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<body bgcolor="white" text="black">
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<p class="pBody">
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</p><div align="left">
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<table border="0" cellpadding="0" cellspacing="0" width="100%" summary="Actuarial Note identifing information">
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<tr align="right" valign="top"> <td><a name="wp135775"> </a><div class="pTitle">
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ACTUARIAL NOTE
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</div>
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</td>
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<td><a name="wp135777"> </a><div class="pCellBody">
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</div>
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</td>
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</tr>
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<tr align="right" valign="top"> <td><a name="wp135779"> </a><div class="pCellBody">
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</div>
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</td>
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<td><a name="wp135814"> </a><div class="pSSA">
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SOCIAL SECURITY ADMINISTRATION
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</div>
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</td>
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</tr>
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<tr align="right" valign="top"> <td><a name="wp135830"> </a><div class="pDate">
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Number 144<br />June 2001
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</div>
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</td>
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<td><a name="wp135822"> </a><div class="pOCACT">
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Office of the Chief Actuary<br />Baltimore, Maryland
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</div>
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</td>
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</tr>
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<tr align="right" valign="top"> <td colspan="2" rowspan="1"><a name="wp135842"> </a><div class="pNoteTitle">
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INTERNAL REAL RATES OF RETURN UNDER THE OASDI PROGRAM<br />
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FOR HYPOTHETICAL WORKERS
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</div>
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</td>
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</tr>
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<tr align="right" valign="top"> <td colspan="2" rowspan="1"><a name="wp135858"> </a><div class="pAuthor">
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by Orlo R. Nichols, Michael D. Clingman, <br />and Milton P. Glanz
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</div>
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</td>
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</tr>
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</table>
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</div>
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<p class="pBodyBold">Introduction</p>
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<p class="pBody"> This note presents analysis of internal real rates of
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return for hypothetical workers with various earnings patterns and levels
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under the Old-Age, Survivors and Disability Insurance (OASDI) program. The
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internal real rate of return (hereinafter referred to as the internal rate
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of return) is the real interest rate (effective real annual yield) for
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which the present value of expected payroll taxes is equal to the present
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value of expected benefits. Therefore, internal rates of return represent
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an attempt to answer the question: If the contributions of a group of
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workers with selected characteristics were invested to fund the future
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benefits of the workers and their dependents, at what real annual yield
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would the contributions need to be invested
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<a href="#footnote-1" class="footnote"><sup>1</sup></a>?
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Because contributions are not expected to be
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sufficient to fully finance scheduled benefits after 2037, analysis is
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included for the OASDI program both as in present law, and with assumed
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future increases in contribution rates that would fully finance the
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benefits of present law.</p>
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<p class="pBody"> Because the Social Security program has operated on a
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largely pay-as-you-go (PAYGO) basis, the level of contributions of each
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generation of workers is not directly related to the benefits they will
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receive. Under a PAYGO plan, benefits are not based on the accumulation of
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individual contributions, as in a defined contribution plan, nor are
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annual contributions determined based on scheduled future benefits of
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current workers and beneficiaries, as in an advance-funded defined benefit
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plan. Rather, the combined amount of contributions from workers needed to
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fund the system at any time has been largely determined by the combined
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amount of benefits paid at that time. The internal rates of return depend
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on the contribution tax rates and Social Security benefit levels set by
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Congress. They do not in any significant way reflect the rate of interest
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on assets invested in the OASI and DI Trust Funds.</p>
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<p class="pBody"> Internal rate of return does not reflect the full value
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of insurance in reducing the risk for extreme outcomes, like death or
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disability at very young ages or survival to very old ages. In addition,
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calculations of the internal rate of return from Social Security benefits
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are not fully adequate for making comparisons with private-sector plans,
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since many features of Social Security benefits are not typically
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available in private-sector plans. Examples include guaranteed
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cost-of-living adjustments based on the Consumer Price Index, and benefits
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for life in the event of disability. However internal rates of return are
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of value for exploring the relative value of benefits provided across
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generations and types of workers.</p>
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<p class="pBody"> Hypothetical workers are presented in this note with two
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types of earnings patterns. These are designated as <em class="Emphasis">
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steady</em> and <em class="Emphasis"> scaled</em> . A worker with a <em
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class="Emphasis"> steady</em> pattern has earnings that are a constant
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percentage of the average wage<a href="#footnote-2"
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class="footnote"><sup>2</sup></a> for each year of work. A worker with a
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<em class="Emphasis"> scaled</em> earnings pattern has earnings that vary
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with age as a percentage of the average wage. Steady workers are assumed
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to enter covered employment at age 22 and remain employed until
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disability, death, or retirement at age 65. Scaled workers are assumed to
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enter the labor force at age 21, and reflect varying rates of employment
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until disability, death, or retirement at age 65. </p>
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<p class="pBody"> The Office of the Chief Actuary has for years been
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producing internal rates of return. An example can be found in Appendix II
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of Volume I of the 1994-96 Advisory Council Report on Social Security. The
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office has only recently developed an approach for representing non-steady
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hypothetical workers, referred to in this note as scaled workers.
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Alternative approaches to considering non-steady earnings histories have
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been addressed by other authors, and it is recognized that a broader set
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of earnings patterns might be desirable to more fully explore the
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distributions of benefits payable and internal rates of return under the
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OASDI program. However, for the sake of practicality, the number of cases
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considered in this note is limited. </p>
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<p class="pBody"> Internal rates of return are presented in tables 3, 4, 5,
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and 6 for hypothetical workers who differ by year of birth, earnings
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level, family grouping, and earnings pattern (steady and scaled).</p>
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<p class="pBodyBold">Methodology and Assumptions</p>
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<p class="pBody"> Computation of internal rates of return requires a
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complete simulation of the experience of each hypothetical group of
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workers for all years after first entering the labor force (assumed at age
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21 or 22 for this note). The possibility of dying or becoming disabled in
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each year after entering the labor force must be taken into account.
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Actual experience is used for historical years. Projections of future
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experience are based on the intermediate assumptions of the 2001 Trustees
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Report. While it is recognized that mortality and disability both tend to
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be higher for lower paid workers, this fact is not reflected in the cases
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presented in this note. Further analysis will be necessary to properly
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address this issue. We have chosen hypothetical cases with 11 different
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years of birth from 1920 through 2004 to demonstrate the variation in
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internal rates of return across generations. Our analysis includes the
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payment of all OASDI benefits for death, disability, and retirement,
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reflecting historical and projected probabilities of death, disability,
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and recovery from disability. Retirement is assumed to be at age 65 for
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non-disabled workers. </p>
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<p class="pBody"> As mentioned above, two types of hypothetical earnings
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patterns are presented, <em class="Emphasis"> steady</em> and <em
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class="Emphasis"> scaled</em>. The <em class="Emphasis"> steady</em>
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earnings pattern assumes that the worker is a steady full-time employee
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with no interruptions in employment. The <em class="Emphasis"> steady</em>
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worker begins working in covered employment at age 22 and the worker's
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earnings increase each year at the same rate as the average wage. The
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<em class="Emphasis"> steady</em> worker is assumed to stay employed,
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except for periods of disability, until death, or until retirement at age 65.
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For the <em class="Emphasis"> steady</em> earnings pattern, the following
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four levels of earnings are presented in tables 3, 4, 5, and 6. </p>
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<ul>
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<li class="Bullet"><div class="pSmartList1">
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<strong class="Bold0">Low:</strong>
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Annual earnings are equal to 45 percent of the average wage.</div></li>
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<li class="Bullet"><div class="pSmartList1">
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<strong class="Bold0">Average:</strong>
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Annual earnings are equal to the average wage.</div> </li>
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<li class="Bullet"><div class="pSmartList1">
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<strong class="Bold0">High:</strong>
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Annual earnings are equal to 160 percent of the average wage
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<a href="#footnote-3" class="footnote"><sup>3</sup></a>.</div></li>
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<li class="Bullet"><div class="pSmartList1">
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<strong class="Bold0">Maximum:</strong>
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Annual earnings are equal to the OASDI Contribution and Benefit Base
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<a href="#footnote-4" class="footnote"><sup>4</sup></a>.</div></li>
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|
</ul>
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<p class="pBody"> The OASDI benefit levels associated with these four
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earnings levels "best represent"<a href="#footnote-5"
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class="footnote"><sup>5</sup></a> different proportions of the male, as
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|
compared with the female, worker populations. The table below summarizes the
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representation of actual male and female retirees in 1999 by these four
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|
cases. Additional discussion of the distributions illustrated in this
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table is included in the section "Discussion of Worker Earnings and
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Benefit Levels".</p>
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<table align="center" border="0" cellpadding="1" cellspacing="2" width="80%">
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<caption>
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<a name="table-1"></a>
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<div class="pTableTitle">Table 1.--Distribution of Actual
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Workers Retiring in 1999 by Level,<br />Relative to PIA Levels for Hypothetical
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Steady Earnings Cases Retiring in 1999</div><hr /></caption>
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<tr align="right" valign="bottom">
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<th rowspan="2" colspan="1"><div class="pCellHeading">Hypothetical case</div><hr /></th>
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<th rowspan="1" colspan="3"><div class="pCellHeading">Percent with PIA <a href="note144.html#51004"><sup>1</sup></a> less than PIA<br /> for hypothetical case</div><hr /></th>
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<th scope="col"><div class="pCellHeading"> </div></th>
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<th rowspan="1" colspan="3"><div class="pCellHeading">Percent with PIA closest to PIA<br />for hypothetical case <a href="note144.html#17364"><sup>2</sup></a></div><hr /></th>
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</tr>
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<tr align="right" valign="bottom">
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<th scope="col"><div class="pCellHeadingR"><div class="pCellHeadingR">Male </div><hr /></th>
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<th scope="col"><div class="pCellHeadingR">Female </div><hr /></th>
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<th scope="col"><div class="pCellHeadingR">Total </div><hr /></th>
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<th scope="col"><div class="pCellHeading"> </div></th>
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<th scope="col"><div class="pCellHeadingR">Male </div><hr /></th>
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<th scope="col"><div class="pCellHeadingR">Female </div><hr /></th>
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<th scope="col"><div class="pCellHeadingR">Total </div><hr /></th>
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</tr>
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<tr align="right" valign="bottom">
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<th scope="col"><div class="pCellBodyL">Low</div></th>
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<td><div class="pCellBody">10.0</div></td>
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<td><div class="pCellBody">48.4</div></td>
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<td><div class="pCellBody">27.8</div></td>
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<td><div class="pCellBody"> </div></td>
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<td><div class="pCellBody">20.0</div></td>
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<td><div class="pCellBody">71.7</div></td>
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<td><div class="pCellBody">44.0</div></td>
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</tr>
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<tr align="right" valign="bottom">
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<th scope="col"><div class="pCellBodyL">Average</div></th>
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<td><div class="pCellBody">33.9</div></td>
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<td><div class="pCellBody">86.5</div></td>
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<td><div class="pCellBody">58.3</div></td>
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<td><div class="pCellBody"> </div></td>
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<td><div class="pCellBody">28.5</div></td>
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<td><div class="pCellBody">21.7</div></td>
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<td><div class="pCellBody">25.3</div></td>
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</tr>
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<tr align="right" valign="bottom">
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<th scope="col"><div class="pCellBodyL">High</div></th>
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<td><div class="pCellBody">75.2</div></td>
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<td><div class="pCellBody">98.6</div></td>
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<td><div class="pCellBody">86.0</div></td>
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<td><div class="pCellBody"> </div></td>
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<td><div class="pCellBody">41.1</div></td>
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<td><div class="pCellBody">6.2</div></td>
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<td><div class="pCellBody">24.9</div></td>
|
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</tr>
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|
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<tr align="right" valign="bottom">
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|
<th scope="col"><div class="pCellBodyL">Maximum</div></th>
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|
<td><div class="pCellBody">100.0</div></td>
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|
<td><div class="pCellBody">100.0</div></td>
|
|
<td><div class="pCellBody">100.0</div></td>
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|
<td><div class="pCellBody"> </div></td>
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|
<td><div class="pCellBody">10.4</div></td>
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|
<td><div class="pCellBody">.3</div></td>
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|
<td><div class="pCellBody">5.7</div></td>
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</tr>
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<tr align="right" valign="bottom">
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<td rowspan="1" colspan="8"><hr /></td>
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<tr align="right" valign="bottom">
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<td rowspan="1" colspan="8"><a name="51004"></a>
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<p class="pTableFootnote"><sup>1 </sup>Primary Insurance Amount. The PIA is the full
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(that is, unreduced) monthly benefit level, which is payable to disabled
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workers and to retired workers who become entitled at normal retirement
|
|
age.</p></td>
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</tr>
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<tr align="right" valign="bottom">
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<td rowspan="1" colspan="8"><a name="17364"></a>
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<p class="pTableFootnote"><sup>2 </sup>May not add to 100 percent due to
|
|
rounding.</p></td>
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</tr>
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</table>
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<p class="pBody">It should be noted that the percentages indicated above
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reflect the status of workers retiring in 1999, and that these percentages
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would be different for workers retiring in earlier or later years. For
|
|
example, the increasing employment rates for women over the last several
|
|
decades is expected to result in relatively greater increases in
|
|
career-average earnings for women than for men in the future. Therefore,
|
|
the difference in the distributions of male and female retired workers by
|
|
benefit levels is expected to diminish in the future.</p>
|
|
|
|
<p class="pBody">In actuality, the year-to-year earnings of most workers
|
|
do not follow these steady earnings patterns. Career earnings often start
|
|
out at a relatively low level in the early years of employment, increase
|
|
rapidly and peak in mid career, and then level off or even decline
|
|
somewhat in later years. In addition, workers do not necessarily work in
|
|
every year after entering the labor force and prior to disability, death,
|
|
or retirement. To reflect these patterns, alternative cases, which are
|
|
designated as <em class="Emphasis"> scaled</em> , are presented. These
|
|
<em class="Emphasis"> scaled</em> cases were developed using available sample
|
|
earnings data for workers who are fully insured under the OASDI program.
|
|
They take into account changes in earnings levels by age as well as
|
|
periods of unemployment or withdrawal from the labor force. However,
|
|
"maximum" workers are assumed to have steady maximum earnings
|
|
starting at age 22 and thus equal to the steady worker cases.</p>
|
|
|
|
<p class="pBody"> To maintain comparability with the hypothetical
|
|
<em class="Emphasis"> steady</em> worker cases that have been used in the
|
|
past, earnings for the <em class="Emphasis"> scaled</em> workers were
|
|
adjusted to produce equivalent Social Security retirement benefit levels.
|
|
For each earnings level (low, medium, or high), year of birth, and family
|
|
grouping, the earnings of the worker with the <em class="Emphasis">
|
|
scaled</em> earnings pattern is multiplied by that constant factor which
|
|
produces the same AIME <a href="#footnote-6" class="footnote"><sup>6</sup></a>
|
|
(and, consequently, the same Social Security retirement benefit) as the
|
|
corresponding worker with <em class="Emphasis"> steady</em> earnings
|
|
<a href="#footnote-7" class="footnote"><sup>7</sup></a>.</p>
|
|
|
|
<p class="pBody"> The resulting internal rate of return for the scaled
|
|
worker turns out to be somewhat higher than that for the corresponding
|
|
steady worker, even though retirement benefits are the same. As shown in
|
|
the Appendix, more earnings are paid later in life for the scaled worker,
|
|
making the average time between when taxes are paid and when benefits are
|
|
received less than for the steady worker. This shorter period of time
|
|
between when taxes are paid and benefits are received for scaled workers
|
|
results in a higher internal rate of return. However, for disability
|
|
benefits no uniform relationship between internal rates of return for
|
|
steady and scaled earnings records is evident.</p>
|
|
|
|
<p class="pBody"> For this note, internal rates of return were determined
|
|
for two specifications of the OASDI program, <em class="Emphasis"> Present
|
|
Law</em> and <em class="Emphasis"> PL PAYGO</em> . The
|
|
<em class="Emphasis"> Present Law</em> specification is based on the taxes and
|
|
benefits specified in present law, assuming no future legislative changes.
|
|
However, the program income and assets under present law are projected to
|
|
be inadequate to fully pay all benefits through the 75-year projection
|
|
period. Therefore we also present an analysis based on a set of modified
|
|
payroll-tax rates, called <em class="Emphasis"> PL PAYGO</em> . Under the
|
|
<em class="Emphasis"> PL PAYGO</em> specification, payroll-tax rates are
|
|
assumed to be increased as needed so that present-law benefits would
|
|
always be payable and that the amount of assets in the combined OASI and
|
|
DI Trust Funds would always equal at least one year's outgo. The
|
|
<em class="Emphasis"> PL PAYGO</em> payroll-tax rates begin to increase over
|
|
the <em class="Emphasis"> Present Law</em> rates in 2025 and reach 17.2
|
|
percent by 2060. The schedule of tax rates for <em class="Emphasis">
|
|
Present Law</em> and for <em class="Emphasis"> PL PAYGO</em> , under the
|
|
intermediate assumptions of the 2001 Trustees Report, are shown below.</p>
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="40%">
|
|
<caption>
|
|
<a name="table-2"></a>
|
|
<div class="pTableTitle">Table 2.--OASDI Payroll Tax Rates, for <br />
|
|
Employee and Employer Combined (percent)</div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading"> </div></th>
|
|
<th scope="col"><div class="pCellHeading">Present Law</div><hr /></th>
|
|
<th scope="col"> <div class="pCellHeading">PL PAYGO</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading">2000-2024</div></th>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading">2025-2029</div></th>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
<td><div class="pCellBodyC">13.10</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading">2030-2049</div></th>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
<td><div class="pCellBodyC">15.80</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading">2050-2059</div></th>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
<td><div class="pCellBodyC">16.50</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeading">2060-2075</div></td>
|
|
<td><div class="pCellBodyC">12.40</div></td>
|
|
<td><div class="pCellBodyC">17.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="3"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<br />
|
|
|
|
<p class="pBody">It is expected that further increases in
|
|
<em class="Emphasis">PL PAYGO</em> tax rates would be needed after 2075 due
|
|
to continuing increases in life expectancy.</p>
|
|
|
|
<p class="pBody"> Internal rates of return for the first six year-of-birth
|
|
cohorts studied are the same for both <em class="Emphasis"> Present
|
|
Law</em> and <em class="Emphasis"> PL PAYGO</em> for every family
|
|
grouping, every earnings level and for both steady and scaled earnings;
|
|
since each of these year-of-birth cohorts reaches age 65 prior to 2025
|
|
(when the PL PAYGO first departs from the Present Law tax schedule).</p>
|
|
|
|
<p class="pBody"> The hypothetical workers presented in this note are
|
|
grouped by sex and family grouping into four categories: single males,
|
|
single females, one-earner couples where only the husband is employed, and
|
|
two-earner couples. The single-earner examples are presented for all four
|
|
earnings levels listed above. The two-earner couples are presented at five
|
|
earnings combinations as follows:</p>
|
|
|
|
<p class="pIndented5">
|
|
(1) Husband high, wife high;<br />
|
|
(2) Husband high, wife average;<br />
|
|
(3) Husband average, wife average;<br />
|
|
(4) Husband average, wife low; and<br />
|
|
(5) Husband low, wife low.</p>
|
|
|
|
|
|
<p class="pBody">Each worker is assumed to enter the labor market on his
|
|
or her 22<em class="BodySuperscript">nd</em> birthday if earnings are
|
|
steady, 21<em class="BodySuperscript">st</em>
|
|
if they are scaled. Because labor force participation rates are
|
|
relatively low at younger ages, steady workers are assumed to start at a
|
|
higher age than the scaled workers, who reflect varying probabilities of
|
|
employment. The wife and husband of each couple are assumed to have the
|
|
same date of birth. Each marriage is assumed to occur on the joint 22<em
|
|
class="BodySuperscript">nd</em> birthday of the wife and husband and to
|
|
continue for life. Two children are assumed, one born on the joint 25<em
|
|
class="BodySuperscript">th</em> birthday of the wife and husband, and one
|
|
born on the joint 27<em class="BodySuperscript">th</em> birthday of the
|
|
wife and husband. All types of retirement, disability, and survivor
|
|
benefits are considered, except for benefits to student children, benefits
|
|
to disabled-adult children, and benefits to parents based on caring for a
|
|
disabled-adult child. Omission of these benefits results in a negligible
|
|
understatement of the real internal rate of return.</p>
|
|
|
|
<p class="pBody">The mortality rates and disability incidence and
|
|
termination rates used in these computations are taken from historical
|
|
data, and from the intermediate projections of the 2001 Trustees Report by
|
|
age, sex, and date of birth. No mortality is assumed for children through
|
|
age 18 in this analysis. Assuming that marriages are lifelong means that
|
|
the effects of divorce and of remarriage after death and divorce are not
|
|
explicitly reflected. However, because each individual may receive a total
|
|
benefit equal only to the highest of any spouse, widow(er), or worker
|
|
benefit that may be available, this omission is of minor consequence.
