                                                                                                                                                                                                                                        | 11.07 | 12.71 | 1.64 | 306 |   |   | 12.40 |   | 0.00 |
| 2005                                                                                                                                                                                                                                        | 10.87 | 8.72 | -2.15 | 325 | 0.00 | -4.005 | 8.40 |   | 4.00 |
| 2006                                                                                                                                                                                                                                        | 10.77 | 8.36 | -2.41 | 310 | 0.00 | -0.373 | 8.02 |   | 4.38 |
| 2007                                                                                                                                                                                                                                        | 10.75 | 8.23 | -2.51 | 290 | 0.00 | -0.142 | 7.88 |   | 4.52 |
| 2008                                                                                                                                                                                                                                        | 10.80 | 8.14 | -2.65 | 267 | 0.00 | -0.127 | 7.75 |   | 4.65 |
| 2009                                                                                                                                                                                                                                        | 10.95 | 8.01 | -2.94 | 241 | 0.00 | -0.125 | 7.63 |   | 4.77 |
| 2010                                                                                                                                                                                                                                        | 11.08 | 7.91 | -3.18 | 214 | 0.00 | -0.122 | 7.51 |   | 4.89 |
| 2011                                                                                                                                                                                                                                        | 11.25 | 7.83 | -3.41 | 184 | 0.00 | -0.126 | 7.38 |   | 5.02 |
| 2012                                                                                                                                                                                                                                        | 11.43 | 7.75 | -3.68 | 154 | 0.00 | -0.110 | 7.27 |   | 5.13 |
| 2013                                                                                                                                                                                                                                        | 11.67 | 9.18 | -2.50 | 121 | 0.00 | 1.403 | 8.67 | 1.5 | 5.23 |
| 2014                                                                                                                                                                                                                                        | 11.89 | 11.98 | 0.09 | 100 | 0.00 | 2.787 | 11.46 | 4.4 | 5.34 |
| 2015                                                                                                                                                                                                                                        | 12.12 | 12.21 | 0.08 | 100 | 0.01 | 0.212 | 11.67 | 4.7 | 5.43 |
| 2016                                                                                                                                                                                                                                        | 13.12 | 13.03 | -0.09 | 100 | 0.01 | 0.809 | 12.48 | 5.6 | 5.53 |
| 2017                                                                                                                                                                                                                                        | 13.77 | 13.65 | -0.12 | 100 | 0.01 | 0.618 | 13.10 | 6.3 | 5.61 |
| 2018                                                                                                                                                                                                                                        | 14.41 | 14.28 | -0.13 | 100 | 0.01 | 0.624 | 13.72 | 7.0 | 5.69 |
| 2019                                                                                                                                                                                                                                        | 15.03 | 14.82 | -0.21 | 100 | 0.01 | 0.537 | 14.26 | 7.6 | 5.75 |
| 2020                                                                                                                                                                                                                                        | 15.59 | 15.36 | -0.23 | 100 | 0.01 | 0.541 | 14.80 | 8.2 | 5.81 |
| 2021                                                                                                                                                                                                                                        | 15.54 | 15.25 | -0.30 | 100 | 0.02 | -0.121 | 14.68 | 8.1 | 5.88 |
| 2022                                                                                                                                                                                                                                        | 15.80 | 15.45 | -0.36 | 100 | 0.02 | 0.207 | 14.89 | 8.4 | 5.93 |
| 2023                                                                                                                                                                                                                                        | 16.00 | 15.60 | -0.40 | 100 | 0.02 | 0.157 | 15.04 | 8.6 | 5.97 |
| 2024                                                                                                                                                                                                                                        | 16.06 | 15.65 | -0.40 | 100 | 0.02 | 0.061 | 15.10 | 8.7 | 6.02 |
| 2025                                                                                                                                                                                                                                        | 16.02 | 15.61 | -0.41 | 100 | 0.02 | -0.029 | 15.08 | 8.7 | 6.05 |
| 2026                                                                                                                                                                                                                                        | 15.98 | 15.37 | -0.61 | 100 | 0.02 | -0.229 | 14.85 | 8.5 | 6.08 |
| 2027                                                                                                                                                                                                                                        | 16.94 | 16.43 | -0.51 | 100 | 0.03 | 1.077 | 15.92 | 9.6 | 6.10 |
| 2028                                                                                                                                                                                                                                        | 17.06 | 16.49 | -0.56 | 100 | 0.03 | 0.083 | 16.01 | 9.7 | 6.12 |
| 2029                                                                                                                                                                                                                                        | 16.95 | 16.36 | -0.59 | 100 | 0.03 | -0.114 | 15.89 | 9.6 | 6.14 |
| 2030                                                                                                                                                                                                                                        | 16.74 | 16.13 | -0.61 | 100 | 0.03 | -0.210 | 15.68 | 9.4 | 6.15 |
