SOCIAL SECURITY

Office of the Chief Actuary

SOCIAL SECURITY ADMINISTRATION BALTIMORE, MD 21235-0001

April 27, 2010

The Honorable Paul D. Ryan

House of Representatives

Washington, D.C. 20515

Dear Mr. Ryan:

This letter provides estimates of the financial effects of the plan you have developed for 

modifying the basic benefit and financing provisions of the Social Security program and adding a 

voluntary personal savings account, which, if elected, would replace Social Security retirement 

benefits. This plan is included in Title IV of H.R. 4529, introduced on January 27, 2010. A 

description of the plan, including clarifications of your intent expressed by you and Ted McCann 

of your staff is provided below. Other provisions of the Bill that are intended to affect other 

portions of the Federal budget are not addressed in this letter. The estimates presented in this 

letter reflect the efforts of many in the Office of the Chief Actuary, but particularly those of 

Alice Wade and Chris Chaplain.

This plan would modify the basic benefit provisions of Social Security by 

(1) Altering the primary insurance amount (PIA) benefit formula with progressive price 

indexing, 

(2) Providing a low-earner benefit enhancement for workers with long careers at low 

earnings levels, and 

(3) Indexing the normal retirement age (NRA) for increases in life expectancy. 

The plan would modify the basic revenue provisions of Social Security by 

(1) Applying the OASDI payroll tax to the total premium cost of employer sponsored health 

insurance, 

(2) Providing for special General Revenue transfers as needed to assure trust fund solvency, 

and

(3) Providing for special transfers to the General Fund of the Treasury that would offset any 

prior General Revenue transfers as long as trust fund solvency is maintained. 
2

The plan would establish voluntary, progressive individual accounts by

1) Starting in 2012, allowing workers who are under age 55 on January 1, 2011 (those born 

in 1956 or later) to have a portion of their payroll taxes transferred to a personal savings 

account (PSA), 

2) Reducing basic Social Security retired worker benefits of individual account participants 

and any Social Security aged survivor or aged spouse benefits paid as auxiliary benefits 

of individual account participants, with the reduction reflecting the degree of 

participation over their entire career. 

3) Investing individual workers’ PSA assets through a central administrative authority 

operated by the Personal Social Security Savings Board (PSSSB), with a default lifecycle 

fund that is expected to be about equivalent to a lifetime portfolio allocation of 65 percent 

in broad indexed equity funds and 35 percent in corporate bonds, and

4) Providing that each worker participating in the PSA would be guaranteed that the account 

balance, as of the month prior to the month that the annuity begins, would be at least as 

large as the participant’s total contributions accumulated with increases in the Consumer 

Price Index for Urban Wage Earners and Clerical Workers (CPI-W). 

Under these plan specifications, described in further detail below, the Social Security program 

would be expected to be solvent and to meet its benefit obligations throughout the long-range 

period 2009 through 2083. The long-range OASDI actuarial deficit of 2.00 percent of payroll 

and the OASDI long-range unfunded obligation of $5.3 trillion in present value would be 

eliminated. In addition, trust fund assets expressed as a percentage of annual program cost are 

projected to be rising at the end of the 75-year period. Thus, as shown in figure 1, the proposal 

meets the long-range criteria for sustainable solvency and would be expected to remain solvent 

for the foreseeable future. Special General Fund transfers are expected to be needed under the 

plan in years 2037 through 2056. However, the total amount of these General Fund transfers in 

present value dollars is expected to be offset by special transfers to the General Fund during the 

years 2063 through 2082. All estimates are based on the intermediate assumptions of the 2009 

Trustees Report plus additional assumptions described below. While the estimates provided in 

this letter do not reflect the potential effects of the recently enacted health insurance reform law, 

the net effect of this new law on the projected financial status of the OASDI program under this 

plan is not expected to be substantial. 
3

Estimates are provided on two different perspectives regarding the return on investments in the 

individual accounts. Participation in the PSA is assumed to be 50 percent of the maximum 

possible participation for all eligible individuals, on average. Summary descriptions of the 

provisions and estimates of their effects on the OASDI actuarial balance and the 75th year annual 

balance are provided in Table A. More detailed estimates are provided in Tables 1 using the 

long-term average expected returns on equities and corporate bonds for the future. Similar 

detailed estimates are provided in Tables 2 from the perspective of a lower average yield on 

these investments equivalent to a risk-adjusted basis where all investments are assumed to realize 

yields equal to the return on long-term Treasury Bonds. The estimates shown in Tables 1 and 

Tables 2 are very similar. The latter perspective (as shown in Table 2) results principally in 

lower PSA asset accumulations and a slightly higher cost for the guaranteed PSA account 

balance at annuitization. 

Figure 1 illustrates the expected change in the combined OASDI Trust Fund assets, expressed as 

percent of annual program cost, under the proposed plan. Solvency is projected and is, in fact, 

assured by the General Fund transfer provision.
4

Figure 2 compares the annual income and cost rates (income and cost of the OASDI program as 

a percent of present-law taxable payroll) under the plan with rates projected under present law. 

For present law, a solid red line is shown for cost reflecting currently-scheduled benefits and a 

solid black line is shown for present-law expenditure (reflecting benefits payable under the 

current law). Under current law, projected income and expenditure rates are the same after trust 

fund exhaustion. For your plan, OASDI program cost is reduced to an increasing degree over 

time by the combination of the basic benefit provisions, and the offset against OASDI retirement 

and aged survivor benefits for PSA participants. The income to OASDI under the plan is 

initially higher because of additional revenue due to the taxation of premiums for employer 

sponsored health insurance, but decreases as PSA contribution rates increase. Plan income rises 

temporarily from 2037 through 2056 reflecting special General Revenue transfers needed to 

maintain OASDI Trust Fund solvency. OASDI income is then shown to be temporarily lower 

for 2063 through 2082, reflecting special transfers to the General Fund of the Treasury, offsetting 

the prior transfers to the Trust Funds. For years after 2082, OASDI income under the plan is 

projected to substantially exceed cost. 
5

Figure 3 compares the annual income and cost rates (income and cost of the OASDI program as 

a percent of Gross Domestic Product, GDP), under present law with those for the plan. The 

general trends in this figure are very similar to the trends in figure 2. However, rates, expressed 

as percents of GDP, rise less (or decline more) than in figure 2 because GDP is projected to rise 

faster than present-law taxable payroll. 
6

Plan Specification 

1. Progressive Price Indexing

The basic monthly benefit formula used under the OASDI program, called the primary insurance 

amount (PIA) formula, would be made more progressive through a provision referred to as 

progressive price indexing. The current PIA formula results in benefits across generations that 

grow at the rate of average wage growth. The effect of the provision would be to reduce benefit 

growth across generations for workers with career earnings at or above the maximum taxable 

amount to the rate of growth in the consumer price index (CPI), with lesser reductions in benefit 

growth across generations for workers with lower earnings, and no alteration in benefit growth 

across generations for about the lowest 30 percent of career earners.

Under current law, the PIA for an individual is computed by summing the following:

1. The multiplication of a benefit factor of 90 percent and the individual’s average indexed 

monthly earnings (AIME) up to a specified level (referred to as the first bend point), 

2. The multiplication of a benefit factor of 32 percent and the amount of AIME above the 

first bend point and below the second specified bend point, and 

3. The multiplication of a benefit factor of 15 percent to the amount of AIME above the 

second bend point. 

For individuals becoming eligible for benefits in 2009, the bend points are set at $744 and 

$4,483.

For this provision, a new bend point would be set at a level equal to the first bend point plus 28.6 

percent of the difference between the current two bend points (this would be $1,813 in 2009). 

This new bend point is specified at about the level where 30 percent of new retired workers will 

have an AIME below this level and 70 percent will have an AIME above this level. 

Beginning with workers becoming eligible for benefits in 2018, the two benefit factors (32 and 

15) applicable above the new bend point would be reduced proportionately each year sufficient 

to make the total benefit for the career maximum earner grow across generations at the rate of 

CPI growth. This would result in progressively smaller reductions in benefit growth across 

generations for those earning just less than the career maximum earner, down to the level at the 

30th percentile of career-average earners, below which level the current benefit formula would be 

unaltered.

This alteration would apply for newly entitled beneficiaries to retirement and aged survivor 

benefits. It would not apply for survivor benefits to children or a surviving spouse entitled based 

on having a qualifying child in care. This reduction would also not apply to benefits payable 

from the Disability Insurance Trust Fund. However, this reduction would apply on a 

proportional basis to disabled worker beneficiaries upon their conversion to retired worker status 

at the attainment of their NRA. The proportional reduction would be determined on the basis of 

the proportion of the years between ages 22 and 62 that the individual was not entitled for 

disabled worker benefits. If, for example, the worker had been entitled for disabled worker 

benefits starting at age 52, then 75 percent of the full reduction for this provision would apply 

starting at the attainment of NRA. 
7

The effect of this provision taken alone would be to reduce the size of the long-range OASDI 

actuarial deficit by 1.04 percent of taxable payroll.

2. Low Earner Benefit Enhancement

This provision is designed to enhance the PIA level for long-career workers with relatively low 

average earnings. Specifically, the PIA for a worker with 30 years of earnings at an average 

wage-indexed level equivalent to the full-time annual minimum wage for 2009 would receive an 

increase in the PIA sufficient to yield an adjusted PIA equal to 120 percent of the Federal 

poverty level for an aged individual. This benefit enhancement would take full effect for OASDI 

workers newly eligible for benefits in 2027 and later, and would be phased in for workers newly 

eligible for benefits in 2018 through 2027. The percentage increase in PIA provided to a worker 

with fewer than 30 years of covered earnings would be reduced linearly, reaching no 

enhancement for the worker with 20 or fewer years of earnings. The year-of-work requirements 

above 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. In addition, the percentage 

increase in PIA would be reduced proportionally for workers with higher AIME, reaching a zero 

increase for the worker with an AIME equal to twice the level of a 35-year steady full-time 

minimum wage earner. 

All calculations for future enhancements would be made with a low-earnings specification using 

the 2009 minimum wage increased by growth in the average wage index thereafter and assuming 

that the Federal poverty level will grow by the rate of growth in the CPI. The effect of this 

provision taken alone would be to increase the size of the long-range OASDI actuarial deficit by 

0.04 percent of taxable payroll.

3. Accelerate Increase and Index the Normal Retirement Age

Under current law, the NRA will increase starting for individuals reaching age 62 in 2017, by 2 

months each year, reaching an NRA of 67 for those attaining 62 in 2022 and later. Under this 

provision, the NRA would be 2 months higher for those turning 62 in 2018 -2021. An NRA of 67 

would be reached for those attaining age 62 in 2021. 

In addition, after 2021, this provision would raise the NRA at the rate necessary to maintain the 

ratio of life expectancy at NRA to the difference between the NRA and 20. Under the 

intermediate assumptions of the 2009 Trustees Report it is expected that this provision would 

result in an increase of one month in the NRA about every 2 years. 

In practice, due to the time needed to collect and compute final mortality data, the NRA index 

would be produced based on mortality rates and life expectancies from period life tables 

produced by the Office of the Chief Actuary at the Social Security Administration with a 4-year 

lag. For example, the increase in NRA for 2022 over the level used for 2021 would be computed 

using the ratio described above for 2018 in comparison with the ratio for 2017. 
8

The effect of this provision taken alone would be to reduce the size of the long-range OASDI 

actuarial deficit by 0.41 percent of taxable payroll.

4. Payroll Tax Coverage of Employer Sponsored Group Health Insurance

Under current law the cost of employer sponsored group health insurance is not taxable for 

payroll tax purposes. This provision would make such costs taxable for OASDI payroll tax 

purposes starting in 2011. Specifically, any cost toward such group health insurance borne by 

employees would cease to be deductible, and the cost borne by employers would now be 

allocated to employees as if it had been wages, for the purpose of payroll tax (and later, benefit) 

calculations. Both employee and employer OASDI payroll taxes would be affected by this 

proposal. 

The effect of this provision taken alone would be to reduce the size of the long-range OASDI 

actuarial deficit by 1.13 percent of taxable payroll. 

5a. Personal Savings Account Contributions and Accumulation

Starting in 2012, all workers who reach their 55th birthday on January 1, 2011 or later will have 

the option to enroll in the personal savings account (PSA) plan. Enrollees with earnings in 

OASDI (Social Security) covered employment will have a portion of their payroll tax 

contribution (12.4 percent of taxable earnings in total) redirected from the OASDI Trust Funds to 

an individual account. The percentage of taxable earnings to be redirected in years 2012 

through 2021 will be 2 percent of the first $10,000 of covered earnings for the year, plus 1 

percent of earnings in excess of $10,000 up to the OASDI taxable maximum amount (which is 

$106,800 for 2010). The $10,000 threshold would be indexed by increases in the SSA national 

Average Wage Index (AWI) for years after 2012. For years 2022 through 2031, the percentages 

for contributions redirected to the PSA would be 4 percent up to the threshold and 2 percent 

above it. For the period 2032 through 2041 the percentages would be further increased to 6 and

3 percent. Finally, for earnings in 2042 and later, the size of the account contribution will be 8 

percent of taxable earnings up to the indexed threshold and 4 percent over that level. The 

progressive scale for IA contributions redirected from the OASDI Trust Funds is estimated to 

amount to about 5.12 percentage points of the 12.4 percent payroll tax rate on average after 

2041. If both spouses of a married couple are participating in the individual accounts, then the 

contribution credited to each spouse would be 50 percent of the combined amount redirected. 

Individuals would be allowed to voluntarily enroll in the individual account plan at any time by 

age 25. If no action is taken, individuals would not be enrolled in the IA plan. After age 25, an 

individual can only reverse their decision if they experience a life event (marriage, divorce, death 

of spouse, or a child ceasing to be dependent child). PSA contributions to the individual account 

in earlier years would remain in the account until distribution as described below. In addition, 

personal account distributions are free from Federal personal income taxation, unlike Social 

Security benefits. 
9

We have assumed 50 percent participation for estimates presented in this letter. For most 

workers, the accumulated PSA account balances using the default portfolio are projected to yield 

annuitized, CPI-indexed monthly payments that are somewhat higher than the revised basic 

benefits under the plan. However, the low level of guarantee provides only minimal protection 

against the possibility of lower-than-expected returns on the PSA contributions.

PSA contributions directed to the PSA of a worker based on a year’s earnings are not 

determinable until earnings are reported to and tabulated by the Social Security Administration. 

Because this reporting is made by employers on an annual basis, after the end of the calendar 

year, amounts for individual workers are not determinable for somewhat over a year, on average, 

after the date on which earnings are paid. Under the proposal, PSA contributions during this 

initial period would be held in the Tier I fund and would be invested in long-term Treasury 

bonds, or similar securities. PSA contributions would be credited to the individual personal 

savings accounts reflecting individual portfolio choice as soon as current reporting permits. 

Under the plan, PSA assets, once credited on an individual basis, would be automatically 

invested in the Tier II default life-cycle fund through a central administrative authority that 

would maintain all records of individual transactions and balances. Participants, however, can 

annually elect to change their investment portfolio to any of the following six investment options 

under Tier II: the default lifecycle fund, a government securities fund, a fixed income fund, a 

broad representative stock index fund, a small cap stock index fund, and an international stock 

index fund. The Personal Social Security Savings Board (PSSSB) would combine the assets of 

individuals for the purpose of transactions with private investment firms. Upon achieving a total 

PSA balance equivalent to $25,000 in 2011 (CPI-indexed thereafter), a broader range of 

investment options would be available in the Tier III fund. These options would be provided by 

qualified private investment companies, but would still be combined by the PSSSB for 

transactions with the investment firms. Due to the nature of the accounts, an ultimate annual 

administrative cost of 0.25 percent of PSA assets is assumed to be reasonable. 

Annual changes in investment allocation would be allowed. Because the guaranteed benefit 

level is provided regardless of what investment portfolio is selected by the individual, substantial 

variation in investment patterns is assumed to occur. This variation will, in turn, result in a 

relatively wide distribution of achieved life-time investment returns among individuals. 

However, we assume that a large number of account holders will still retain the default lifecycle 

fund. 

Under the assumed 50 percent participation level, the redirection of payroll taxes to PSAs, taken 

alone, would increase (worsen) the long-range OASDI actuarial deficit by an estimated 1.74 

percent of taxable payroll.
10

5b. Benefit Reduction for PSA Participants

OASI retirement and aged survivor benefits would be reduced based on the level of participation 

by the worker in the personal account option. Benefits payable to disabled worker beneficiaries 

(prior to conversion to retired worker status at the normal retirement age), to their dependents, 

and to survivors other than surviving spouse beneficiaries at age 60 or older are not subject to the 

reduction. 

Reductions in affected OASI benefits would be made based on the proportion of theoretical 

lifetime PSA contributions (assuming the ultimate contribution rates always applied) that was 

realized. Specifically, the benefit reduction would be equal to the scheduled OASI basic benefits 

under the plan multiplied by the ratio of (a) the present value of all contributions redirected to the 

worker’s PSA, to (b) the present value of all potential PSA contributions that might have been 

made if the plan had been in existence throughout the working lifetime of the worker with the 

contribution rate at the ultimate level of 8/4 percent. Present values would be computed using 

the realized annual OASDI Trust Fund yields. Potential contributions for years before 2012 

would be computed by indexing the $10,000 threshold back to earlier years using the AWI. 

Based on the reduction described above, workers who first enter the workforce in 2042 or later, 

and who choose to participate fully in the personal account through their working lifetime would 

have their affected OASI benefits reduced to zero. However, as noted above, the OASI program 

would still pay some benefits to survivors under age 60.

Under the assumed 50 percent participation level, this provision, taken alone, would reduce the 

size of the long-range OASDI actuarial deficit by an estimated 1.53 percent of taxable payroll. 

5c. PSA Disbursements and Annuitization 

At retirement, the participating worker would be required to purchase a life annuity with CPIindexed payments using the portion of PSA accumulated assets necessary to provide a total 

monthly payment (including any OASDI monthly benefit under the plan) that is at least equal to 

150 percent of the Federal poverty level. The portion of the PSA accumulated assets needed to 

purchase the annuity would be transferred to an Annuity Reserves Account. The Annuity 

Reserves Account would be administered by the Annuity Issuance Authority, an agency of the 

Personal Social Security Savings Board (PSSSB), with private investment firms handling the 

investment of assets on an aggregated (group) basis. It is assumed that the annuity would be 

computed at retirement based on investment of assets with about the same portfolio allocation as 

experienced on average for the accumulation phase of PSAs, or roughly equivalent to 65 percent 

in a broad equity index and 35 percent in a broad corporate bond index, with an assumed 

administrative expense of 0.25 percent of assets each year. Assets supporting the annuity would, 

in fact, be invested 65 percent in equities and 35 percent in corporate bonds. 

The annuity would be computed using the assumed long-term future returns on equities and 

corporate bonds as determined by the Annuity Issuance Authority at the time of annuitization. 

The Annuity Issuance Authority would assume all up-side and down-side risk associated with 

specifying this yield on life annuities, regardless of what actual investment returns turn out to be. 
11

If the amount in the Annuity Reserves Account falls below the level calculated to be sufficient 

on an Actuarial basis to provide future obligated annuity payments, then the General Fund of the 

Treasury will transfer the amount of the insufficiency to the Annuity Reserves Account. Thus, 

the General Fund of the Treasury would provide the “insurance” that the full amount of the 

annuity will be paid for life regardless of actual investment returns. 