|
|
Benefit increases and earnings levels are based on actual data for the
|
|
past and the 2001 Trustees Report assumptions for the future.</p>
|
|
|
|
<p class="pBodyBold">Analysis of Results</p>
|
|
|
|
<p class="pBody"> The following tables present the calculated internal
|
|
rates of return. The tables are intended to facilitate comparison of rates
|
|
of return across different family groups, different years of birth,
|
|
different career-average levels of earnings, and whether the earnings
|
|
pattern is <em class="Emphasis">steady</em> or <em class="Emphasis">
|
|
scaled</em>.</p>
|
|
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="100%" >
|
|
<caption>
|
|
<a name="table-3"></a>
|
|
<div class="pTableTitle">Table 3.--Internal Real Rates of Return for Various Earnings Level Workers Under
|
|
Present Law OASDI Program
|
|
<p class="pTableSubTitle">(Percent)</p></div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="2" colspan="1" width="9%" ><div class="pCellHeading">
|
|
Earnings<br />level</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="9%" ><div class="pCellHeading">
|
|
Year of<br />birth</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="9%" ><div class="pCellHeading">
|
|
Year attains<br />age 65</div><hr /></th>
|
|
<th rowspan="1" colspan="4"><div class="pCellHeading">
|
|
Steady earnings pattern</div><hr /></th>
|
|
<th rowspan="1" colspan="4"><div class="pCellHeading">
|
|
Scaled earnings pattern</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Single<br />male</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Single<br />female</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
One-earner<br />couple</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Two-earner<br />couple <a href="note144.html#62770"><sup>1</sup></a></div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Single<br />male</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Single<br />female</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
One-earner<br />couple</div><hr /></th>
|
|
<th scope="col" width="9%" ><div class="pCellHeading">
|
|
Two-earner<br />couple <a href="note144.html#62770"><sup>1</sup></a></div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">Low</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">4.29</div></td>
|
|
<td><div class="pCellBody">5.13</div></td>
|
|
<td><div class="pCellBody">7.27</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">4.32</div></td>
|
|
<td><div class="pCellBody">5.17</div></td>
|
|
<td><div class="pCellBody">7.38</div></td>
|
|
<td><div class="pCellBody">5.07</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">3.04</div></td>
|
|
<td><div class="pCellBody">3.68</div></td>
|
|
<td><div class="pCellBody">6.12</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">3.11</div></td>
|
|
<td><div class="pCellBody">3.77</div></td>
|
|
<td><div class="pCellBody">6.20</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">2.78</div></td>
|
|
<td><div class="pCellBody">3.33</div></td>
|
|
<td><div class="pCellBody">5.58</div></td>
|
|
<td><div class="pCellBody">3.39</div></td>
|
|
<td><div class="pCellBody">2.95</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
<td><div class="pCellBody">5.78</div></td>
|
|
<td><div class="pCellBody">3.55</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody">3.17</div></td>
|
|
<td><div class="pCellBody">5.27</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">2.87</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">5.54</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">2.73</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">5.27</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">2.93</div></td>
|
|
<td><div class="pCellBody">3.42</div></td>
|
|
<td><div class="pCellBody">5.51</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">2.75</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">5.18</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
<td><div class="pCellBody">2.93</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">5.41</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">2.67</div></td>
|
|
<td><div class="pCellBody">3.10</div></td>
|
|
<td><div class="pCellBody">4.95</div></td>
|
|
<td><div class="pCellBody">3.09</div></td>
|
|
<td><div class="pCellBody">2.86</div></td>
|
|
<td><div class="pCellBody">3.29</div></td>
|
|
<td><div class="pCellBody">5.16</div></td>
|
|
<td><div class="pCellBody">3.25</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">2.72</div></td>
|
|
<td><div class="pCellBody">3.13</div></td>
|
|
<td><div class="pCellBody">4.90</div></td>
|
|
<td><div class="pCellBody">3.10</div></td>
|
|
<td><div class="pCellBody">2.91</div></td>
|
|
<td><div class="pCellBody">3.32</div></td>
|
|
<td><div class="pCellBody">5.12</div></td>
|
|
<td><div class="pCellBody">3.27</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">2.85</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">4.98</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">3.05</div></td>
|
|
<td><div class="pCellBody">3.40</div></td>
|
|
<td><div class="pCellBody">5.21</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">2.97</div></td>
|
|
<td><div class="pCellBody">3.28</div></td>
|
|
<td><div class="pCellBody">4.99</div></td>
|
|
<td><div class="pCellBody">3.28</div></td>
|
|
<td><div class="pCellBody">3.18</div></td>
|
|
<td><div class="pCellBody">3.48</div></td>
|
|
<td><div class="pCellBody">5.22</div></td>
|
|
<td><div class="pCellBody">3.46</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">3.03</div></td>
|
|
<td><div class="pCellBody">3.32</div></td>
|
|
<td><div class="pCellBody">5.01</div></td>
|
|
<td><div class="pCellBody">3.33</div></td>
|
|
<td><div class="pCellBody">3.24</div></td>
|
|
<td><div class="pCellBody">3.53</div></td>
|
|
<td><div class="pCellBody">5.25</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">
|
|
Average<br />(Medium)</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody">3.61</div></td>
|
|
<td><div class="pCellBody">5.76</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">2.81</div></td>
|
|
<td><div class="pCellBody">3.74</div></td>
|
|
<td><div class="pCellBody">5.93</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.91</div></td>
|
|
<td><div class="pCellBody">2.62</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">2.56</div></td>
|
|
<td><div class="pCellBody">1.99</div></td>
|
|
<td><div class="pCellBody">2.71</div></td>
|
|
<td><div class="pCellBody">5.12</div></td>
|
|
<td><div class="pCellBody">2.63</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">2.35</div></td>
|
|
<td><div class="pCellBody">4.58</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.50</div></td>
|
|
<td><div class="pCellBody">4.75</div></td>
|
|
<td><div class="pCellBody">2.45</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">4.29</div></td>
|
|
<td><div class="pCellBody">2.16</div></td>
|
|
<td><div class="pCellBody">1.82</div></td>
|
|
<td><div class="pCellBody">2.39</div></td>
|
|
<td><div class="pCellBody">4.50</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">1.71</div></td>
|
|
<td><div class="pCellBody">2.25</div></td>
|
|
<td><div class="pCellBody">4.26</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.42</div></td>
|
|
<td><div class="pCellBody">4.48</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">1.73</div></td>
|
|
<td><div class="pCellBody">2.25</div></td>
|
|
<td><div class="pCellBody">4.19</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.41</div></td>
|
|
<td><div class="pCellBody">4.39</div></td>
|
|
<td><div class="pCellBody">2.31</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">1.65</div></td>
|
|
<td><div class="pCellBody">2.13</div></td>
|
|
<td><div class="pCellBody">3.97</div></td>
|
|
<td><div class="pCellBody">2.05</div></td>
|
|
<td><div class="pCellBody">1.80</div></td>
|
|
<td><div class="pCellBody">2.28</div></td>
|
|
<td><div class="pCellBody">4.16</div></td>
|
|
<td><div class="pCellBody">2.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">1.71</div></td>
|
|
<td><div class="pCellBody">2.16</div></td>
|
|
<td><div class="pCellBody">3.94</div></td>
|
|
<td><div class="pCellBody">2.08</div></td>
|
|
<td><div class="pCellBody">1.87</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">4.13</div></td>
|
|
<td><div class="pCellBody">2.23</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
<td><div class="pCellBody">2.24</div></td>
|
|
<td><div class="pCellBody">4.02</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">2.01</div></td>
|
|
<td><div class="pCellBody">2.40</div></td>
|
|
<td><div class="pCellBody">4.23</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">1.98</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">4.04</div></td>
|
|
<td><div class="pCellBody">2.28</div></td>
|
|
<td><div class="pCellBody">2.14</div></td>
|
|
<td><div class="pCellBody">2.49</div></td>
|
|
<td><div class="pCellBody">4.25</div></td>
|
|
<td><div class="pCellBody">2.44</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">2.04</div></td>
|
|
<td><div class="pCellBody">2.37</div></td>
|
|
<td><div class="pCellBody">4.07</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">2.54</div></td>
|
|
<td><div class="pCellBody">4.27</div></td>
|
|
<td><div class="pCellBody">2.49</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">High</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.37</div></td>
|
|
<td><div class="pCellBody">3.34</div></td>
|
|
<td><div class="pCellBody">5.45</div></td>
|
|
<td><div class="pCellBody">3.05</div></td>
|
|
<td><div class="pCellBody">2.51</div></td>
|
|
<td><div class="pCellBody">3.47</div></td>
|
|
<td><div class="pCellBody">5.61</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.52</div></td>
|
|
<td><div class="pCellBody">2.29</div></td>
|
|
<td><div class="pCellBody">4.68</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">4.70</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">1.30</div></td>
|
|
<td><div class="pCellBody">1.96</div></td>
|
|
<td><div class="pCellBody">4.17</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
<td><div class="pCellBody">1.30</div></td>
|
|
<td><div class="pCellBody">1.96</div></td>
|
|
<td><div class="pCellBody">4.16</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">1.16</div></td>
|
|
<td><div class="pCellBody">1.77</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">1.10</div></td>
|
|
<td><div class="pCellBody">1.68</div></td>
|
|
<td><div class="pCellBody">3.66</div></td>
|
|
<td><div class="pCellBody">1.56</div></td>
|
|
<td><div class="pCellBody">1.21</div></td>
|
|
<td><div class="pCellBody">1.79</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">1.07</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">3.54</div></td>
|
|
<td><div class="pCellBody">1.49</div></td>
|
|
<td><div class="pCellBody">1.22</div></td>
|
|
<td><div class="pCellBody">1.78</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">1.01</div></td>
|
|
<td><div class="pCellBody">1.51</div></td>
|
|
<td><div class="pCellBody">3.32</div></td>
|
|
<td><div class="pCellBody">1.40</div></td>
|
|
<td><div class="pCellBody">1.15</div></td>
|
|
<td><div class="pCellBody">1.65</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
<td><div class="pCellBody">1.53</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">1.08</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">3.30</div></td>
|
|
<td><div class="pCellBody">1.44</div></td>
|
|
<td><div class="pCellBody">1.22</div></td>
|
|
<td><div class="pCellBody">1.70</div></td>
|
|
<td><div class="pCellBody">3.49</div></td>
|
|
<td><div class="pCellBody">1.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">1.21</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">3.39</div></td>
|
|
<td><div class="pCellBody">1.54</div></td>
|
|
<td><div class="pCellBody">1.37</div></td>
|
|
<td><div class="pCellBody">1.79</div></td>
|
|
<td><div class="pCellBody">3.59</div></td>
|
|
<td><div class="pCellBody">1.69</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">1.34</div></td>
|
|
<td><div class="pCellBody">1.72</div></td>
|
|
<td><div class="pCellBody">3.42</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">1.50</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">3.61</div></td>
|
|
<td><div class="pCellBody">1.79</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">1.41</div></td>
|
|
<td><div class="pCellBody">1.77</div></td>
|
|
<td><div class="pCellBody">3.44</div></td>
|
|
<td><div class="pCellBody">1.69</div></td>
|
|
<td><div class="pCellBody">1.57</div></td>
|
|
<td><div class="pCellBody">1.93</div></td>
|
|
<td><div class="pCellBody">3.64</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">Maximum
|
|
<a href="note144.html#18882"><sup>2</sup></a></div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.26</div></td>
|
|
<td><div class="pCellBody">3.24</div></td>
|
|
<td><div class="pCellBody">5.40</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">2.26</div></td>
|
|
<td><div class="pCellBody">3.24</div></td>
|
|
<td><div class="pCellBody">5.40</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody">4.43</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody">4.43</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">.82</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.82</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">.58</div></td>
|
|
<td><div class="pCellBody">1.26</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.58</div></td>
|
|
<td><div class="pCellBody">1.26</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">.50</div></td>
|
|
<td><div class="pCellBody">1.14</div></td>
|
|
<td><div class="pCellBody">3.15</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.50</div></td>
|
|
<td><div class="pCellBody">1.14</div></td>
|
|
<td><div class="pCellBody">3.15</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">.38</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">2.90</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.38</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">2.90</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">.25</div></td>
|
|
<td><div class="pCellBody">.79</div></td>
|
|
<td><div class="pCellBody">2.58</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.25</div></td>
|
|
<td><div class="pCellBody">.79</div></td>
|
|
<td><div class="pCellBody">2.58</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">.32</div></td>
|
|
<td><div class="pCellBody">.83</div></td>
|
|
<td><div class="pCellBody">2.58</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.32</div></td>
|
|
<td><div class="pCellBody">.83</div></td>
|
|
<td><div class="pCellBody">2.58</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">.46</div></td>
|
|
<td><div class="pCellBody">.91</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.46</div></td>
|
|
<td><div class="pCellBody">.91</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">.60</div></td>
|
|
<td><div class="pCellBody">1.00</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.60</div></td>
|
|
<td><div class="pCellBody">1.00</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">.67</div></td>
|
|
<td><div class="pCellBody">1.05</div></td>
|
|
<td><div class="pCellBody">2.72</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.67</div></td>
|
|
<td><div class="pCellBody">1.05</div></td>
|
|
<td><div class="pCellBody">2.72</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><hr /></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><a name="62770"></a>
|
|
<p class="pTableFootnote"><sup>1 </sup>Both spouses are assumed to have the indicated
|
|
earnings level.</p></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><a name="18882"></a>
|
|
<p class="pTableFootnote"><sup>2 </sup>Maximum workers are assumed to be steady maximum
|
|
workers starting at age 22.</p></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="100%" >
|
|
<caption>
|
|
<a name="table-4"></a>
|
|
<div class="pTableTitle"><br /><br />Table 4.--Internal Real Rates of Return for Various Earnings Level Workers
|
|
Under PL PAYGO <br />Modified OASDI Program
|
|
<p class="pTableSubTitle">(Percent)</p></div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="2" colspan="1" width="9%"><div class="pCellHeading">
|
|
Earnings<br />level</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="9%"><div class="pCellHeading">
|
|
Year of<br />birth</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="9%"><div class="pCellHeading">
|
|
Year attains<br />age 65</div><hr /></th>
|
|
<th rowspan="1" colspan="4"><div class="pCellHeading">
|
|
Steady earnings pattern</div><hr /></th>
|
|
<th rowspan="1" colspan="4"><div class="pCellHeading">
|
|
Scaled earnings pattern</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr scope="col" align="right" valign="bottom">
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Single<br />male</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Single<br />female</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
One-earner<br />couple</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Two-earner<br />couple <a href="note144.html#14280"><sup>1</sup></a></div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Single<br />male</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Single<br />female</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
One-earner<br />couple</div><hr /></th>
|
|
<th scope="col" width="9%"><div class="pCellHeading">
|
|
Two-earner<br />couple <a href="note144.html#14280"><sup>1</sup></a></div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">Low</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">4.29</div></td>
|
|
<td><div class="pCellBody">5.13</div></td>
|
|
<td><div class="pCellBody">7.27</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">4.32</div></td>
|
|
<td><div class="pCellBody">5.17</div></td>
|
|
<td><div class="pCellBody">7.38</div></td>
|
|
<td><div class="pCellBody">5.07</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">3.04</div></td>
|
|
<td><div class="pCellBody">3.68</div></td>
|
|
<td><div class="pCellBody">6.12</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">3.11</div></td>
|
|
<td><div class="pCellBody">3.77</div></td>
|
|
<td><div class="pCellBody">6.20</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">2.78</div></td>
|
|
<td><div class="pCellBody">3.33</div></td>
|
|
<td><div class="pCellBody">5.58</div></td>
|
|
<td><div class="pCellBody">3.39</div></td>
|
|
<td><div class="pCellBody">2.95</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
<td><div class="pCellBody">5.78</div></td>
|
|
<td><div class="pCellBody">3.55</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody">3.17</div></td>
|
|
<td><div class="pCellBody">5.27</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">2.87</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">5.54</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">2.73</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">5.27</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">2.93</div></td>
|
|
<td><div class="pCellBody">3.42</div></td>
|
|
<td><div class="pCellBody">5.51</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">2.75</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">5.18</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
<td><div class="pCellBody">2.93</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">5.41</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody">3.09</div></td>
|
|
<td><div class="pCellBody">4.94</div></td>
|
|
<td><div class="pCellBody">3.08</div></td>
|
|
<td><div class="pCellBody">2.85</div></td>
|
|
<td><div class="pCellBody">3.28</div></td>
|
|
<td><div class="pCellBody">5.16</div></td>
|
|
<td><div class="pCellBody">3.25</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">2.60</div></td>
|
|
<td><div class="pCellBody">3.02</div></td>
|
|
<td><div class="pCellBody">4.82</div></td>
|
|
<td><div class="pCellBody">2.99</div></td>
|
|
<td><div class="pCellBody">2.80</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">5.05</div></td>
|
|
<td><div class="pCellBody">3.17</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">2.52</div></td>
|
|
<td><div class="pCellBody">2.89</div></td>
|
|
<td><div class="pCellBody">4.73</div></td>
|
|
<td><div class="pCellBody">2.87</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody">3.07</div></td>
|
|
<td><div class="pCellBody">4.94</div></td>
|
|
<td><div class="pCellBody">3.02</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">2.36</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody">4.46</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody">2.50</div></td>
|
|
<td><div class="pCellBody">2.85</div></td>
|
|
<td><div class="pCellBody">4.63</div></td>
|
|
<td><div class="pCellBody">2.79</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">2.23</div></td>
|
|
<td><div class="pCellBody">2.55</div></td>
|
|
<td><div class="pCellBody">4.26</div></td>
|
|
<td><div class="pCellBody">2.51</div></td>
|
|
<td><div class="pCellBody">2.39</div></td>
|
|
<td><div class="pCellBody">2.71</div></td>
|
|
<td><div class="pCellBody">4.45</div></td>
|
|
<td><div class="pCellBody">2.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">Average<br />(Medium)</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody">3.61</div></td>
|
|
<td><div class="pCellBody">5.76</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">2.81</div></td>
|
|
<td><div class="pCellBody">3.74</div></td>
|
|
<td><div class="pCellBody">5.93</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.91</div></td>
|
|
<td><div class="pCellBody">2.62</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">2.56</div></td>
|
|
<td><div class="pCellBody">1.99</div></td>
|
|
<td><div class="pCellBody">2.71</div></td>
|
|
<td><div class="pCellBody">5.12</div></td>
|
|
<td><div class="pCellBody">2.63</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">2.35</div></td>
|
|
<td><div class="pCellBody">4.58</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.50</div></td>
|
|
<td><div class="pCellBody">4.75</div></td>
|
|
<td><div class="pCellBody">2.45</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">4.29</div></td>
|
|
<td><div class="pCellBody">2.16</div></td>
|
|
<td><div class="pCellBody">1.82</div></td>
|
|
<td><div class="pCellBody">2.39</div></td>
|
|
<td><div class="pCellBody">4.50</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">1.71</div></td>
|
|
<td><div class="pCellBody">2.25</div></td>
|
|
<td><div class="pCellBody">4.26</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.42</div></td>
|
|
<td><div class="pCellBody">4.48</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">1.73</div></td>
|
|
<td><div class="pCellBody">2.25</div></td>
|
|
<td><div class="pCellBody">4.19</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">2.41</div></td>
|
|
<td><div class="pCellBody">4.39</div></td>
|
|
<td><div class="pCellBody">2.31</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">2.12</div></td>
|
|
<td><div class="pCellBody">3.96</div></td>
|
|
<td><div class="pCellBody">2.04</div></td>
|
|
<td><div class="pCellBody">1.80</div></td>
|
|
<td><div class="pCellBody">2.28</div></td>
|
|
<td><div class="pCellBody">4.15</div></td>
|
|
<td><div class="pCellBody">2.19</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">1.57</div></td>
|
|
<td><div class="pCellBody">2.03</div></td>
|
|
<td><div class="pCellBody">3.85</div></td>
|
|
<td><div class="pCellBody">1.94</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">4.05</div></td>
|
|
<td><div class="pCellBody">2.11</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">1.48</div></td>
|
|
<td><div class="pCellBody">1.90</div></td>
|
|
<td><div class="pCellBody">3.75</div></td>
|
|
<td><div class="pCellBody">1.82</div></td>
|
|
<td><div class="pCellBody">1.62</div></td>
|
|
<td><div class="pCellBody">2.04</div></td>
|
|
<td><div class="pCellBody">3.92</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">1.33</div></td>
|
|
<td><div class="pCellBody">1.71</div></td>
|
|
