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<body style="">
<h2 class="pHeading1">2009 OASDI Trustees Report </h2>
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<blockquote>
<h2 class="WebWorks_TOC_Title">Table of Contents</h2>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="I_intro.html#1000302">I. INTRODUCTION</a>
</div>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="II_highlights.html">II. OVERVIEW</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="II_highlights.html#76460">A. HIGHLIGHTS</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="II_cyoper.html#94983">B. TRUST FUND FINANCIAL OPERATIONS IN 2008</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="II_assump.html#95492">C. ASSUMPTIONS ABOUT THE FUTURE</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="II_project.html#105057">D. PROJECTIONS OF FUTURE FINANCIAL STATUS</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="II_conclu.html#86802">E. CONCLUSION</a>
</div>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="III_cyoper.html">III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="III_cyoper.html#84778">A. OPERATIONS OF THE OLDAGE AND SURVIVORS INSURANCE(OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2008</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="III_cyoper.html#84548">1. OASI Trust Fund</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="III_cyoper.html#105731">2. DI Trust Fund</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="III_cyoper.html#156168">3. OASI and DI Trust Funds, Combined</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="III_amdmts.html#90567">B. SOCIAL SECURITY AMENDMENTS SINCE THE 2008 REPORT</a>
</div>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="IV_SRest.html">IV. ACTUARIAL ESTIMATES</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="IV_SRest.html#90333">A. SHORT-RANGE ESTIMATES</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_SRest.html#90386">1. Operations of the OASI Trust Fund</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_SRest.html#178551">2. Operations of the DI Trust Fund</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_SRest.html#126084">3. Operations of the Combined OASI and DI Trust Funds</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_SRest.html#169569">4. Factors Underlying Changes in 10-Year Trust Fund Ratio Estimates From the 2008 Report</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#239829">B. LONG-RANGE ESTIMATES</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#154978">1. Annual Income Rates, Cost Rates, and Balances</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#222190">2. Comparison of Workers to Beneficiaries</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#179686">3. Trust Fund Ratios</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#266203">4. Summarized Income Rates, Cost Rates, and Balances</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#254423">5. Additional Measures of OASDI Unfunded Obligations</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#329232">6. Test of Long-Range Close Actuarial Balance</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="IV_LRest.html#154458">7. Reasons for Change in Actuarial Balance From Last Report</a>
</div>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="V_demographic.html">V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="V_demographic.html#79489">A. DEMOGRAPHIC ASSUMPTIONS AND METHODS</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_demographic.html#79491">1. Fertility Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_demographic.html#155199">2. Mortality Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_demographic.html#79519">3. Immigration Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_demographic.html#81231">4. Total Population Estimates</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_demographic.html#216022">5. Life Expectancy Estimates</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="V_economic.html#170227">B. ECONOMIC ASSUMPTIONS AND METHODS</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#131307">1. Productivity Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#131314">2. Price Inflation Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#131323">3. Average Earnings Assumptions</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#133682">4. Assumed Real-Wage Differentials</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#189335">5. Labor Force and Unemployment Projections</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#168800">6. Gross Domestic Product Projections</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_economic.html#168822">7. Interest Rates</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="V_programatic.html#147902">C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#96145">1. Automatically Adjusted Program Parameters</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#121228">2. Covered Employment</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#121260">3. Taxable Payroll and Payroll Tax Revenue</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#87218">4. Insured Population</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#87223">5. Old-Age and Survivors Insurance Beneficiaries</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#89099">6. Disability Insurance Beneficiaries</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#90083">7. Average Benefits</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#90086">8. Benefit Payments</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#90089">9. Administrative Expenses</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#90091">10. Railroad Retirement Financial Interchange</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#146824">11. Military Service Transfers</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="V_programatic.html#129121">12. Income From Taxation of Benefits</a>
</div>
<div class="WebWorks_TOC_Level1">
<a class="WebWorks_TOC_Link" href="VI_cyoper_history.html">VI. APPENDICES</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_cyoper_history.html#90303">A. HISTORY OF OASI AND DI TRUST FUND OPERATIONS</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_LRact_bal.html#102806">B. HISTORY OF ACTUARIAL BALANCE ESTIMATES</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_SRfyproj.html#185082">C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2018</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#100512">D. LONG-RANGE SENSITIVITY ANALYSIS</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#100885">1. Total Fertility Rate</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#92688">2. Death Rates</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#92900">3. Net Immigration</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#93098">4. Real-Wage Differential</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#93311">5. Consumer Price Index</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#93516">6. Real Interest Rate</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#103017">7. Disability Incidence Rates</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_LRsensitivity.html#93910">8. Disability Termination Rates</a>
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<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_stochastic.html#103970">E. STOCHASTIC PROJECTIONS</a>
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<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_stochastic.html#100956">1. Background</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_stochastic.html#100960">2. Methodology</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_stochastic.html#100970">3. Results</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_OASDHI_payroll.html#105439">F. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_OASDHI_payroll.html#101353">1. Estimates as a Percentage of Taxable Payroll</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_OASDHI_GDP.html#113389">2. Estimates as a Percentage of Gross Domestic Product</a>
</div>
<div class="WebWorks_TOC_Level3">
<a class="WebWorks_TOC_Link" href="VI_OASDHI_dollars.html#116339">3. Estimates in Dollars</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_OASIforDI.html#97986">G. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES</a>
</div>
<div class="WebWorks_TOC_Level2">
<a class="WebWorks_TOC_Link" href="VI_glossary.html#1042403">H. GLOSSARY</a>
</div>
<br/><br/>
<tr><td colspan="4">&nbsp;</td></tr>
<tr><td colspan="4"><a href="trActOpn.html"><b>STATEMENT OF ACTUARIAL OPINION</b></a></td></tr></table>
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