If less than the total amount of PSA assets is annuitized, the balance of PSA assets may be 

disbursed or held as the retired worker wishes. All accumulations in and disbursements from 

personal savings accounts, including annuity payments, would be exempt from Federal personal 

income tax.

Upon entitlement to retirement or aged survivor benefits under the current rules of the OASDI 

program, a monthly CPI-indexed annuity amount based on the specifications described above 

would be computed by the Annuity Issuance Authority. Annuity calculations would be made at 

benefit entitlement based on the then-current expected long-range future yield on invested assets 

and the then-current expected future death rates for the potential beneficiaries. 

For individuals who die before receiving retirement (retired worker or aged spouse) benefits, the 

IA assets will be transferred to the designated beneficiary. If there are no designated 

beneficiaries named, then the account balance goes to the worker’s estate, tax free.

5d. Personal Social Security Savings Board

The personal savings accounts (PSA) and special annuities for all workers will be administered 

by a single entity, central administrative authority, under the direction of the Personal Social 

Security Savings Board. The central administrative authority would maintain records and issue 

periodic statements to account holders. The PSA management would be based on the design of 

the government employee Thrift Savings Plan (TSP), with limited reporting requirements. 

Aggregated assets would be invested by privately managed investment firms. Through this 

approach it is assumed that PSA administrative costs can be expected to be modest, ultimately 

around 0.25 percent of PSA assets for each account holder. This might require some Federal 

subsidy in early years for the PSA, when account balances are low and start-up costs are 

incurred.

6. Benefit Guarantee

Individuals who participate in the PSA would be guaranteed that their PSA account balance at 

annuitization would not be less than their contributions accumulated by the rate of inflation, as 

measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). 

The CPI-W is ultimately assumed to increase at an average annual rate of 2.8 percent per year, 

under the intermediate assumptions of the 2009 Trustees Report. In the event that a participant’s 

account is less than the guaranteed amount, the OASI Trust Fund would provide an additional 

amount sufficient to provide this guaranteed level of PSA account balance. 

Because a minimum guaranteed PSA account balance is provided regardless of what investment 

portfolio is selected by the individual, variation in investment patterns is assumed to occur. This 
12

variation will, in turn, result in a wide distribution of achieved life-time investment returns 

among individuals. However, a small number of individuals are expected to have their PSA 

account balance at annuitization smaller than their contributions accumulated with inflation. On 

average, we assume that the expected portfolio allocation for all accounts combined will be 

about equivalent to 65 percent in equities and 35 percent in corporate bonds. 

The expected reduction in the OASDI actuarial balance based on the expected cost of providing 

the guarantee is estimated at 0.01 percent of taxable payroll using the expected distribution of 

returns on PSA investments. However, from the perspective of a low/risk-adjusted yield on PSA 

investments assumed to average the expected long-term yield on Treasury bonds, the expected 

cost of providing the guarantee is estimated at 0.02 percent of payroll. 

7. General Fund Transfers 

The OASDI Trust Funds will receive transfers from the General Fund of the Treasury as needed 

to maintain trust fund solvency. The transfer mechanism would provide for the Treasury to issue 

additional bonds to the public in order to generate revenue to transfer to the Trust Funds if, at 

any time, the ratio of the combined OASDI Trust Fund assets to the annual cost of the program 

(TFR) is projected to fall below 100 percent in the next year under the provisions of the plan. 

This provision would guarantee solvency for the Trust Funds in any circumstance.

In addition, this plan includes a provision for transfers from the Trust Funds to the General Fund 

of the Treasury that are intended to offset any prior transfers from the General Fund to the Trust 

Funds. A transfer to the General Fund in a given year would occur when (1) there is a remaining 

net excess of prior transfers from the General Fund over prior transfers to the General Fund, in 

present value and (2) the OASDI trust fund ratio is expected to exceed 125 percent for the 

following year. The transfer to the General Fund is limited to the amount by which assets in the 

Trust Funds exceed the trust fund ratio of 125 percent. The present value of prior transfers would 

be computed using the interest rate realized on Trust Fund assets. 

As indicated earlier, the transfers to the General Fund later in the projection period are estimated 

to be sufficient to fully offset the transfers from the General Fund of the Treasury to the OASDI 

Trust Funds made earlier in the period (in present value dollars). Therefore, this provision has 

no effect on the long-range OASDI actuarial deficit. 
13

Assumptions

Participation in the personal savings account option is assumed to be 50 percent for estimates 

presented in this letter based on expected distribution of potential returns on PSAs and the level 

of the guarantee for PSA contributions. We assume that most participants will retain the default 

portfolio allocation provided automatically in the Tier II fund and that those who select other 

options will, in aggregate, invest with an allocation that results in a similar yield to that for the 

default allocation.

The cost of providing the guarantee for individual account participants is estimated assuming 

variation in realized account yields across years, generations, and individuals within generations. 

For individuals or generations with account yields below the average rate of increase in the CPIW, the guarantee would result in additional payments from the Trust Funds. Individuals will be 

more likely to have yields below this rate if they make unlucky changes in portfolio allocations 

in an effort to “time the market.” Most individuals and generations are expected to experience 

average yields over their entire period of PSA accumulation up to the date of annuitization that 

are higher than average expected return on long-term Treasury bonds (which are ultimately 2.9% 

per year higher than the CPI-W inflation rate) and are substantially higher than the average rate 

of increase in the CPI-W. Thus, the estimated cost for providing the guarantee on the PSA 

accumulation is small.

Estimates provided in this letter are based on the intermediate assumptions of the 2009 Trustees 

Report. This report was issued before the recent enactment of the comprehensive health 

insurance reform law. As a result, the estimates and assumptions in this letter do not reflect any 

interaction with that law. The net effects of the recently enacted law on the projected financial 

status of the OASDI program under this plan are not expected to be substantial. 

The expected long-term ultimate average annual real yield assumed for equities is 6.4 percent. 

This is somewhat lower than the historical real equity yield over the last several decades. For 

corporate bonds an expected real annual yield of 3.4 percent is assumed. We note that the Bill 

indicates the 35-percent allocation in the default life-cycle fund would be invested in “fixed 

income instruments”, but we understand that the intent is that this allocation be placed in a broad 

index fund of high grade corporate bonds. 

From the perspective of a low or risk-adjusted yield, the real returns for equities and corporate 

bonds are assumed to be the same as for long-term Treasury bonds or 2.9 percent above the rate 

of increase in the CPI, on average. Because the accounts are invested collectively through a 

central administrative authority, an ultimate annual administrative cost of 0.25 percent of PSA 

assets is assumed.

It should be noted that the precise effects of implementing a plan that would result in a large 

demand for equities and corporate bonds on the yields of these securities is not clear. This 

demand would likely be at least partially offset by reductions in demand for other investment 

mechanisms. For the purpose of these estimates, it is assumed that there will be no net dynamic 

feedback effects on the economy or on the financial markets. 
14

Financial Effects of the Plan

Summary Results by Provision

Tables A1 and A2 provide estimates for the plan in total and for the provisions individually on 

the expected PSA yield assumptions and low/risk-adjust yield assumptions, respectively. 

Summary estimates are provided both for the effect on the long-range OASDI actuarial balance 

and the effect on the annual balance between tax income and program cost for the 75th projection 

year, 2083. 

Achievement of sustainable solvency requires elimination of the present-law actuarial deficit, 

and at least a very substantial reduction in the projected annual deficit for the year 2083. These 

tables show that the plan would eliminate the present-law OASDI long-range actuarial deficit of 

2.00 percent of taxable payroll, leaving a positive actuarial balance of 0.05 percent of payroll 

under the expected PSA yield assumptions and a positive actuarial balance of 0.04 percent of 

payroll under the low/risk-adjusted PSA yield assumptions. In either scenario, the present-law 

projected annual deficit of 4.34 percent of taxable payroll for 2083 would be eliminated. 

Trust Fund Operations

Table 1 indicates that under the intermediate assumptions of the 2009 Trustees Report and the 

assumed expected average yields for equities and corporate bonds described above, the OASDI 

program is projected to be solvent throughout the 75-year projection period and beyond. The 

annual cost rate (cost of the OASDI program as a percent of payroll) declines steadily after 2033, 

reflecting the increasing extent of benefit reductions, including those associated with PSA 

participation. The trust fund ratio is projected to reach 100 percent of annual program cost for 

2038 through 2058 (including transfers needed from the General Fund of the Treasury) and to 

increase to a level of 125 percent of annual program cost for 2063 through 2082 (reflecting the 

offsetting transfers to the general Fund). At the end of the 75-year period, the trust fund ratio is 

projected to be rising. 

General Fund transfers to the OASDI trust funds, expressed as a percent of taxable payroll, are 

projected to become necessary starting in 2037, to rise to a peak of 2.6 percent for 2042 and to 

decline thereafter, reaching zero for 2057 and later. Offsetting transfers from the OASDI trust 

fund to the General Fund for repayment, are projected to occur from 2063 through 2082. By the 

end of the 75-year period, the amount of General Fund transfers received by the trust funds is 

expected to be fully offset in present value dollars.

The amount redirected to personal accounts is projected to reach 2.56 percent of payroll for 2042 

and later. The effective OASDI contribution rate is reduced from the nominal level of 12.4 

percent by the amount redirected to personal accounts, is increased when the trust funds receives 

money from the General Fund transfers, and is decreased when the trust funds make offsetting 

transfers to the General Fund. The net OASDI contribution rate is projected to decline to 9.84 

percentage points for 2083 and beyond, after the date when special transfers between the Trust 

Funds and the General Fund are expected to occur.
15

The actuarial deficit for the OASDI program over the 75-year projection period would be 

improved by an estimated 2.05 percent of taxable payroll, from an actuarial deficit of 2.00 

percent of payroll projected under current law to a positive actuarial balance that rounds to 0.05 

percent of payroll under the plan. 

Program Transfers and Assets

Table 1a provides an analysis of the special transfers from and to the General Fund under the 

plan and of net OASDI Trust Fund assets. Column 1 shows the annual transfers needed in 

constant 2009 dollars for years 2037 through 2056 to maintain a trust fund asset level equal to 

the minimum 100 percent of annual OASDI program cost. In addition, column 1 shows the 

offsetting transfers to the General Fund during years 2063 through 2082, while maintaining a 

trust fund asset level equal to the 125 percent of annual OASDI program cost. Column 2 shows 

these special transfers as a percentage of taxable payroll. Column 3 shows the level of the 

special annual General Fund transfers in constant 2009 dollars, and column 4 shows these 

transfers on a cumulative basis, also in constant 2009 dollars.

Total projected OASDI Trust Fund assets are shown in column 5. For purpose of comparison, 

the net OASDI Trust Fund assets are also shown for a theoretical Social Security program where 

borrowing authority is assumed for the Trust Funds. The theoretical Social Security program 

with borrowing authority is presented both without and with the net General Fund transfers 

expected under this plan, in columns 8 and 9, respectively. 

If the individual accounts are considered as a part of a “total system”, along with the OASDI 

program, then it is reasonable to consider “total system assets”. These would be the sum of net 

OASDI trust fund assets and PSA assets (columns 5 and 6). Under the intermediate assumptions 

and assuming full annuitization of IA assets, total system assets are expected to be large and 

growing in real terms at the end of the 75-year projection period. Gross Domestic product is 

shown in column 7 for comparison with other values in the table. 

Effect on the Federal Unified Budget

Table 1b provides estimates of the effect on Federal unified budget cash flows and balances 

under this plan and these assumptions in present value discounted dollars. These effects are also 

shown in constant 2009 dollars in table 1b.c. All values in these tables represent the amount of 

the change that would be expected as a result of implementing the provisions addressed in this 

letter, from the level that would be projected under current law. The effect of the plan on unified 

budget cash flow (column 4) is expected to be positive throughout the long-range period. This 

total cash flow change is the combination of the specific plan effects shown in columns 1 

through 3. It is important to note that these estimates are based on the intermediate assumptions

of the 2009 Trustees Report and thus are not consistent with estimates made by the OMB or the 

CBO based on their assumptions. 
16

Column 5 provides the projected effect of implementing the plan on the Federal debt held by the 

public. Column 6 provides the projected effect on the annual unified budget balances, including 

both the cash flow effect in column 4 and the additional interest on the accumulated debt 

indicated in column 5. 

Cash Flow to the General Fund of the Treasury

Table 1c provides estimates of the net cash flow from the OASDI Trust Funds to the General 

Fund of the Treasury. Revenue paid by the Treasury to the Trust Funds for the redemption of the 

special-issue Treasury obligations held by the Trust Funds is included here as a negative cash 

flow to the General Fund. Specified transfers from the General Fund under the plan also are 

shown as a negative cash flow. 

Values in Table 1c are shown as a percent of taxable payroll, in current dollars, in present value 

dollars as of 1/1/2008, and in constant 2009 dollars (discounted to 2009 with the projected 

growth in the CPI). For comparison purposes, net cash flow is also shown for a theoretical 

Social Security program where transfers from the General Fund of the Treasury to the OASDI 

Trust Funds are assumed to occur as needed to assure full payment of scheduled benefits in 2037 

and later.

Effects on Trust Fund Assets and Unfunded Obligations

Table 1d provides estimates of the changes in projected OASDI trust fund assets and, for years 

after trust fund exhaustion, the level of unfunded obligations through the year. The table 

illustrates the effect of various components of the proposal on assets/unfunded obligations. For 

the 75-year long-range period as a whole, the present law unfunded obligation of $5.3 trillion in 

present value is replaced with a positive trust fund balance of $0.4 trillion in present value 

through the end of the period. This change is the net effect of: 

• A $10.6 trillion improvement in OASI funding from reductions in benefit payments 

(from the basic provisions and the PSA offset) and additional revenue from coverage 

of group health premiums (column 2), 

• A net of $0 in flows from special transfers between the General Fund of the Treasury 

and the trust funds (column 5), 

• An expenditure of $4.9 trillion in redirected payroll tax contributions from the trust 

funds to the individual accounts (column 3), and

• $0.02 trillion additional cost for the guaranteed benefit level (column 4).

Development of Group Health Premium Effects and Transfers under the Plan

Table 1e provides estimates of the amounts of the estimated revenue from coverage of employer 

sponsored group health cost coverage (column 1) and the estimated effects on benefit payments 

from this increased coverage, net of additional revenue from taxation of benefits (column 2). 

The net annual change in OASDI cash flow is indicated in present value (column 3) and in 

current dollars (column 4). Estimated specified annual transfers under the plan (to maintain 
17

OASDI trust fund solvency) are shown in present value discounted to January 1, 2009 (column 

5). The cumulative amount of these transfers is shown in column 6. The amount of these annual 

transfers is also shown as percentage of annual GDP (column 8) and as percentage of OASDI 

taxable payroll (column 9). 

Components of Cash Flow to the General Fund of the Treasury

In table 1f, total net cash flow from the OASDI Trust Funds to the General Fund of the Treasury 

(column 1) is separated into two components. The first is the cash flow due to the amounts of 

the special transfers between the trust funds and the General Fund under this proposal (column 

2). The second component (column 3) is the residual amount of cash flow due to the trust funds’ 

net purchase (or redemption) of assets held in the form of special-issue Treasury Securities, 

based on the annual balance excluding special General Fund transfers. Net purchases of 

Treasury securities are projected to change to net redemptions starting in 2018, under the 

proposal. Net redemptions are projected to continue through 2058. For 2059 and later, net 

purchases of Treasury securities are projected to be begin again, even with special transfers to 

the General Fund 2063 through 2082. After 2082, net purchases of Treasury securities are 

substantial, consistent with the positive OASDI annual cash-flow under the proposal. 

Sensitivity Analysis

Tables 2, 2a, 2b, 2c, 2d, 2e and 2f provide an analysis of the implications of realizing actual real 

yields on individual account assets that are equal, on average, to the assumed average real yield 

on long-term Treasury bonds, or 2.9 percent. This may be viewed as either illustrating the case 

where the average real yield on equities and corporate bonds is (and is expected to be) no higher 

than on Treasury bonds, or illustrating the effect of assuming risk-adjusted returns on equities 

and corporate bonds for all purposes. In either case, the “expected” yield on annuitized assets is 

assumed to match the actual yield, on average. It should be noted that while average real yields 

for equities have been at or below average bond yields for periods of a decade or so, the 

likelihood of having such a low average yield for a period of several decades is low. We have 

estimated through stochastic simulation that there is about a 20 percent probability that the 

average cumulative return from equities will be less than for treasury bonds over the 

accumulation investment period of a typical worker. The probability is very low that the average 

rate of return from either equities or bonds for the PSA accumulation of a typical worker would 

be less than the guaranteed accumulation.

Only one sensitivity example is provided because the financial status of the OASDI Trust Funds 

under the plan is relatively insensitive to individual account returns. The offset to Social 

Security benefits for those participating in the individual account is not linked to the individual’s 

personal account accumulation. The trust funds, however, provide the guarantee that the 

accumulated PSA account at annuitization will equal at least the PSA contributions accumulated 

with the changes in the CPI-W. Even the results assuming the low average returns in tables 2 are 

not very different from the results shown in Table 1. 
18

It must be noted that the uncertainties associated with equity investments, bond yields, and 

mortality improvement, as well as with a number of additional variables mean that actual 

experience could vary from the illustrations provided in Tables 1 and 2. In any case, the plan 

would provide for adequate financing for the OASDI program through the provisions described 

above.

 Stephen C. Goss

Chief Actuary

Enclosures
Table A1--Estimated Long-Range OASDI Financial Effects of Title IV of “The Roadmap for America’s 

Future Act of 2010”

(5.1% Expected PSA Average Annual Real Yield; 50 Percent PSA Participation)

Number Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 

(as a percent of payroll)

1 Progressive Price Indexing--For workers newly eligible for benefits in 

2018 or later, set a new PIA bend point at 28.6% of the way between the 

two current law bend points (this is at about the 30th percentile of career 

earnings for new retired workers). Proportionately reduce the 32 percent 

and 15 percent factors that apply above the new bend point sufficient to 

make the total benefit for career maximum earners grow across 

generations by CPI increases, rather than the average wage increases. 