<td><div class="pCellBody">3.48</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">1.45</div></td>
|
|
<td><div class="pCellBody">1.84</div></td>
|
|
<td><div class="pCellBody">3.63</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">1.22</div></td>
|
|
<td><div class="pCellBody">1.59</div></td>
|
|
<td><div class="pCellBody">3.31</div></td>
|
|
<td><div class="pCellBody">1.50</div></td>
|
|
<td><div class="pCellBody">1.35</div></td>
|
|
<td><div class="pCellBody">1.72</div></td>
|
|
<td><div class="pCellBody">3.47</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">High</div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.37</div></td>
|
|
<td><div class="pCellBody">3.34</div></td>
|
|
<td><div class="pCellBody">5.45</div></td>
|
|
<td><div class="pCellBody">3.05</div></td>
|
|
<td><div class="pCellBody">2.51</div></td>
|
|
<td><div class="pCellBody">3.47</div></td>
|
|
<td><div class="pCellBody">5.61</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.52</div></td>
|
|
<td><div class="pCellBody">2.29</div></td>
|
|
<td><div class="pCellBody">4.68</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">4.70</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">1.30</div></td>
|
|
<td><div class="pCellBody">1.96</div></td>
|
|
<td><div class="pCellBody">4.17</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
<td><div class="pCellBody">1.30</div></td>
|
|
<td><div class="pCellBody">1.96</div></td>
|
|
<td><div class="pCellBody">4.16</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">1.16</div></td>
|
|
<td><div class="pCellBody">1.77</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">1.10</div></td>
|
|
<td><div class="pCellBody">1.68</div></td>
|
|
<td><div class="pCellBody">3.66</div></td>
|
|
<td><div class="pCellBody">1.56</div></td>
|
|
<td><div class="pCellBody">1.21</div></td>
|
|
<td><div class="pCellBody">1.79</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">1.07</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">3.54</div></td>
|
|
<td><div class="pCellBody">1.49</div></td>
|
|
<td><div class="pCellBody">1.22</div></td>
|
|
<td><div class="pCellBody">1.78</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">.99</div></td>
|
|
<td><div class="pCellBody">1.50</div></td>
|
|
<td><div class="pCellBody">3.32</div></td>
|
|
<td><div class="pCellBody">1.38</div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
<td><div class="pCellBody">1.52</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">.91</div></td>
|
|
<td><div class="pCellBody">1.40</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
<td><div class="pCellBody">1.28</div></td>
|
|
<td><div class="pCellBody">1.08</div></td>
|
|
<td><div class="pCellBody">1.57</div></td>
|
|
<td><div class="pCellBody">3.40</div></td>
|
|
<td><div class="pCellBody">1.44</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">.82</div></td>
|
|
<td><div class="pCellBody">1.26</div></td>
|
|
<td><div class="pCellBody">3.10</div></td>
|
|
<td><div class="pCellBody">1.15</div></td>
|
|
<td><div class="pCellBody">.95</div></td>
|
|
<td><div class="pCellBody">1.40</div></td>
|
|
<td><div class="pCellBody">3.27</div></td>
|
|
<td><div class="pCellBody">1.28</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">.68</div></td>
|
|
<td><div class="pCellBody">1.09</div></td>
|
|
<td><div class="pCellBody">2.84</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">.79</div></td>
|
|
<td><div class="pCellBody">1.21</div></td>
|
|
<td><div class="pCellBody">2.98</div></td>
|
|
<td><div class="pCellBody">1.09</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">.58</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">2.68</div></td>
|
|
<td><div class="pCellBody">.86</div></td>
|
|
<td><div class="pCellBody">.71</div></td>
|
|
<td><div class="pCellBody">1.11</div></td>
|
|
<td><div class="pCellBody">2.84</div></td>
|
|
<td><div class="pCellBody">.99</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="11" colspan="1"><div class="pCellBodyC">
|
|
Maximum <a href="note144.html#52188"><sup>2</sup></a></div></th>
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">2.26</div></td>
|
|
<td><div class="pCellBody">3.24</div></td>
|
|
<td><div class="pCellBody">5.40</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">2.26</div></td>
|
|
<td><div class="pCellBody">3.24</div></td>
|
|
<td><div class="pCellBody">5.40</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody">4.43</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">1.13</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody">4.43</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">.82</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.82</div></td>
|
|
<td><div class="pCellBody">1.55</div></td>
|
|
<td><div class="pCellBody">3.83</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">.58</div></td>
|
|
<td><div class="pCellBody">1.26</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.58</div></td>
|
|
<td><div class="pCellBody">1.26</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">.50</div></td>
|
|
<td><div class="pCellBody">1.14</div></td>
|
|
<td><div class="pCellBody">3.15</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.50</div></td>
|
|
<td><div class="pCellBody">1.14</div></td>
|
|
<td><div class="pCellBody">3.15</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">.38</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">2.90</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.38</div></td>
|
|
<td><div class="pCellBody">.98</div></td>
|
|
<td><div class="pCellBody">2.90</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">.23</div></td>
|
|
<td><div class="pCellBody">.77</div></td>
|
|
<td><div class="pCellBody">2.57</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.23</div></td>
|
|
<td><div class="pCellBody">.77</div></td>
|
|
<td><div class="pCellBody">2.57</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">.14</div></td>
|
|
<td><div class="pCellBody">.67</div></td>
|
|
<td><div class="pCellBody">2.46</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.14</div></td>
|
|
<td><div class="pCellBody">.67</div></td>
|
|
<td><div class="pCellBody">2.46</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">.03</div></td>
|
|
<td><div class="pCellBody">.52</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">.03</div></td>
|
|
<td><div class="pCellBody">.52</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">-.10</div></td>
|
|
<td><div class="pCellBody">.36</div></td>
|
|
<td><div class="pCellBody">2.10</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">-.10</div></td>
|
|
<td><div class="pCellBody">.36</div></td>
|
|
<td><div class="pCellBody">2.10</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">-.18</div></td>
|
|
<td><div class="pCellBody">.25</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody">-.18</div></td>
|
|
<td><div class="pCellBody">.25</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><hr /></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><a name="14280"></a>
|
|
<p class="pTableFootnote"><sup>1 </sup>Both spouses are assumed to have the indicated
|
|
earnings level.</p></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="11"><a name="52188"></a>
|
|
<p class="pTableFootnote"><sup>2 </sup>Maximum workers are assumed to be steady maximum
|
|
workers starting at age 22.</p></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<br />
|
|
<br />
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="100%" >
|
|
<caption>
|
|
<a name="table-5"></a>
|
|
<div class="pTableTitle">Table 5.--
|
|
Internal Real Rates of Return for Two-Earner Couples With Selected
|
|
Earnings Levels <br />Under Present Law OASDI Program
|
|
<p class="pTableSubTitle">(Percent)</p></div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="2" colspan="1" width="10%"><div class="pCellHeading">
|
|
<br />Year of birth</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="10%"><div class="pCellHeading">
|
|
Year attains<br />age 65</div><hr /></th>
|
|
<th rowspan="1" colspan="5"><div class="pCellHeading">
|
|
Steady earnings pattern</div><hr /></th>
|
|
<th rowspan="1" colspan="5"><div class="pCellHeading">
|
|
Scaled earnings pattern</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: low<br />W: low</div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: avg.<br />W: low</div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: avg.<br />W: avg. </div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: high<br />W: avg. </div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: high<br />W: high</div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: low<br />W: low</div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: avg.<br />W: low</div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: avg.<br />W: avg. </div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: high<br />W: avg. </div><hr /></th>
|
|
<th scope="col" width="8%"><div class="pCellHeadingR">
|
|
H: high<br />W: high</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">4.39</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">3.42</div></td>
|
|
<td><div class="pCellBody">3.05</div></td>
|
|
<td><div class="pCellBody">5.07</div></td>
|
|
<td><div class="pCellBody">4.51</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">3.52</div></td>
|
|
<td><div class="pCellBody">2.56</div></td>
|
|
<td><div class="pCellBody">2.60</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">3.60</div></td>
|
|
<td><div class="pCellBody">2.63</div></td>
|
|
<td><div class="pCellBody">2.64</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">3.39</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
<td><div class="pCellBody">3.55</div></td>
|
|
<td><div class="pCellBody">3.34</div></td>
|
|
<td><div class="pCellBody">2.45</div></td>
|
|
<td><div class="pCellBody">2.38</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">3.00</div></td>
|
|
<td><div class="pCellBody">2.16</div></td>
|
|
<td><div class="pCellBody">2.12</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">3.00</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">2.08</div></td>
|
|
<td><div class="pCellBody">1.56</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">3.18</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
<td><div class="pCellBody">2.22</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
<td><div class="pCellBody">2.96</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">2.03</div></td>
|
|
<td><div class="pCellBody">1.49</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody">3.12</div></td>
|
|
<td><div class="pCellBody">2.31</div></td>
|
|
<td><div class="pCellBody">2.17</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">3.09</div></td>
|
|
<td><div class="pCellBody">2.81</div></td>
|
|
<td><div class="pCellBody">2.05</div></td>
|
|
<td><div class="pCellBody">1.90</div></td>
|
|
<td><div class="pCellBody">1.40</div></td>
|
|
<td><div class="pCellBody">3.25</div></td>
|
|
<td><div class="pCellBody">2.96</div></td>
|
|
<td><div class="pCellBody">2.20</div></td>
|
|
<td><div class="pCellBody">2.04</div></td>
|
|
<td><div class="pCellBody">1.53</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">3.10</div></td>
|
|
<td><div class="pCellBody">2.81</div></td>
|
|
<td><div class="pCellBody">2.08</div></td>
|
|
<td><div class="pCellBody">1.92</div></td>
|
|
<td><div class="pCellBody">1.44</div></td>
|
|
<td><div class="pCellBody">3.27</div></td>
|
|
<td><div class="pCellBody">2.97</div></td>
|
|
<td><div class="pCellBody">2.23</div></td>
|
|
<td><div class="pCellBody">2.06</div></td>
|
|
<td><div class="pCellBody">1.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">2.89</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">2.01</div></td>
|
|
<td><div class="pCellBody">1.54</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody">3.06</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
<td><div class="pCellBody">2.17</div></td>
|
|
<td><div class="pCellBody">1.69</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">3.28</div></td>
|
|
<td><div class="pCellBody">2.96</div></td>
|
|
<td><div class="pCellBody">2.28</div></td>
|
|
<td><div class="pCellBody">2.10</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
<td><div class="pCellBody">3.46</div></td>
|
|
<td><div class="pCellBody">3.13</div></td>
|
|
<td><div class="pCellBody">2.44</div></td>
|
|
<td><div class="pCellBody">2.25</div></td>
|
|
<td><div class="pCellBody">1.79</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">3.33</div></td>
|
|
<td><div class="pCellBody">3.00</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
<td><div class="pCellBody">2.14</div></td>
|
|
<td><div class="pCellBody">1.69</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
<td><div class="pCellBody">3.17</div></td>
|
|
<td><div class="pCellBody">2.49</div></td>
|
|
<td><div class="pCellBody">2.30</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="12"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<br />
|
|
<br />
|
|
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="100%" >
|
|
<caption>
|
|
<a name="table-6"></a>
|
|
<div class="pTableTitle">Table 6.--
|
|
Internal Real Rates of Return for Two-Earner Couples With Selected
|
|
Earnings Levels <br /> Under PL PAYGO Modified OASDI Program
|
|
<p class="pTableSubTitle">(Percent)</p></div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="2" colspan="1" width="10%"><div class="pCellHeading">
|
|
<br />Year of birth</div><hr /></th>
|
|
<th rowspan="2" colspan="1" width="10%"><div class="pCellHeading">
|
|
Year attains<br />age 65</div><hr /></th>
|
|
<th rowspan="1" colspan="5"><div class="pCellHeading">
|
|
Steady earnings pattern</div><hr /></th>
|
|
<th rowspan="1" colspan="5"><div class="pCellHeading">
|
|
Scaled earnings pattern</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th width="8%"><div class="pCellHeadingR">H: low<br />W: low </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: avg.<br />W: low </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: avg.<br />W: avg. </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: high<br />W: avg. </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: high<br />W: high </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: low<br />W: low </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: avg.<br />W: low </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: avg.<br />W: avg. </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: high<br />W: avg. </div><hr /></th>
|
|
<th width="8%"><div class="pCellHeadingR">H: high<br />W: high </div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1920</div></td>
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBody">5.03</div></td>
|
|
<td><div class="pCellBody">4.39</div></td>
|
|
<td><div class="pCellBody">3.38</div></td>
|
|
<td><div class="pCellBody">3.42</div></td>
|
|
<td><div class="pCellBody">3.05</div></td>
|
|
<td><div class="pCellBody">5.07</div></td>
|
|
<td><div class="pCellBody">4.51</div></td>
|
|
<td><div class="pCellBody">3.50</div></td>
|
|
<td><div class="pCellBody">3.51</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1930</div></td>
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBody">3.73</div></td>
|
|
<td><div class="pCellBody">3.52</div></td>
|
|
<td><div class="pCellBody">2.56</div></td>
|
|
<td><div class="pCellBody">2.60</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">3.80</div></td>
|
|
<td><div class="pCellBody">3.60</div></td>
|
|
<td><div class="pCellBody">2.63</div></td>
|
|
<td><div class="pCellBody">2.64</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1937</div></td>
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBody">3.39</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">2.32</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
<td><div class="pCellBody">3.55</div></td>
|
|
<td><div class="pCellBody">3.34</div></td>
|
|
<td><div class="pCellBody">2.45</div></td>
|
|
<td><div class="pCellBody">2.38</div></td>
|
|
<td><div class="pCellBody">1.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1943</div></td>
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBody">3.21</div></td>
|
|
<td><div class="pCellBody">3.00</div></td>
|
|
<td><div class="pCellBody">2.16</div></td>
|
|
<td><div class="pCellBody">2.12</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">3.19</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
<td><div class="pCellBody">2.21</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1949</div></td>
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBody">3.22</div></td>
|
|
<td><div class="pCellBody">3.00</div></td>
|
|
<td><div class="pCellBody">2.18</div></td>
|
|
<td><div class="pCellBody">2.08</div></td>
|
|
<td><div class="pCellBody">1.56</div></td>
|
|
<td><div class="pCellBody">3.41</div></td>
|
|
<td><div class="pCellBody">3.18</div></td>
|
|
<td><div class="pCellBody">2.34</div></td>
|
|
<td><div class="pCellBody">2.22</div></td>
|
|
<td><div class="pCellBody">1.66</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1955</div></td>
|
|
<td><div class="pCellBodyC">2020</div></td>
|
|
<td><div class="pCellBody">3.20</div></td>
|
|
<td><div class="pCellBody">2.96</div></td>
|
|
<td><div class="pCellBody">2.15</div></td>
|
|
<td><div class="pCellBody">2.03</div></td>
|
|
<td><div class="pCellBody">1.49</div></td>
|
|
<td><div class="pCellBody">3.37</div></td>
|
|
<td><div class="pCellBody">3.12</div></td>
|
|
<td><div class="pCellBody">2.31</div></td>
|
|
<td><div class="pCellBody">2.17</div></td>
|
|
<td><div class="pCellBody">1.64</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1964</div></td>
|
|
<td><div class="pCellBodyC">2029</div></td>
|
|
<td><div class="pCellBody">3.08</div></td>
|
|
<td><div class="pCellBody">2.80</div></td>
|
|
<td><div class="pCellBody">2.04</div></td>
|
|
<td><div class="pCellBody">1.88</div></td>
|
|
<td><div class="pCellBody">1.38</div></td>
|
|
<td><div class="pCellBody">3.25</div></td>
|
|
<td><div class="pCellBody">2.95</div></td>
|
|
<td><div class="pCellBody">2.19</div></td>
|
|
<td><div class="pCellBody">2.03</div></td>
|
|
<td><div class="pCellBody">1.52</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">2038</div></td>
|
|
<td><div class="pCellBody">2.99</div></td>
|
|
<td><div class="pCellBody">2.69</div></td>
|
|
<td><div class="pCellBody">1.94</div></td>
|
|
<td><div class="pCellBody">1.78</div></td>
|
|
<td><div class="pCellBody">1.28</div></td>
|
|
<td><div class="pCellBody">3.17</div></td>
|
|
<td><div class="pCellBody">2.86</div></td>
|
|
<td><div class="pCellBody">2.11</div></td>
|
|
<td><div class="pCellBody">1.94</div></td>
|
|
<td><div class="pCellBody">1.44</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">2050</div></td>
|
|
<td><div class="pCellBody">2.87</div></td>
|
|
<td><div class="pCellBody">2.57</div></td>
|
|
<td><div class="pCellBody">1.82</div></td>
|
|
<td><div class="pCellBody">1.65</div></td>
|
|
<td><div class="pCellBody">1.15</div></td>
|
|
<td><div class="pCellBody">3.02</div></td>
|
|
<td><div class="pCellBody">2.71</div></td>
|
|
<td><div class="pCellBody">1.95</div></td>
|
|
<td><div class="pCellBody">1.78</div></td>
|
|
<td><div class="pCellBody">1.28</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">2062</div></td>
|
|
<td><div class="pCellBody">2.66</div></td>
|
|
<td><div class="pCellBody">2.35</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">1.45</div></td>
|
|
<td><div class="pCellBody">0.98</div></td>
|
|
<td><div class="pCellBody">2.79</div></td>
|
|
<td><div class="pCellBody">2.47</div></td>
|
|
<td><div class="pCellBody">1.74</div></td>
|
|
<td><div class="pCellBody">1.57</div></td>
|
|
<td><div class="pCellBody">1.09</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">2069</div></td>
|
|
<td><div class="pCellBody">2.51</div></td>
|
|
<td><div class="pCellBody">2.20</div></td>
|
|
<td><div class="pCellBody">1.50</div></td>
|
|
<td><div class="pCellBody">1.33</div></td>
|
|
<td><div class="pCellBody">0.86</div></td>
|
|
<td><div class="pCellBody">2.65</div></td>
|
|
<td><div class="pCellBody">2.33</div></td>
|
|
<td><div class="pCellBody">1.63</div></td>
|
|
<td><div class="pCellBody">1.45</div></td>
|
|
<td><div class="pCellBody">0.99</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="12"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<br />
|
|
<br />
|
|
|
|
<p class="pBody"> Tables 3 through 6 present results for single males,
|
|
single females, one-earner couples, and two-earner couples, for both the
|
|
<em class="Emphasis"> steady</em> and <em class="Emphasis"> scaled</em>
|
|
earnings patterns and for both the <em class="Emphasis"> Present Law</em>
|
|
and <em class="Emphasis">PL PAYGO</em> OASDI program specifications. For
|
|
each sex, family grouping, and year-of-birth cohort the internal rates of
|
|
return decrease as earnings increase. This is because the benefit formula
|
|
is weighted toward beneficiaries with lower earnings. Females have lower
|
|
mortality than males, resulting in longer life after retirement and
|
|
therefore higher internal rates of return, even when earnings levels are
|
|
the same. This effect is only partially offset by lower rates of
|
|
disability for women. The one-earner couples have the highest rates of
|
|
return because of the auxiliary spouse, child, and widow(er) benefits
|
|
payable based on one earnings record.</p>
|
|
|
|
<p class="pBody"> For two-earner couples the internal rates of return
|
|
generally fall between the corresponding rates for single male and single
|
|
female workers, and are much closer to the rates for females. Where both
|
|
spouses have the same earnings (tables 3 and 4), the internal rate of
|
|
return for the two-earner couple is closer to the higher (female) single
|
|
internal rate of return because of the inclusion of child benefits not
|
|
reflected for single cases. Where spouses have different earnings levels
|
|
(tables 5 and 6), the two-earner internal rate of return is closer to the
|
|
single female internal rate of return. This is for the reason stated
|
|
above, plus the fact that a significant additional surviving spouse
|
|
benefit may be payable to the lower earner (female in these examples). For
|
|
the cases chosen for this note, the wife's retired worker benefit is more
|
|
than half of that of her husband's, so no spouse's benefit is payable.</p>
|
|
|
|
<p class="pBody">It should be noted that this note does not include cases
|
|
where a single individual has children, an increasingly common occurrence.
|
|
Future analyses may address these cases. For now, it can be assumed that
|
|
the internal rate of return for such cases would fall between those for
|
|
the single worker and one-earner couple.</p>
|
|
|
|
<p class="pBody">Comparing two hypothetical cases that only differ by
|
|
whether career earnings are <em class="Emphasis">steady</em> or
|
|
<em class="Emphasis">scaled</em>, the internal rates of return are generally
|
|
higher for the scaled worker than for the steady worker. The career
|
|
earnings of the <em class="Emphasis">scaled</em> worker are designed to
|
|
produce the same average indexed monthly earnings at age 65 as those of
|
|
the <em class="Emphasis">steady</em> worker.
|
|
Thus, the benefit levels are the same for retirement at 65,
|
|
but differ in cases of disability and death prior to retirement.</p>
|
|
|
|
<p class="pBody"> Based on general considerations of the rising tax rates
|
|
of the OASDI Program (combined employer and employee tax went from 2
|
|
percent in 1940 to 12.4 percent starting in 1990), and the declining
|
|
relative value of benefits due to an increase in the retirement age, one
|
|
might expect that the internal rate of return would decline steadily as
|
|
the year of birth advances. Tables 3, 4, 5, and 6 show internal rates of
|
|
return for a series of birth cohorts for 68 combinations of sex, family
|
|
grouping, earnings level, and projected tax rates (<em class="Emphasis">
|
|
Present Law</em> and <em class="Emphasis">PL PAYGO</em>),
|
|
which permit us to test this expectation.