| 2031                                                                                                                                                                                                                                        | 16.63 | 16.00 | -0.63 | 100 | 0.03 | -0.108 | 15.58 | 9.3 | 6.16 |
| 2032                                                                                                                                                                                                                                        | 15.74 | 15.17 | -0.57 | 100 | 0.03 | -0.805 | 14.77 | 8.5 | 6.16 |
| 2033                                                                                                                                                                                                                                        | 14.95 | 14.45 | -0.50 | 100 | 0.04 | -0.704 | 14.07 | 7.8 | 6.17 |
| 2034                                                                                                                                                                                                                                        | 14.15 | 13.63 | -0.53 | 100 | 0.04 | -0.804 | 13.26 | 7.0 | 6.17 |
| 2035                                                                                                                                                                                                                                        | 13.41 | 12.90 | -0.51 | 100 | 0.04 | -0.704 | 12.56 | 6.3 | 6.18 |
| 2036                                                                                                                                                                                                                                        | 12.69 | 12.18 | -0.51 | 100 | 0.04 | -0.706 | 11.85 | 5.6 | 6.19 |
| 2037                                                                                                                                                                                                                                        | 11.94 | 11.45 | -0.49 | 100 | 0.04 | -0.705 | 11.15 | 4.9 | 6.19 |
| 2038                                                                                                                                                                                                                                        | 11.22 | 10.83 | -0.39 | 100 | 0.04 | -0.605 | 10.54 | 4.3 | 6.20 |
| 2039                                                                                                                                                                                                                                        | 10.50 | 10.04 | -0.45 | 100 | 0.04 | -0.769 | 9.77 | 3.5 | 6.20 |
| 2040                                                                                                                                                                                                                                        | 9.81 | 9.43 | -0.38 | 100 | 0.04 | -0.599 | 9.17 | 2.9 | 6.20 |
| 2041                                                                                                                                                                                                                                        | 9.14 | 8.81 | -0.33 | 100 | 0.04 | -0.600 | 8.57 | 2.3 | 6.20 |
| 2042                                                                                                                                                                                                                                        | 8.50 | 8.17 | -0.34 | 100 | 0.04 | -0.630 | 7.94 | 1.7 | 6.20 |
| 2043                                                                                                                                                                                                                                        | 7.92 | 7.58 | -0.34 | 100 | 0.05 | -0.570 | 7.38 | 1.1 | 6.20 |
| 2044                                                                                                                                                                                                                                        | 7.36 | 6.96 | -0.41 | 100 | 0.05 | -0.610 | 6.77 | 0.5 | 6.20 |
| 2045                                                                                                                                                                                                                                        | 6.74 | 6.47 | -0.27 | 100 | 0.05 | -0.470 | 6.30 | 0.1 | 6.20 |
| 2046                                                                                                                                                                                                                                        | 6.23 | 6.41 | 0.18 | 100 | 0.05 | -0.050 | 6.25 |   | 6.20 |
| 2047                                                                                                                                                                                                                                        | 5.75 | 6.40 | 0.66 | 109 | 0.04 | 0.000 | 6.24 |   | 6.20 |
| 2048                                                                                                                                                                                                                                        | 5.30 | 6.39 | 1.09 | 130 | 0.04 | 0.000 | 6.24 |   | 6.20 |
| 2049                                                                                                                                                                                                                                        | 4.89 | 6.39 | 1.50 | 163 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2050                                                                                                                                                                                                                                        | 3.85 | 6.38 | 2.54 | 209 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2051                                                                                                                                                                                                                                        | 3.73 | 6.38 | 2.64 | 286 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2052                                                                                                                                                                                                                                        | 3.64 | 6.37 | 2.73 | 369 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2053                                                                                                                                                                                                                                        | 3.56 | 6.36 | 2.81 | 460 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2054                                                                                                                                                                                                                                        | 3.49 | 6.36 | 2.87 | 556 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2055                                                                                                                                                                                                                                        | 3.43 | 6.36 | 2.92 | 657 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2056                                                                                                                                                                                                                                        | 3.38 | 6.35 | 2.97 | 763 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2057                                                                                                                                                                                                                                        | 3.34 | 6.35 | 3.01 | 873 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2058                                                                                                                                                                                                                                        | 3.30 | 6.35 | 3.04 | 987 | 0.04 | -0.001 | 6.24 |   | 6.20 |