Individuals at or below the 30th percentile of career-average earners would 

have no benefit reduction. This provision does not affect DI beneficiaries 

until conversion to retirement benefits at attainment of normal retirement 

age, and then applies in proportion to non-disabled years between ages 22 

and 62 ............................................................................................................. 1.04 3.36

2 Low-Earner Benefit Enhancement-- Increase the PIA to a level such 

that a worker with 30 years of earnings at the minimum wage level would 

receive an adjusted PIA equal to 120 percent of the Federal poverty level 

for an aged individual. This provision would take full effect for all newly 

eligible OASDI workers in 2027, and would be phased in for new eligible 

in 2018 through 2026. The percentage increase in PIA would be lowered 

proportionately for those with fewer than 30 years of earnings, down to no 

enhancement for workers with 20 or fewer years of earnings. (Year-ofwork requirements are “scaled” for disabled workers based on their years 

of potential work from age 22 to benefit eligibility). The benefit 

enhancement percentage would be reduced proportionately for workers 

with higher average indexed monthly earnings (AIME), down to no 

enhancement for those with AIME at least twice that of a 35-year steady 

minimum wage earner ................................................................................... -0.04 1/

3 NRA Change and Indexing--Increase the normal retirement age (NRA) 

for those reaching age 62 in 2018 and later. For those reaching age 62 in 

2018, the NRA would be 66 years, 6 months. The NRA would increase 2 

months per year for those reaching age 62 in 2019, 2020, and 2021, 

reaching an NRA of 67 for those turning 62 in 2021.Then, after 2021, 

index the NRA to maintain a constant ratio of expected retirement years 

(life expectancy at NRA) to potential work years (NRA minus 20). .............. 0.41 1.23

4 Group Health Insurance Premium Coverage--Provide for OASDI 

payroll tax coverage of employer sponsored group health insurance cost, 

starting in 2011. Specifically, any cost toward such group health 

insurance borne by employees would cease to be deductible, and the cost 

borne by employers would now be allocated to employees as if it had been 

wages, for the purpose of payroll tax (and later, benefit) calculations. 

Both employee and employer OASDI payroll taxes would be affected by 

this proposal.................................................................................................... 1.13 0.97
Table A1--Estimated Long-Range OASDI Financial Effects of Title IV of “The Roadmap for America’s 

Future Act of 2010”

(5.1% Expected PSA Average Annual Real Yield; 50 Percent PSA Participation)

Number Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 

(as a percent of payroll)

 5a

 5b

Personal Savings Account Contributions--Starting in 2012, provide for 

voluntary personal savings accounts (PSAs) for individuals who attain 55 

in 2011 or later. The contribution to PSAs will be a portion of OASDI 

payroll tax redirected from the OASDI Trust Funds to an individual 

account. The percentage of taxable earnings to be redirected in years 2012

through 2021 will be 2 percent of the first $10,000 of covered earnings for 

the year, plus 1 percent of earnings in excess of $10,000 up to the OASDI 

taxable maximum amount (which is $106,800 for 2009). The $10,000 

threshold would be indexed by increases in the SSA National Average 

Wage Index (AWI) for years after 2012. For years 2022 through 2031, the 

percentages for contributions redirected to the PSA would be 4 percent up 

to the threshold and 2 percent above it. For the period 2032 through 2041

the percentages would be further increased to 6 and 3 percent. Finally, for 

earnings in 2042 and later, the size of the account contribution will be 8 

percent of taxable earnings up to the indexed threshold and 4 percent over 

that level..........................................................................................................

Personal Savings Account Benefit Offset--For PSA participants, OASI 

retirement and aged survivor benefits would be reduced based on the 

proportion of theoretical lifetime contributions that was realized. 

Specifically, the benefit reduction would be the ratio of (a) the present 

value of all contributions redirected to the worker’s PSA, to (b) the present 

value of all potential PSA contributions that might have been made if the 

plan had been in existence throughout the working lifetime of the worker 

with the contribution rate at the ultimate level of 8/4 percent.........................

-1.74

1.53

-2.56 

6.01

Provisions 5a and 5b, combined...................................................................... -0.21 3.45

6 Benefit Guarantee--For an individual account (PSA) participant, provide 

a guarantee that the account balance, as of the month prior to the month 

that the annuity begins, would be at least as large as the participant’s total 

contributions accumulated with increases in the CPI-W................................. -0.01 -0.01

7 Special General Fund Transfers—Provide for transfers from the General 

Fund of the Treasury to the OASDI Trust Funds as needed to maintain a 

100 percent OASDI trust fund ratio. In addition, offset any prior transfers 

from the General Fund by providing for transfers from the Trust Fund to 

the General Fund when there is a remaining net excess of prior transfers 

from the General Fund in present value terms, but limit these transfers 

such that the OASDI trust fund ratio for the following year will not go 

below 125 percent........................................................................................... 2/ 3/

Total for all provisions, including interaction ................................................ 2.05 7.58

Notes: All estimates are based on the intermediate assumptions of the 2009 OASDI Trustees Report. 

Provisions 1 through 5b exclude interaction; provisions 6-7, based on their nature, reflect other provisions of the proposal. 

1/ Decrease in annual balance in the 75th year that is estimated to be negligible, i.e., less than 0.005 percent of taxable payroll.

2/ The estimated net effect on the long-range OASDI actuarial balance is zero under these assumptions.

3/ The estimated net effect on the annual balance in the 75th year is zero under these assumptions. 

Social Security Administration

SSA/Office of the Chief Actuary

April 27, 2010
Table A2--Estimated Long-Range OASDI Financial Effects of the Title IV of “The Roadmap for 

America’s Future Act of 2010”

(2.65% Low/Risk-Adjusted PSA Average Annual Real Yield; 50 Percent PSA Participation)

Number Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 

(as a percent of payroll)

1 Progressive Price Indexing--For workers newly eligible for benefits in 

2018 or later, set a new PIA bend point at 28.6% of the way between the 

two current law bend points (this is at about the 30th percentile of career 

earnings for new retired workers). Proportionately reduce the 32 percent 

and 15 percent factors that apply above the new bend point sufficient to 

make the total benefit for career maximum earners grow across 

generations by CPI increases, rather than the average wage increases. 

Individuals at or below the 30th percentile of career-average earners would 

have no benefit reduction. This provision does not affect DI beneficiaries 

until conversion to retirement benefits at attainment of normal retirement 

age, and then applies in proportion to non-disabled years between ages 22 

and 62 ............................................................................................................. 1.04 3.36

2 Low-Earner Benefit Enhancement-- Increase the PIA to a level such 

that a worker with 30 years of earnings at the minimum wage level would 

receive an adjusted PIA equal to 120 percent of the Federal poverty level 

for an aged individual. This provision would take full effect for all newly 

eligible OASDI workers in 2027, and would be phased in for new eligible 

in 2018 through 2026. The percentage increase in PIA would be lowered 

proportionately for those with fewer than 30 years of earnings, down to no 

enhancement for workers with 20 or fewer years of earnings. (Year-ofwork requirements are “scaled” for disabled workers based on their years 

of potential work from age 22 to benefit eligibility). The benefit 

enhancement percentage would be reduced proportionately for workers 

with higher average indexed monthly earnings (AIME), down to no 

enhancement for those with AIME at least twice that of a 35-year steady 

minimum wage earner .................................................................................... -0.04 1/

3 NRA Change and Indexing--Increase the normal retirement age for those 

reaching age 62 in 2018 and later. For those reaching age 62 in 2018, the 

NRA would be 66 years, 6 months. The NRA would increase 2 months 

per year for those reaching age 62 in 2019, 2020, and 2021, reaching an 

NRA of 67 for those turning 62 in 2021. Then, after 2021, index the NRA 

to maintain a constant ratio of expected retirement years (life expectancy 

at NRA) to potential work years (NRA minus 20).......................................... 0.41 1.23

4 Group Health Insurance Premium Coverage--Provide for OASDI 

payroll tax coverage of employer sponsored group health insurance cost, 

starting in 2011. Specifically, any cost toward such group health 

insurance borne by employees would cease to be deductible, and the cost 

borne by employers would now be allocated to employees as if it had been 

wages, for the purpose of payroll tax (and later, benefit) calculations. 

Both employee and employer OASDI payroll taxes would be affected by 

this proposal.................................................................................................... 1.13 0.97
Table A2--Estimated Long-Range OASDI Financial Effects of the Title IV of “The Roadmap for 

America’s Future Act of 2010”

(2.65% Low/Risk-Adjusted PSA Average Annual Real Yield; 50 Percent PSA Participation)

Number Provision

Estimated Change in

Long-Range OASDI 

Actuarial Balance 

(as a percent of payroll)

Estimated Change 

in Annual Balance 

in 75th year 

(as a percent of payroll)

 5a

 5b

Personal Savings Account Contributions--Starting in 2012, provide for 

voluntary personal savings accounts (PSAs) for individuals who attain 55 

in 2011 or later. The contribution to PSAs will be a portion of OASDI 

payroll tax redirected from the OASDI Trust Funds to an individual 

account. The percentage of taxable earnings to be redirected in years 2012

through 2021 will be 2 percent of the first $10,000 of covered earnings for 

the year, plus 1 percent of earnings in excess of $10,000 up to the OASDI 

taxable maximum amount (which is $106,800 for 2009). The $10,000 

threshold would be indexed by increases in the SSA National Average 

Wage Index (AWI) for years after 2012. For years 2022 through 2031, the 

percentages for contributions redirected to the PSA would be 4 percent up 

to the threshold and 2 percent above it. For the period 2032 through 2041

the percentages would be further increased to 6 and 3 percent. Finally, for 

earnings in 2042 and later, the size of the account contribution will be 8 

percent of taxable earnings up to the indexed threshold and 4 percent over 

that level..........................................................................................................

Personal Savings Account Benefit Offset--For PSA participants, OASI 

retirement and aged survivor benefits would be reduced based on the 

proportion of theoretical lifetime contributions that was realized. 

Specifically, the benefit reduction would be the ratio of (a) the present 

value of all contributions redirected to the worker’s PSA, to (b) the present 

value of all potential PSA contributions that might have been made if the 

plan had been in existence throughout the working lifetime of the worker 

with the contribution rate at the ultimate level of 8/4 percent.........................

-1.74

1.53

-2.56 

6.01

Provisions 5a and 5b, combined...................................................................... -0.21 3.45

6 Benefit Guarantee--For an individual account (PSA) participant, provide 

a guarantee that the account balance, as of the month prior to the month 

that the annuity begins, would be at least as large as the participant’s total 

contributions accumulated with increases in the CPI-W................................. -0.02 -0.06

7 Special General Fund Transfers—Provide for transfers from the General 

Fund of the Treasury to the OASDI Trust Funds as needed to maintain a 

100 percent OASDI trust fund ratio. In addition, offset any prior transfers 

from the General Fund by providing for transfers from the Trust Fund to 

the General Fund when there is a remaining net excess of prior transfers 

from the General Fund in present value terms, but limit these transfers 

such that the OASDI trust fund ratio for the following year will not go 

below 125 percent........................................................................................... 2/ 3/

Total for all provisions, including interaction ................................................ 2.04 5.97

Notes: All estimates are based on the intermediate assumptions of the 2009 OASDI Trustees Report. 

Provisions 1 through 5b exclude interaction; provisions 6-7, based on their nature, reflect other provisions of the proposal. 

1/ Decrease in annual balance in the 75th year that is estimated to be negligible, i.e., less than 0.005 percent of taxable payroll.

2/ The estimated net effect on the long-range OASDI actuarial balance is zero under these assumptions.

3/ The estimated net effect on the annual balance in the 75th year is zero under these assumptions. 

Social Security Administration

SSA/Office of the Chief Actuary

April 27, 2010
Table 1 - Ryan Proposal: Title IV of "The Roadmap for America's Future Act of 2010"

Expected Yield

PSA Contribution: Ultimate Real Trust Fund Yield of 2.9% Progressive Pricing Indexing starts PSA Participation: 50%

8%/4% in 2042; 1/4 in 2012; Ultimate Real PSA Yield of 5.1% in 2018 for those under 55 on 1-1-2011 Average PSA Contribution: 5.12%

1/2 in 2022; 3/4 in 2032 Ultimate Annuity Yield of 5.1%

Special

Trust Fund General Revenue Change in Net

Cost Income Annual Ratio Transfers from Contribution Contribution Redirected

Year Rate Rate Balance 1-1-yr Trust Fund Rate Rate1 to PSA

2009 12.35 12.83 0.48 354 12.40 0.00

2010 12.50 12.87 0.37 360 12.40 0.00

2011 12.37 13.88 1.51 366 12.40 0.00

2012 12.24 13.33 1.09 377 -0.55 11.85 0.55

2013 12.38 13.30 0.92 379 -0.01 11.84 0.56

2014 12.63 13.38 0.75 378 -0.01 11.83 0.57

2015 12.89 13.48 0.59 377 -0.01 11.82 0.58

2016 13.19 13.57 0.38 375 -0.01 11.81 0.59

2017 13.52 13.67 0.15 371 -0.01 11.80 0.60

2018 13.85 13.76 -0.09 366 -0.01 11.80 0.60

2019 14.18 13.86 -0.32 361 -0.01 11.79 0.61

2020 14.50 13.90 -0.60 354 -0.01 11.78 0.62

2021 14.80 13.94 -0.87 347 0.00 11.78 0.62

2022 15.08 13.35 -1.73 339 -0.63 11.15 1.25

2023 15.33 13.38 -1.95 327 -0.01 11.14 1.26

2024 15.57 13.42 -2.15 314 -0.01 11.14 1.26

2025 15.78 13.45 -2.33 301 0.00 11.13 1.27

2026 15.98 13.48 -2.49 287 0.00 11.13 1.27

2027 16.15 13.52 -2.63 273 0.00 11.13 1.27

2028 16.30 13.55 -2.75 258 0.00 11.12 1.28

2029 16.42 13.58 -2.83 243 0.00 11.12 1.28

2030 16.51 13.62 -2.89 228 0.00 11.12 1.28

2031 16.57 13.65 -2.92 213 0.00 11.12 1.28

2032 16.60 13.04 -3.56 198 -0.64 10.48 1.92

2033 16.60 13.07 -3.53 180 0.00 10.48 1.92

2034 16.58 13.10 -3.48 161 0.00 10.48 1.92

2035 16.53 13.12 -3.41 143 0.00 10.48 1.92

2036 16.47 13.15 -3.33 125 0.00 10.48 1.92

2037 16.39 14.87 -1.52 107 1.70 1.70 12.18 1.92

2038 16.28 15.89 -0.38 100 2.70 1.00 13.18 1.92

2039 16.14 15.81 -0.32 100 2.60 -0.10 13.08 1.92

2040 15.99 15.63 -0.36 100 2.40 -0.20 12.88 1.92

2041 15.83 15.55 -0.28 100 2.30 -0.10 12.78 1.92

2042 15.67 15.23 -0.44 100 2.60 -0.34 12.44 2.56

2043 15.50 15.15 -0.36 100 2.50 -0.10 12.34 2.56

2044 15.34 14.97 -0.37 100 2.30 -0.20 12.14 2.56

2045 15.17 14.88 -0.28 100 2.20 -0.10 12.04 2.56

2046 15.00 14.60 -0.40 100 1.90 -0.30 11.74 2.56

2047 14.84 14.42 -0.42 100 1.70 -0.20 11.54 2.56

2048 14.66 14.34 -0.32 100 1.60 -0.10 11.44 2.56

2049 14.48 14.15 -0.33 100 1.40 -0.20 11.24 2.56

2050 14.31 13.87 -0.44 100 1.10 -0.30 10.94 2.56

2051 14.13 13.79 -0.35 100 1.00 -0.10 10.84 2.56

2052 13.96 13.61 -0.36 100 0.80 -0.20 10.64 2.56

2053 13.79 13.42 -0.37 100 0.60 -0.20 10.44 2.56

2054 13.63 13.24 -0.38 100 0.40 -0.20 10.24 2.56

2055 13.46 13.16 -0.31 100 0.30 -0.10 10.14 2.56

2056 13.31 12.98 -0.33 100 0.10 -0.20 9.94 2.56

2057 13.15 12.89 -0.26 100 -0.10 9.84 2.56

2058 12.99 12.91 -0.08 100 0.00 9.84 2.56

2059 12.83 12.93 0.10 102 0.00 9.84 2.56

2060 12.68 12.95 0.27 106 0.00 9.84 2.56

2061 12.53 12.97 0.44 110 0.00 9.84 2.56

2062 12.38 12.99 0.61 117 0.00 9.84 2.56

2063 12.23 11.90 -0.33 125 -1.10 -1.10 8.74 2.56

2064 12.08 11.62 -0.46 125 -1.40 -0.30 8.44 2.56

2065 11.93 11.54 -0.39 125 -1.50 -0.10 8.34 2.56

2066 11.77 11.46 -0.31 125 -1.60 -0.10 8.24 2.56

2067 11.63 11.28 -0.35 125 -1.80 -0.20 8.04 2.56

2068 11.50 11.10 -0.40 125 -2.00 -0.20 7.84 2.56

2069 11.38 11.12 -0.26 125 -2.00 0.00 7.84 2.56

2070 11.27 10.94 -0.34 125 -2.20 -0.20 7.64 2.56

2071 11.17 10.86 -0.31 125 -2.30 -0.10 7.54 2.56

2072 11.07 10.78 -0.29 125 -2.40 -0.10 7.44 2.56

2073 10.97 10.60 -0.37 125 -2.60 -0.20 7.24 2.56

2074 10.88 10.62 -0.26 125 -2.60 0.00 7.24 2.56

2075 10.79 10.45 -0.34 125 -2.80 -0.20 7.04 2.56

2076 10.71 10.47 -0.24 125 -2.80 0.00 7.04 2.56

2077 10.62 10.29 -0.33 125 -3.00 -0.20 6.84 2.56

2078 10.54 10.31 -0.23 125 -3.00 0.00 6.84 2.56

2079 10.47 10.24 -0.23 125 -3.10 -0.10 6.74 2.56

2080 10.39 10.06 -0.33 125 -3.30 -0.20 6.54 2.56

2081 10.32 10.08 -0.24 125 -3.30 0.00 6.54 2.56

2082 10.25 10.26 0.01 125 -3.14 0.16 6.70 2.56

2083 10.18 13.43 3.24 128 3.14 9.84 2.56

2084 10.12 13.43 3.30 162 0.00 9.84 2.56

Net General

Actuarial Revenue Transfer

Cost Rate Income Rate Balance ($ billions) Guarantee that PSA account balance at annuitization

2009-2083 14.01 14.06 0.05 $0.0 equals contributions accumulated at CPI-W inflation rate.

Based on Intermediate Assumptions of the 2009 Trustees Report.