|
|
Every one of the 68 combinations show substantial decreases in the
|
|
internal rates of return for the first four year-of-birth cohorts (1920,
|
|
1930, 1937, and 1943), but for subsequent birth cohorts the expectation is
|
|
not always borne out. For the <em class="Emphasis"> Present Law</em> tax
|
|
schedule combinations (tables 3 and 5), the
|
|
internal rates of return <em class="Emphasis"> increase</em> continually
|
|
beginning with the 1985 birth cohort, due to improving mortality rates
|
|
combined with a fixed Normal Retirement Age (NRA) and a fixed tax rate.
|
|
For the years between--the birth cohorts 1949, 1955, 1964, and 1973--there
|
|
is no consistency from series to series. For the PL PAYGO tax schedule
|
|
combinations (tables 4 and 6), the
|
|
internal rate of return <em class="Emphasis"> decreases</em> continually
|
|
beginning with the 1964 birth cohort in table 4 and the 1955 cohort in
|
|
table 6. These decreases in the internal rates of
|
|
return for successive birth cohorts may reasonably be attributed to the
|
|
increasing tax rates under <em class="Emphasis">PL PAYGO</em>
|
|
for years beginning 2025. For the
|
|
years between--1949 and 1955--as with the in-between years for the <em
|
|
class="Emphasis"> Present Law</em> schedule, again there is no consistent
|
|
pattern from series to series.<a href="#footnote-8"
|
|
class="footnote"><sup>8</sup></a> </p>
|
|
|
|
<p class="pBody">The NRA was set at age 65 in the original Social Security
|
|
Act of 1935. Increases in the NRA have already started, as of 2000, as
|
|
specified by the Social Security Amendments of 1983. The NRA is scheduled
|
|
to be age 65 for those born before 1938, to increase by two months each
|
|
year for those born from 1938 through 1943, to remain at age 66 for those
|
|
born from 1944 through 1954, and then to again increase by two months each
|
|
year until reaching age 67 for those born in 1960. The NRA is currently
|
|
scheduled to remain at age 67 for those born after 1960.</p>
|
|
|
|
<p class="pBody">The table below presents the projected increases in
|
|
average wages, and the cost-of-living benefit increases, assumed for the
|
|
intermediate assumptions of the 2001 Trustees Report. Average wage
|
|
increases are used to determine the benefit formula adjustments so that
|
|
initially awarded benefit levels (PIAs) generally increase from
|
|
year-to-year as average wage levels increase. Benefits for those already
|
|
on the rolls are increased with the cost-of-living benefit increase.
|
|
Future increases in the average wage are assumed to be greater than future
|
|
increases in the cost of living, reflecting an assumed positive growth in
|
|
real earnings. Greater real wage increases tend to lead to higher internal
|
|
rates of return under a pay-as-you-go financed program like OASDI. The
|
|
rates of return are also affected by changes in mortality and disability
|
|
incidence and termination rates. Internal rates of return will generally
|
|
increase with improvements in mortality and worsening of disability
|
|
incidence experience under a pay-as-you-go financed program like
|
|
OASDI.</p>
|
|
|
|
<br />
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="50%" >
|
|
<caption>
|
|
<a name="table-7"></a>
|
|
<div class="pTableTitle">Table 7.--Average-Wage and Cost-of-Living Benefit Increases Under the
|
|
Intermediate Assumptions of the <br /> 2001 Trustees Report <p class="pTableSubTitle">(Percent)</p></div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="15%"><div class="pCellHeading"><br />Year</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeading">Average<br />wage increase</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeading">Cost-of-living<br />benefit
|
|
increase</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2001</div></td>
|
|
<td><div class="pCellBody">4.9</div></td>
|
|
<td><div class="pCellBody">2.8</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2002</div></td>
|
|
<td><div class="pCellBody">4.7</div></td>
|
|
<td><div class="pCellBody">2.9</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2003</div></td>
|
|
<td><div class="pCellBody">4.3</div></td>
|
|
<td><div class="pCellBody">3.0</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2004</div></td>
|
|
<td><div class="pCellBody">4.3</div></td>
|
|
<td><div class="pCellBody">3.1</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2005</div></td>
|
|
<td><div class="pCellBody">4.4</div></td>
|
|
<td><div class="pCellBody">3.2</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2006</div></td>
|
|
<td><div class="pCellBody">4.4</div></td>
|
|
<td><div class="pCellBody">3.3</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2007</div></td>
|
|
<td><div class="pCellBody">4.2</div></td>
|
|
<td><div class="pCellBody">3.3</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2008</div></td>
|
|
<td><div class="pCellBody">4.2</div></td>
|
|
<td><div class="pCellBody">3.3</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2009</div></td>
|
|
<td><div class="pCellBody">4.3</div></td>
|
|
<td><div class="pCellBody">3.3</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL">2010+</div></td>
|
|
<td><div class="pCellBody">4.3</div></td>
|
|
<td><div class="pCellBody">3.3</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="3"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="pBodyBold">Discussion of Worker Earnings and Benefit Levels</p>
|
|
|
|
<p class="pBody">The scaled earnings pattern was developed to address the
|
|
fact that the steady earnings pattern is not realistic for computing
|
|
benefit levels under some proposals. In developing the scaled earnings
|
|
pattern, we focused on the relative level of earnings, and relative
|
|
probability of having any earnings, by age of worker. A separate issue is
|
|
the general level of earnings over a worker's entire career. To remain
|
|
consistent with past benefit illustrations, we set the overall career
|
|
earnings levels for the low, medium, and high scaled earnings patterns at
|
|
levels that are equivalent to those of the corresponding hypothetical
|
|
steady earners.</p>
|
|
|
|
<p class="pBody">In order to properly interpret the meaning of values for
|
|
these hypothetical workers, it is useful to know where, in the
|
|
distribution of actual benefit levels, the benefits for our hypothetical
|
|
workers fall. A hypothetical steady average worker retiring at age 62 in
|
|
1999 would have a PIA of $1,025.00. Similar steady low-wage and high-wage
|
|
workers would have PIAs of $622.50 and $1,329.20, respectively. Based on a
|
|
1-percent sample of new retired worker awards in 1999
|
|
<a href="#footnote-9" class="footnote"><sup>9</sup></a>, we find that about
|
|
28 percent of these new retirees receive benefits at or below that for a steady
|
|
low-wage worker, 30 percent receive benefits between those for steady
|
|
low-wage and steady average-wage workers, 28 percent receive benefits
|
|
between those for a steady average-wage and steady high-wage worker, and
|
|
14 percent receive benefits over the level for a steady high-wage worker.
|
|
In total, about 58 percent of retirees receive benefits less than those of
|
|
the hypothetical steady average worker and 42 percent receive higher
|
|
benefits.</p>
|
|
|
|
<p class="pBody">The distribution of actual benefits is quite different
|
|
for newly awarded male, as compared with newly awarded female, retired
|
|
workers. The benefit for the hypothetical steady average worker is low in
|
|
the distribution of actual male retiree benefits, but is high in the
|
|
distribution of female retiree benefits. Approximately 66 percent of males
|
|
retiring in 1999 received benefits higher than that of the steady average
|
|
worker, while 87 percent of females received benefits below that level.
|
|
This is fairly consistent with an earlier note <a href="#footnote-10"
|
|
class="footnote"><sup>10</sup></a> that found that 60 percent of males
|
|
retiring at age 62 in 1982 had benefits over that of a corresponding steady
|
|
average worker.</p>
|
|
|
|
<p class="pBody"> Also of interest is the percentage of actual retirees
|
|
that is "best represented"<a href="#footnote-5"
|
|
class="footnote"><sup>5</sup></a>
|
|
by each type of hypothetical worker provided in
|
|
<a href="#table-1">table 1</a>. Approximately 44 percent of
|
|
1999 newly-awarded retired workers are best represented by the
|
|
hypothetical low-wage worker, 25 percent by the average-wage worker, 25
|
|
percent by the high-wage worker, and 6 percent by the maximum-wage worker.
|
|
Approximately 6 percent of workers retiring in 1999 received benefits that
|
|
were less than half the benefit of a hypothetical low-wage-steady worker.
|
|
Considering males alone, approximately 20 percent are best represented by
|
|
the low-wage earner, 28 percent by the average-wage earner, 41 percent by
|
|
the high-wage earner, and 10 percent by the maximum-wage earner. Only 2
|
|
percent of these male retirees receive benefits less than half that of a
|
|
low-wage-steady worker. For females, the corresponding values are: 72
|
|
percent are best represented by the low-wage earner, 22 percent by the
|
|
average-wage earner, 6 percent by the high-wage earner, and under 1
|
|
percent by the maximum-wage earner. Just over 10 percent of these female
|
|
retirees had benefits that were under half that of the low-wage earner.
|
|
The median PIA for males retiring in 1999 falls between the hypothetical
|
|
steady average and high workers. However, the median PIA for females is
|
|
closest to that of the hypothetical low-wage earner, and may be said to be
|
|
best represented by this earnings pattern.</p>
|
|
|
|
<p class="pBodyBold">Conclusions</p>
|
|
|
|
<p class="pBody">In this note we present internal real rates of return
|
|
over time for various illustrative demographic groups and earnings levels.
|
|
However, we recognize that a variety of other approaches, methods and
|
|
assumptions can be used in this type of analysis. We believe these
|
|
hypothetical examples provide useful insight into how internal rates of
|
|
return vary over generations, and by sex, earnings level and pattern, and
|
|
family grouping.</p>
|
|
|
|
<p class="pBody">Realistic earnings patterns are essential in determining
|
|
realistic internal rates of return for workers and for computing
|
|
accumulations of and distributions from individual accounts under a number
|
|
of proposals. Because scaled earnings patterns concentrate earnings
|
|
somewhat later in a career than do steady earner patterns, the scaled
|
|
pattern results in slightly higher internal real rates of return under the
|
|
OASDI program, and slightly lower accumulations for individual accounts
|
|
</p>
|
|
|
|
<p class="pBody">The significance of the internal rate of return must be
|
|
kept in proper perspective. A higher internal rate of return does not
|
|
necessarily mean a higher monthly benefit, even for two individuals with
|
|
the same earnings. As one example, consider a man and a woman with the
|
|
same earnings. A woman born in 1975 may expect to live 20.13 years after
|
|
the Normal Retirement Age of 67. Her male counterpart born in 1975 may
|
|
expect to live 17.16 years after age 67 <a href="#footnote-11"
|
|
class="footnote"><sup>11</sup></a>. Her expected number of years of life after
|
|
age 67 exceeds that of her male counterpart by 17 percent, and, as a result,
|
|
her internal rate of return is considerably more than her male counterpart
|
|
with the same earnings record <a href="#footnote-12"
|
|
class="footnote"><sup>12</sup></a>. However, the monthly benefit she receives
|
|
is exactly the same as for her male counterpart. Her higher internal rate of
|
|
return derives solely from her longer expected lifetime.</p>
|
|
|
|
<p class="pBody">Based on the provisions for benefits in the Social
|
|
Security Act that have evolved since 1935, it is clear that the goal for
|
|
the program has been to provide similarly adequate monthly benefits for
|
|
men and women, and for married and non-married workers. The goal has not
|
|
been to provide similar internal rates of return for these groups. Thus,
|
|
while this note illustrates the fact that the internal rate of return has
|
|
varied considerably and will continue to do so in the future, it is clear
|
|
that this kind of variation was both expected and intended. </p>
|
|
|
|
<p class="pBody"> </p>
|
|
<p class="pBody"> </p>
|
|
<p class="pBody"> </p>
|
|
|
|
|
|
<!-- from here on is from the ftp's version of the file -->
|
|
|
|
<h2 class="pHeading1">Appendix</h2>
|
|
|
|
<div class="pNoteTitle"> METHODOLOGY FOR DEVELOPING SCALED WORKER FACTORS</div>
|
|
|
|
<p class="pBodyBold">Introduction</p>
|
|
|
|
<p class="pBody"> Hypothetical earnings histories have traditionally been
|
|
used by the Office of the Chief Actuary to illustrate a range of benefit
|
|
levels, replacement rates, money's worth measures, time to recover
|
|
contributions, and internal rates of return under the Social Security
|
|
program. These illustrations have long been used to evaluate the program
|
|
under present law, but have increasingly been used to evaluate the effects
|
|
of possible alternatives. The traditional hypothetical workers that have
|
|
been used are "steady" workers. They have been assumed to work
|
|
steadily beginning at age 22, until retirement, death, or disability, and
|
|
to have a steady amount of earnings relative to the official SSA Average
|
|
Wage Index (AWI) each year. For example, the "steady average"
|
|
worker is assumed to earn the AWI for every working year. Similarly, the
|
|
"steady low" worker is assumed to earn 45 percent of the AWI for
|
|
every working year, and the "steady high" worker is assumed to
|
|
earn 160 percent of the AWI for every working year. The "steady
|
|
maximum" worker is assumed to earn the maximum taxable earnings (the
|
|
"earnings base") in every working year.</p>
|
|
|
|
<p class="pBody"> These hypothetical steady earnings histories tend to
|
|
over-represent the proportion of actual lifetime earnings received at
|
|
younger ages and under-represent the proportion received at prime working
|
|
ages for most workers. Sample data show that it is fairly typical for
|
|
workers' earnings to start out relatively low at young ages, to rise
|
|
rapidly as they initially gain experience, and then to increase more
|
|
gradually, or level off, at older ages.</p>
|
|
|
|
<p class="pBody"> Though somewhat unrepresentative, the hypothetical steady
|
|
workers have the advantage of simplicity, and are adequate for analyzing
|
|
relative benefit levels under present law and many alternative plans, both
|
|
across earnings levels and over time. However, these illustrations are not
|
|
fully satisfactory for making comparisons of benefits under individual
|
|
account plans, or other plans where benefits are dependent on the timing
|
|
as well as the amount of earnings.</p>
|
|
|
|
<p class="pBody"> Over-representing early earnings tends to bias downward
|
|
estimates of the internal rate of return of the present-law program, while
|
|
at the same time biasing upward estimates of benefit levels under plans
|
|
with individual accounts. To avoid these biases, the Office of the Chief
|
|
Actuary has developed "scaled worker" hypothetical earnings
|
|
histories. These earnings histories reflect the more typical patterns of
|
|
work and earnings levels of actual workers over their careers.</p>
|
|
|
|
<p class="pBody"> This appendix describes how the scaled worker factors
|
|
used in determining the hypothetical scaled earnings histories have been
|
|
developed. For a given age the fundamental unit, which we call
|
|
"normalized earnings", is the ratio of a worker's annual
|
|
earnings at that age to the same year's AWI. Normalized earnings for a
|
|
given age can be combined and averaged over time.</p>
|
|
|
|
<p class="pBody"> Three sets of scaled worker factors have been developed,
|
|
representing low, medium, and high lifetime earnings. (Maximum workers are
|
|
assumed to work steadily at the OASDI taxable maximum, as before.)
