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<div id="title-bar"><h2>2013 OASDI Trustees Report</h2></div>
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<a class="no-border" href="index.html">2013 Trustees Report</a>
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<div class="Lists"><a name="451510">LIST OF TABLES</a></div>
<div class="ChapterLOT"><a title="OVERVIEW" name="461480"> II.&nbsp;OVERVIEW</a></div>
<div class="TableTitleLOT"><a href="II_B_cyoper.html#96807" title="TRUST FUND FINANCIAL OPERATIONS IN 2012" name="461486">II.B1 Summary of 2012 Trust Fund Financial Operations</a></div>
<div class="TableTitleLOT"><a href="II_B_cyoper.html#99490" title="TRUST FUND FINANCIAL OPERATIONS IN 2012" name="461488">II.B2 Payroll Tax Contribution Rates for 2012</a></div>
<div class="TableTitleLOT"><a href="II_C_assump.html#100487" title="ASSUMPTIONS ABOUT THE FUTURE" name="461492">II.C1 Long-Range Values of Key Assumptions for the 75-year Projection Period </a></div>
<div class="TableTitleLOT"><a href="II_D_project.html#125512" title="PROJECTIONS OF FUTURE FINANCIAL STATUS" name="461496">II.D1 Projected Maximum Trust Fund Ratios During the Long-Range Period and Trust Fund Reserve Depletion Dates</a></div>
<div class="TableTitleLOT"><a href="II_D_project.html#112045" title="PROJECTIONS OF FUTURE FINANCIAL STATUS" name="461498">II.D2 Reasons for Change in the 75-Year Actuarial Balance, Based on Intermediate Assumptions </a></div>
<br />
<div class="ChapterLOT"><a title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461502"> III.&nbsp;FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR</a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#186812" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461506">III.A1 Operations of the OASI Trust Fund, Calendar Year 2012</a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#190645" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461508">III.A2 Operations of the DI Trust Fund, Calendar Year 2012</a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#177588" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461510">III.A3 Operations of the Combined OASI and DI Trust Funds, Calendar Year 2012 </a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#187782" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461512">III.A4 Comparison of Actual Calendar Year 2012 Trust Fund Operations With Estimates Made in Prior Reports, Based on Intermediate Assumptions </a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#181191" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461514">III.A5 Distribution of Benefit Payments by Type of Beneficiary or Payment, Calendar Years 2011 and 2012 </a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#147356" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461516">III.A6 Administrative Expenses as a Percentage of Non-interest Income and of Total Expenditures, Calendar Years 2008-12 </a></div>
<div class="TableTitleLOT"><a href="III_A_cyoper.html#188867" title="FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="461518">III.A7 Trust Fund Investment Transactions, Calendar Year 2012</a></div>
<br />
<div class="ChapterLOT"><a title="ACTUARIAL ESTIMATES" name="461522"> IV.&nbsp;ACTUARIAL ESTIMATES</a></div>
<div class="TableTitleLOT"><a href="IV_A_SRest.html#431327" title="ACTUARIAL ESTIMATES" name="461526">IV.A1 Operations of the OASI Trust Fund, Calendar Years 2008-22</a></div>
<div class="TableTitleLOT"><a href="IV_A_SRest.html#436541" title="ACTUARIAL ESTIMATES" name="461528">IV.A2 Operations of the DI Trust Fund, Calendar Years 2008-22</a></div>
<div class="TableTitleLOT"><a href="IV_A_SRest.html#382302" title="ACTUARIAL ESTIMATES" name="461530">IV.A3 Operations of the Combined OASI and DI Trust Funds,Calendar Years 2008-22</a></div>