All values are expressed as percents of taxable payroll, except the Trust Fund Ratios. Office of the Chief Actuary 1

 Net payroll tax rate to the Trust Funds; reduced by amount redirected for PSA contribution. Social Security Administration

2.05

OASDI "Effective" Rate

Summarized OASDI

Change in

Actuarial Balance

April 26, 2010
Table 1a - Proposal General Fund Transfers, OASDI Trust Fund Assets, and Theoretical OASDI Assets

Expected Yield: Ryan Proposal

Theoretical Social Security

Total OASDI with Borrowing Authority2:

Proposal Special General Fund Transfers Trust Fund PSA

Annual Amounts Percentage of Annual Accumulated as Assets at Assets at Without GF With Plan GF

(in billions) Payroll Amounts of End of Year End of Year End of Year1 GDP Transfer Transfer (proposal)

Calendar (1) (2) (3) (4) (5) (6) (7) (8) (9)

Year PV as of 1-1-2009 Billions of Constant 2009 Dollars

2009 2,556 0 14,088 2,556 2,556

2010 0.0 0.00 0.0 0.0 2,650 0 14,348 2,650 2,650

2011 0.0 0.00 0.0 0.0 2,797 0 14,837 2,738 2,738

2012 0.0 0.00 0.0 0.0 2,917 34 15,332 2,829 2,829

2013 0.0 0.00 0.0 0.0 3,023 70 15,758 2,909 2,909

2014 0.0 0.00 0.0 0.0 3,125 109 16,145 2,981 2,981

2015 0.0 0.00 0.0 0.0 3,231 152 16,510 3,049 3,049

2016 0.0 0.00 0.0 0.0 3,327 197 16,809 3,103 3,103

2017 0.0 0.00 0.0 0.0 3,415 246 17,115 3,141 3,141

2018 0.0 0.00 0.0 0.0 3,492 298 17,422 3,162 3,162

2019 0.0 0.00 0.0 0.0 3,559 353 17,725 3,164 3,164

2020 0.0 0.00 0.0 0.0 3,611 412 18,031 3,146 3,146

2021 0.0 0.00 0.0 0.0 3,648 474 18,343 3,109 3,109

2022 0.0 0.00 0.0 0.0 3,627 586 18,660 3,053 3,053

2023 0.0 0.00 0.0 0.0 3,590 704 18,984 2,977 2,977

2024 0.0 0.00 0.0 0.0 3,536 830 19,313 2,878 2,878

2025 0.0 0.00 0.0 0.0 3,465 962 19,648 2,758 2,758

2026 0.0 0.00 0.0 0.0 3,376 1,102 19,986 2,616 2,616

2027 0.0 0.00 0.0 0.0 3,272 1,248 20,333 2,452 2,452

2028 0.0 0.00 0.0 0.0 3,152 1,403 20,684 2,266 2,266

2029 0.0 0.00 0.0 0.0 3,020 1,564 21,046 2,060 2,060

2030 0.0 0.00 0.0 0.0 2,875 1,734 21,416 1,833 1,833

2031 0.0 0.00 0.0 0.0 2,720 1,911 21,795 1,587 1,587

2032 0.0 0.00 0.0 0.0 2,504 2,149 22,185 1,323 1,323

2033 0.0 0.00 0.0 0.0 2,279 2,399 22,581 1,041 1,041

2034 0.0 0.00 0.0 0.0 2,047 2,661 22,987 743 743

2035 0.0 0.00 0.0 0.0 1,810 2,934 23,398 429 429

2036 0.0 0.00 0.0 0.0 1,569 3,220 23,817 101 101

2037 69.7 1.70 148.0 152.2 1,479 3,518 24,248 -243 -95

2038 109.4 2.70 238.9 402.3 1,486 3,828 24,690 -599 -360

2039 104.0 2.60 233.8 654.4 1,499 4,151 25,141 -968 -734

2040 94.8 2.40 219.3 898.9 1,508 4,487 25,599 -1,348 -1,128

2041 89.8 2.30 213.6 1,144.6 1,525 4,835 26,062 -1,739 -1,526

2042 100.2 2.60 245.3 1,430.1 1,526 5,260 26,533 -2,143 -1,898

2043 95.2 2.50 239.7 1,718.1 1,535 5,701 27,014 -2,559 -2,319

2044 86.5 2.30 224.1 1,998.4 1,542 6,159 27,500 -2,989 -2,764

2045 81.7 2.20 217.8 2,280.4 1,557 6,634 27,993 -3,432 -3,214

2046 69.6 1.90 191.1 2,543.1 1,560 7,127 28,491 -3,891 -3,700

2047 61.5 1.70 173.7 2,795.5 1,561 7,637 28,995 -4,365 -4,192

2048 57.1 1.60 166.1 3,047.4 1,571 8,164 29,506 -4,856 -4,690

2049 49.4 1.40 147.6 3,287.6 1,581 8,708 30,023 -5,364 -5,217

2050 38.3 1.10 117.8 3,504.1 1,578 9,268 30,544 -5,890 -5,772

2051 34.3 1.00 108.8 3,717.6 1,584 9,845 31,072 -6,435 -6,326

2052 27.1 0.80 88.4 3,916.3 1,589 10,439 31,610 -7,001 -6,913

2053 20.1 0.60 67.3 4,099.1 1,592 11,048 32,155 -7,590 -7,522

2054 13.2 0.40 45.6 4,264.8 1,593 11,673 32,709 -8,202 -8,156

2055 9.8 0.30 34.7 4,424.2 1,602 12,312 33,271 -8,840 -8,805

2056 3.2 0.10 11.7 4,564.5 1,608 12,966 33,843 -9,504 -9,492

2057 0.0 0.00 0.0 4,696.9 1,623 13,634 34,427 -10,197 -10,197

2058 0.0 0.00 0.0 4,833.1 1,659 14,316 35,021 -10,918 -10,918

2059 0.0 0.00 0.0 4,973.3 1,719 15,013 35,627 -11,670 -11,670

2060 0.0 0.00 0.0 5,117.5 1,803 15,723 36,243 -12,453 -12,453

2061 0.0 0.00 0.0 5,265.9 1,912 16,446 36,867 -13,268 -13,268

2062 0.0 0.00 0.0 5,418.6 2,047 17,182 37,501 -14,117 -14,117

2063 -32.2 -1.10 -143.9 5,427.8 2,062 17,930 38,145 -15,000 -15,144

2064 -40.5 -1.40 -186.0 5,393.9 2,059 18,690 38,800 -15,920 -16,106

2065 -42.8 -1.50 -202.3 5,342.2 2,065 19,461 39,463 -16,878 -17,081

2066 -45.1 -1.60 -219.1 5,271.8 2,080 20,243 40,139 -17,876 -18,095

2067 -50.0 -1.80 -250.3 5,167.2 2,089 21,036 40,827 -18,916 -19,166

2068 -54.9 -2.00 -282.4 5,026.6 2,090 21,840 41,526 -19,999 -20,281

2069 -54.1 -2.00 -286.8 4,877.4 2,111 22,653 42,234 -21,126 -21,413

2070 -58.8 -2.20 -320.3 4,689.5 2,122 23,475 42,952 -22,301 -22,621

2071 -60.6 -2.30 -339.9 4,475.8 2,135 24,307 43,681 -23,525 -23,864

2072 -62.4 -2.40 -360.1 4,235.2 2,152 25,146 44,425 -24,799 -25,159

2073 -66.7 -2.60 -396.1 3,950.7 2,156 25,993 45,179 -26,125 -26,521

2074 -65.8 -2.60 -402.1 3,651.7 2,177 26,849 45,945 -27,506 -27,908

2075 -69.9 -2.80 -439.6 3,305.4 2,184 27,711 46,719 -28,944 -29,384

2076 -69.0 -2.80 -446.2 2,942.4 2,208 28,582 47,503 -30,440 -30,886

2077 -72.9 -3.00 -485.3 2,528.6 2,216 29,459 48,298 -31,997 -32,482

2078 -71.9 -3.00 -492.5 2,095.4 2,241 30,344 49,104 -33,617 -34,110

2079 -73.3 -3.10 -516.5 1,624.9 2,265 31,236 49,921 -35,303 -35,819

2080 -76.9 -3.30 -558.0 1,098.1 2,273 32,135 50,749 -37,056 -37,614

2081 -75.9 -3.30 -566.3 547.5 2,296 33,041 51,591 -38,880 -39,447

2082 -71.3 -3.14 -547.5 0.2 2,364 33,919 52,445 -40,777 -41,325

2083 0.0 0.00 0.0 0.0 3,021 34,837 53,314 -42,749 -42,749

2084 0.0 0.00 0.0 0.0 3,717 35,761 54,195 -44,800 -44,800

Total 2009-2083 0.0

Based on Intermediate Assumptions of the 2009 Trustees Report.

1

 Including annuity assets, assuming all annuitize fully. Office of the Chief Actuary 2

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

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

Net OASDI TF Assets at End of Year

Billions of Constant 2009 $

April 26, 2010
Table 1b - PSA Contributions, OASDI Changes, & Budget Effect (Present Value Dollars)

Expected Yield: Ryan Proposal Average PSA Contribution: 5.12%

Basic Benefit

Changes, Reduction Change in Change in Change in 

Amount Cost to Guarantee for PSA Participation Annual Debt Held Annual

Contributed PSA Cumulative & Net Effect for Group Unified Budget by Public Unified Budget

to PSA Yield at CPI Health Premium Cash Flow (End of Year) Balance

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

Year

2010 0.0 0.0 0.0 0.0 0.0 0.0

2011 0.0 0.0 53.4 53.4 -53.4 53.4

2012 29.5 0.0 53.9 24.4 -77.8 26.8

2013 30.3 0.0 51.6 21.3 -99.2 24.9

2014 30.8 0.0 55.6 24.7 -123.9 29.5

2015 31.3 0.0 59.7 28.4 -152.3 34.3

2016 31.5 0.0 63.3 31.8 -184.1 39.2

2017 31.7 0.0 66.8 35.1 -219.2 44.3

2018 31.8 0.0 70.7 38.9 -258.1 50.0

2019 31.8 0.0 74.7 42.9 -301.0 56.2

2020 31.7 0.1 75.7 43.9 -345.0 59.6

2021 31.6 0.1 76.4 44.7 -389.7 63.0

2022 62.7 0.1 77.1 14.3 -403.9 35.3

2023 62.2 0.1 78.1 15.8 -419.7 37.8

2024 61.6 0.1 79.2 17.4 -437.1 40.4

2025 61.0 0.1 80.4 19.2 -456.4 43.1

2026 60.4 0.1 81.5 21.0 -477.4 46.0

2027 59.7 0.2 82.8 23.0 -500.3 49.1

2028 59.0 0.2 84.3 25.1 -525.5 52.5

2029 58.3 0.2 85.9 27.5 -552.9 56.2

2030 57.5 0.3 87.8 30.0 -583.0 60.2

2031 56.8 0.3 90.0 33.0 -615.9 64.8

2032 84.0 0.3 92.5 8.1 -624.0 41.8

2033 82.9 0.4 95.0 11.7 -635.7 45.8

2034 81.9 0.4 97.5 15.3 -651.0 50.0

2035 80.8 0.4 100.2 19.0 -670.0 54.6

2036 79.8 0.4 102.7 22.5 -692.5 59.2

2037 78.8 0.4 105.6 26.4 -718.9 64.2

2038 77.8 0.4 108.7 30.5 -749.4 69.8

2039 76.8 0.4 112.0 34.7 -784.1 75.7

2040 75.9 0.4 115.2 38.9 -823.0 81.8

2041 74.9 0.4 118.6 43.2 -866.2 88.2

2042 98.7 0.5 122.0 22.9 -889.2 70.3

2043 97.4 0.5 125.7 27.8 -916.9 76.3

2044 96.2 0.5 129.4 32.7 -949.6 82.8

2045 95.0 0.5 133.2 37.7 -987.3 89.6

2046 93.8 0.5 137.0 42.7 -1030.0 96.7

2047 92.6 0.5 140.9 47.9 -1077.8 104.1

2048 91.4 0.4 144.9 53.0 -1130.9 111.9

2049 90.3 0.4 148.9 58.2 -1189.1 120.0

2050 89.1 0.4 152.7 63.2 -1252.3 128.2

2051 87.9 0.4 156.9 68.6 -1320.9 137.0

2052 86.8 0.4 161.0 73.9 -1394.7 146.0

2053 85.6 0.4 165.2 79.1 -1473.9 155.4

2054 84.5 0.4 169.4 84.5 -1558.4 165.0

2055 83.4 0.4 173.4 89.6 -1648.0 174.8

2056 82.3 0.4 177.4 94.7 -1742.7 184.7

2057 81.2 0.4 181.2 99.6 -1842.3 194.9

2058 80.2 0.3 185.0 104.5 -1946.8 205.2

2059 79.1 0.3 188.6 109.2 -2055.9 215.6

2060 78.1 0.3 192.0 113.7 -2169.6 226.0

2061 77.1 0.3 195.1 117.8 -2287.4 236.3

2062 76.0 0.3 198.2 121.9 -2409.2 246.9

2063 75.0 0.3 201.2 125.9 -2535.1 257.6

2064 74.1 0.3 204.2 129.9 -2665.0 268.4

2065 73.1 0.3 207.1 133.7 -2798.8 279.4

2066 72.1 0.2 210.1 137.8 -2936.5 290.7

2067 71.2 0.2 212.8 141.4 -3077.9 301.9

2068 70.2 0.2 215.0 144.6 -3222.5 312.8

2069 69.3 0.2 216.9 147.4 -3369.9 323.5

2070 68.4 0.2 218.5 149.9 -3519.8 334.1

2071 67.5 0.2 219.9 152.3 -3672.1 344.7

2072 66.6 0.2 221.2 154.5 -3826.6 355.2

2073 65.7 0.2 222.4 156.5 -3983.1 365.7

2074 64.8 0.2 223.4 158.4 -4141.6 376.1

2075 63.9 0.2 224.3 160.2 -4301.7 386.5

2076 63.0 0.2 224.9 161.7 -4463.4 396.8

2077 62.2 0.2 225.5 163.2 -4626.6 407.1

2078 61.3 0.2 226.0 164.5 -4791.1 417.4

2079 60.5 0.2 226.4 165.8 -4956.9 427.6

2080 59.7 0.2 226.7 166.9 -5123.7 437.8

2081 58.8 0.2 226.9 167.9 -5291.6 447.9

2082 58.0 0.2 227.0 168.8 -5460.4 458.0

2083 57.2 0.2 227.0 169.6 -5630.0 468.0

2084 56.4 0.2 226.8 170.2 -5800.2 477.9

Total 2009-83 4914.1 18.5 10562.6

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 5.1% Social Security Administration

Ultimate Annuity Yield of 5.1%

Billions of present value dollars as of 1-1-2009

April 26, 2010
Table 1b.c - PSA Contributions, OASDI Changes, & Budget Effect (Constant Dollars)

Expected Yield: Ryan Proposal Average PSA Contribution: 5.12%

Basic Benefit

Changes, Reduction Change in Change in Change in 

Amount Cost to Guarantee for PSA Participation Annual Debt Held Annual

Contributed PSA Cumulative & Net Effect for Group Unified Budget by Public Unified Budget

to PSA Yield at CPI Health Premium Cash Flow (End of Year) Balance

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

Year

2010 0.0 0.0 0.0 0.0 0.0 0.0

2011 0.0 0.0 57.6 57.6 -59.0 59.0

2012 32.5 0.0 59.3 26.8 -87.6 30.2

2013 33.8 0.0 57.7 23.9 -113.5 28.6

2014 35.1 0.0 63.3 28.2 -144.5 34.4

2015 36.4 0.0 69.4 33.0 -181.5 40.9

2016 37.5 0.0 75.3 37.8 -224.4 47.8

2017 38.6 0.0 81.3 42.7 -273.5 55.2

2018 39.6 0.0 88.1 48.5 -330.0 64.0

2019 40.6 0.0 95.4 54.8 -394.7 73.7

2020 41.5 0.1 99.1 57.5 -464.2 80.3

2021 42.5 0.1 102.7 60.2 -538.7 87.2

2022 86.7 0.1 106.5 19.7 -574.2 50.1

2023 88.5 0.2 111.0 22.4 -613.9 55.3

2024 90.2 0.2 115.9 25.5 -657.9 60.8

2025 91.9 0.2 121.0 29.0 -706.8 66.8

2026 93.5 0.2 126.3 32.6 -760.8 73.2

2027 95.1 0.2 132.0 36.6 -820.5 80.5

2028 96.8 0.3 138.3 41.2 -886.7 88.5

2029 98.4 0.3 145.1 46.4 -960.1 97.6

2030 99.9 0.5 152.6 52.2 -1041.6 107.6

2031 101.5 0.6 160.9 58.9 -1132.4 119.2

2032 154.6 0.6 170.1 14.9 -1180.6 79.0

2033 157.0 0.7 179.8 22.1 -1237.5 89.1

2034 159.4 0.7 190.0 29.8 -1304.1 100.2

2035 161.9 0.8 200.8 38.1 -1381.0 112.5

2036 164.5 0.9 211.9 46.5 -1468.9 125.5

2037 167.1 0.9 224.1 56.0 -1569.1 140.2

2038 169.9 0.9 237.3 66.5 -1683.0 156.7

2039 172.6 1.0 251.6 78.1 -1812.1 174.9

2040 175.4 1.0 266.4 90.0 -1957.2 194.5

2041 178.3 1.1 282.1 102.8 -2119.7 215.8

2042 241.5 1.1 298.8 56.1 -2238.9 176.9

2043 245.5 1.2 316.5 69.9 -2375.7 197.8

2044 249.4 1.2 335.4 84.7 -2531.7 220.7

2045 253.5 1.3 355.2 100.5 -2708.5 245.8

2046 257.5 1.3 376.0 117.2 -2907.6 272.9

2047 261.6 1.3 398.1 135.2 -3130.9 302.5

2048 265.7 1.3 421.2 154.1 -3380.3 334.6

2049 269.9 1.3 445.3 174.1 -3657.3 369.1

2050 274.1 1.2 470.0 194.6 -3963.5 405.8

2051 278.4 1.3 496.8 217.1 -4301.7 446.2

2052 282.7 1.3 524.7 240.7 -4674.0 489.4

2053 287.1 1.4 553.8 265.3 -5082.4 535.8

2054 291.6 1.4 584.5 291.5 -5529.6 585.7

2055 296.1 1.4 615.7 318.2 -6017.3 638.2

2056 300.7 1.4 647.9 345.8 -6547.5 694.1

2057 305.3 1.4 681.2 374.5 -7122.5 753.4

2058 310.1 1.3 715.5 404.1 -7744.7 816.2

2059 314.9 1.2 750.6 434.5 -8416.1 882.4

2060 319.8 1.1 786.5 465.6 -9139.0 952.1

2061 324.8 1.2 822.2 496.3 -9914.5 1024.4

2062 329.8 1.2 859.4 528.5 -10745.6 1101.1

2063 334.9 1.2 898.0 561.9 -11635.1 1182.2

2064 340.1 1.2 937.6 596.3 -12585.8 1267.6

2065 345.3 1.2 978.4 631.9 -13600.8 1357.7

2066 350.6 1.2 1021.7 669.9 -14684.1 1453.8

2067 356.0 1.2 1064.5 707.3 -15837.4 1553.2

2068 361.5 1.1 1106.9 744.3 -17062.2 1656.1

2069 367.0 1.1 1149.0 780.9 -18360.1 1762.7

2070 372.7 1.0 1191.0 817.3 -19733.2 1873.1

2071 378.3 1.1 1233.6 854.2 -21184.0 1988.2

2072 384.1 1.1 1276.8 891.6 -22715.3 2108.3

2073 390.0 1.1 1320.8 929.7 -24330.2 2233.6

2074 395.9 1.2 1365.3 968.2 -26031.6 2364.1

2075 401.9 1.2 1410.3 1007.2 -27822.4 2499.8

2076 408.0 1.2 1455.6 1046.4 -29705.4 2640.9

2077 414.1 1.3 1501.8 1086.4 -31684.3 2787.9

2078 420.3 1.3 1548.7 1127.2 -33762.4 2941.1

2079 426.5 1.3 1596.5 1168.6 -35943.4 3100.6

2080 432.9 1.3 1644.9 1210.6 -38230.9 3266.5

2081 439.3 1.4 1694.1 1253.4 -40628.8 3439.2

2082 445.8 1.4 1743.9 1296.7 -43140.7 3618.6

2083 452.4 1.4 1794.3 1340.5 -45770.5 3804.8

2084 459.1 1.4 1844.9 1384.3 -48521.6 3997.8

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 5.1% Social Security Administration