|
|
Initially, one set of <em class="Emphasis0">raw scaled factors</em> is
|
|
developed using earnings from
|
|
the Continuous Work History Sample (CWHS). Then, the <em class="Emphasis0">
|
|
raw scaled factors</em>
|
|
are adjusted so as to produce the same Average Indexed Monthly Earnings
|
|
(AIME)<a href="#footnote-13" class="footnote"><sup>13</sup></a> values as those
|
|
calculated for low, average, and high earning steady workers. This
|
|
approach has been selected in order to provide continuity with previous
|
|
estimates for steady workers. Because these adjusted lifetime earnings
|
|
levels are not designed to represent any particular points in the
|
|
distribution(s) for actual workers, familiarity with where these
|
|
hypothetical earnings histories fall in the actual distribution is
|
|
important. This is discussed in the section entitled "Discussion of
|
|
Worker Earnings and Benefit Levels" on page 7 of this note.</p>
|
|
|
|
<p class="pBodyBold">Developing <em class="Emphasis0">Raw Scaled Factors</em>
|
|
from Earnings in the CWHS</p>
|
|
|
|
<p class="pBody">Development of the <em class="Emphasis0">raw scaled
|
|
factors</em> occurs in three steps:</p>
|
|
|
|
<p class="pIndented5">
|
|
(1) Determine which workers in the CWHS to include in the note,<br />
|
|
(2) Tabulate the earnings for these workers, and<br />
|
|
(3) Develop the <em class="Emphasis0">raw scaled factors</em> from the
|
|
tabulated earnings.</p>
|
|
|
|
<h3 class="pSection">
|
|
Determine Which Workers in the CWHS to Include in the Note</h3>
|
|
|
|
<p class="pBody"> The CWHS is a 1-percent sample of workers who have paid
|
|
FICA taxes sometime during their lifetime. It is updated annually by the
|
|
Office of Research, Evaluation, and Statistics. The factors in this
|
|
actuarial note are developed using the 1998 version of the CWHS.</p>
|
|
|
|
<p class="pBody"> Because the CWHS contains earnings for all persons who
|
|
have paid FICA taxes sometime during their lifetime, it is important to
|
|
limit analysis only to workers who are likely to be eligible for
|
|
retirement or disability benefits, or have dependents eligible for
|
|
survivors benefits. To include only those workers, we used the status of
|
|
<em class="Emphasis0"> presently fully insured</em> . Basically, a worker
|
|
is considered <em class="Emphasis0">presently fully insured</em> if he or
|
|
she has a total number of
|
|
quarters of coverage (QCs)<a href="#footnote-14" class="footnote"><sup>14
|
|
</sup></a>
|
|
at least equal to the number of years after attainment of age 21 through
|
|
the last year considered in the analysis (in this case 1997). A further
|
|
requirement is that the worker has a minimum of 6 QCs. Since <em
|
|
class="Emphasis0">permanent fully insured status</em> is achieved with 40 QCs,
|
|
any worker with 40 QCs is
|
|
<em class="Emphasis0">presently fully insured</em> no matter how many years
|
|
have elapsed since age
|
|
21. Any worker who is classified as <em class="Emphasis0">presently fully
|
|
insured</em> is likely to
|
|
become eligible for a Social Security retirement benefit if he or she
|
|
survives to eligibility age.</p>
|
|
|
|
<h3 class="pSection">Tabulate Earnings</h3>
|
|
|
|
<p class="pBody"> The 1998 CWHS file contains FICA earnings for years 1951
|
|
through 1998. Due to posting delays, the earnings for 1998 in this file
|
|
are less complete than for earlier years and were not used in our
|
|
analysis. For each of the workers classified as <em class="Emphasis0">
|
|
presently fully insured</em>,
|
|
earnings are included of those years 1988 through 1997 for which the
|
|
worker is age 21 or over. Each year of earnings is classified by age of
|
|
worker, and is expressed as the ratio of the earnings to the AWI for the
|
|
year.</p>
|
|
|
|
<p class="pBody">Scaled factors were developed to take into account both
|
|
the variations in earnings by age and the probabilities that workers may
|
|
have years with zero earnings. Years with zero earnings are included among
|
|
the earnings records selected. However, years in which the worker was
|
|
deceased<a href="#footnote-15" class="footnote"><sup>15</sup></a> or receiving
|
|
a primary Social Security benefit, are not included.</p>
|
|
|
|
<h3 class="pSection">Develop Raw Scaled Factors</h3>
|
|
|
|
<p class="pBody">To normalize earnings from different years, annual
|
|
earnings amounts for each year are divided by the AWI for that year. For
|
|
each <em class="Emphasis0">presently fully insured</em> worker,
|
|
normalized earnings are tabulated by
|
|
age for each age 21 and over for years 1988-97, as described in the
|
|
preceding paragraph. The normalized earnings are summed by age and a
|
|
corresponding worker count is kept. The <em class="Emphasis0">raw scaled
|
|
factors</em> are determined
|
|
by dividing the tabulated sum for each age by the corresponding worker
|
|
count. The tabulated amounts, corresponding worker counts, and computed
|
|
<em class="Emphasis0">raw scaled factors</em> are shown in table A1.</p>
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="60%" >
|
|
<caption>
|
|
<a name="table-a1"></a>
|
|
<div class="pTableTitle">Table A1.--Aggregate Normalized Earnings<br />
|
|
(Ratio of Annual Earnings to Current AWI),<br />
|
|
Count of <em class="Emphasis0">Presently Fully Insured</em>
|
|
Workers in Sample,<br />
|
|
and <em class="Emphasis0">Raw Scaled Factors</em> by Age</div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="10%"><div class="pCellHeading">Age<div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Aggregate of<br />normalized earnings
|
|
<br />(1)</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Number of<br />earners at<br />age
|
|
<br />(2)</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Raw scaled<br />factor
|
|
<br />(1)/(2)<br />(3)   </div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">21</div></td>
|
|
<td><div class="pCellBody">105,404</div></td>
|
|
<td><div class="pCellBody">342,946</div></td>
|
|
<td><div class="pCellBody">0.307</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">22</div></td>
|
|
<td><div class="pCellBody">128,562</div></td>
|
|
<td><div class="pCellBody">352,727</div></td>
|
|
<td><div class="pCellBody">.364</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">23</div></td>
|
|
<td><div class="pCellBody">161,731</div></td>
|
|
<td><div class="pCellBody">362,655</div></td>
|
|
<td><div class="pCellBody">.446</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">24</div></td>
|
|
<td><div class="pCellBody">193,283</div></td>
|
|
<td><div class="pCellBody">373,277</div></td>
|
|
<td><div class="pCellBody">.518</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">25</div></td>
|
|
<td><div class="pCellBody">220,435</div></td>
|
|
<td><div class="pCellBody">383,352</div></td>
|
|
<td><div class="pCellBody">.575</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">26</div></td>
|
|
<td><div class="pCellBody">245,216</div></td>
|
|
<td><div class="pCellBody">393,115</div></td>
|
|
<td><div class="pCellBody">.624</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">27</div></td>
|
|
<td><div class="pCellBody">266,792</div></td>
|
|
<td><div class="pCellBody">399,642</div></td>
|
|
<td><div class="pCellBody">.668</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">28</div></td>
|
|
<td><div class="pCellBody">284,844</div></td>
|
|
<td><div class="pCellBody">404,616</div></td>
|
|
<td><div class="pCellBody">.704</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">29</div></td>
|
|
<td><div class="pCellBody">299,951</div></td>
|
|
<td><div class="pCellBody">409,471</div></td>
|
|
<td><div class="pCellBody">.733</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">30</div></td>
|
|
<td><div class="pCellBody">314,626</div></td>
|
|
<td><div class="pCellBody">415,055</div></td>
|
|
<td><div class="pCellBody">.758</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">31</div></td>
|
|
<td><div class="pCellBody">328,142</div></td>
|
|
<td><div class="pCellBody">420,734</div></td>
|
|
<td><div class="pCellBody">.780</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">32</div></td>
|
|
<td><div class="pCellBody">339,568</div></td>
|
|
<td><div class="pCellBody">424,949</div></td>
|
|
<td><div class="pCellBody">.799</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">33</div></td>
|
|
<td><div class="pCellBody">348,564</div></td>
|
|
<td><div class="pCellBody">426,454</div></td>
|
|
<td><div class="pCellBody">.817</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">34</div></td>
|
|
<td><div class="pCellBody">354,484</div></td>
|
|
<td><div class="pCellBody">425,037</div></td>
|
|
<td><div class="pCellBody">.834</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">35</div></td>
|
|
<td><div class="pCellBody">358,540</div></td>
|
|
<td><div class="pCellBody">421,955</div></td>
|
|
<td><div class="pCellBody">.850</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">36</div></td>
|
|
<td><div class="pCellBody">359,675</div></td>
|
|
<td><div class="pCellBody">417,244</div></td>
|
|
<td><div class="pCellBody">.862</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">37</div></td>
|
|
<td><div class="pCellBody">359,765</div></td>
|
|
<td><div class="pCellBody">410,579</div></td>
|
|
<td><div class="pCellBody">.876</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">38</div></td>
|
|
<td><div class="pCellBody">357,027</div></td>
|
|
<td><div class="pCellBody">401,947</div></td>
|
|
<td><div class="pCellBody">.888</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">39</div></td>
|
|
<td><div class="pCellBody">354,024</div></td>
|
|
<td><div class="pCellBody">393,953</div></td>
|
|
<td><div class="pCellBody">.899</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">40</div></td>
|
|
<td><div class="pCellBody">351,362</div></td>
|
|
<td><div class="pCellBody">386,016</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">41</div></td>
|
|
<td><div class="pCellBody">350,100</div></td>
|
|
<td><div class="pCellBody">379,024</div></td>
|
|
<td><div class="pCellBody">.924</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">42</div></td>
|
|
<td><div class="pCellBody">343,972</div></td>
|
|
<td><div class="pCellBody">368,139</div></td>
|
|
<td><div class="pCellBody">.934</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">43</div></td>
|
|
<td><div class="pCellBody">332,605</div></td>
|
|
<td><div class="pCellBody">353,013</div></td>
|
|
<td><div class="pCellBody">.942</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">44</div></td>
|
|
<td><div class="pCellBody">320,899</div></td>
|
|
<td><div class="pCellBody">338,459</div></td>
|
|
<td><div class="pCellBody">.948</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">45</div></td>
|
|
<td><div class="pCellBody">311,183</div></td>
|
|
<td><div class="pCellBody">326,300</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">46</div></td>
|
|
<td><div class="pCellBody">300,599</div></td>
|
|
<td><div class="pCellBody">313,654</div></td>
|
|
<td><div class="pCellBody">.958</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">47</div></td>
|
|
<td><div class="pCellBody">287,368</div></td>
|
|
<td><div class="pCellBody">299,228</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">48</div></td>
|
|
<td><div class="pCellBody">273,994</div></td>
|
|
<td><div class="pCellBody">285,300</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">49</div></td>
|
|
<td><div class="pCellBody">258,234</div></td>
|
|
<td><div class="pCellBody">270,691</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">50</div></td>
|
|
<td><div class="pCellBody">242,447</div></td>
|
|
<td><div class="pCellBody">255,910</div></td>
|
|
<td><div class="pCellBody">.947</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">51</div></td>
|
|
<td><div class="pCellBody">223,384</div></td>
|
|
<td><div class="pCellBody">238,498</div></td>
|
|
<td><div class="pCellBody">.937</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">52</div></td>
|
|
<td><div class="pCellBody">208,734</div></td>
|
|
<td><div class="pCellBody">225,677</div></td>
|
|
<td><div class="pCellBody">.925</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">53</div></td>
|
|
<td><div class="pCellBody">197,737</div></td>
|
|
<td><div class="pCellBody">217,407</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">54</div></td>
|
|
<td><div class="pCellBody">186,183</div></td>
|
|
<td><div class="pCellBody">208,673</div></td>
|
|
<td><div class="pCellBody">.892</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">172,557</div></td>
|
|
<td><div class="pCellBody">198,292</div></td>
|
|
<td><div class="pCellBody">.870</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">158,222</div></td>
|
|
<td><div class="pCellBody">188,626</div></td>
|
|
<td><div class="pCellBody">.839</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">147,643</div></td>
|
|
<td><div class="pCellBody">182,183</div></td>
|
|
<td><div class="pCellBody">.810</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">138,212</div></td>
|
|
<td><div class="pCellBody">176,889</div></td>
|
|
<td><div class="pCellBody">.781</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">129,020</div></td>
|
|
<td><div class="pCellBody">171,878</div></td>
|
|
<td><div class="pCellBody">.751</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">119,072</div></td>
|
|
<td><div class="pCellBody">167,233</div></td>
|
|
<td><div class="pCellBody">.712</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">108,495</div></td>
|
|
<td><div class="pCellBody">163,414</div></td>
|
|
<td><div class="pCellBody">.664</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">78,296</div></td>
|
|
<td><div class="pCellBody">92,170</div></td>
|
|
<td><div class="pCellBody">.849</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">59,908</div></td>
|
|
<td><div class="pCellBody">70,074</div></td>
|
|
<td><div class="pCellBody">.855</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">49,498</div></td>
|
|
<td><div class="pCellBody">59,841</div></td>
|
|
<td><div class="pCellBody">.827</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="4"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="pBodyBold">Adjust <em class="Emphasis0">Raw Scaled Factors</em>
|
|
to Match Steady Worker AIME Values</p>
|
|
|
|
<p class="pBody">
|
|
Adjustment of the <em class="Emphasis0">raw scaled factors</em>
|
|
occurs in four steps:</p>
|
|
|
|
<p class="pIndented5">
|
|
(1) Calculate <em class="Emphasis0">preliminary adjusted scaled
|
|
factors</em> from the <em class="Emphasis0">raw scaled factors</em><br />
|
|
(2) Construct the earnings record and calculate the AIME for a
|
|
hypothetical scaled worker using the <em class="Emphasis0">preliminary
|
|
adjusted scaled factors</em><br />
|
|
(3) Determine AIME values for low, average, and high steady workers;
|
|
and<br />
|
|
(4) Calculate low, medium, and high <em class="Emphasis0">scaled
|
|
factors</em> from the <em class="Emphasis0">preliminary adjusted scaled
|
|
factors</em> that would give hypothetical scaled workers the same AIME
|
|
values as hypothetical steady workers.</p>
|
|
|
|
|
|
<h3 class="pSection">
|
|
Calculating Preliminary Adjusted Scaled Factors from Raw Scaled Factors</h3>
|
|
|
|
<p class="pBody">The following values, based on table A1, show that there is
|
|
an accelerating decline in raw factors at ages 59 through 61, followed by
|
|
increases at ages 62 and 63:</p>
|
|
|
|
<table align="center" border="0" cellpadding="1" cellspacing="2" width="50%" summary="table showing difference in raw factor for ages 55 through 64">
|
|
<caption></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="10%"><div class="pCellHeading">Age</div><hr /></th>
|
|
<th scope="col" width="10%"><div class="pCellHeadingR">Raw factor</div><hr /></th>
|
|
<th scope="col" width="10%"><div class="pCellHeadingR">Difference</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">0.870</div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">.839</div></td>
|
|
<td><div class="pCellBody">-0.031</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">.810</div></td>
|
|
<td><div class="pCellBody">-.029</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">.781</div></td>
|
|
<td><div class="pCellBody">-.029</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">.751</div></td>
|
|
<td><div class="pCellBody">-.030</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">.712</div></td>
|
|
<td><div class="pCellBody">-.039</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">.664</div></td>
|
|
<td><div class="pCellBody">-.048</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">.849</div></td>
|
|
<td><div class="pCellBody">+.185</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">.855</div></td>
|
|
<td><div class="pCellBody">+.006</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">.827</div></td>
|
|
<td><div class="pCellBody">-.028</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="3"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="pBody"> Definitive information is not available at this time on
|
|
reasons for these changes after age 59. However, it seems reasonable to
|
|
assume that some of the decline in the raw factors at ages 59 through 61
|
|
is due to retirement (total or partial) of some workers before they became
|
|
entitled to their OASDI retirement benefits at age 62. The increases in
|
|
the raw factors at ages 62 and 63 may reasonably be attributed to the fact
|
|
that healthier, higher-wage workers, and workers who have maintained
|
|
consistent employment at higher ages, are more likely to delay entitlement
|
|
to OASDI benefits until after age 62. The earnings of many non-workers,
|
|
low-wage workers, or less-healthy workers have been removed from the
|
|
tabulated group starting at age 62 because they have started to receive
|
|
retirement benefits under Social Security.</p>
|
|
|
|
<p class="pBody"> Due to the differences between the groups of workers
|
|
represented in data for just-before versus just-after age 62, a smoother
|
|
set of "adjusted" raw factors was developed for ages 62-64. The
|
|
factors were developed assuming that wages for workers over age 61 would
|
|
stay constant in nominal dollars, thus decreasing in real (constant)
|
|
dollars. The <em class="Emphasis0">preliminary adjusted scaled factors</em>
|
|
are set equal to the <em class="Emphasis0">raw
|
|
scaled factors</em> for ages through 61. Factors for ages 62 and over are
|
|
calculated so that earnings in nominal dollars stay constant at the level
|
|
for age 61. For example, the preliminary adjusted factor for age 62 is
|
|
calculated by dividing the factor for age 61 by the ultimate assumed
|
|
annual increase in average wages under the intermediate assumptions of the
|
|
2001 Trustees Report. The calculation of the <em class="Emphasis0">preliminary
|
|
adjusted scaled factors </em>for ages 62-64 is shown in table A2.</p>
|
|
|
|
<p class="pBody"> This approach, while providing an imperfect approximation
|
|
for all types of workers, was adopted in order to avoid having different
|
|
scales for workers who become entitled to OASDI benefits at different
|
|
ages.</p>
|
|
|
|
<table align="center" border="2" cellpadding="2" cellspacing="2" width="85%" >
|
|
<caption>
|
|
<a name="table-a2"></a>
|
|
<div class="pTableTitle">Table A2.--Scaled Factor Adjustments Made for Ages After 61</div></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="45%"><div class="pCellBodyL">Age</div></th>
|
|
<th scope="col" width="10%"><div class="pCellBodyL">61</div></th>
|
|
<th scope="col" width="10%"><div class="pCellBodyL">62</div></th>
|
|
<th scope="col" width="10%"><div class="pCellBodyL">63</div></th>
|
|
<th scope="col" width="10%"><div class="pCellBodyL">64</div></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">Raw scaled factor</div></th>
|
|
<td><div class="pCellBodyL">0.664</div></td>
|
|
<td><div class="pCellBodyL">0.849</div></td>
|
|
<td><div class="pCellBodyL">0.855</div></td>
|
|
<td><div class="pCellBodyL">0.827</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">Ultimate AWI increase since age 61,<br />
|
|
based on 2001 Trustees Report, Intermediate Assumptions</div></th>
|
|
<td><div class="pCellBodyL">1.000</div></td>
|
|
<td><div class="pCellBodyL">1.043</div></td>
|
|
<td><div class="pCellBodyL">(1.043)<sup>2</sup></div></td>
|
|
<td><div class="pCellBodyL">(1.043)<sup>3</sup></div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL"> </div></td><td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">Preliminary adjusted scaled factor<br />
|
|
(age 61 raw scaled factor) /(Ultimate AWI increase)</div></th>
|
|
<td><div class="pCellBodyL">0.664</div></td>
|
|
<td><div class="pCellBodyL">0.637</div></td>
|
|
<td><div class="pCellBodyL">0.610</div></td>
|
|
<td><div class="pCellBodyL">0.585</div></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<h3 class="pSection"><br />Construct the Earnings Record and Calculate the
|
|
AIME for a Hypothetical Scaled Worker Using the Preliminary Adjusted
|
|
Scaled Factors</h3>
|
|
|
|
<p class="pBody"> This hypothetical scaled worker is assumed to have date
|
|
of birth January 2, 1950, to have earnings from age 21 through age 64, and
|
|
to retire at age 65. Earnings for each year are calculated by multiplying
|
|
the <em class="Emphasis0">preliminary adjusted scaled factor</em> for that
|
|
age by the AWI value for the corresponding year. This hypothetical scaled worker based on the
|
|
preliminary adjusted scaled factors turns age 22 in 1972. So the age 22
|
|
factor of 0.364 is multiplied by the 1972 AWI of $7,133.80 to obtain
|
|
annual earnings of $2,596.70. Table A3 shows the <em class="Emphasis0">
|
|
preliminary adjusted scaled factors</em>,
|
|
AWI amounts, and corresponding hypothetical earnings for this
|
|
hypothetical worker. The earnings record thus constructed has an AIME value
|
|
of $3,526 for this worker.</p>
|
|
|
|
<table align="center" border="0" cellpadding="2" cellspacing="2" width="75%" >
|
|
<caption>
|
|
<a name="table-a3"></a>
|
|
<div class="pTableTitle">Table A3.--Computation of the Earnings Record and the AIME for the<br />Theoretical
|
|
Scaled Worker Born in 1950 Based on the<br />Preliminary Adjusted Scaled Factors
|
|
and the AWI Series<hr /></div></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="10%"><div class="pCellHeading">Year</div><hr /></th>
|
|
<th scope="col" width="10%"><div class="pCellHeading">Age</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Preliminary<br />adjusted<br />scaled factors
|
|
<br />(1)</div><hr /></th>
|
|
<th scope="col" scope="col" width="15%"><div class="pCellHeadingR">AWI for<br />current year
|
|
<br />(2)</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Estimated<br />earnings for<br />current year