| 2059                                                                                                                                                                                                                                        | 3.27 | 6.34 | 3.07 | 1,105 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2060                                                                                                                                                                                                                                        | 3.22 | 6.34 | 3.12 | 1,235 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2061                                                                                                                                                                                                                                        | 3.21 | 6.34 | 3.13 | 1,355 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2062                                                                                                                                                                                                                                        | 3.21 | 6.34 | 3.13 | 1,476 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2063                                                                                                                                                                                                                                        | 3.20 | 6.34 | 3.13 | 1,599 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2064                                                                                                                                                                                                                                        | 3.20 | 6.33 | 3.13 | 1,722 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2065                                                                                                                                                                                                                                        | 3.20 | 6.33 | 3.13 | 1,847 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2066                                                                                                                                                                                                                                        | 3.20 | 6.33 | 3.13 | 1,975 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2067                                                                                                                                                                                                                                        | 3.20 | 6.33 | 3.13 | 2,106 | 0.03 | -0.001 | 6.23 |   | 6.20 |
| 2068                                                                                                                                                                                                                                        | 3.19 | 6.33 | 3.14 | 2,242 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2069                                                                                                                                                                                                                                        | 3.19 | 6.33 | 3.14 | 2,378 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2070                                                                                                                                                                                                                                        | 3.19 | 6.33 | 3.14 | 2,514 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2071                                                                                                                                                                                                                                        | 3.19 | 6.33 | 3.13 | 2,652 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2072                                                                                                                                                                                                                                        | 3.19 | 6.33 | 3.13 | 2,792 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2073                                                                                                                                                                                                                                        | 3.20 | 6.32 | 3.13 | 2,934 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2074                                                                                                                                                                                                                                        | 3.20 | 6.32 | 3.13 | 3,077 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2075                                                                                                                                                                                                                                        | 3.20 | 6.32 | 3.12 | 3,223 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2076                                                                                                                                                                                                                                        | 3.20 | 6.32 | 3.12 | 3,371 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2077                                                                                                                                                                                                                                        | 3.20 | 6.32 | 3.12 | 3,522 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2078                                                                                                                                                                                                                                        | 3.21 | 6.32 | 3.11 | 3,676 | 0.02 | -0.001 | 6.22 |   | 6.20 |
| 2079                                                                                                                                                                                                                                        | 3.21 | 6.32 | 3.11 | 3,832 | 0.01 | -0.001 | 6.21 |   | 6.20 |
| 2004 - 2078                                                                                                                                                                                                                                 | Summarized OASDI |   |
| Cost Rate                                                                                                                                                                                                                                   | Income Rate | ActuarialBalance | Change inActuarialBalance |
| 10.15                                                                                                                                                                                                                                       | 10.99 | 0.84 | 2.73 |
| 1TFR computed as TF assets divided by annual cost excluding RB payments. |
|--------------------------------------------------------------------------|

Based on Intermediate Assumptions of the 2004 Trustees Report With Ultimate Real Trust Fund Interest Rate of 3.00

Office of the Chief ActuarySocial Security AdministrationFebruary 11, 2005

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