Ultimate Annuity Yield of 5.1%

Billions of Constant 2009 Dollars

April 26, 2010
Expected Yield: Ryan Proposal

Net Amount of Cash Flow from the OASDI Net Amount of Cash Flow from the OASDI

Trust Funds to the General Fund of the Trust Funds to the General Fund of the

Treasury During the Year2 Treasury During the Year2

Percentage Percentage

Year of payroll Current $ PV as of 1/1/09 Constant 2009 $ of payroll Current $ PV as of 1/1/09 Constant 2009 $

2009 0.4 20 19 20 0.4 20 19 20

2010 0.3 19 18 19 0.3 19 18 19

2011 1.5 89 80 86 0.5 29 26 28

2012 1.1 68 57 63 0.6 39 33 36

2013 0.9 60 49 55 0.5 34 27 31

2014 0.7 51 40 45 0.3 19 15 17

2015 0.6 42 31 36 0.0 3 3 3

2016 0.4 28 19 23 -0.2 -18 -12 -15

2017 0.1 11 7 9 -0.5 -42 -28 -34

2018 -0.1 -8 -5 -6 -0.8 -69 -44 -55

2019 -0.3 -28 -17 -22 -1.2 -100 -60 -76

2020 -0.6 -55 -31 -41 -1.5 -132 -75 -98

2021 -0.9 -82 -44 -60 -1.8 -165 -89 -120

2022 -1.7 -170 -87 -120 -2.0 -198 -101 -140

2023 -2.0 -200 -97 -138 -2.3 -233 -113 -160

2024 -2.2 -230 -105 -154 -2.5 -268 -123 -179

2025 -2.3 -260 -112 -169 -2.7 -305 -132 -198

2026 -2.5 -290 -118 -183 -2.9 -342 -139 -216

2027 -2.6 -320 -123 -197 -3.1 -379 -146 -233

2028 -2.8 -348 -127 -209 -3.3 -417 -152 -250

2029 -2.8 -374 -129 -218 -3.4 -454 -157 -264

2030 -2.9 -399 -130 -226 -3.6 -491 -160 -278

2031 -2.9 -421 -130 -232 -3.7 -528 -163 -291

2032 -3.6 -535 -156 -287 -3.7 -563 -164 -302

2033 -3.5 -555 -153 -289 -3.8 -597 -164 -311

2034 -3.5 -571 -149 -290 -3.8 -630 -164 -319

2035 -3.4 -584 -144 -288 -3.9 -661 -163 -326

2036 -3.3 -595 -138 -285 -3.9 -692 -161 -332

2037 -3.2 -601 -132 -281 -3.9 -721 -159 -337

2038 -3.1 -602 -125 -273 -3.8 -748 -156 -340

2039 -2.9 -596 -117 -263 -3.8 -773 -152 -341

2040 -2.8 -587 -109 -252 -3.7 -797 -148 -342

2041 -2.6 -575 -101 -240 -3.7 -820 -144 -343

2042 -3.0 -707 -117 -287 -3.6 -845 -140 -343

2043 -2.9 -693 -109 -274 -3.6 -870 -137 -344

2044 -2.7 -677 -100 -261 -3.5 -897 -133 -345

2045 -2.5 -658 -92 -246 -3.5 -927 -130 -347

2046 -2.3 -637 -85 -232 -3.5 -959 -127 -349

2047 -2.1 -612 -77 -217 -3.4 -993 -125 -352

2048 -1.9 -581 -69 -200 -3.4 -1,029 -122 -354

2049 -1.7 -545 -61 -183 -3.4 -1,065 -119 -357

2050 -1.5 -507 -54 -165 -3.4 -1,104 -117 -360

2051 -1.4 -463 -46 -147 -3.3 -1,148 -115 -364

2052 -1.2 -416 -39 -128 -3.3 -1,196 -113 -369

2053 -1.0 -365 -33 -109 -3.3 -1,249 -112 -375

2054 -0.8 -308 -26 -90 -3.3 -1,307 -111 -381

2055 -0.6 -248 -20 -71 -3.4 -1,369 -110 -389

2056 -0.4 -185 -14 -51 -3.4 -1,437 -109 -397

2057 -0.3 -115 -8 -31 -3.4 -1,509 -108 -405

2058 -0.1 -39 -3 -10 -3.4 -1,585 -107 -414

2059 0.1 45 3 11 -3.4 -1,664 -106 -423

2060 0.3 135 8 33 -3.5 -1,747 -105 -432

2061 0.4 228 13 55 -3.5 -1,835 -105 -441

2062 0.6 331 18 77 -3.5 -1,927 -104 -451

2063 0.8 443 23 101 -3.5 -2,025 -103 -461

2064 0.9 564 27 125 -3.5 -2,129 -103 -471

2065 1.1 693 32 149 -3.6 -2,240 -102 -483

2066 1.3 838 36 176 -3.6 -2,359 -102 -494

2067 1.4 985 40 201 -3.6 -2,485 -101 -507

2068 1.6 1,134 44 225 -3.7 -2,619 -101 -519

2069 1.7 1,287 47 248 -3.7 -2,762 -101 -533

2070 1.9 1,444 50 271 -3.8 -2,912 -100 -546

2071 2.0 1,607 52 293 -3.8 -3,072 -100 -561

2072 2.1 1,780 55 316 -3.8 -3,241 -100 -575

2073 2.2 1,963 57 339 -3.9 -3,420 -99 -591

2074 2.3 2,155 59 362 -3.9 -3,608 -99 -606

2075 2.5 2,356 61 385 -4.0 -3,807 -99 -622

2076 2.6 2,565 63 408 -4.0 -4,016 -99 -639

2077 2.7 2,786 65 431 -4.1 -4,238 -98 -655

2078 2.8 3,019 66 454 -4.1 -4,474 -98 -673

2079 2.9 3,263 68 478 -4.1 -4,722 -98 -691

2080 3.0 3,519 69 501 -4.2 -4,985 -98 -710

2081 3.1 3,790 70 525 -4.2 -5,261 -98 -729

2082 3.2 4,074 71 549 -4.3 -5,553 -97 -748

2083 3.2 4,371 72 573 -4.3 -5,859 -97 -768

2084 3.3 4,640 73 591 -4.4 -6,181 -97 -788

Total 2009-83 -2,044 -7,674

Based on Intermediate Assumptions of the 2009 Trustees Report.

1

 Trust Funds are assumed to borrow from the General Fund of the Treasury. Office of the Chief Actuary 2

 Equals net investment in special Treasury Bonds by the Trust Funds less the Amount Social Security Administration

 of General Fund Transfers specified in the proposal or in the theoretical plan (PAYGO Transfers) April 26, 2010

Estimate for Modified Present Law

Table 1c - OASDI Cash Flow to General Fund of the Treasury - Proposal vs. Theoretical OASDI1

Estimate for Proposal

(Billions of Dollars) (Billions of Dollars)

with Borrowing to Pay Scheduled Benefits
Table 1d - Change in Long-Range Trust Fund Assets / Unfunded Obligation

Expected Yield: Ryan Proposal

Average PSA Contribution: 5.12%

Present-Law OASDI Basic Benefit

Trust Fund Assets Changes, Reduction Amount Special Proposal OASDI 

or If Negative, for PSA Participation, Contributed Cost to Guarantee General Total Change Trust Fund Assets /

Unfunded Obligation & Net Effect for Group to PSA from PSA Cumulative Fund Through Unfunded Obligation

Through EOY Health Premium OASDI Yield at CPI Transfers End of Year Through EOY

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

Year

2010 2,454.8 0.0 0.0 0.0 0.0 0.0 2,454.8

2011 2,480.6 53.4 0.0 0.0 0.0 53.4 2,534.0

2012 2,513.4 53.9 29.5 0.0 0.0 77.8 2,591.2

2013 2,540.6 51.6 30.3 0.0 0.0 99.2 2,639.8

2014 2,555.4 55.6 30.8 0.0 0.0 123.9 2,679.3

2015 2,557.7 59.7 31.3 0.0 0.0 152.3 2,710.0

2016 2,545.1 63.3 31.5 0.0 0.0 184.1 2,729.2

2017 2,517.2 66.8 31.7 0.0 0.0 219.2 2,736.4

2018 2,473.2 70.7 31.8 0.0 0.0 258.1 2,731.4

2019 2,413.3 74.7 31.8 0.0 0.0 301.0 2,714.3

2020 2,338.0 75.7 31.7 0.1 0.0 345.0 2,683.0

2021 2,249.0 76.4 31.6 0.1 0.0 389.7 2,638.6

2022 2,147.6 77.1 62.7 0.1 0.0 403.9 2,551.5

2023 2,035.0 78.1 62.2 0.1 0.0 419.7 2,454.7

2024 1,912.3 79.2 61.6 0.1 0.0 437.1 2,349.5

2025 1,780.7 80.4 61.0 0.1 0.0 456.4 2,237.1

2026 1,641.3 81.5 60.4 0.1 0.0 477.4 2,118.6

2027 1,495.0 82.8 59.7 0.2 0.0 500.3 1,995.3

2028 1,342.7 84.3 59.0 0.2 0.0 525.5 1,868.2

2029 1,186.2 85.9 58.3 0.2 0.0 552.9 1,739.1

2030 1,026.0 87.8 57.5 0.3 0.0 583.0 1,609.0

2031 863.4 90.0 56.8 0.3 0.0 615.9 1,479.4

2032 699.4 92.5 84.0 0.3 0.0 624.0 1,323.4

2033 535.0 95.0 82.9 0.4 0.0 635.7 1,170.7

2034 371.0 97.5 81.9 0.4 0.0 651.0 1,022.0

2035 208.3 100.2 80.8 0.4 0.0 670.0 878.3

2036 47.4 102.7 79.8 0.4 0.0 692.5 739.9

2037 -111.2 105.6 78.8 0.4 69.7 788.7 677.5

2038 -266.7 108.7 77.8 0.4 109.4 928.5 661.8

2039 -418.7 112.0 76.8 0.4 104.0 1,067.3 648.6

2040 -566.7 115.2 75.9 0.4 94.8 1,201.1 634.3

2041 -710.8 118.6 74.9 0.4 89.8 1,334.0 623.2

2042 -851.1 122.0 98.7 0.5 100.2 1,457.1 606.0

2043 -987.7 125.7 97.4 0.5 95.2 1,580.0 592.3

2044 -1,120.9 129.4 96.2 0.5 86.5 1,699.2 578.2

2045 -1,251.0 133.2 95.0 0.5 81.7 1,818.5 567.5

2046 -1,378.2 137.0 93.8 0.5 69.6 1,930.9 552.6

2047 -1,502.8 140.9 92.6 0.5 61.5 2,040.2 537.4

2048 -1,624.7 144.9 91.4 0.4 57.1 2,150.4 525.7

2049 -1,744.0 148.9 90.3 0.4 49.4 2,258.0 514.0

2050 -1,861.0 152.7 89.1 0.4 38.3 2,359.5 498.5

2051 -1,975.9 156.9 87.9 0.4 34.3 2,462.4 486.5

2052 -2,089.1 161.0 86.8 0.4 27.1 2,563.3 474.2

2053 -2,200.9 165.2 85.6 0.4 20.1 2,662.6 461.6

2054 -2,311.5 169.4 84.5 0.4 13.2 2,760.3 448.8

2055 -2,421.0 173.4 83.4 0.4 9.8 2,859.7 438.7

2056 -2,529.6 177.4 82.3 0.4 3.2 2,957.5 428.0

2057 -2,637.5 181.2 81.2 0.4 0.0 3,057.2 419.7

2058 -2,744.5 185.0 80.2 0.3 0.0 3,161.7 417.1

2059 -2,850.8 188.6 79.1 0.3 0.0 3,270.8 420.0

2060 -2,956.3 192.0 78.1 0.3 0.0 3,384.5 428.1

2061 -3,061.1 195.1 77.1 0.3 0.0 3,502.3 441.2

2062 -3,165.1 198.2 76.0 0.3 0.0 3,624.1 459.0

2063 -3,268.4 201.2 75.0 0.3 -32.2 3,717.8 449.4

2064 -3,371.1 204.2 74.1 0.3 -40.5 3,807.2 436.1

2065 -3,473.2 207.1 73.1 0.3 -42.8 3,898.1 424.8

2066 -3,574.9 210.1 72.1 0.2 -45.1 3,990.8 415.9

2067 -3,676.2 212.8 71.2 0.2 -50.0 4,082.1 406.0

2068 -3,777.1 215.0 70.2 0.2 -54.9 4,171.8 394.8

2069 -3,877.6 216.9 69.3 0.2 -54.1 4,265.1 387.5

2070 -3,977.9 218.5 68.4 0.2 -58.8 4,356.3 378.4

2071 -4,077.8 219.9 67.5 0.2 -60.6 4,448.0 370.1

2072 -4,177.5 221.2 66.6 0.2 -62.4 4,540.1 362.5

2073 -4,277.0 222.4 65.7 0.2 -66.7 4,629.9 352.9

2074 -4,376.2 223.4 64.8 0.2 -65.8 4,722.5 346.3

2075 -4,475.1 224.3 63.9 0.2 -69.9 4,812.8 337.7

2076 -4,573.8 224.9 63.0 0.2 -69.0 4,905.5 331.7

2077 -4,672.3 225.5 62.2 0.2 -72.9 4,995.8 323.6

2078 -4,770.5 226.0 61.3 0.2 -71.9 5,088.4 318.0

2079 -4,868.5 226.4 60.5 0.2 -73.3 5,180.9 312.4

2080 -4,966.3 226.7 59.7 0.2 -76.9 5,270.9 304.6

2081 -5,063.9 226.9 58.8 0.2 -75.9 5,362.9 299.0

2082 -5,161.3 227.0 58.0 0.2 -71.3 5,460.5 299.2

2083 -5,258.4 227.0 57.2 0.2 0.0 5,630.1 371.6

Total 2009-83 10,562.6 4,914.1 18.5 0.0

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 5.1% Social Security Administration

Ultimate Annuity Yield of 5.1%

(Billions of Dollars, Present Value on 1-1-2009)

PSA Participation Rate: 50%

April 26, 2010
Expected Yield: Ryan Proposal

Payroll Tax Increase in Net Change Net Change Annual Amount Billions of $, Percent of

Revenue for Benefits Due to in OASDI in OASDI of Special Cumulative PV on Percent Taxable

GHP Covering GHP Cash Flow Cash Flow Transfer End of Year 1-1-2009 of GDP Payroll

(1) (2) (3) = (1) - (2) (4) (5) (6) = sum(5) (7) = (5) (8) (9)

Year Current Dollars

2010 0.0 0 0 0 0 0 0.0 0.0

2011 53.4 0 53 60 0 0 0.0 0.0

2012 54.0 0 54 63 0 0 0.0 0.0

2013 51.7 0 52 64 0 0 0.0 0.0

2014 55.9 0 56 72 0 0 0.0 0.0

2015 60.2 1 60 81 0 0 0.0 0.0

2016 64.1 1 63 90 0 0 0.0 0.0

2017 68.0 1 67 100 0 0 0.0 0.0

2018 71.6 2 70 111 0 0 0.0 0.0

2019 75.2 2 73 122 0 0 0.0 0.0

2020 75.7 3 73 128 0 0 0.0 0.0

2021 76.0 3 73 135 0 0 0.0 0.0

2022 76.2 4 72 141 0 0 0.0 0.0

2023 76.4 5 71 148 0 0 0.0 0.0

2024 76.5 6 71 155 0 0 0.0 0.0

2025 76.6 7 70 162 0 0 0.0 0.0

2026 76.7 8 69 168 0 0 0.0 0.0

2027 76.7 9 68 175 0 0 0.0 0.0

2028 76.8 10 66 182 0 0 0.0 0.0

2029 76.8 12 65 189 0 0 0.0 0.0

2030 76.9 13 64 196 0 0 0.0 0.0

2031 76.9 14 62 203 0 0 0.0 0.0

2032 77.0 16 61 210 0 0 0.0 0.0

2033 77.0 17 60 217 0 0 0.0 0.0

2034 77.1 19 58 224 0 0 0.0 0.0

2035 77.1 20 57 232 0 0 0.0 0.0

2036 77.2 22 56 239 0 0 0.0 0.0

2037 77.2 23 54 247 69.7 70 70 0.6 1.7

2038 77.2 24 53 255 109.4 179 109 1.0 2.7

2039 77.2 26 52 263 104.0 283 104 0.9 2.6

2040 77.3 27 50 272 94.8 378 95 0.9 2.4

2041 77.2 28 49 280 89.8 468 90 0.8 2.3

2042 77.2 29 48 289 100.2 568 100 0.9 2.6

2043 77.2 30 47 298 95.2 663 95 0.9 2.5

2044 77.2 32 46 307 86.5 750 86 0.8 2.3

2045 77.2 33 44 316 81.7 831 82 0.8 2.2

2046 77.1 34 43 325 69.6 901 70 0.7 1.9

2047 77.0 35 42 335 61.5 962 62 0.6 1.7

2048 76.9 36 41 345 57.1 1,020 57 0.6 1.6

2049 76.8 37 40 355 49.4 1,069 49 0.5 1.4

2050 76.7 38 39 365 38.3 1,107 38 0.4 1.1

2051 76.5 39 38 376 34.3 1,142 34 0.3 1.0

2052 76.4 40 37 387 27.1 1,169 27 0.3 0.8

2053 76.2 41 36 399 20.1 1,189 20 0.2 0.6

2054 76.1 41 35 411 13.2 1,202 13 0.1 0.4

2055 75.9 42 34 424 9.8 1,212 10 0.1 0.3

2056 75.7 43 33 438 3.2 1,215 3 0.0 0.1

2057 75.6 43 32 452 0.0 1,215 0 0.0 0.0

2058 75.4 44 32 467 0.0 1,215 0 0.0 0.0

2059 75.2 44 31 483 0.0 1,215 0 0.0 0.0

2060 75.0 45 30 501 0.0 1,215 0 0.0 0.0

2061 74.8 45 30 519 0.0 1,215 0 0.0 0.0

2062 74.5 45 29 539 0.0 1,215 0 0.0 0.0

2063 74.3 46 29 561 -32.2 1,183 -32 -0.4 -1.1

2064 74.1 46 28 584 -40.5 1,142 -41 -0.5 -1.4

2065 73.9 46 28 609 -42.8 1,099 -43 -0.5 -1.5

2066 73.6 46 27 636 -45.1 1,054 -45 -0.5 -1.6

2067 73.4 46 27 663 -50.0 1,004 -50 -0.6 -1.8

2068 73.1 46 27 692 -54.9 949 -55 -0.7 -2.0

2069 72.9 47 26 722 -54.1 895 -54 -0.7 -2.0

2070 72.6 47 26 754 -58.8 836 -59 -0.7 -2.2

2071 72.3 47 26 787 -60.6 776 -61 -0.8 -2.3

2072 72.1 47 25 821 -62.4 713 -62 -0.8 -2.4

2073 71.8 47 25 857 -66.7 647 -67 -0.9 -2.6

2074 71.5 47 25 895 -65.8 581 -66 -0.9 -2.6

2075 71.2 47 24 934 -69.9 511 -70 -0.9 -2.8

2076 70.9 47 24 974 -69.0 442 -69 -0.9 -2.8

2077 70.6 47 24 1,016 -72.9 369 -73 -1.0 -3.0

2078 70.3 47 23 1,059 -71.9 297 -72 -1.0 -3.0

2079 70.0 47 23 1,104 -73.3 224 -73 -1.0 -3.1

2080 69.7 47 23 1,150 -76.9 147 -77 -1.1 -3.3

2081 69.3 47 22 1,198 -75.9 71 -76 -1.1 -3.3

2082 69.0 47 22 1,247 -71.3 0 -71 -1.0 -3.1

2083 68.6 47 22 1,299 0 0.0 0.0

2084 68.3 47 21 1,352 0 0.0 0.0

Total 2009-83 5,350 2,119 3,231 0

Based on Intermediate Assumptions of the 2009 Trustees Report. Office of the Chief Actuary