|
|
<br />(1)*(2)<br />(3)   </div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1971</div></td>
|
|
<td><div class="pCellBodyC">21</div></td>
|
|
<td><div class="pCellBody">0.307</div></td>
|
|
<td><div class="pCellBody">$6,497.08</div></td>
|
|
<td><div class="pCellBody">$1,994.60</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1972</div></td>
|
|
<td><div class="pCellBodyC">22</div></td>
|
|
<td><div class="pCellBody">.364</div></td>
|
|
<td><div class="pCellBody">7,133.80</div></td>
|
|
<td><div class="pCellBody">2,596.70</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">23</div></td>
|
|
<td><div class="pCellBody">.446</div></td>
|
|
<td><div class="pCellBody">7,580.16</div></td>
|
|
<td><div class="pCellBody">3,380.75</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1974</div></td>
|
|
<td><div class="pCellBodyC">24</div></td>
|
|
<td><div class="pCellBody">.518</div></td>
|
|
<td><div class="pCellBody">8,030.76</div></td>
|
|
<td><div class="pCellBody">4,159.93</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1975</div></td>
|
|
<td><div class="pCellBodyC">25</div></td>
|
|
<td><div class="pCellBody">.575</div></td>
|
|
<td><div class="pCellBody">8,630.92</div></td>
|
|
<td><div class="pCellBody">4,962.78</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1976</div></td>
|
|
<td><div class="pCellBodyC">26</div></td>
|
|
<td><div class="pCellBody">.624</div></td>
|
|
<td><div class="pCellBody">9,226.48</div></td>
|
|
<td><div class="pCellBody">5,757.32</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1977</div></td>
|
|
<td><div class="pCellBodyC">27</div></td>
|
|
<td><div class="pCellBody">.668</div></td>
|
|
<td><div class="pCellBody">9,779.44</div></td>
|
|
<td><div class="pCellBody">6,532.67</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1978</div></td>
|
|
<td><div class="pCellBodyC">28</div></td>
|
|
<td><div class="pCellBody">.704</div></td>
|
|
<td><div class="pCellBody">10,556.03</div></td>
|
|
<td><div class="pCellBody">7,431.45</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1979</div></td>
|
|
<td><div class="pCellBodyC">29</div></td>
|
|
<td><div class="pCellBody">.733</div></td>
|
|
<td><div class="pCellBody">11,479.46</div></td>
|
|
<td><div class="pCellBody">8,414.44</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1980</div></td>
|
|
<td><div class="pCellBodyC">30</div></td>
|
|
<td><div class="pCellBody">.758</div></td>
|
|
<td><div class="pCellBody">12,513.46</div></td>
|
|
<td><div class="pCellBody">9,485.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1981</div></td>
|
|
<td><div class="pCellBodyC">31</div></td>
|
|
<td><div class="pCellBody">.780</div></td>
|
|
<td><div class="pCellBody">13,773.10</div></td>
|
|
<td><div class="pCellBody">10,743.02</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1982</div></td>
|
|
<td><div class="pCellBodyC">32</div></td>
|
|
<td><div class="pCellBody">.799</div></td>
|
|
<td><div class="pCellBody">14,531.34</div></td>
|
|
<td><div class="pCellBody">11,610.54</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1983</div></td>
|
|
<td><div class="pCellBodyC">33</div></td>
|
|
<td><div class="pCellBody">.817</div></td>
|
|
<td><div class="pCellBody">15,239.24</div></td>
|
|
<td><div class="pCellBody">12,450.46</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1984</div></td>
|
|
<td><div class="pCellBodyC">34</div></td>
|
|
<td><div class="pCellBody">.834</div></td>
|
|
<td><div class="pCellBody">16,135.07</div></td>
|
|
<td><div class="pCellBody">13,456.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">35</div></td>
|
|
<td><div class="pCellBody">.850</div></td>
|
|
<td><div class="pCellBody">16,822.51</div></td>
|
|
<td><div class="pCellBody">14,299.13</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1986</div></td>
|
|
<td><div class="pCellBodyC">36</div></td>
|
|
<td><div class="pCellBody">.862</div></td>
|
|
<td><div class="pCellBody">17,321.82</div></td>
|
|
<td><div class="pCellBody">14,931.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1987</div></td>
|
|
<td><div class="pCellBodyC">37</div></td>
|
|
<td><div class="pCellBody">.876</div></td>
|
|
<td><div class="pCellBody">18,426.51</div></td>
|
|
<td><div class="pCellBody">16,141.62</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1988</div></td>
|
|
<td><div class="pCellBodyC">38</div></td>
|
|
<td><div class="pCellBody">.888</div></td>
|
|
<td><div class="pCellBody">19,334.04</div></td>
|
|
<td><div class="pCellBody">17,168.63</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1989</div></td>
|
|
<td><div class="pCellBodyC">39</div></td>
|
|
<td><div class="pCellBody">.899</div></td>
|
|
<td><div class="pCellBody">20,099.55</div></td>
|
|
<td><div class="pCellBody">18,069.50</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1990</div></td>
|
|
<td><div class="pCellBodyC">40</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
<td><div class="pCellBody">21,027.98</div></td>
|
|
<td><div class="pCellBody">19,135.46</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1991</div></td>
|
|
<td><div class="pCellBodyC">41</div></td>
|
|
<td><div class="pCellBody">.924</div></td>
|
|
<td><div class="pCellBody">21,811.60</div></td>
|
|
<td><div class="pCellBody">20,153.92</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1992</div></td>
|
|
<td><div class="pCellBodyC">42</div></td>
|
|
<td><div class="pCellBody">.934</div></td>
|
|
<td><div class="pCellBody">22,935.42</div></td>
|
|
<td><div class="pCellBody">21,421.68</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1993</div></td>
|
|
<td><div class="pCellBodyC">43</div></td>
|
|
<td><div class="pCellBody">.942</div></td>
|
|
<td><div class="pCellBody">23,132.67</div></td>
|
|
<td><div class="pCellBody">21,790.98</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1994</div></td>
|
|
<td><div class="pCellBodyC">44</div></td>
|
|
<td><div class="pCellBody">.948</div></td>
|
|
<td><div class="pCellBody">23,753.53</div></td>
|
|
<td><div class="pCellBody">22,518.35</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBodyC">45</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
<td><div class="pCellBody">24,705.66</div></td>
|
|
<td><div class="pCellBody">23,569.20</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1996</div></td>
|
|
<td><div class="pCellBodyC">46</div></td>
|
|
<td><div class="pCellBody">.958</div></td>
|
|
<td><div class="pCellBody">25,913.90</div></td>
|
|
<td><div class="pCellBody">24,825.52</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">47</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
<td><div class="pCellBody">27,426.00</div></td>
|
|
<td><div class="pCellBody">26,328.96</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1998</div></td>
|
|
<td><div class="pCellBodyC">48</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
<td><div class="pCellBody">28,861.44</div></td>
|
|
<td><div class="pCellBody">27,706.98</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1999</div></td>
|
|
<td><div class="pCellBodyC">49</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
<td><div class="pCellBody">30,469.84</div></td>
|
|
<td><div class="pCellBody">29,068.23</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2000</div></td>
|
|
<td><div class="pCellBodyC">50</div></td>
|
|
<td><div class="pCellBody">.947</div></td>
|
|
<td><div class="pCellBody">32,104.67</div></td>
|
|
<td><div class="pCellBody">30,403.12</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2001</div></td>
|
|
<td><div class="pCellBodyC">51</div></td>
|
|
<td><div class="pCellBody">.937</div></td>
|
|
<td><div class="pCellBody">33,680.35</div></td>
|
|
<td><div class="pCellBody">31,558.49</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBodyC">52</div></td>
|
|
<td><div class="pCellBody">.925</div></td>
|
|
<td><div class="pCellBody">35,277.03</div></td>
|
|
<td><div class="pCellBody">32,631.25</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2003</div></td>
|
|
<td><div class="pCellBodyC">53</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
<td><div class="pCellBody">36,781.09</div></td>
|
|
<td><div class="pCellBody">33,470.79</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">54</div></td>
|
|
<td><div class="pCellBody">.892</div></td>
|
|
<td><div class="pCellBody">38,372.33</div></td>
|
|
<td><div class="pCellBody">34,228.12</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2005</div></td>
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">.870</div></td>
|
|
<td><div class="pCellBody">40,044.65</div></td>
|
|
<td><div class="pCellBody">34,838.85</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2006</div></td>
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">.839</div></td>
|
|
<td><div class="pCellBody">41,799.45</div></td>
|
|
<td><div class="pCellBody">35,069.74</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2007</div></td>
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">.810</div></td>
|
|
<td><div class="pCellBody">43,575.71</div></td>
|
|
<td><div class="pCellBody">35,296.33</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">.781</div></td>
|
|
<td><div class="pCellBody">45,416.27</div></td>
|
|
<td><div class="pCellBody">35,470.11</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2009</div></td>
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">.751</div></td>
|
|
<td><div class="pCellBody">47,350.68</div></td>
|
|
<td><div class="pCellBody">35,560.36</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2010</div></td>
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">.712</div></td>
|
|
<td><div class="pCellBody">49,366.08</div></td>
|
|
<td><div class="pCellBody">35,148.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2011</div></td>
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">.664</div></td>
|
|
<td><div class="pCellBody">51,488.82</div></td>
|
|
<td><div class="pCellBody">34,188.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2012</div></td>
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">.637</div></td>
|
|
<td><div class="pCellBody">53,702.84</div></td>
|
|
<td><div class="pCellBody">34,188.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2013</div></td>
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">.610</div></td>
|
|
<td><div class="pCellBody">56,012.06</div></td>
|
|
<td><div class="pCellBody">34,188.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">.585</div></td>
|
|
<td><div class="pCellBody">58,420.58</div></td>
|
|
<td><div class="pCellBody">34,188.58</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">AIME</div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody">3,526</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="5"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<h3 class="pSection">
|
|
Determine AIME Values for Low, Average, and High Steady Workers</h3>
|
|
|
|
<p class="pBody"> AIME values are determined for three different steady
|
|
workers, denoted as low, average, and high steady workers. All three
|
|
steady workers are assumed to be born on January 2, 1950, to retire
|
|
February 1, 2015, and to have steady earnings from age 22 (1972) through
|
|
age 64 (2014). The only difference among the three is the level of
|
|
earnings. For the low steady worker, each year of earnings is assumed to
|
|
equal 45 percent of the AWI. For the average steady worker, each year of
|
|
earnings is assumed to equal the AWI. For the high steady worker, each
|
|
year of earnings is assumed to equal 160 percent of AWI. For years in
|
|
which actual historical AWI values are not available, we use the AWI
|
|
levels assumed for the intermediate assumptions of the 2001 Trustees
|
|
Report. The earnings records, along with calculated AIMEs, for our three
|
|
steady workers are given in table A4, as follows:</p>
|
|
|
|
<table align="center" border="0" cellpadding="2" cellspacing="2" width="90%" >
|
|
<caption>
|
|
<a name="table-a4"></a>
|
|
<div class="pTableTitle">Table A4.--Three Hypothetical Steady Workers
|
|
Born in 1950: Their Earnings and Their AIMEs<hr /></div></caption>
|
|
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="10%"><div class="pCellHeading">Year</div><hr /></th>
|
|
<th scope="col" width="10%"><div class="pCellHeading">Age</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">AWI</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Low Worker<br />45% of AWI</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">Average Worker<br />100% of AWI</div><hr /></th>
|
|
<th scope="col" width="15%"><div class="pCellHeadingR">High Worker<br />160% of AWI</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1971</div></td>
|
|
<td><div class="pCellBodyC">21</div></td>
|
|
<td><div class="pCellBody">$6,497.08</div></td>
|
|
<td><div class="pCellBody">$2,923.69</div></td>
|
|
<td><div class="pCellBody">$6,497.08</div></td>
|
|
<td><div class="pCellBody">$7,800.00</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1972</div></td>
|
|
<td><div class="pCellBodyC">22</div></td>
|
|
<td><div class="pCellBody">7,133.80</div></td>
|
|
<td><div class="pCellBody">3,210.21</div></td>
|
|
<td><div class="pCellBody">7,133.80</div></td>
|
|
<td><div class="pCellBody">9,000.00</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1973</div></td>
|
|
<td><div class="pCellBodyC">23</div></td>
|
|
<td><div class="pCellBody">7,580.16</div></td>
|
|
<td><div class="pCellBody">3,411.07</div></td>
|
|
<td><div class="pCellBody">7,580.16</div></td>
|
|
<td><div class="pCellBody">10,800.00</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1974</div></td>
|
|
<td><div class="pCellBodyC">24</div></td>
|
|
<td><div class="pCellBody">8,030.76</div></td>
|
|
<td><div class="pCellBody">3,613.84</div></td>
|
|
<td><div class="pCellBody">8,030.76</div></td>
|
|
<td><div class="pCellBody">12,849.22</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1975</div></td>
|
|
<td><div class="pCellBodyC">25</div></td>
|
|
<td><div class="pCellBody">8,630.92</div></td>
|
|
<td><div class="pCellBody">3,883.91</div></td>
|
|
<td><div class="pCellBody">8,630.92</div></td>
|
|
<td><div class="pCellBody">13,809.47</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1976</div></td>
|
|
<td><div class="pCellBodyC">26</div></td>
|
|
<td><div class="pCellBody">9,226.48</div></td>
|
|
<td><div class="pCellBody">4,151.92</div></td>
|
|
<td><div class="pCellBody">9,226.48</div></td>
|
|
<td><div class="pCellBody">14,762.37</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1977</div></td>
|
|
<td><div class="pCellBodyC">27</div></td>
|
|
<td><div class="pCellBody">9,779.44</div></td>
|
|
<td><div class="pCellBody">4,400.75</div></td>
|
|
<td><div class="pCellBody">9,779.44</div></td>
|
|
<td><div class="pCellBody">15,647.10</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1978</div></td>
|
|
<td><div class="pCellBodyC">28</div></td>
|
|
<td><div class="pCellBody">10,556.03</div></td>
|
|
<td><div class="pCellBody">4,750.21</div></td>
|
|
<td><div class="pCellBody">10,556.03</div></td>
|
|
<td><div class="pCellBody">16,889.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1979</div></td>
|
|
<td><div class="pCellBodyC">29</div></td>
|
|
<td><div class="pCellBody">11,479.46</div></td>
|
|
<td><div class="pCellBody">5,165.76</div></td>
|
|
<td><div class="pCellBody">11,479.46</div></td>
|
|
<td><div class="pCellBody">18,367.14</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1980</div></td>
|
|
<td><div class="pCellBodyC">30</div></td>
|
|
<td><div class="pCellBody">12,513.46</div></td>
|
|
<td><div class="pCellBody">5,631.06</div></td>
|
|
<td><div class="pCellBody">12,513.46</div></td>
|
|
<td><div class="pCellBody">20,021.54</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1981</div></td>
|
|
<td><div class="pCellBodyC">31</div></td>
|
|
<td><div class="pCellBody">13,773.10</div></td>
|
|
<td><div class="pCellBody">6,197.90</div></td>
|
|
<td><div class="pCellBody">13,773.10</div></td>
|
|
<td><div class="pCellBody">22,036.96</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1982</div></td>
|
|
<td><div class="pCellBodyC">32</div></td>
|
|
<td><div class="pCellBody">14,531.34</div></td>
|
|
<td><div class="pCellBody">6,539.10</div></td>
|
|
<td><div class="pCellBody">14,531.34</div></td>
|
|
<td><div class="pCellBody">23,250.14</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1983</div></td>
|
|
<td><div class="pCellBodyC">33</div></td>
|
|
<td><div class="pCellBody">15,239.24</div></td>
|
|
<td><div class="pCellBody">6,857.66</div></td>
|
|
<td><div class="pCellBody">15,239.24</div></td>
|
|
<td><div class="pCellBody">24,382.78</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1984</div></td>
|
|
<td><div class="pCellBodyC">34</div></td>
|
|
<td><div class="pCellBody">16,135.07</div></td>
|
|
<td><div class="pCellBody">7,260.78</div></td>
|
|
<td><div class="pCellBody">16,135.07</div></td>
|
|
<td><div class="pCellBody">25,816.11</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1985</div></td>
|
|
<td><div class="pCellBodyC">35</div></td>
|
|
<td><div class="pCellBody">16,822.51</div></td>
|
|
<td><div class="pCellBody">7,570.13</div></td>
|
|
<td><div class="pCellBody">16,822.51</div></td>
|
|
<td><div class="pCellBody">26,916.02</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1986</div></td>
|
|
<td><div class="pCellBodyC">36</div></td>
|
|
<td><div class="pCellBody">17,321.82</div></td>
|
|
<td><div class="pCellBody">7,794.82</div></td>
|
|
<td><div class="pCellBody">17,321.82</div></td>
|
|
<td><div class="pCellBody">27,714.91</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1987</div></td>
|
|
<td><div class="pCellBodyC">37</div></td>
|
|
<td><div class="pCellBody">18,426.51</div></td>
|
|
<td><div class="pCellBody">8,291.93</div></td>
|
|
<td><div class="pCellBody">18,426.51</div></td>
|
|
<td><div class="pCellBody">29,482.42</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1988</div></td>
|
|
<td><div class="pCellBodyC">38</div></td>
|
|
<td><div class="pCellBody">19,334.04</div></td>
|
|
<td><div class="pCellBody">8,700.32</div></td>
|
|
<td><div class="pCellBody">19,334.04</div></td>
|
|
<td><div class="pCellBody">30,934.46</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1989</div></td>
|
|
<td><div class="pCellBodyC">39</div></td>
|
|
<td><div class="pCellBody">20,099.55</div></td>
|
|
<td><div class="pCellBody">9,044.80</div></td>
|
|
<td><div class="pCellBody">20,099.55</div></td>
|
|
<td><div class="pCellBody">32,159.28</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1990</div></td>
|
|
<td><div class="pCellBodyC">40</div></td>
|
|
<td><div class="pCellBody">21,027.98</div></td>
|
|
<td><div class="pCellBody">9,462.59</div></td>
|
|
<td><div class="pCellBody">21,027.98</div></td>
|
|
<td><div class="pCellBody">33,644.77</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1991</div></td>
|
|
<td><div class="pCellBodyC">41</div></td>
|
|
<td><div class="pCellBody">21,811.60</div></td>
|
|
<td><div class="pCellBody">9,815.22</div></td>
|
|
<td><div class="pCellBody">21,811.60</div></td>
|
|
<td><div class="pCellBody">34,898.56</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1992</div></td>
|
|
<td><div class="pCellBodyC">42</div></td>
|
|
<td><div class="pCellBody">22,935.42</div></td>
|
|
<td><div class="pCellBody">10,320.94</div></td>
|
|
<td><div class="pCellBody">22,935.42</div></td>
|
|
<td><div class="pCellBody">36,696.67</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1993</div></td>
|
|
<td><div class="pCellBodyC">43</div></td>
|
|
<td><div class="pCellBody">23,132.67</div></td>
|
|
<td><div class="pCellBody">10,409.70</div></td>
|
|
<td><div class="pCellBody">23,132.67</div></td>
|
|
<td><div class="pCellBody">37,012.27</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1994</div></td>
|
|
<td><div class="pCellBodyC">44</div></td>
|
|
<td><div class="pCellBody">23,753.53</div></td>
|
|
<td><div class="pCellBody">10,689.09</div></td>
|
|
<td><div class="pCellBody">23,753.53</div></td>
|
|
<td><div class="pCellBody">38,005.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1995</div></td>
|
|
<td><div class="pCellBodyC">45</div></td>
|
|
<td><div class="pCellBody">24,705.66</div></td>
|
|
<td><div class="pCellBody">11,117.55</div></td>
|
|
<td><div class="pCellBody">24,705.66</div></td>
|
|
<td><div class="pCellBody">39,529.06</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1996</div></td>
|
|
<td><div class="pCellBodyC">46</div></td>
|
|
<td><div class="pCellBody">25,913.90</div></td>
|
|
<td><div class="pCellBody">11,661.26</div></td>
|
|
<td><div class="pCellBody">25,913.90</div></td>
|
|
<td><div class="pCellBody">41,462.24</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1997</div></td>
|
|
<td><div class="pCellBodyC">47</div></td>
|
|
<td><div class="pCellBody">27,426.00</div></td>
|
|
<td><div class="pCellBody">12,341.70</div></td>
|
|
<td><div class="pCellBody">27,426.00</div></td>
|
|
<td><div class="pCellBody">43,881.60</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1998</div></td>
|
|
<td><div class="pCellBodyC">48</div></td>
|
|
<td><div class="pCellBody">28,861.44</div></td>
|
|
<td><div class="pCellBody">12,987.65</div></td>
|
|
<td><div class="pCellBody">28,861.44</div></td>
|
|
<td><div class="pCellBody">46,178.30</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">1999</div></td>
|
|
<td><div class="pCellBodyC">49</div></td>
|
|
<td><div class="pCellBody">30,469.84</div></td>
|
|
<td><div class="pCellBody">13,711.43</div></td>
|
|
<td><div class="pCellBody">30,469.84</div></td>
|
|
<td><div class="pCellBody">48,751.74</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2000</div></td>
|
|
<td><div class="pCellBodyC">50</div></td>
|
|
<td><div class="pCellBody">32,104.67</div></td>
|
|
<td><div class="pCellBody">14,447.10</div></td>
|
|
<td><div class="pCellBody">32,104.67</div></td>
|
|
<td><div class="pCellBody">51,367.47</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2001</div></td>
|
|
<td><div class="pCellBodyC">51</div></td>
|
|
<td><div class="pCellBody">33,680.35</div></td>
|
|
<td><div class="pCellBody">15,156.16</div></td>
|
|
<td><div class="pCellBody">33,680.35</div></td>
|
|
<td><div class="pCellBody">53,888.56</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2002</div></td>
|
|
<td><div class="pCellBodyC">52</div></td>
|
|
<td><div class="pCellBody">35,277.03</div></td>
|
|
<td><div class="pCellBody">15,874.66</div></td>
|
|
<td><div class="pCellBody">35,277.03</div></td>
|
|
<td><div class="pCellBody">56,443.25</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2003</div></td>
|
|
<td><div class="pCellBodyC">53</div></td>
|
|
<td><div class="pCellBody">36,781.09</div></td>
|
|
<td><div class="pCellBody">16,551.49</div></td>
|
|
<td><div class="pCellBody">36,781.09</div></td>