Social Security Administration

(Billions of $, Present Value on 1-1-2009) (Billions of $, PV on 1-1-2009)

Special General Revenue Transfers

Table 1e - Special General Fund Transfers to and from the OASDI Trust Funds

Revenue and Benefits from Coverage of Group Health Premiums (GHP)

April 26, 2010
Expected Yield: Ryan Proposal

Cash Flow for Cash Flow for

Cash Flow Due Net Purchase Cash Flow Due Net Purchase

Total Cash to Net Special (Redemption) Total Cash to Net Special (Redemption)

Flow to the Transfers under of Treasury Flow to the Transfers under of Treasury

General Fund the Proposal Securities General Fund the Proposal Securities

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

Year

2009 19 0 19 20 0 20

2010 18 0 18 19 0 19

2011 80 0 80 86 0 86

2012 57 0 57 63 0 63

2013 49 0 49 55 0 55

2014 40 0 40 45 0 45

2015 31 0 31 36 0 36

2016 19 0 19 23 0 23

2017 7 0 7 9 0 9

2018 -5 0 -5 -6 0 -6

2019 -17 0 -17 -22 0 -22

2020 -31 0 -31 -41 0 -41

2021 -44 0 -44 -60 0 -60

2022 -87 0 -87 -120 0 -120

2023 -97 0 -97 -138 0 -138

2024 -105 0 -105 -154 0 -154

2025 -112 0 -112 -169 0 -169

2026 -118 0 -118 -183 0 -183

2027 -123 0 -123 -197 0 -197

2028 -127 0 -127 -209 0 -209

2029 -129 0 -129 -218 0 -218

2030 -130 0 -130 -226 0 -226

2031 -130 0 -130 -232 0 -232

2032 -156 0 -156 -287 0 -287

2033 -153 0 -153 -289 0 -289

2034 -149 0 -149 -290 0 -290

2035 -144 0 -144 -288 0 -288

2036 -138 0 -138 -285 0 -285

2037 -132 -70 -202 -281 -148 -428

2038 -125 -109 -234 -273 -239 -512

2039 -117 -104 -221 -263 -234 -497

2040 -109 -95 -204 -252 -219 -472

2041 -101 -90 -191 -240 -214 -454

2042 -117 -100 -218 -287 -245 -533

2043 -109 -95 -204 -274 -240 -514

2044 -100 -86 -187 -261 -224 -485

2045 -92 -82 -174 -246 -218 -464

2046 -85 -70 -154 -232 -191 -423

2047 -77 -62 -138 -217 -174 -390

2048 -69 -57 -126 -200 -166 -366

2049 -61 -49 -110 -183 -148 -330

2050 -54 -38 -92 -165 -118 -283

2051 -46 -34 -81 -147 -109 -256

2052 -39 -27 -66 -128 -88 -217

2053 -33 -20 -53 -109 -67 -177

2054 -26 -13 -39 -90 -46 -135

2055 -20 -10 -30 -71 -35 -105

2056 -14 -3 -17 -51 -12 -63

2057 -8 0 -8 -31 0 -31

2058 -3 0 -3 -10 0 -10

2059 3 0 3 11 0 11

2060 8 0 8 33 0 33

2061 13 0 13 55 0 55

2062 18 0 18 77 0 77

2063 23 32 55 101 144 245

2064 27 41 68 125 186 311

2065 32 43 74 149 202 352

2066 36 45 81 176 219 395

2067 40 50 90 201 250 451

2068 44 55 99 225 282 507

2069 47 54 101 248 287 535

2070 50 59 108 271 320 591

2071 52 61 113 293 340 633

2072 55 62 117 316 360 676

2073 57 67 124 339 396 735

2074 59 66 125 362 402 764

2075 61 70 131 385 440 825

2076 63 69 132 408 446 854

2077 65 73 138 431 485 916

2078 66 72 138 454 493 947

2079 68 73 141 478 517 994

2080 69 77 146 501 558 1,059

2081 70 76 146 525 566 1,091

2082 71 71 143 549 548 1,096

2083 72 0 72 573 0 573

2084 73 0 73 591 0 591

Based on Intermediate Assumptions of the 2009 Trustees Report. Office of the Chief Actuary

Social Security Administration

(Billions of Dollars, Present Value on 1-1-2009) (Billions of Constant 2009 Dollars)

Table 1f - Components of Cash Flow from the Trust Funds to the General Fund of the Treasury

April 26, 2010
Table 2 - Ryan Proposal: Title IV of "The Roadmap for America's Future Act of 2010"

Low/Risk-Adjusted Yield

PSA Contribution: Ultimate Real Trust Fund Yield of 2.9% Progressive Pricing Indexing starts PSA Participation: 50%

8%/4% in 2042; 1/4 in 2012; Ultimate Real PSA Yield of 2.65% in 2018 for those under 55 on 1-1-2011 Average PSA Contribution: 5.12%

1/2 in 2022; 3/4 in 2032 Ultimate Annuity Yield of 2.65%

Special

Trust Fund General Revenue Change in Net

Cost Income Annual Ratio Transfers from Contribution Contribution Redirected

Year Rate Rate Balance 1-1-yr Trust Fund Rate Rate1 to PSA

2009 12.35 12.83 0.48 354 12.40 0.00

2010 12.50 12.87 0.37 360 12.40 0.00

2011 12.37 13.88 1.51 366 12.40 0.00

2012 12.24 13.33 1.09 377 -0.55 11.85 0.55

2013 12.38 13.30 0.92 379 -0.01 11.84 0.56

2014 12.63 13.38 0.75 378 -0.01 11.83 0.57

2015 12.89 13.48 0.59 377 -0.01 11.82 0.58

2016 13.19 13.57 0.38 375 -0.01 11.81 0.59

2017 13.52 13.67 0.15 371 -0.01 11.80 0.60

2018 13.85 13.76 -0.09 366 -0.01 11.80 0.60

2019 14.18 13.86 -0.32 361 -0.01 11.79 0.61

2020 14.50 13.90 -0.60 354 -0.01 11.78 0.62

2021 14.80 13.94 -0.87 347 0.00 11.78 0.62

2022 15.08 13.35 -1.73 339 -0.63 11.15 1.25

2023 15.33 13.38 -1.95 327 -0.01 11.14 1.26

2024 15.57 13.42 -2.15 314 -0.01 11.14 1.26

2025 15.78 13.45 -2.33 301 0.00 11.13 1.27

2026 15.98 13.48 -2.49 287 0.00 11.13 1.27

2027 16.15 13.52 -2.63 273 0.00 11.13 1.27

2028 16.30 13.55 -2.75 258 0.00 11.12 1.28

2029 16.42 13.58 -2.83 243 0.00 11.12 1.28

2030 16.51 13.62 -2.89 228 0.00 11.12 1.28

2031 16.57 13.65 -2.92 213 0.00 11.12 1.28

2032 16.60 13.04 -3.56 198 -0.64 10.48 1.92

2033 16.61 13.07 -3.54 179 0.00 10.48 1.92

2034 16.58 13.10 -3.49 161 0.00 10.48 1.92

2035 16.54 13.12 -3.42 143 0.00 10.48 1.92

2036 16.48 13.15 -3.33 125 0.00 10.48 1.92

2037 16.40 14.87 -1.52 107 1.70 1.70 12.18 1.92

2038 16.28 15.99 -0.29 100 2.80 1.10 13.28 1.92

2039 16.15 15.81 -0.33 100 2.60 -0.20 13.08 1.92

2040 16.00 15.63 -0.37 100 2.40 -0.20 12.88 1.92

2041 15.84 15.45 -0.39 100 2.20 -0.20 12.68 1.92

2042 15.68 15.33 -0.35 100 2.70 -0.14 12.54 2.56

2043 15.51 15.15 -0.37 100 2.50 -0.20 12.34 2.56

2044 15.35 14.97 -0.38 100 2.30 -0.20 12.14 2.56

2045 15.18 14.88 -0.30 100 2.20 -0.10 12.04 2.56

2046 15.02 14.60 -0.42 100 1.90 -0.30 11.74 2.56

2047 14.85 14.52 -0.33 100 1.80 -0.10 11.64 2.56

2048 14.68 14.24 -0.44 100 1.50 -0.30 11.34 2.56

2049 14.50 14.15 -0.35 100 1.40 -0.10 11.24 2.56

2050 14.33 13.97 -0.36 100 1.20 -0.20 11.04 2.56

2051 14.15 13.79 -0.37 100 1.00 -0.20 10.84 2.56

2052 13.98 13.71 -0.28 100 0.90 -0.10 10.74 2.56

2053 13.82 13.42 -0.39 100 0.60 -0.30 10.44 2.56

2054 13.65 13.34 -0.31 100 0.50 -0.10 10.34 2.56

2055 13.49 13.16 -0.33 100 0.30 -0.20 10.14 2.56

2056 13.33 12.98 -0.36 100 0.10 -0.20 9.94 2.56

2057 13.18 12.89 -0.28 100 -0.10 9.84 2.56

2058 13.02 12.91 -0.11 100 0.00 9.84 2.56

2059 12.86 12.93 0.07 102 0.00 9.84 2.56

2060 12.71 12.95 0.24 105 0.00 9.84 2.56

2061 12.56 12.97 0.41 110 0.00 9.84 2.56

2062 12.41 12.99 0.57 116 0.00 9.84 2.56

2063 12.26 12.10 -0.16 123 -0.90 -0.90 8.94 2.56

2064 12.11 11.72 -0.39 125 -1.30 -0.40 8.54 2.56

2065 11.97 11.54 -0.43 125 -1.50 -0.20 8.34 2.56

2066 11.81 11.46 -0.35 125 -1.60 -0.10 8.24 2.56

2067 11.67 11.28 -0.39 125 -1.80 -0.20 8.04 2.56

2068 11.54 11.20 -0.34 125 -1.90 -0.10 7.94 2.56

2069 11.43 11.12 -0.31 125 -2.00 -0.10 7.84 2.56

2070 11.32 11.04 -0.28 125 -2.10 -0.10 7.74 2.56

2071 11.21 10.86 -0.35 125 -2.30 -0.20 7.54 2.56

2072 11.11 10.78 -0.33 125 -2.40 -0.10 7.44 2.56

2073 11.02 10.70 -0.32 125 -2.50 -0.10 7.34 2.56

2074 10.93 10.62 -0.30 125 -2.60 -0.10 7.24 2.56

2075 10.84 10.55 -0.29 125 -2.70 -0.10 7.14 2.56

2076 10.75 10.47 -0.29 125 -2.80 -0.10 7.04 2.56

2077 10.67 10.39 -0.28 125 -2.90 -0.10 6.94 2.56

2078 10.59 10.41 -0.18 125 -2.90 0.00 6.94 2.56

2079 10.52 10.24 -0.28 125 -3.10 -0.20 6.74 2.56

2080 10.45 10.16 -0.29 125 -3.20 -0.10 6.64 2.56

2081 10.37 10.08 -0.29 125 -3.30 -0.10 6.54 2.56

2082 10.31 10.01 -0.30 125 -3.40 -0.10 6.44 2.56

2083 10.24 11.87 1.63 125 -1.56 1.84 8.28 2.56

2084 10.18 13.43 3.25 143 1.56 9.84 2.56

Net General

Actuarial Revenue Transfer

Cost Rate Income Rate Balance ($ billions) Guarantee that PSA account balance at annuitization

2009-2083 14.03 14.06 0.04 $0.0 equals contributions accumulated at CPI-W inflation rate.

Based on Intermediate Assumptions of the 2009 Trustees Report.

All values are expressed as percents of taxable payroll, except the Trust Fund Ratios. Office of the Chief Actuary 1

 Net payroll tax rate to the Trust Funds; reduced by amount redirected for PSA contribution. Social Security Administration

OASDI "Effective" Rate

Summarized OASDI

Change in

Actuarial Balance

2.04

April 26, 2010
Table 2a - Proposal General Fund Transfers, OASDI Trust Fund Assets, and Theoretical OASDI Assets

Low/Risk-Adjusted Yield: Ryan Proposal

Theoretical Social Security

Total OASDI with Borrowing Authority2

:

Proposal Special General Fund Transfers Trust Fund PSA

Annual Amounts Percentage of Annual Accumulated as Assets at Assets at Without GF With Plan GF

(in billions) Payroll Amounts of End of Year End of Year End of Year1 GDP Transfer Transfer (proposal)

Calendar (1) (2) (3) (4) (5) (6) (7) (8) (9)

Year PV as of 1-1-2009 Billions of Constant 2009 Dollars

2009 2,556 0 14,088 2,556 2,556

2010 0.0 0.00 0.0 0.0 2,650 0 14,348 2,650 2,650

2011 0.0 0.00 0.0 0.0 2,797 0 14,837 2,738 2,738

2012 0.0 0.00 0.0 0.0 2,917 33 15,332 2,829 2,829

2013 0.0 0.00 0.0 0.0 3,023 68 15,758 2,909 2,909

2014 0.0 0.00 0.0 0.0 3,125 105 16,145 2,981 2,981

2015 0.0 0.00 0.0 0.0 3,231 145 16,510 3,049 3,049

2016 0.0 0.00 0.0 0.0 3,327 186 16,809 3,103 3,103

2017 0.0 0.00 0.0 0.0 3,415 229 17,115 3,141 3,141

2018 0.0 0.00 0.0 0.0 3,492 274 17,422 3,162 3,162

2019 0.0 0.00 0.0 0.0 3,559 321 17,725 3,164 3,164

2020 0.0 0.00 0.0 0.0 3,611 370 18,031 3,146 3,146

2021 0.0 0.00 0.0 0.0 3,648 422 18,343 3,109 3,109

2022 0.0 0.00 0.0 0.0 3,627 519 18,660 3,053 3,053

2023 0.0 0.00 0.0 0.0 3,590 621 18,984 2,977 2,977

2024 0.0 0.00 0.0 0.0 3,536 727 19,313 2,878 2,878

2025 0.0 0.00 0.0 0.0 3,464 836 19,648 2,758 2,758

2026 0.0 0.00 0.0 0.0 3,376 949 19,986 2,616 2,616

2027 0.0 0.00 0.0 0.0 3,272 1,065 20,333 2,452 2,452

2028 0.0 0.00 0.0 0.0 3,152 1,185 20,684 2,266 2,266

2029 0.0 0.00 0.0 0.0 3,019 1,308 21,046 2,060 2,060

2030 0.0 0.00 0.0 0.0 2,874 1,435 21,416 1,833 1,833

2031 0.0 0.00 0.0 0.0 2,719 1,564 21,795 1,587 1,587

2032 0.0 0.00 0.0 0.0 2,502 1,750 22,185 1,323 1,323

2033 0.0 0.00 0.0 0.0 2,277 1,941 22,581 1,041 1,041

2034 0.0 0.00 0.0 0.0 2,045 2,137 22,987 743 743

2035 0.0 0.00 0.0 0.0 1,808 2,338 23,398 429 429

2036 0.0 0.00 0.0 0.0 1,566 2,544 23,817 101 101

2037 69.7 1.70 148.0 152.2 1,475 2,755 24,248 -243 -95

2038 113.4 2.80 247.7 411.4 1,491 2,971 24,690 -599 -351

2039 104.0 2.60 233.8 663.8 1,503 3,192 25,141 -968 -734

2040 94.8 2.40 219.3 908.5 1,511 3,418 25,599 -1,348 -1,128

2041 85.9 2.20 204.3 1,145.0 1,517 3,648 26,062 -1,739 -1,535

2042 104.1 2.70 254.7 1,440.2 1,527 3,945 26,533 -2,143 -1,888

2043 95.2 2.50 239.7 1,728.5 1,535 4,249 27,014 -2,559 -2,319

2044 86.5 2.30 224.1 2,009.1 1,540 4,559 27,500 -2,989 -2,764

2045 81.7 2.20 217.8 2,291.4 1,554 4,876 27,993 -3,432 -3,214

2046 69.6 1.90 191.1 2,554.4 1,556 5,199 28,491 -3,891 -3,700

2047 65.1 1.80 183.9 2,817.7 1,566 5,528 28,995 -4,365 -4,181

2048 53.6 1.50 155.7 3,059.5 1,564 5,863 29,506 -4,856 -4,701

2049 49.4 1.40 147.6 3,300.1 1,571 6,204 30,023 -5,364 -5,217

2050 41.8 1.20 128.5 3,527.9 1,577 6,550 30,544 -5,890 -5,761

2051 34.3 1.00 108.8 3,742.1 1,581 6,901 31,072 -6,435 -6,326

2052 30.5 0.90 99.4 3,952.9 1,595 7,257 31,610 -7,001 -6,902

2053 20.1 0.60 67.3 4,136.7 1,595 7,618 32,155 -7,590 -7,522

2054 16.5 0.50 56.9 4,315.2 1,605 7,983 32,709 -8,202 -8,145

2055 9.8 0.30 34.7 4,476.1 1,612 8,351 33,271 -8,840 -8,805

2056 3.2 0.10 11.7 4,618.0 1,615 8,723 33,843 -9,504 -9,492

2057 0.0 0.00 0.0 4,751.9 1,627 9,099 34,427 -10,197 -10,197

2058 0.0 0.00 0.0 4,889.7 1,660 9,477 35,021 -10,918 -10,918

2059 0.0 0.00 0.0 5,031.5 1,716 9,860 35,627 -11,670 -11,670

2060 0.0 0.00 0.0 5,177.4 1,797 10,245 36,243 -12,453 -12,453

2061 0.0 0.00 0.0 5,327.5 1,901 10,632 36,867 -13,268 -13,268

2062 0.0 0.00 0.0 5,482.0 2,032 11,022 37,501 -14,117 -14,117

2063 -26.4 -0.90 -117.7 5,519.9 2,069 11,415 38,145 -15,000 -15,118

2064 -37.6 -1.30 -172.7 5,502.4 2,075 11,809 38,800 -15,920 -16,093

2065 -42.8 -1.50 -202.3 5,453.9 2,075 12,205 39,463 -16,878 -17,081

2066 -45.1 -1.60 -219.1 5,386.7 2,085 12,603 40,139 -17,876 -18,095

2067 -50.0 -1.80 -250.3 5,285.4 2,089 13,003 40,827 -18,916 -19,166

2068 -52.1 -1.90 -268.3 5,162.7 2,099 13,404 41,526 -19,999 -20,267

2069 -54.1 -2.00 -286.8 5,017.5 2,115 13,806 42,234 -21,126 -21,413

2070 -56.1 -2.10 -305.7 4,848.6 2,134 14,210 42,952 -22,301 -22,607

2071 -60.6 -2.30 -339.9 4,639.6 2,141 14,614 43,681 -23,525 -23,864

2072 -62.4 -2.40 -360.1 4,403.8 2,151 15,019 44,425 -24,799 -25,159

2073 -64.1 -2.50 -380.9 4,139.8 2,163 15,425 45,179 -26,125 -26,506

2074 -65.8 -2.60 -402.1 3,846.2 2,177 15,832 45,945 -27,506 -27,908

2075 -67.4 -2.70 -423.9 3,521.8 2,193 16,239 46,719 -28,944 -29,368

2076 -69.0 -2.80 -446.2 3,165.0 2,209 16,647 47,503 -30,440 -30,886

2077 -70.4 -2.90 -469.1 2,774.3 2,225 17,055 48,298 -31,997 -32,466

2078 -69.5 -2.90 -476.1 2,365.1 2,259 17,465 49,104 -33,617 -34,093

2079 -73.3 -3.10 -516.5 1,902.4 2,275 17,875 49,921 -35,303 -35,819

2080 -74.6 -3.20 -541.1 1,401.1 2,291 18,285 50,749 -37,056 -37,598

2081 -75.9 -3.30 -566.3 859.3 2,305 18,697 51,591 -38,880 -39,447

2082 -77.1 -3.40 -592.1 275.2 2,318 19,093 52,445 -40,777 -41,369

2083 -34.9 -1.56 -275.7 0.0 2,681 19,506 53,314 -42,749 -43,025

2084 0.0 0.00 0.0 0.0 3,357 19,919 54,195 -44,800 -44,800

Total 2009-2083 0.0

Based on Intermediate Assumptions of the 2009 Trustees Report.

1

 Including annuity assets, assuming all annuitize fully. Office of the Chief Actuary

2

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

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

Net OASDI TF Assets at End of Year

Billions of Constant 2009 $

April 26, 2010
Table 2b - PSA Contributions, OASDI Changes, & Budget Effect (Present Value Dollars)

Low/Risk-Adjusted Yield: Ryan Proposal Average PSA Contribution: 5.12%

Basic Benefit

Changes, Reduction Change in Change in Change in 

Amount Cost to Guarantee for PSA Participation Annual Debt Held Annual

Contributed PSA Cumulative & Net Effect for Group Unified Budget by Public Unified Budget

to PSA Yield at CPI Health Premium Cash Flow (End of Year) Balance

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

Year

2010 0.0 0.0 0.0 0.0 0.0 0.0

2011 0.0 0.0 53.4 53.4 -53.4 53.4

2012 29.5 0.0 53.9 24.4 -77.8 26.8

2013 30.3 0.0 51.6 21.3 -99.2 24.9

2014 30.8 0.0 55.6 24.7 -123.9 29.5

2015 31.3 0.0 59.7 28.4 -152.3 34.3

2016 31.5 0.0 63.3 31.8 -184.1 39.2

2017 31.7 0.0 66.8 35.1 -219.2 44.3

2018 31.8 0.0 70.7 38.9 -258.1 50.0

2019 31.8 0.0 74.7 42.9 -301.0 56.2

2020 31.7 0.1 75.7 43.9 -344.9 59.6

2021 31.6 0.1 76.4 44.7 -389.6 63.0

2022 62.7 0.1 77.1 14.2 -403.9 35.2

2023 62.2 0.1 78.1 15.7 -419.6 37.8

2024 61.6 0.2 79.2 17.4 -437.0 40.3

2025 61.0 0.2 80.4 19.2 -456.2 43.1

2026 60.4 0.2 81.5 21.0 -477.2 45.9

2027 59.7 0.2 82.8 22.9 -500.1 49.0

2028 59.0 0.2 84.3 25.1 -525.2 52.4

2029 58.3 0.2 85.9 27.4 -552.6 56.1

2030 57.5 0.4 87.8 29.9 -582.5 60.1

2031 56.8 0.4 90.0 32.8 -615.3 64.7

2032 84.0 0.5 92.5 7.9 -623.3 41.6

2033 82.9 0.5 95.0 11.5 -634.8 45.6

2034 81.9 0.6 97.5 15.1 -649.9 49.8

2035 80.8 0.6 100.2 18.8 -668.7 54.3

2036 79.8 0.6 102.7 22.3 -691.0 58.9

2037 78.8 0.7 105.6 26.1 -717.1 63.9

2038 77.8 0.7 108.7 30.2 -747.3 69.4

2039 76.8 0.8 112.0 34.4 -781.7 75.2

2040 75.9 0.8 115.2 38.6 -820.2 81.3

2041 74.9 0.8 118.6 42.8 -863.1 87.6

2042 98.7 0.9 122.0 22.5 -885.6 69.7

2043 97.4 0.9 125.7 27.3 -912.9 75.7

2044 96.2 0.9 129.4 32.2 -945.1 82.1

2045 95.0 1.0 133.2 37.2 -982.3 88.9

2046 93.8 1.0 137.0 42.2 -1024.5 95.9

2047 92.6 1.0 140.9 47.3 -1071.8 103.3

2048 91.4 1.0 144.9 52.5 -1124.3 111.0

2049 90.3 1.0 148.9 57.6 -1181.9 119.0

2050 89.1 1.1 152.7 62.6 -1244.4 127.2

2051 87.9 1.1 156.9 67.9 -1312.3 135.9

2052 86.8 1.1 161.0 73.2 -1385.5 144.9

2053 85.6 1.1 165.2 78.4 -1463.9 154.1

2054 84.5 1.2 169.4 83.7 -1547.6 163.8

2055 83.4 1.2 173.4 88.9 -1636.5 173.4

2056 82.3 1.2 177.4 93.9 -1730.4 183.3

2057 81.2 1.2 181.2 98.8 -1829.2 193.4

2058 80.2 1.2 185.0 103.6 -1932.8 203.6

2059 79.1 1.2 188.6 108.3 -2041.0 213.9

2060 78.1 1.2 192.0 112.8 -2153.8 224.3

2061 77.1 1.2 195.1 116.8 -2270.6 234.5

2062 76.0 1.2 198.2 120.9 -2391.5 245.0

2063 75.0 1.3 201.2 124.9 -2516.4 255.6

2064 74.1 1.3 204.2 128.9 -2645.3 266.4

2065 73.1 1.3 207.1 132.7 -2778.0 277.3

2066 72.1 1.3 210.1 136.7 -2914.7 288.5

2067 71.2 1.3 212.8 140.3 -3055.0 299.6

2068 70.2 1.3 215.0 143.5 -3198.5 310.4

2069 69.3 1.3 216.9 146.3 -3344.8 321.1

2070 68.4 1.3 218.5 148.8 -3493.6 331.6

2071 67.5 1.3 219.9 151.1 -3644.7 342.1

2072 66.6 1.3 221.2 153.3 -3798.1 352.5

2073 65.7 1.4 222.4 155.4 -3953.4 362.9

2074 64.8 1.4 223.4 157.2 -4110.7 373.3

2075 63.9 1.4 224.3 159.0 -4269.6 383.6

2076 63.0 1.4 224.9 160.5 -4430.2 393.9

2077 62.2 1.4 225.5 162.0 -4592.1 404.1

2078 61.3 1.4 226.0 163.3 -4755.4 414.3

2079 60.5 1.4 226.4 164.5 -4919.9 424.4

2080 59.7 1.4 226.7 165.7 -5085.6 434.5

2081 58.8 1.4 226.9 166.7 -5252.3 444.6

2082 58.0 1.4 227.0 167.6 -5419.9 454.6

2083 57.2 1.4 227.0 168.4 -5588.2 464.6

2084 56.4 1.4 226.8 169.0 -5757.2 474.4

Total 2009-83 4914.1 60.3 10562.6

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 2.65% Social Security Administration

Ultimate Annuity Yield of 2.65%

Billions of present value dollars as of 1-1-2009

April 26, 2010
Table 2b.c - PSA Contributions, OASDI Changes, & Budget Effect (Constant Dollars)

Low/Risk-Adjusted Yield: Ryan Proposal Average PSA Contribution: 5.12%

Basic Benefit

Changes, Reduction Change in Change in Change in 

Amount Cost to Guarantee for PSA Participation Annual Debt Held Annual

Contributed PSA Cumulative & Net Effect for Group Unified Budget by Public Unified Budget

to PSA Yield at CPI Health Premium Cash Flow (End of Year) Balance

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

Year

2010 0.0 0.0 0.0 0.0 0.0 0.0

2011 0.0 0.0 57.6 57.6 -59.0 59.0

2012 32.5 0.0 59.3 26.8 -87.6 30.2

2013 33.8 0.0 57.7 23.9 -113.5 28.6

2014 35.1 0.0 63.3 28.2 -144.5 34.4

2015 36.4 0.0 69.4 33.0 -181.5 40.9

2016 37.5 0.0 75.3 37.8 -224.4 47.8

2017 38.6 0.0 81.3 42.7 -273.5 55.2

2018 39.6 0.0 88.1 48.5 -330.0 64.0

2019 40.6 0.0 95.4 54.8 -394.7 73.7

2020 41.5 0.1 99.1 57.5 -464.2 80.2

2021 42.5 0.1 102.7 60.1 -538.7 87.1

2022 86.7 0.2 106.5 19.7 -574.1 50.1

2023 88.5 0.2 111.0 22.4 -613.7 55.3

2024 90.2 0.2 115.9 25.5 -657.7 60.7

2025 91.9 0.3 121.0 28.9 -706.5 66.7

2026 93.5 0.3 126.3 32.5 -760.4 73.2

2027 95.1 0.3 132.0 36.6 -820.1 80.4

2028 96.8 0.3 138.3 41.1 -886.2 88.4

2029 98.4 0.4 145.1 46.3 -959.5 97.5

2030 99.9 0.7 152.6 52.0 -1040.8 107.4

2031 101.5 0.8 160.9 58.7 -1131.3 118.9

2032 154.6 0.9 170.1 14.6 -1179.1 78.7

2033 157.0 1.0 179.8 21.8 -1235.7 88.7

2034 159.4 1.1 190.0 29.4 -1301.8 99.8

2035 161.9 1.2 200.8 37.6 -1378.3 111.9

2036 164.5 1.3 211.9 46.0 -1465.6 124.8

2037 167.1 1.5 224.1 55.5 -1565.1 139.5

2038 169.9 1.6 237.3 65.9 -1678.3 155.8

2039 172.6 1.7 251.6 77.3 -1806.5 173.9

2040 175.4 1.8 266.4 89.2 -1950.5 193.3

2041 178.3 2.0 282.1 101.8 -2111.9 214.4

2042 241.5 2.1 298.8 55.1 -2229.8 175.5

2043 245.5 2.3 316.5 68.8 -2365.2 196.2

2044 249.4 2.4 335.4 83.5 -2519.8 218.9

2045 253.5 2.6 355.2 99.2 -2694.9 243.8

2046 257.5 2.7 376.0 115.8 -2892.2 270.7

2047 261.6 2.8 398.1 133.6 -3113.4 300.1

2048 265.7 3.0 421.2 152.4 -3360.5 331.9

2049 269.9 3.1 445.3 172.2 -3635.1 366.1

2050 274.1 3.2 470.0 192.6 -3938.6 402.5

2051 278.4 3.4 496.8 214.9 -4273.9 442.6

2052 282.7 3.6 524.7 238.4 -4643.0 485.5

2053 287.1 3.8 553.8 262.9 -5048.1 531.5

2054 291.6 4.0 584.5 288.9 -5491.6 581.0

2055 296.1 4.2 615.7 315.4 -5975.3 633.3

2056 300.7 4.4 647.9 342.9 -6501.2 688.7

2057 305.3 4.5 681.2 371.4 -7071.7 747.6

2058 310.1 4.6 715.5 400.8 -7689.0 809.9

2059 314.9 4.8 750.6 430.9 -8355.2 875.6

2060 319.8 4.9 786.5 461.8 -9072.4 944.8

2061 324.8 5.1 822.2 492.3 -9841.9 1016.6

2062 329.8 5.4 859.4 524.3 -10666.5 1092.7

2063 334.9 5.6 898.0 557.5 -11549.2 1173.2

2064 340.1 5.9 937.6 591.7 -12492.6 1258.0

2065 345.3 6.1 978.4 627.0 -13499.8 1347.5

2066 350.6 6.3 1021.7 664.7 -14575.0 1442.9

2067 356.0 6.5 1064.5 701.9 -15719.6 1541.6

2068 361.5 6.8 1106.9 738.6 -16935.2 1643.7

2069 367.0 7.0 1149.0 775.0 -18223.4 1749.5

2070 372.7 7.2 1191.0 811.2 -19586.2 1859.1

2071 378.3 7.5 1233.6 847.7 -21026.1 1973.4

2072 384.1 7.8 1276.8 884.9 -22545.9 2092.6

2073 390.0 8.1 1320.8 922.7 -24148.8 2217.0

2074 395.9 8.4 1365.3 961.0 -25837.5 2346.4

2075 401.9 8.7 1410.3 999.7 -27614.9 2481.2

2076 408.0 9.0 1455.6 1038.6 -29484.0 2621.2

2077 414.1 9.3 1501.8 1078.4 -31448.1 2767.2

2078 420.3 9.6 1548.7 1118.9 -33510.9 2919.3

2079 426.5 9.9 1596.5 1160.0 -35675.7 3077.6

2080 432.9 10.2 1644.9 1201.8 -37946.4 3242.3

2081 439.3 10.5 1694.1 1244.3 -40326.6 3413.8

2082 445.8 10.8 1743.9 1287.3 -42820.0 3591.9

2083 452.4 11.1 1794.3 1330.8 -45430.5 3776.8

2084 459.1 11.4 1844.9 1374.4 -48161.6 3968.4

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 2.65% Social Security Administration

Ultimate Annuity Yield of 2.65%

Billions of Constant 2009 Dollars

April 26, 2010
Low/Risk-Adjusted Yield: Ryan Proposal

Net Amount of Cash Flow from the OASDI Net Amount of Cash Flow from the OASDI

Trust Funds to the General Fund of the Trust Funds to the General Fund of the

Treasury During the Year2 Treasury During the Year2

Percentage Percentage

Year of payroll Current $ PV as of 1/1/09 Constant 2009 $ of payroll Current $ PV as of 1/1/09 Constant 2009 $

2009 0.4 20 19 20 0.4 20 19 20

2010 0.3 19 18 19 0.3 19 18 19

2011 1.5 89 80 86 0.5 29 26 28

2012 1.1 68 57 63 0.6 39 33 36

2013 0.9 60 49 55 0.5 34 27 31

2014 0.7 51 40 45 0.3 19 15 17

2015 0.6 42 31 36 0.0 3 3 3

2016 0.4 28 19 23 -0.2 -18 -12 -15

2017 0.1 11 7 9 -0.5 -42 -28 -34

2018 -0.1 -8 -5 -6 -0.8 -69 -44 -55

2019 -0.3 -28 -17 -22 -1.2 -100 -60 -76

2020 -0.6 -55 -31 -41 -1.5 -132 -75 -98

2021 -0.9 -82 -44 -60 -1.8 -165 -89 -120

2022 -1.7 -170 -87 -120 -2.0 -198 -101 -140

2023 -2.0 -200 -97 -138 -2.3 -233 -113 -160

2024 -2.2 -230 -105 -154 -2.5 -268 -123 -179

2025 -2.3 -260 -112 -169 -2.7 -305 -132 -198

2026 -2.5 -290 -118 -184 -2.9 -342 -139 -216

2027 -2.6 -320 -123 -197 -3.1 -379 -146 -233

2028 -2.8 -349 -127 -209 -3.3 -417 -152 -250

2029 -2.8 -375 -129 -218 -3.4 -454 -157 -264

2030 -2.9 -400 -130 -226 -3.6 -491 -160 -278

2031 -2.9 -421 -130 -232 -3.7 -528 -163 -291

2032 -3.6 -536 -156 -287 -3.7 -563 -164 -302

2033 -3.5 -555 -153 -290 -3.8 -597 -164 -311

2034 -3.5 -572 -149 -290 -3.8 -630 -164 -319

2035 -3.4 -585 -144 -288 -3.9 -661 -163 -326

2036 -3.3 -596 -139 -286 -3.9 -692 -161 -332

2037 -3.2 -602 -132 -281 -3.9 -721 -159 -337

2038 -3.1 -603 -125 -274 -3.8 -748 -156 -340

2039 -2.9 -598 -118 -264 -3.8 -773 -152 -341

2040 -2.8 -589 -109 -253 -3.7 -797 -148 -342

2041 -2.6 -577 -101 -241 -3.7 -820 -144 -343

2042 -3.1 -709 -118 -288 -3.6 -845 -140 -343

2043 -2.9 -696 -109 -275 -3.6 -870 -137 -344

2044 -2.7 -680 -101 -262 -3.5 -897 -133 -345

2045 -2.5 -662 -93 -248 -3.5 -927 -130 -347

2046 -2.3 -641 -85 -233 -3.5 -959 -127 -349

2047 -2.1 -616 -77 -218 -3.4 -993 -125 -352

2048 -1.9 -586 -69 -202 -3.4 -1,029 -122 -354

2049 -1.7 -551 -62 -184 -3.4 -1,065 -119 -357

2050 -1.6 -513 -54 -167 -3.4 -1,104 -117 -360

2051 -1.4 -470 -47 -149 -3.3 -1,148 -115 -364

2052 -1.2 -423 -40 -131 -3.3 -1,196 -113 -369

2053 -1.0 -373 -33 -112 -3.3 -1,249 -112 -375

2054 -0.8 -317 -27 -92 -3.3 -1,307 -111 -381

2055 -0.6 -258 -21 -73 -3.4 -1,369 -110 -389

2056 -0.5 -195 -15 -54 -3.4 -1,437 -109 -397

2057 -0.3 -127 -9 -34 -3.4 -1,509 -108 -405

2058 -0.1 -51 -3 -13 -3.4 -1,585 -107 -414

2059 0.1 31 2 8 -3.4 -1,664 -106 -423

2060 0.2 120 7 30 -3.5 -1,747 -105 -432

2061 0.4 212 12 51 -3.5 -1,835 -105 -441

2062 0.6 313 17 73 -3.5 -1,927 -104 -451

2063 0.7 424 22 96 -3.5 -2,025 -103 -461

2064 0.9 543 26 120 -3.5 -2,129 -103 -471

2065 1.1 670 31 144 -3.6 -2,240 -102 -483

2066 1.2 813 35 170 -3.6 -2,359 -102 -494

2067 1.4 958 39 195 -3.6 -2,485 -101 -507

2068 1.6 1,106 43 219 -3.7 -2,619 -101 -519

2069 1.7 1,256 46 242 -3.7 -2,762 -101 -533

2070 1.8 1,411 49 265 -3.8 -2,912 -100 -546

2071 1.9 1,572 51 287 -3.8 -3,072 -100 -561

2072 2.1 1,743 54 309 -3.8 -3,241 -100 -575

2073 2.2 1,923 56 332 -3.9 -3,420 -99 -591

2074 2.3 2,112 58 355 -3.9 -3,608 -99 -606

2075 2.4 2,310 60 378 -4.0 -3,807 -99 -622

2076 2.5 2,516 62 400 -4.0 -4,016 -99 -639

2077 2.6 2,734 64 423 -4.1 -4,238 -98 -655

2078 2.7 2,963 65 446 -4.1 -4,474 -98 -673

2079 2.8 3,204 67 469 -4.1 -4,722 -98 -691

2080 2.9 3,457 68 492 -4.2 -4,985 -98 -710

2081 3.0 3,724 69 516 -4.2 -5,261 -98 -729

2082 3.1 4,004 70 539 -4.3 -5,553 -97 -748

2083 3.2 4,297 71 563 -4.3 -5,859 -97 -768

2084 3.2 4,562 71 582 -4.4 -6,181 -97 -788

Total 2009-83 -2,086 -7,674

Based on Intermediate Assumptions of the 2009 Trustees Report.