|
|
<td><div class="pCellBody">58,849.74</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2004</div></td>
|
|
<td><div class="pCellBodyC">54</div></td>
|
|
<td><div class="pCellBody">38,372.33</div></td>
|
|
<td><div class="pCellBody">17,267.55</div></td>
|
|
<td><div class="pCellBody">38,372.33</div></td>
|
|
<td><div class="pCellBody">61,395.73</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2005</div></td>
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">40,044.65</div></td>
|
|
<td><div class="pCellBody">18,020.09</div></td>
|
|
<td><div class="pCellBody">40,044.65</div></td>
|
|
<td><div class="pCellBody">64,071.44</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2006</div></td>
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">41,799.45</div></td>
|
|
<td><div class="pCellBody">18,809.75</div></td>
|
|
<td><div class="pCellBody">41,799.45</div></td>
|
|
<td><div class="pCellBody">66,879.12</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2007</div></td>
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">43,575.71</div></td>
|
|
<td><div class="pCellBody">19,609.07</div></td>
|
|
<td><div class="pCellBody">43,575.71</div></td>
|
|
<td><div class="pCellBody">69,721.14</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2008</div></td>
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">45,416.27</div></td>
|
|
<td><div class="pCellBody">20,437.32</div></td>
|
|
<td><div class="pCellBody">45,416.27</div></td>
|
|
<td><div class="pCellBody">72,666.03</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2009</div></td>
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">47,350.68</div></td>
|
|
<td><div class="pCellBody">21,307.81</div></td>
|
|
<td><div class="pCellBody">47,350.68</div></td>
|
|
<td><div class="pCellBody">75,761.09</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2010</div></td>
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">49,366.08</div></td>
|
|
<td><div class="pCellBody">22,214.74</div></td>
|
|
<td><div class="pCellBody">49,366.08</div></td>
|
|
<td><div class="pCellBody">78,985.73</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2011</div></td>
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">51,488.82</div></td>
|
|
<td><div class="pCellBody">23,169.97</div></td>
|
|
<td><div class="pCellBody">51,488.82</div></td>
|
|
<td><div class="pCellBody">82,382.11</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2012</div></td>
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">53,702.84</div></td>
|
|
<td><div class="pCellBody">24,166.28</div></td>
|
|
<td><div class="pCellBody">53,702.84</div></td>
|
|
<td><div class="pCellBody">85,924.54</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2013</div></td>
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">56,012.06</div></td>
|
|
<td><div class="pCellBody">25,205.43</div></td>
|
|
<td><div class="pCellBody">56,012.06</div></td>
|
|
<td><div class="pCellBody">89,619.30</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">2014</div></td>
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">58,420.58</div></td>
|
|
<td><div class="pCellBody">26,289.26</div></td>
|
|
<td><div class="pCellBody">58,420.58</div></td>
|
|
<td><div class="pCellBody">93,472.93</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyC">AIME</div></th>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBodyC"> </div></td>
|
|
<td><div class="pCellBody">1,874</div></td>
|
|
<td><div class="pCellBody">4,166</div></td>
|
|
<td><div class="pCellBody">6,666</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="6"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<h3 class="pSection"> Calculate Low, Medium, and High Scaled Factors from
|
|
the Preliminary Adjusted Scaled Factors</h3>
|
|
|
|
<p class="pBody"> To maintain continuity with each of the three steady
|
|
worker estimates, the <em class="Emphasis0">preliminary adjusted scaled
|
|
factors</em> are further
|
|
adjusted so that the AIME value for the scaled worker matches the AIME
|
|
value for the corresponding steady worker. This requires three separate
|
|
calculations, one each for the low, medium, and high earnings cases. For
|
|
example, the scaled factors for the hypothetical medium scaled worker are
|
|
determined by multiplying:</p>
|
|
|
|
<p class="pIndented5">
|
|
(1) The <em class="Emphasis0">preliminary adjusted scaled factors</em>
|
|
for ages 22 through 64,
|
|
by; <br />
|
|
(2) The ratio of the average steady worker AIME to the scaled worker
|
|
AIME.</p>
|
|
|
|
<p class="pBody"> Repeating the above procedure with low and high steady
|
|
worker AIME values, we obtain the final <em class="Emphasis0">scaled factors
|
|
</em> for the low and
|
|
high workers. Table A5 gives the details of the calculation of the three AIME
|
|
ratios.</p>
|
|
|
|
<table align="center" border="2" cellpadding="2" cellspacing="2" width="95%" >
|
|
<caption>
|
|
<a name="table-a5"></a>
|
|
<div class="pTableTitle">Table A5.--Table of Key AIME Ratios Used to Fit Scaled Worker Calculations
|
|
to Steady Worker Values</div></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="30%"><div class="pCellHeading">Case</div></th>
|
|
<th scope="col" width="20%"><div class="pCellHeadingR">Year of birth 1950,<br />steady worker AIME
|
|
<br />(1)</div></th>
|
|
<th scope="col" width="22%"><div class="pCellHeadingR">Year of
|
|
birth 1950,<br />scaled worker AIME<br />based on table A3
|
|
<br />(2)</div></th>
|
|
<th scope="col" width="20%"><div class="pCellHeadingR">Ratio
|
|
<br />(1)/(2)<br />(3)   </div></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">
|
|
1. Steady worker, <br />year of birth 1950,<br />
|
|
AIME is <em class="Bold0">Low </em></div></th>
|
|
<td><div class="pCellBody">$1,874</div></td>
|
|
<td><div class="pCellBody">$3,526</div></td>
|
|
<td><div class="pCellBody">0.532</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">2. Steady worker, <br />year of birth 1950, <br />
|
|
AIME is <em class="Bold0">Average</em></div></th>
|
|
<td><div class="pCellBody">4,166</div></td>
|
|
<td><div class="pCellBody">3,526</div></td>
|
|
<td><div class="pCellBody">1.182</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyL"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
<td><div class="pCellBody"> </div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellBodyL">3. Steady worker, <br />year of birth 1950, <br />
|
|
AIME is <em class="Bold0">High</em></div></th>
|
|
<td><div class="pCellBody">6,666</div></td>
|
|
<td><div class="pCellBody">3,526</div></td>
|
|
<td><div class="pCellBody">1.891</div></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="pBody"><br />
|
|
Table A6 shows the calculation of the final <em class="Emphasis0">
|
|
scaled factors</em>, combining the
|
|
<em class="Emphasis0">preliminary adjusted scaled factors</em> and the AIME
|
|
ratios.</p>
|
|
|
|
<table align="center" border="0" cellpadding="2" cellspacing="2" width="80%" >
|
|
<caption><br />
|
|
<a name="table-a6"></a>
|
|
<div class="pTableTitle">Table A6.--Calculation of Final Scaled Factors</div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="3" colspan="2" width="40%"><div class="pCellHeading">
|
|
Adjustment factors -----------------></div><hr /></th>
|
|
<th roswpan="1" colspan="3" width="60%">
|
|
<div class="pCellHeading">Earnings level</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="20%"><div class="pCellHeadingR">Low</div><hr /></th>
|
|
<th scope="col" width="20%"><div class="pCellHeadingR">Medium</div><hr /></th>
|
|
<th scope="col" width="20%"><div class="pCellHeadingR">High</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col"><div class="pCellHeadingR" width="20%">0.532</div><hr /></th>
|
|
<th scope="col"><div class="pCellHeadingR" width="20%">1.182</div><hr /></th>
|
|
<th scope="col"><div class="pCellHeadingR" width="20%">1.891</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th scope="col" width="10%"><div class="pCellHeading">Age</div><hr /></th>
|
|
<th scope="col" width="30%"><div class="pCellHeadingR">
|
|
Preliminary adjusted<br />scaled factors</div><hr /></th>
|
|
<th rowspan="1" colspan="3"><div class="pCellHeading">Final scaled factors</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">21</div></td>
|
|
<td><div class="pCellBody">0.307</div></td>
|
|
<td><div class="pCellBody">0.163</div></td>
|
|
<td><div class="pCellBody">0.363</div></td>
|
|
<td><div class="pCellBody">0.581</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">22</div></td>
|
|
<td><div class="pCellBody">.364</div></td>
|
|
<td><div class="pCellBody">.193</div></td>
|
|
<td><div class="pCellBody">.430</div></td>
|
|
<td><div class="pCellBody">.688</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">23</div></td>
|
|
<td><div class="pCellBody">.446</div></td>
|
|
<td><div class="pCellBody">.237</div></td>
|
|
<td><div class="pCellBody">.527</div></td>
|
|
<td><div class="pCellBody">.843</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">24</div></td>
|
|
<td><div class="pCellBody">.518</div></td>
|
|
<td><div class="pCellBody">.275</div></td>
|
|
<td><div class="pCellBody">.612</div></td>
|
|
<td><div class="pCellBody">.979</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">25</div></td>
|
|
<td><div class="pCellBody">.575</div></td>
|
|
<td><div class="pCellBody">.306</div></td>
|
|
<td><div class="pCellBody">.679</div></td>
|
|
<td><div class="pCellBody">1.087</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">26</div></td>
|
|
<td><div class="pCellBody">.624</div></td>
|
|
<td><div class="pCellBody">.332</div></td>
|
|
<td><div class="pCellBody">.737</div></td>
|
|
<td><div class="pCellBody">1.180</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">27</div></td>
|
|
<td><div class="pCellBody">.668</div></td>
|
|
<td><div class="pCellBody">.355</div></td>
|
|
<td><div class="pCellBody">.789</div></td>
|
|
<td><div class="pCellBody">1.263</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">28</div></td>
|
|
<td><div class="pCellBody">.704</div></td>
|
|
<td><div class="pCellBody">.374</div></td>
|
|
<td><div class="pCellBody">.832</div></td>
|
|
<td><div class="pCellBody">1.331</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">29</div></td>
|
|
<td><div class="pCellBody">.733</div></td>
|
|
<td><div class="pCellBody">.390</div></td>
|
|
<td><div class="pCellBody">.866</div></td>
|
|
<td><div class="pCellBody">1.386</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">30</div></td>
|
|
<td><div class="pCellBody">.758</div></td>
|
|
<td><div class="pCellBody">.403</div></td>
|
|
<td><div class="pCellBody">.896</div></td>
|
|
<td><div class="pCellBody">1.433</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">31</div></td>
|
|
<td><div class="pCellBody">.780</div></td>
|
|
<td><div class="pCellBody">.415</div></td>
|
|
<td><div class="pCellBody">.922</div></td>
|
|
<td><div class="pCellBody">1.475</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">32</div></td>
|
|
<td><div class="pCellBody">.799</div></td>
|
|
<td><div class="pCellBody">.425</div></td>
|
|
<td><div class="pCellBody">.944</div></td>
|
|
<td><div class="pCellBody">1.511</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">33</div></td>
|
|
<td><div class="pCellBody">.817</div></td>
|
|
<td><div class="pCellBody">.434</div></td>
|
|
<td><div class="pCellBody">.965</div></td>
|
|
<td><div class="pCellBody">1.545</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">34</div></td>
|
|
<td><div class="pCellBody">.834</div></td>
|
|
<td><div class="pCellBody">.443</div></td>
|
|
<td><div class="pCellBody">.985</div></td>
|
|
<td><div class="pCellBody">1.577</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">35</div></td>
|
|
<td><div class="pCellBody">.850</div></td>
|
|
<td><div class="pCellBody">.452</div></td>
|
|
<td><div class="pCellBody">1.004</div></td>
|
|
<td><div class="pCellBody">1.607</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">36</div></td>
|
|
<td><div class="pCellBody">.862</div></td>
|
|
<td><div class="pCellBody">.458</div></td>
|
|
<td><div class="pCellBody">1.018</div></td>
|
|
<td><div class="pCellBody">1.630</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">37</div></td>
|
|
<td><div class="pCellBody">.876</div></td>
|
|
<td><div class="pCellBody">.466</div></td>
|
|
<td><div class="pCellBody">1.035</div></td>
|
|
<td><div class="pCellBody">1.656</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">38</div></td>
|
|
<td><div class="pCellBody">.888</div></td>
|
|
<td><div class="pCellBody">.472</div></td>
|
|
<td><div class="pCellBody">1.049</div></td>
|
|
<td><div class="pCellBody">1.679</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">39</div></td>
|
|
<td><div class="pCellBody">.899</div></td>
|
|
<td><div class="pCellBody">.478</div></td>
|
|
<td><div class="pCellBody">1.062</div></td>
|
|
<td><div class="pCellBody">1.700</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">40</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
<td><div class="pCellBody">.484</div></td>
|
|
<td><div class="pCellBody">1.075</div></td>
|
|
<td><div class="pCellBody">1.720</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">41</div></td>
|
|
<td><div class="pCellBody">.924</div></td>
|
|
<td><div class="pCellBody">.491</div></td>
|
|
<td><div class="pCellBody">1.092</div></td>
|
|
<td><div class="pCellBody">1.747</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">42</div></td>
|
|
<td><div class="pCellBody">.934</div></td>
|
|
<td><div class="pCellBody">.496</div></td>
|
|
<td><div class="pCellBody">1.104</div></td>
|
|
<td><div class="pCellBody">1.766</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">43</div></td>
|
|
<td><div class="pCellBody">.942</div></td>
|
|
<td><div class="pCellBody">.501</div></td>
|
|
<td><div class="pCellBody">1.113</div></td>
|
|
<td><div class="pCellBody">1.781</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">44</div></td>
|
|
<td><div class="pCellBody">.948</div></td>
|
|
<td><div class="pCellBody">.504</div></td>
|
|
<td><div class="pCellBody">1.120</div></td>
|
|
<td><div class="pCellBody">1.792</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">45</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
<td><div class="pCellBody">.507</div></td>
|
|
<td><div class="pCellBody">1.127</div></td>
|
|
<td><div class="pCellBody">1.804</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">46</div></td>
|
|
<td><div class="pCellBody">.958</div></td>
|
|
<td><div class="pCellBody">.509</div></td>
|
|
<td><div class="pCellBody">1.132</div></td>
|
|
<td><div class="pCellBody">1.811</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">47</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
<td><div class="pCellBody">.510</div></td>
|
|
<td><div class="pCellBody">1.134</div></td>
|
|
<td><div class="pCellBody">1.815</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">48</div></td>
|
|
<td><div class="pCellBody">.960</div></td>
|
|
<td><div class="pCellBody">.510</div></td>
|
|
<td><div class="pCellBody">1.134</div></td>
|
|
<td><div class="pCellBody">1.815</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">49</div></td>
|
|
<td><div class="pCellBody">.954</div></td>
|
|
<td><div class="pCellBody">.507</div></td>
|
|
<td><div class="pCellBody">1.127</div></td>
|
|
<td><div class="pCellBody">1.804</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">50</div></td>
|
|
<td><div class="pCellBody">.947</div></td>
|
|
<td><div class="pCellBody">.503</div></td>
|
|
<td><div class="pCellBody">1.119</div></td>
|
|
<td><div class="pCellBody">1.790</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">51</div></td>
|
|
<td><div class="pCellBody">.937</div></td>
|
|
<td><div class="pCellBody">.498</div></td>
|
|
<td><div class="pCellBody">1.107</div></td>
|
|
<td><div class="pCellBody">1.771</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">52</div></td>
|
|
<td><div class="pCellBody">.925</div></td>
|
|
<td><div class="pCellBody">.492</div></td>
|
|
<td><div class="pCellBody">1.093</div></td>
|
|
<td><div class="pCellBody">1.749</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">53</div></td>
|
|
<td><div class="pCellBody">.910</div></td>
|
|
<td><div class="pCellBody">.484</div></td>
|
|
<td><div class="pCellBody">1.075</div></td>
|
|
<td><div class="pCellBody">1.720</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">54</div></td>
|
|
<td><div class="pCellBody">.892</div></td>
|
|
<td><div class="pCellBody">.474</div></td>
|
|
<td><div class="pCellBody">1.054</div></td>
|
|
<td><div class="pCellBody">1.686</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">.870</div></td>
|
|
<td><div class="pCellBody">.462</div></td>
|
|
<td><div class="pCellBody">1.028</div></td>
|
|
<td><div class="pCellBody">1.645</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">.839</div></td>
|
|
<td><div class="pCellBody">.446</div></td>
|
|
<td><div class="pCellBody">.991</div></td>
|
|
<td><div class="pCellBody">1.586</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">.810</div></td>
|
|
<td><div class="pCellBody">.430</div></td>
|
|
<td><div class="pCellBody">.957</div></td>
|
|
<td><div class="pCellBody">1.531</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">.781</div></td>
|
|
<td><div class="pCellBody">.415</div></td>
|
|
<td><div class="pCellBody">.923</div></td>
|
|
<td><div class="pCellBody">1.477</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">.751</div></td>
|
|
<td><div class="pCellBody">.399</div></td>
|
|
<td><div class="pCellBody">.887</div></td>
|
|
<td><div class="pCellBody">1.420</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">.712</div></td>
|
|
<td><div class="pCellBody">.378</div></td>
|
|
<td><div class="pCellBody">.841</div></td>
|
|
<td><div class="pCellBody">1.346</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">.664</div></td>
|
|
<td><div class="pCellBody">.353</div></td>
|
|
<td><div class="pCellBody">.785</div></td>
|
|
<td><div class="pCellBody">1.255</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">.637</div></td>
|
|
<td><div class="pCellBody">.339</div></td>
|
|
<td><div class="pCellBody">.753</div></td>
|
|
<td><div class="pCellBody">1.204</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">.610</div></td>
|
|
<td><div class="pCellBody">.324</div></td>
|
|
<td><div class="pCellBody">.721</div></td>
|
|
<td><div class="pCellBody">1.153</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">.585</div></td>
|
|
<td><div class="pCellBody">.311</div></td>
|
|
<td><div class="pCellBody">.691</div></td>
|
|
<td><div class="pCellBody">1.106</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="5"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="pBodyBold"><br />
|
|
Developing Hypothetical Worker Earnings from Factors</p>
|
|
|
|
<p class="pBody"> Given a year of birth, and an earnings level for scaled
|
|
workers, classified as either low, medium, or high workers, annual
|
|
earnings can be obtained by taking the relevant set of <em class="Emphasis0">
|
|
scaled factors</em> and
|
|
multiplying them by the AWIs in the corresponding years. Consider as an
|
|
example a low earnings worker born in 1970. To determine earnings for this
|
|
worker at age 22, the <em class="Emphasis0">scaled factor</em> for the low
|
|
worker at age 22 would be
|
|
multiplied by the AWI in 1992, the year in which the worker turns 22.
|
|
Because the hypothetical workers are born in January, a year of age
|
|
corresponds to a calendar year. Therefore, a worker born on January 2,
|
|
1970 would be age 22 throughout 1992. Earnings for other ages are
|
|
determined in the same manner. In this manner, a series of low, medium,
|
|
and high scaled earnings can be developed for any hypothetical year of
|
|
birth. Table A7 carries out the calculation of hypothetical scaled worker
|
|
earnings for the high earnings workers for the selected years of birth
|
|
1930, 1949, and 1997.</p>
|
|
|
|
<table align="center" border="0" cellpadding="2" cellspacing="2" width="95%" >
|
|
<caption><br />
|
|
<a name="table-a7"></a>
|
|
<div class="pTableTitle">Table A7.--Calculation of Scaled Earnings for High Earnings Workers for
|
|
Years of Birth 1930, 1949, and 1997</div><hr /></caption>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th rowspan="1" colspan="2" width="22%"><div class="pCellHeading">Year of birth---------></div><br /></th>
|
|
<th rowspan="1" colspan="2" width="26%"><div class="pCellHeading">1930</div><hr /></th>
|
|
<th rowspan="1" colspan="2" width="26%"><div class="pCellHeading">1949</div><hr /></th>
|
|
<th rowspan="1" colspan="2" width="26%"><div class="pCellHeading">1997</div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<th width="9%"><div class="pCellHeading">Age<hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">Final scaled<br />factors for<br />high earner<br />(1)</div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">AWI<br />(2)</div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">Age-scaled<br />earnings<br />
|
|
(1)*(2)<br />(3)   </div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">AWI<br />
|
|
(4)</div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">Age-scaled<br />earnings<br />
|
|
(1)*(4)<br />(5)   </div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR"><br /><br />AWI<br />
|
|
(6)</div><hr /></th>
|
|
<th width="13%"><div class="pCellHeadingR">Age-scaled<br />earnings<br />
|
|
(1)*(6)<br />(7)   </div><hr /></th>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">22</div></td>
|
|
<td><div class="pCellBody">0.688</div></td>
|
|
<td><div class="pCellBody">$2,973.32</div></td>
|
|
<td><div class="pCellBody">$2,046.10</div></td>
|
|
<td><div class="pCellBody">$6,497.08</div></td>
|
|
<td><div class="pCellBody">$4,470.98</div></td>
|
|
<td><div class="pCellBody">$72,108.66</div></td>
|
|
<td><div class="pCellBody">$49,621.72</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">23</div></td>
|
|
<td><div class="pCellBody">.843</div></td>
|
|
<td><div class="pCellBody">3,139.44</div></td>
|
|
<td><div class="pCellBody">2,647.10</div></td>
|
|
<td><div class="pCellBody">7,133.80</div></td>
|
|
<td><div class="pCellBody">6,015.04</div></td>
|
|
<td><div class="pCellBody">75,209.33</div></td>
|
|
<td><div class="pCellBody">63,414.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">24</div></td>
|
|
<td><div class="pCellBody">.979</div></td>
|
|
<td><div class="pCellBody">3,155.64</div></td>
|
|
<td><div class="pCellBody">3,090.30</div></td>
|
|
<td><div class="pCellBody">7,580.16</div></td>
|
|
<td><div class="pCellBody">7,423.20</div></td>
|
|
<td><div class="pCellBody">78,443.33</div></td>
|
|
<td><div class="pCellBody">76,819.02</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">25</div></td>
|
|
<td><div class="pCellBody">1.087</div></td>
|