1

 Trust Funds are assumed to borrow from the General Fund of the Treasury. Office of the Chief Actuary 2

 Equals net investment in special Treasury Bonds by the Trust Funds less the Amount Social Security Administration

 of General Fund Transfers specified in the proposal or in the theoretical plan (PAYGO Transfers) April 26, 2010

Table 2c - OASDI Cash Flow to General Fund of the Treasury - Proposal vs. Theoretical OASDI1

Estimate for Modified Present Law

Estimate for Proposal with Borrowing to Pay Scheduled Benefits

(Billions of Dollars) (Billions of Dollars)
Table 2d - Change in Long-Range Trust Fund Assets / Unfunded Obligation

Low/Risk-Adjusted Yield: Ryan Proposal

Average PSA Contribution: 5.12%

Present-Law OASDI Basic Benefit

Trust Fund Assets Changes, Reduction Amount Special Proposal OASDI 

or If Negative, for PSA Participation, Contributed Cost to Guarantee General Total Change Trust Fund Assets /

Unfunded Obligation & Net Effect for Group to PSA from PSA Cumulative Fund Through Unfunded Obligation

Through EOY Health Premium OASDI Yield at CPI Transfers End of Year Through EOY

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

Year

2010 2,454.8 0.0 0.0 0.0 0.0 0.0 2,454.8

2011 2,480.6 53.4 0.0 0.0 0.0 53.4 2,534.0

2012 2,513.4 53.9 29.5 0.0 0.0 77.8 2,591.2

2013 2,540.6 51.6 30.3 0.0 0.0 99.2 2,639.8

2014 2,555.4 55.6 30.8 0.0 0.0 123.9 2,679.3

2015 2,557.7 59.7 31.3 0.0 0.0 152.3 2,710.0

2016 2,545.1 63.3 31.5 0.0 0.0 184.1 2,729.2

2017 2,517.2 66.8 31.7 0.0 0.0 219.2 2,736.4

2018 2,473.2 70.7 31.8 0.0 0.0 258.1 2,731.4

2019 2,413.3 74.7 31.8 0.0 0.0 301.0 2,714.3

2020 2,338.0 75.7 31.7 0.1 0.0 344.9 2,682.9

2021 2,249.0 76.4 31.6 0.1 0.0 389.6 2,638.6

2022 2,147.6 77.1 62.7 0.1 0.0 403.9 2,551.4

2023 2,035.0 78.1 62.2 0.1 0.0 419.6 2,454.6

2024 1,912.3 79.2 61.6 0.2 0.0 437.0 2,349.3

2025 1,780.7 80.4 61.0 0.2 0.0 456.2 2,236.9

2026 1,641.3 81.5 60.4 0.2 0.0 477.2 2,118.4

2027 1,495.0 82.8 59.7 0.2 0.0 500.1 1,995.0

2028 1,342.7 84.3 59.0 0.2 0.0 525.2 1,867.9

2029 1,186.2 85.9 58.3 0.2 0.0 552.6 1,738.7

2030 1,026.0 87.8 57.5 0.4 0.0 582.5 1,608.5

2031 863.4 90.0 56.8 0.4 0.0 615.3 1,478.8

2032 699.4 92.5 84.0 0.5 0.0 623.3 1,322.7

2033 535.0 95.0 82.9 0.5 0.0 634.8 1,169.7

2034 371.0 97.5 81.9 0.6 0.0 649.9 1,020.9

2035 208.3 100.2 80.8 0.6 0.0 668.7 877.0

2036 47.4 102.7 79.8 0.6 0.0 691.0 738.4

2037 -111.2 105.6 78.8 0.7 69.7 786.8 675.6

2038 -266.7 108.7 77.8 0.7 113.4 930.5 663.7

2039 -418.7 112.0 76.8 0.8 104.0 1,068.9 650.2

2040 -566.7 115.2 75.9 0.8 94.8 1,202.3 635.6

2041 -710.8 118.6 74.9 0.8 85.9 1,331.0 620.1

2042 -851.1 122.0 98.7 0.9 104.1 1,457.5 606.4

2043 -987.7 125.7 97.4 0.9 95.2 1,580.0 592.3

2044 -1,120.9 129.4 96.2 0.9 86.5 1,698.7 577.8

2045 -1,251.0 133.2 95.0 1.0 81.7 1,817.6 566.5

2046 -1,378.2 137.0 93.8 1.0 69.6 1,929.4 551.2

2047 -1,502.8 140.9 92.6 1.0 65.1 2,041.8 539.0

2048 -1,624.7 144.9 91.4 1.0 53.6 2,147.8 523.1

2049 -1,744.0 148.9 90.3 1.0 49.4 2,254.8 510.8

2050 -1,861.0 152.7 89.1 1.1 41.8 2,359.1 498.2

2051 -1,975.9 156.9 87.9 1.1 34.3 2,461.4 485.5

2052 -2,089.1 161.0 86.8 1.1 30.5 2,565.0 475.9

2053 -2,200.9 165.2 85.6 1.1 20.1 2,663.5 462.6

2054 -2,311.5 169.4 84.5 1.2 16.5 2,763.8 452.3

2055 -2,421.0 173.4 83.4 1.2 9.8 2,862.4 441.4

2056 -2,529.6 177.4 82.3 1.2 3.2 2,959.5 429.9

2057 -2,637.5 181.2 81.2 1.2 0.0 3,058.3 420.8

2058 -2,744.5 185.0 80.2 1.2 0.0 3,161.9 417.3

2059 -2,850.8 188.6 79.1 1.2 0.0 3,270.1 419.3

2060 -2,956.3 192.0 78.1 1.2 0.0 3,382.9 426.5

2061 -3,061.1 195.1 77.1 1.2 0.0 3,499.7 438.6

2062 -3,165.1 198.2 76.0 1.2 0.0 3,620.6 455.5

2063 -3,268.4 201.2 75.0 1.3 -26.4 3,719.1 450.7

2064 -3,371.1 204.2 74.1 1.3 -37.6 3,810.4 439.3

2065 -3,473.2 207.1 73.1 1.3 -42.8 3,900.3 427.1

2066 -3,574.9 210.1 72.1 1.3 -45.1 3,991.9 417.0

2067 -3,676.2 212.8 71.2 1.3 -50.0 4,082.2 406.0

2068 -3,777.1 215.0 70.2 1.3 -52.1 4,173.6 396.5

2069 -3,877.6 216.9 69.3 1.3 -54.1 4,265.7 388.1

2070 -3,977.9 218.5 68.4 1.3 -56.1 4,358.5 380.6

2071 -4,077.8 219.9 67.5 1.3 -60.6 4,449.0 371.2

2072 -4,177.5 221.2 66.6 1.3 -62.4 4,539.9 362.4

2073 -4,277.0 222.4 65.7 1.4 -64.1 4,631.2 354.2

2074 -4,376.2 223.4 64.8 1.4 -65.8 4,722.6 346.4

2075 -4,475.1 224.3 63.9 1.4 -67.4 4,814.2 339.0

2076 -4,573.8 224.9 63.0 1.4 -69.0 4,905.7 331.9

2077 -4,672.3 225.5 62.2 1.4 -70.4 4,997.2 325.0

2078 -4,770.5 226.0 61.3 1.4 -69.5 5,091.0 320.5

2079 -4,868.5 226.4 60.5 1.4 -73.3 5,182.3 313.8

2080 -4,966.3 226.7 59.7 1.4 -74.6 5,273.4 307.0

2081 -5,063.9 226.9 58.8 1.4 -75.9 5,364.2 300.3

2082 -5,161.3 227.0 58.0 1.4 -77.1 5,454.7 293.4

2083 -5,258.4 227.0 57.2 1.4 -34.9 5,588.2 329.7

Total 2009-83 10,562.6 4,914.1 60.3 0.0

Based on Intermediate Assumptions of the 2009 Trustees Report. Ultimate Real Trust Fund Yield of 2.9% Office of the Chief Actuary

Ultimate Real PSA Yield of 2.65% Social Security Administration

Ultimate Annuity Yield of 2.65%

PSA Participation Rate: 50%

(Billions of Dollars, Present Value on 1-1-2009)

April 26, 2010
Low/Risk-Adjusted Yield: Ryan Proposal

Payroll Tax Increase in Net Change Net Change Annual Amount Billions of $, Percent of

Revenue for Benefits Due to in OASDI in OASDI of Special Cumulative PV on Percent Taxable

GHP Covering GHP Cash Flow Cash Flow Transfer End of Year 1-1-2009 of GDP Payroll

(1) (2) (3) = (1) - (2) (4) (5) (6) = sum(5) (7) = (5) (8) (9)

Year Current Dollars

2010 0.0 0 0 0 0 0 0.0 0.0

2011 53.4 0 53 60 0 0 0.0 0.0

2012 54.0 0 54 63 0 0 0.0 0.0

2013 51.7 0 52 64 0 0 0.0 0.0

2014 55.9 0 56 72 0 0 0.0 0.0

2015 60.2 1 60 81 0 0 0.0 0.0

2016 64.1 1 63 90 0 0 0.0 0.0

2017 68.0 1 67 100 0 0 0.0 0.0

2018 71.6 2 70 111 0 0 0.0 0.0

2019 75.2 2 73 122 0 0 0.0 0.0

2020 75.7 3 73 128 0 0 0.0 0.0

2021 76.0 3 73 135 0 0 0.0 0.0

2022 76.2 4 72 141 0 0 0.0 0.0

2023 76.4 5 71 148 0 0 0.0 0.0

2024 76.5 6 71 155 0 0 0.0 0.0

2025 76.6 7 70 162 0 0 0.0 0.0

2026 76.7 8 69 168 0 0 0.0 0.0

2027 76.7 9 68 175 0 0 0.0 0.0

2028 76.8 10 66 182 0 0 0.0 0.0

2029 76.8 12 65 189 0 0 0.0 0.0

2030 76.9 13 64 196 0 0 0.0 0.0

2031 76.9 14 62 203 0 0 0.0 0.0

2032 77.0 16 61 210 0 0 0.0 0.0

2033 77.0 17 60 217 0 0 0.0 0.0

2034 77.1 19 58 224 0 0 0.0 0.0

2035 77.1 20 57 232 0 0 0.0 0.0

2036 77.2 22 56 239 0 0 0.0 0.0

2037 77.2 23 54 247 69.7 70 70 0.6 1.7

2038 77.2 24 53 255 113.4 183 113 1.0 2.8

2039 77.2 26 52 263 104.0 287 104 0.9 2.6

2040 77.3 27 50 272 94.8 382 95 0.9 2.4

2041 77.2 28 49 280 85.9 468 86 0.8 2.2

2042 77.2 29 48 289 104.1 572 104 1.0 2.7

2043 77.2 30 47 298 95.2 667 95 0.9 2.5

2044 77.2 32 46 307 86.5 754 86 0.8 2.3

2045 77.2 33 44 316 81.7 835 82 0.8 2.2

2046 77.1 34 43 325 69.6 905 70 0.7 1.9

2047 77.0 35 42 335 65.1 970 65 0.6 1.8

2048 76.9 36 41 345 53.6 1,024 54 0.5 1.5

2049 76.8 37 40 355 49.4 1,073 49 0.5 1.4

2050 76.7 38 39 365 41.8 1,115 42 0.4 1.2

2051 76.5 39 38 376 34.3 1,149 34 0.3 1.0

2052 76.4 40 37 387 30.5 1,180 31 0.3 0.9

2053 76.2 41 36 399 20.1 1,200 20 0.2 0.6

2054 76.1 41 35 411 16.5 1,216 17 0.2 0.5

2055 75.9 42 34 424 9.8 1,226 10 0.1 0.3

2056 75.7 43 33 438 3.2 1,229 3 0.0 0.1

2057 75.6 43 32 452 0.0 1,229 0 0.0 0.0

2058 75.4 44 32 467 0.0 1,229 0 0.0 0.0

2059 75.2 44 31 483 0.0 1,229 0 0.0 0.0

2060 75.0 45 30 501 0.0 1,229 0 0.0 0.0

2061 74.8 45 30 519 0.0 1,229 0 0.0 0.0

2062 74.5 45 29 539 0.0 1,229 0 0.0 0.0

2063 74.3 46 29 561 -26.4 1,203 -26 -0.3 -0.9

2064 74.1 46 28 584 -37.6 1,165 -38 -0.4 -1.3

2065 73.9 46 28 609 -42.8 1,122 -43 -0.5 -1.5

2066 73.6 46 27 636 -45.1 1,077 -45 -0.5 -1.6

2067 73.4 46 27 663 -50.0 1,027 -50 -0.6 -1.8

2068 73.1 46 27 692 -52.1 975 -52 -0.6 -1.9

2069 72.9 47 26 722 -54.1 921 -54 -0.7 -2.0

2070 72.6 47 26 754 -56.1 865 -56 -0.7 -2.1

2071 72.3 47 26 787 -60.6 804 -61 -0.8 -2.3

2072 72.1 47 25 821 -62.4 742 -62 -0.8 -2.4

2073 71.8 47 25 857 -64.1 678 -64 -0.8 -2.5

2074 71.5 47 25 895 -65.8 612 -66 -0.9 -2.6

2075 71.2 47 24 934 -67.4 545 -67 -0.9 -2.7

2076 70.9 47 24 974 -69.0 476 -69 -0.9 -2.8

2077 70.6 47 24 1,016 -70.4 405 -70 -1.0 -2.9

2078 70.3 47 23 1,059 -69.5 336 -69 -1.0 -2.9

2079 70.0 47 23 1,104 -73.3 262 -73 -1.0 -3.1

2080 69.7 47 23 1,150 -74.6 188 -75 -1.1 -3.2

2081 69.3 47 22 1,198 -75.9 112 -76 -1.1 -3.3

2082 69.0 47 22 1,247 -77.1 35 -77 -1.1 -3.4

2083 68.6 47 22 1,299 -34.9 -35 -0.5 -1.6

2084 68.3 47 21 1,352 0 0.0 0.0

Total 2009-83 5,350 2,119 3,231 0

Based on Intermediate Assumptions of the 2009 Trustees Report. Office of the Chief Actuary

Social Security Administration

Table 2e - Special General Fund Transfers to and from the OASDI Trust Funds

Revenue and Benefits from Coverage of Group Health Premiums (GHP) Special General Revenue Transfers for 100% Trust Fund Ratio

(Billions of $, Present Value on 1-1-2009) (Billions of $, PV on 1-1-2009)

April 26, 2010
Low/Risk-Adjusted Yield: Ryan Proposal

Cash Flow for Cash Flow for

Cash Flow Due Net Purchase Cash Flow Due Net Purchase

Total Cash to Net Special (Redemption) Total Cash to Net Special (Redemption)

Flow to the Transfers under of Treasury Flow to the Transfers under of Treasury

General Fund the Proposal Securities General Fund the Proposal Securities

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

Year

2009 19 0 19 20 0 20

2010 18 0 18 19 0 19

2011 80 0 80 86 0 86

2012 57 0 57 63 0 63

2013 49 0 49 55 0 55

2014 40 0 40 45 0 45

2015 31 0 31 36 0 36

2016 19 0 19 23 0 23

2017 7 0 7 9 0 9

2018 -5 0 -5 -6 0 -6

2019 -17 0 -17 -22 0 -22

2020 -31 0 -31 -41 0 -41

2021 -44 0 -44 -60 0 -60

2022 -87 0 -87 -120 0 -120

2023 -97 0 -97 -138 0 -138

2024 -105 0 -105 -154 0 -154

2025 -112 0 -112 -169 0 -169

2026 -118 0 -118 -184 0 -184

2027 -123 0 -123 -197 0 -197

2028 -127 0 -127 -209 0 -209

2029 -129 0 -129 -218 0 -218

2030 -130 0 -130 -226 0 -226

2031 -130 0 -130 -232 0 -232

2032 -156 0 -156 -287 0 -287

2033 -153 0 -153 -290 0 -290

2034 -149 0 -149 -290 0 -290

2035 -144 0 -144 -288 0 -288

2036 -139 0 -139 -286 0 -286

2037 -132 -70 -202 -281 -148 -429

2038 -125 -113 -239 -274 -248 -521

2039 -118 -104 -222 -264 -234 -498

2040 -109 -95 -204 -253 -219 -472

2041 -101 -86 -187 -241 -204 -445

2042 -118 -104 -222 -288 -255 -543

2043 -109 -95 -204 -275 -240 -515

2044 -101 -86 -187 -262 -224 -486

2045 -93 -82 -175 -248 -218 -466

2046 -85 -70 -155 -233 -191 -424

2047 -77 -65 -142 -218 -184 -402

2048 -69 -54 -123 -202 -156 -358

2049 -62 -49 -111 -184 -148 -332

2050 -54 -42 -96 -167 -129 -296

2051 -47 -34 -81 -149 -109 -258

2052 -40 -31 -71 -131 -99 -230

2053 -33 -20 -53 -112 -67 -179

2054 -27 -17 -43 -92 -57 -149

2055 -21 -10 -30 -73 -35 -108

2056 -15 -3 -18 -54 -12 -66

2057 -9 0 -9 -34 0 -34

2058 -3 0 -3 -13 0 -13

2059 2 0 2 8 0 8

2060 7 0 7 30 0 30

2061 12 0 12 51 0 51

2062 17 0 17 73 0 73

2063 22 26 48 96 118 214

2064 26 38 64 120 173 293

2065 31 43 73 144 202 347

2066 35 45 80 170 219 390

2067 39 50 89 195 250 446

2068 43 52 95 219 268 488

2069 46 54 100 242 287 529

2070 49 56 105 265 306 570

2071 51 61 112 287 340 627

2072 54 62 116 309 360 670

2073 56 64 120 332 381 713

2074 58 66 124 355 402 757

2075 60 67 127 378 424 801

2076 62 69 131 400 446 846

2077 64 70 134 423 469 892

2078 65 69 135 446 476 922

2079 67 73 140 469 517 985

2080 68 75 142 492 541 1,033

2081 69 76 145 516 566 1,082

2082 70 77 147 539 592 1,131

2083 71 35 106 563 276 839

2084 71 0 71 582 0 582

Based on Intermediate Assumptions of the 2009 Trustees Report. Office of the Chief Actuary

Social Security Administration

Table 2f - Components of Cash Flow from the Trust Funds to the General Fund of the Treasury

(Billions of Dollars, Present Value on 1-1-2009) (Billions of Constant 2009 Dollars)

April 26, 2010