|
<td><div class="pCellBody">3,301.44</div></td>
|
|
<td><div class="pCellBody">3,588.84</div></td>
|
|
<td><div class="pCellBody">8,030.76</div></td>
|
|
<td><div class="pCellBody">8,729.86</div></td>
|
|
<td><div class="pCellBody">81,816.39</div></td>
|
|
<td><div class="pCellBody">88,938.78</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">26</div></td>
|
|
<td><div class="pCellBody">1.180</div></td>
|
|
<td><div class="pCellBody">3,532.36</div></td>
|
|
<td><div class="pCellBody">4,167.09</div></td>
|
|
<td><div class="pCellBody">8,630.92</div></td>
|
|
<td><div class="pCellBody">10,181.80</div></td>
|
|
<td><div class="pCellBody">85,334.50</div></td>
|
|
<td><div class="pCellBody">100,668.19</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">27</div></td>
|
|
<td><div class="pCellBody">1.263</div></td>
|
|
<td><div class="pCellBody">3,641.72</div></td>
|
|
<td><div class="pCellBody">4,599.03</div></td>
|
|
<td><div class="pCellBody">9,226.48</div></td>
|
|
<td><div class="pCellBody">11,651.87</div></td>
|
|
<td><div class="pCellBody">89,003.88</div></td>
|
|
<td><div class="pCellBody">112,400.54</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">28</div></td>
|
|
<td><div class="pCellBody">1.331</div></td>
|
|
<td><div class="pCellBody">3,673.80</div></td>
|
|
<td><div class="pCellBody">4,889.58</div></td>
|
|
<td><div class="pCellBody">9,779.44</div></td>
|
|
<td><div class="pCellBody">13,015.76</div></td>
|
|
<td><div class="pCellBody">92,831.05</div></td>
|
|
<td><div class="pCellBody">123,551.76</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">29</div></td>
|
|
<td><div class="pCellBody">1.386</div></td>
|
|
<td><div class="pCellBody">3,855.80</div></td>
|
|
<td><div class="pCellBody">5,343.20</div></td>
|
|
<td><div class="pCellBody">10,556.03</div></td>
|
|
<td><div class="pCellBody">14,628.09</div></td>
|
|
<td><div class="pCellBody">96,822.78</div></td>
|
|
<td><div class="pCellBody">134,172.81</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">30</div></td>
|
|
<td><div class="pCellBody">1.433</div></td>
|
|
<td><div class="pCellBody">4,007.12</div></td>
|
|
<td><div class="pCellBody">5,742.28</div></td>
|
|
<td><div class="pCellBody">11,479.46</div></td>
|
|
<td><div class="pCellBody">16,450.29</div></td>
|
|
<td><div class="pCellBody">100,986.16</div></td>
|
|
<td><div class="pCellBody">144,715.17</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">31</div></td>
|
|
<td><div class="pCellBody">1.475</div></td>
|
|
<td><div class="pCellBody">4,086.76</div></td>
|
|
<td><div class="pCellBody">6,026.38</div></td>
|
|
<td><div class="pCellBody">12,513.46</div></td>
|
|
<td><div class="pCellBody">18,452.49</div></td>
|
|
<td><div class="pCellBody">105,328.57</div></td>
|
|
<td><div class="pCellBody">155,318.72</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">32</div></td>
|
|
<td><div class="pCellBody">1.511</div></td>
|
|
<td><div class="pCellBody">4,291.40</div></td>
|
|
<td><div class="pCellBody">6,482.29</div></td>
|
|
<td><div class="pCellBody">13,773.10</div></td>
|
|
<td><div class="pCellBody">20,804.70</div></td>
|
|
<td><div class="pCellBody">109,857.70</div></td>
|
|
<td><div class="pCellBody">165,943.51</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">33</div></td>
|
|
<td><div class="pCellBody">1.545</div></td>
|
|
<td><div class="pCellBody">4,396.64</div></td>
|
|
<td><div class="pCellBody">6,790.88</div></td>
|
|
<td><div class="pCellBody">14,531.34</div></td>
|
|
<td><div class="pCellBody">22,444.54</div></td>
|
|
<td><div class="pCellBody">114,581.58</div></td>
|
|
<td><div class="pCellBody">176,978.24</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">34</div></td>
|
|
<td><div class="pCellBody">1.577</div></td>
|
|
<td><div class="pCellBody">4,576.32</div></td>
|
|
<td><div class="pCellBody">7,215.48</div></td>
|
|
<td><div class="pCellBody">15,239.24</div></td>
|
|
<td><div class="pCellBody">24,027.71</div></td>
|
|
<td><div class="pCellBody">119,508.59</div></td>
|
|
<td><div class="pCellBody">188,429.19</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">35</div></td>
|
|
<td><div class="pCellBody">1.607</div></td>
|
|
<td><div class="pCellBody">4,658.72</div></td>
|
|
<td><div class="pCellBody">7,486.32</div></td>
|
|
<td><div class="pCellBody">16,135.07</div></td>
|
|
<td><div class="pCellBody">25,928.22</div></td>
|
|
<td><div class="pCellBody">124,647.45</div></td>
|
|
<td><div class="pCellBody">200,302.02</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">36</div></td>
|
|
<td><div class="pCellBody">1.630</div></td>
|
|
<td><div class="pCellBody">4,938.36</div></td>
|
|
<td><div class="pCellBody">8,047.72</div></td>
|
|
<td><div class="pCellBody">16,822.51</div></td>
|
|
<td><div class="pCellBody">27,414.55</div></td>
|
|
<td><div class="pCellBody">130,007.30</div></td>
|
|
<td><div class="pCellBody">211,864.41</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">37</div></td>
|
|
<td><div class="pCellBody">1.656</div></td>
|
|
<td><div class="pCellBody">5,213.44</div></td>
|
|
<td><div class="pCellBody">8,633.99</div></td>
|
|
<td><div class="pCellBody">17,321.82</div></td>
|
|
<td><div class="pCellBody">28,686.70</div></td>
|
|
<td><div class="pCellBody">135,597.61</div></td>
|
|
<td><div class="pCellBody">224,563.49</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">38</div></td>
|
|
<td><div class="pCellBody">1.679</div></td>
|
|
<td><div class="pCellBody">5,571.76</div></td>
|
|
<td><div class="pCellBody">9,353.81</div></td>
|
|
<td><div class="pCellBody">18,426.51</div></td>
|
|
<td><div class="pCellBody">30,934.21</div></td>
|
|
<td><div class="pCellBody">141,428.31</div></td>
|
|
<td><div class="pCellBody">237,428.21</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">39</div></td>
|
|
<td><div class="pCellBody">1.700</div></td>
|
|
<td><div class="pCellBody">5,893.76</div></td>
|
|
<td><div class="pCellBody">10,016.94</div></td>
|
|
<td><div class="pCellBody">19,334.04</div></td>
|
|
<td><div class="pCellBody">32,859.83</div></td>
|
|
<td><div class="pCellBody">147,509.72</div></td>
|
|
<td><div class="pCellBody">250,705.19</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">40</div></td>
|
|
<td><div class="pCellBody">1.720</div></td>
|
|
<td><div class="pCellBody">6,186.24</div></td>
|
|
<td><div class="pCellBody">10,642.68</div></td>
|
|
<td><div class="pCellBody">20,099.55</div></td>
|
|
<td><div class="pCellBody">34,578.86</div></td>
|
|
<td><div class="pCellBody">153,852.64</div></td>
|
|
<td><div class="pCellBody">264,685.01</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">41</div></td>
|
|
<td><div class="pCellBody">1.747</div></td>
|
|
<td><div class="pCellBody">6,497.08</div></td>
|
|
<td><div class="pCellBody">11,349.41</div></td>
|
|
<td><div class="pCellBody">21,027.98</div></td>
|
|
<td><div class="pCellBody">36,732.67</div></td>
|
|
<td><div class="pCellBody">160,468.30</div></td>
|
|
<td><div class="pCellBody">280,313.64</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">42</div></td>
|
|
<td><div class="pCellBody">1.766</div></td>
|
|
<td><div class="pCellBody">7,133.80</div></td>
|
|
<td><div class="pCellBody">12,596.53</div></td>
|
|
<td><div class="pCellBody">21,811.60</div></td>
|
|
<td><div class="pCellBody">38,513.89</div></td>
|
|
<td><div class="pCellBody">167,368.44</div></td>
|
|
<td><div class="pCellBody">295,531.27</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">43</div></td>
|
|
<td><div class="pCellBody">1.781</div></td>
|
|
<td><div class="pCellBody">7,580.16</div></td>
|
|
<td><div class="pCellBody">13,499.33</div></td>
|
|
<td><div class="pCellBody">22,935.42</div></td>
|
|
<td><div class="pCellBody">40,845.16</div></td>
|
|
<td><div class="pCellBody">174,565.28</div></td>
|
|
<td><div class="pCellBody">310,879.28</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">44</div></td>
|
|
<td><div class="pCellBody">1.792</div></td>
|
|
<td><div class="pCellBody">8,030.76</div></td>
|
|
<td><div class="pCellBody">14,392.89</div></td>
|
|
<td><div class="pCellBody">23,132.67</div></td>
|
|
<td><div class="pCellBody">41,458.84</div></td>
|
|
<td><div class="pCellBody">182,071.59</div></td>
|
|
<td><div class="pCellBody">326,312.36</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">45</div></td>
|
|
<td><div class="pCellBody">1.804</div></td>
|
|
<td><div class="pCellBody">8,630.92</div></td>
|
|
<td><div class="pCellBody">15,566.41</div></td>
|
|
<td><div class="pCellBody">23,753.53</div></td>
|
|
<td><div class="pCellBody">42,840.99</div></td>
|
|
<td><div class="pCellBody">189,900.67</div></td>
|
|
<td><div class="pCellBody">342,497.87</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">46</div></td>
|
|
<td><div class="pCellBody">1.811</div></td>
|
|
<td><div class="pCellBody">9,226.48</div></td>
|
|
<td><div class="pCellBody">16,710.31</div></td>
|
|
<td><div class="pCellBody">24,705.66</div></td>
|
|
<td><div class="pCellBody">44,745.05</div></td>
|
|
<td><div class="pCellBody">198,066.40</div></td>
|
|
<td><div class="pCellBody">358,723.08</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">47</div></td>
|
|
<td><div class="pCellBody">1.815</div></td>
|
|
<td><div class="pCellBody">9,779.44</div></td>
|
|
<td><div class="pCellBody">17,748.77</div></td>
|
|
<td><div class="pCellBody">25,913.90</div></td>
|
|
<td><div class="pCellBody">47,031.30</div></td>
|
|
<td><div class="pCellBody">206,583.25</div></td>
|
|
<td><div class="pCellBody">374,929.26</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">48</div></td>
|
|
<td><div class="pCellBody">1.815</div></td>
|
|
<td><div class="pCellBody">10,556.03</div></td>
|
|
<td><div class="pCellBody">19,158.21</div></td>
|
|
<td><div class="pCellBody">27,426.00</div></td>
|
|
<td><div class="pCellBody">49,775.62</div></td>
|
|
<td><div class="pCellBody">215,466.33</div></td>
|
|
<td><div class="pCellBody">391,051.22</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">49</div></td>
|
|
<td><div class="pCellBody">1.804</div></td>
|
|
<td><div class="pCellBody">11,479.46</div></td>
|
|
<td><div class="pCellBody">20,703.93</div></td>
|
|
<td><div class="pCellBody">28,861.44</div></td>
|
|
<td><div class="pCellBody">52,053.43</div></td>
|
|
<td><div class="pCellBody">224,731.39</div></td>
|
|
<td><div class="pCellBody">405,317.27</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">50</div></td>
|
|
<td><div class="pCellBody">1.790</div></td>
|
|
<td><div class="pCellBody">12,513.46</div></td>
|
|
<td><div class="pCellBody">22,403.22</div></td>
|
|
<td><div class="pCellBody">30,469.84</div></td>
|
|
<td><div class="pCellBody">54,551.05</div></td>
|
|
<td><div class="pCellBody">234,394.84</div></td>
|
|
<td><div class="pCellBody">419,644.01</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">51</div></td>
|
|
<td><div class="pCellBody">1.771</div></td>
|
|
<td><div class="pCellBody">13,773.10</div></td>
|
|
<td><div class="pCellBody">24,398.00</div></td>
|
|
<td><div class="pCellBody">32,104.67</div></td>
|
|
<td><div class="pCellBody">56,870.99</div></td>
|
|
<td><div class="pCellBody">244,473.81</div></td>
|
|
<td><div class="pCellBody">433,066.84</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">52</div></td>
|
|
<td><div class="pCellBody">1.749</div></td>
|
|
<td><div class="pCellBody">14,531.34</div></td>
|
|
<td><div class="pCellBody">25,411.51</div></td>
|
|
<td><div class="pCellBody">33,680.35</div></td>
|
|
<td><div class="pCellBody">58,898.11</div></td>
|
|
<td><div class="pCellBody">254,986.19</div></td>
|
|
<td><div class="pCellBody">445,904.03</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">53</div></td>
|
|
<td><div class="pCellBody">1.720</div></td>
|
|
<td><div class="pCellBody">15,239.24</div></td>
|
|
<td><div class="pCellBody">26,217.28</div></td>
|
|
<td><div class="pCellBody">35,277.03</div></td>
|
|
<td><div class="pCellBody">60,689.90</div></td>
|
|
<td><div class="pCellBody">265,950.59</div></td>
|
|
<td><div class="pCellBody">457,536.09</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">54</div></td>
|
|
<td><div class="pCellBody">1.686</div></td>
|
|
<td><div class="pCellBody">16,135.07</div></td>
|
|
<td><div class="pCellBody">27,209.38</div></td>
|
|
<td><div class="pCellBody">36,781.09</div></td>
|
|
<td><div class="pCellBody">62,025.81</div></td>
|
|
<td><div class="pCellBody">277,386.47</div></td>
|
|
<td><div class="pCellBody">467,770.82</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">55</div></td>
|
|
<td><div class="pCellBody">1.645</div></td>
|
|
<td><div class="pCellBody">16,822.51</div></td>
|
|
<td><div class="pCellBody">27,668.97</div></td>
|
|
<td><div class="pCellBody">38,372.33</div></td>
|
|
<td><div class="pCellBody">63,113.23</div></td>
|
|
<td><div class="pCellBody">289,314.09</div></td>
|
|
<td><div class="pCellBody">475,851.93</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">56</div></td>
|
|
<td><div class="pCellBody">1.586</div></td>
|
|
<td><div class="pCellBody">17,321.82</div></td>
|
|
<td><div class="pCellBody">27,475.05</div></td>
|
|
<td><div class="pCellBody">40,044.65</div></td>
|
|
<td><div class="pCellBody">63,516.92</div></td>
|
|
<td><div class="pCellBody">301,754.59</div></td>
|
|
<td><div class="pCellBody">478,628.82</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">57</div></td>
|
|
<td><div class="pCellBody">1.531</div></td>
|
|
<td><div class="pCellBody">18,426.51</div></td>
|
|
<td><div class="pCellBody">28,217.02</div></td>
|
|
<td><div class="pCellBody">41,799.45</div></td>
|
|
<td><div class="pCellBody">64,008.64</div></td>
|
|
<td><div class="pCellBody">314,730.04</div></td>
|
|
<td><div class="pCellBody">481,954.70</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">58</div></td>
|
|
<td><div class="pCellBody">1.477</div></td>
|
|
<td><div class="pCellBody">19,334.04</div></td>
|
|
<td><div class="pCellBody">28,546.75</div></td>
|
|
<td><div class="pCellBody">43,575.71</div></td>
|
|
<td><div class="pCellBody">64,339.62</div></td>
|
|
<td><div class="pCellBody">328,263.43</div></td>
|
|
<td><div class="pCellBody">484,681.61</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">59</div></td>
|
|
<td><div class="pCellBody">1.420</div></td>
|
|
<td><div class="pCellBody">20,099.55</div></td>
|
|
<td><div class="pCellBody">28,537.06</div></td>
|
|
<td><div class="pCellBody">45,416.27</div></td>
|
|
<td><div class="pCellBody">64,481.39</div></td>
|
|
<td><div class="pCellBody">342,378.76</div></td>
|
|
<td><div class="pCellBody">486,104.62</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">60</div></td>
|
|
<td><div class="pCellBody">1.346</div></td>
|
|
<td><div class="pCellBody">21,027.98</div></td>
|
|
<td><div class="pCellBody">28,304.83</div></td>
|
|
<td><div class="pCellBody">47,350.68</div></td>
|
|
<td><div class="pCellBody">63,736.65</div></td>
|
|
<td><div class="pCellBody">357,101.05</div></td>
|
|
<td><div class="pCellBody">480,677.86</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">61</div></td>
|
|
<td><div class="pCellBody">1.255</div></td>
|
|
<td><div class="pCellBody">21,811.60</div></td>
|
|
<td><div class="pCellBody">27,380.33</div></td>
|
|
<td><div class="pCellBody">49,366.08</div></td>
|
|
<td><div class="pCellBody">61,969.75</div></td>
|
|
<td><div class="pCellBody">372,456.39</div></td>
|
|
<td><div class="pCellBody">467,548.33</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">62</div></td>
|
|
<td><div class="pCellBody">1.204</div></td>
|
|
<td><div class="pCellBody">22,935.42</div></td>
|
|
<td><div class="pCellBody">27,620.35</div></td>
|
|
<td><div class="pCellBody">51,488.82</div></td>
|
|
<td><div class="pCellBody">62,006.24</div></td>
|
|
<td><div class="pCellBody">388,472.02</div></td>
|
|
<td><div class="pCellBody">467,823.65</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">63</div></td>
|
|
<td><div class="pCellBody">1.153</div></td>
|
|
<td><div class="pCellBody">23,132.67</div></td>
|
|
<td><div class="pCellBody">26,677.10</div></td>
|
|
<td><div class="pCellBody">53,702.84</div></td>
|
|
<td><div class="pCellBody">61,931.28</div></td>
|
|
<td><div class="pCellBody">405,176.31</div></td>
|
|
<td><div class="pCellBody">467,258.15</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td><div class="pCellBodyC">64</div></td>
|
|
<td><div class="pCellBody">1.106</div></td>
|
|
<td><div class="pCellBody">23,753.53</div></td>
|
|
<td><div class="pCellBody">26,270.42</div></td>
|
|
<td><div class="pCellBody">56,012.06</div></td>
|
|
<td><div class="pCellBody">61,947.02</div></td>
|
|
<td><div class="pCellBody">422,598.90</div></td>
|
|
<td><div class="pCellBody">467,376.88</div></td>
|
|
</tr>
|
|
|
|
<tr align="right" valign="bottom">
|
|
<td rowspan="1" colspan="8"><hr /></td>
|
|
</tr>
|
|
|
|
</table>
|
|
|
|
<p class="Footnote">
|
|
<sup>1 </sup>
|
|
<a name="footnote-1"></a>
|
|
Because the OASDI trust funds receive transfers
|
|
from the General Fund of the Treasury equal to a portion of taxes on
|
|
benefits, internal rates of return that ignore these transfers may
|
|
arguably overstate the return on contributions. Due to the difficulty of
|
|
determining the level of income tax on benefits, this relatively small
|
|
factor is not addressed in this note.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>2 </sup>
|
|
<a name="footnote-2"></a>
|
|
"Average wage" refers to the Social
|
|
Security average wage index for the entire economy. The Social Security
|
|
average wage index is based on the average amount of total wages for each
|
|
year after 1950, including wages in both covered and noncovered employment
|
|
and wages in excess of the OASDI contribution and benefit base. A table of
|
|
the historical average wage index is available at
|
|
www.socialsecurity.gov/OACT/COLA/AWI.html. The 2001 Trustees Report
|
|
projections of future average wage amounts are available at
|
|
www.socialsecurity.gov/OACT/TR/TR01/lr6E7-2.html.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>3 </sup>
|
|
<a name="footnote-3"></a>
|
|
For certain historical years, earnings of 160
|
|
percent of the average wage would exceed the OASDI Contribution and
|
|
Benefit Base; amounts above such Contribution and Benefit Base are not
|
|
included in the computation of internal rate of return.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>4 </sup>
|
|
<a name="footnote-4"></a>
|
|
The OASDI Contribution and Benefit Base, also known
|
|
as the "wage base" and as the "taxable maximum", is
|
|
the annual dollar amount above which earnings in employment covered under
|
|
the OASDI program are neither taxable nor creditable for benefit
|
|
computation purposes. Further information about the OASDI Contribution and
|
|
Benefit Base can be found at www.socialsecurity.gov/OACT/COLA/cbb.html.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>5 </sup>
|
|
<a name="footnote-5"></a>
|
|
In this context, an actual
|
|
worker is said to be "best represented" by a particular
|
|
hypothetical worker if that hypothetical worker's PIA is closest to the
|
|
actual worker's PIA. As an illustration, <a href="#table-1">table 1</a>
|
|
shows that 44.0 percent of actual retirees have a PIA
|
|
that is closer to the PIA of the low-earning worker than to any other, and
|
|
are thus said to be best represented by the low-earning worker.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>6 </sup>
|
|
<a name="footnote-6"></a>
|
|
Average Indexed Monthly Earnings. The AIME value
|
|
represents the beneficiary's average monthly earnings after indexing for
|
|
wage growth in the economy in his or her highest years of earnings. The
|
|
procedure for calculating the AIME is illustrated at
|
|
www.socialsecurity.gov/OACT/. Select "Compute Your Own Benefit".</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>7 </sup>
|
|
<a name="footnote-7"></a>
|
|
An exposition of the procedures for calculating the
|
|
salary scale factors is presented in the appendix of this note. The salary
|
|
scale factor values are presented in <a href="#table-a6">table A6</a>.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>8 </sup>
|
|
<a name="footnote-8"></a>
|
|
For the "in-between years" of the
|
|
series of tables 3, 4, 5, and 6, the factors affecting the internal rate
|
|
of return, and their qualitative effects, are known (all factors of one
|
|
year in relation to a comparison year): mortality improvements increase
|
|
the internal rate of return; benefit increases (decreases--including an
|
|
increase in the NRA) increase (decrease) the internal rate of return; and
|
|
tax increases decrease the internal rate of return. However, an
|
|
explanation of the intermediate ups and downs of each series would require
|
|
quantitative measures of the different effects of each factor. The
|
|
development and analysis of such measures is beyond the scope of this
|
|
note.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>9 </sup>
|
|
<a name="footnote-9"></a>
|
|
For comparability in these calculations, the
|
|
benefits of workers retiring at ages other than 62 were adjusted by wage
|
|
indexing to make them equivalent to those of age 62 retirees.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>10 </sup>
|
|
<a name="footnote-10"></a>
|
|
Actuarial Note 121, Primary Insurance Amount for
|
|
an Average Male Worker, by Bertram M. Kestenbaum.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>11 </sup>
|
|
<a name="footnote-11"></a>
|
|
Based on 2001 Trustees Report intermediate mortality assumptions.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>12 </sup>
|
|
<a name="footnote-12"></a>
|
|
For example if she is single with a medium
|
|
earnings record, her internal rate of return is about 25 percent more than
|
|
her male counterpart.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>13 </sup>
|
|
<a name="footnote-13"></a>
|
|
The AIME value represents the beneficiary's
|
|
average monthly earnings, after indexing for wage growth in the economy,
|
|
in his or her highest years of earnings.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>14 </sup>
|
|
<a name="footnote-14"></a>
|
|
The QC is the basic unit for determining whether
|
|
a worker is insured for Social Security benefits. In 1997, for example, a
|
|
worker needed to have $670 in covered earnings to obtain a QC. Workers can
|
|
earn up to 4 QC's per calendar year. Since 1978 the amount of covered
|
|
earnings required to obtain a QC has been automatically indexed each year
|
|
with the growth in the SSA official average wage index. See
|
|
www.socialsecurity.gov/OACT/COLA/QC.html for more information, including a
|
|
list of historical QC amounts.</p>
|
|
|
|
<p class="Footnote">
|
|
<sup>15 </sup>
|
|
<a name="footnote-15"></a>
|
|
Data concerning worker deaths was taken from the
|
|
CWHS. Death data in the CWHS may be somewhat understated.</p>
|
|
</body></html>
|