<div class="TableTitleLOT"><a href="IV_A_SRest.html#443064" title="ACTUARIAL ESTIMATES" name="461532">IV.A4 Reasons for Change in Trust Fund (Unfunded Obligation) Ratios at the Beginning of the Tenth Year of Projection Under Intermediate Assumptions</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#462733" title="IV_B_LRest.html" name="461728">IV.B1 Annual Income Rates, Cost Rates, and Balances,Calendar Years 1990-2090</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#363526" title="IV_B_LRest.html" name="461730">IV.B2 Covered Workers and Beneficiaries, Calendar Years 1945-2090</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#473953" title="IV_B_LRest.html" name="461732">IV.B3 Trust Fund Ratios, Calendar Years 2013-90</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#433140" title="IV_B_LRest.html" name="461542">IV.B4 Components of Summarized Income Rates and Cost Rates, Calendar Years 2013-87</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#276411" title="IV_B_LRest.html" name="461544">IV.B5 Components of 75-Year Actuarial BalanceUnder Intermediate Assumptions</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#267528" title="IV_B_LRest.html" name="461546">IV.B6 Unfunded OASDI Obligations Through the Infinite Horizon,Based on Intermediate Assumptions</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#473562" title="IV_B_LRest.html" name="461548">IV.B7 Present Values of OASDI Cost Less Non-interest Incomeand Unfunded Obligations for Program Participants,Based on Intermediate Assumptions</a></div>
<div class="TableTitleLOT"><a href="IV_B_LRest.html#219298" title="IV_B_LRest.html" name="461550">IV.B8 Reasons for Change in the 75-Year Actuarial Balance,Based on Intermediate Assumptions</a></div>
<br />
<div class="ChapterLOT"><a title="ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="461552"> V.&nbsp;ASSUMPTIONS AND METHODS UNDERLYING<br />ACTUARIAL ESTIMATES</a></div>
<div class="TableTitleLOT"><a href="V_A_demo.html#255003" title="ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="461556">V.A1 Principal Demographic Assumptions, Calendar Years 1940-2090&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_A_demo.html#264104" title="ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="461558">V.A2 Social Security Area Population on July 1 and Dependency Ratios, Calendar Years 1945-2090&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_A_demo.html#226697" title="ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="461560">V.A3 Period Life Expectancy</a></div>
<div class="TableTitleLOT"><a href="V_A_demo.html#221776" title="ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="461562">V.A4 Cohort Life Expectancy</a></div>
<div class="TableTitleLOT"><a href="V_B_econ.html#282052" title="ECONOMIC ASSUMPTIONS AND METHODS" name="461566">V.B1 Principal Economic Assumptions&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_B_econ.html#288828" title="ECONOMIC ASSUMPTIONS AND METHODS" name="461568">V.B2 Additional Economic Factors&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#1017422" title="V_C_prog.html" name="461572">V.C1 Cost-of-Living Benefit Increases, Average Wage Index, Contribution and Benefit Bases, and Retirement Earnings Test Exempt Amounts, 1975-2022&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#1031432" title="V_C_prog.html" name="461574">V.C2 Values for Selected Wage-Indexed Program Parameters, Calendar Years 1978-2022</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#180548" title="V_C_prog.html" name="461576">V.C3 Legislated Changes in Normal Retirement Age and Delayed Retirement Credits for Persons Reaching Age 62 in Each Year 1986 and Later</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#1033784" title="V_C_prog.html" name="461578">V.C4 OASI Beneficiaries With Benefits in Current-Payment Statusat the End of Calendar Years 1945-2090</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#1001526" title="V_C_prog.html" name="461580">V.C5 DI Beneficiaries With Benefits in Current-Payment Statusat the End of Calendar Years 1960-2090</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#284997" title="V_C_prog.html" name="461582">V.C6 Contribution and Benefit Base and Payroll Tax Contribution Rates&nbsp;</a></div>
<div class="TableTitleLOT"><a href="V_C_prog.html#997444" title="V_C_prog.html" name="461584">V.C7 Annual Scheduled Benefit Amounts for Retired WorkersWith Various Pre-Retirement Earnings PatternsBased on Intermediate Assumptions, Calendar Years 2013-90&nbsp; </a></div>
<br />
<div class="ChapterLOT"><a title="APPENDICES" name="461586"> VI.&nbsp;APPENDICES</a></div>
<div class="SectionLOT"><a title="APPENDICES" name="461588"> A.&nbsp;HISTORY OF OASI AND DI TRUST FUND OPERATIONS</a></div>
<div class="TableTitleLOT"><a href="VI_A_cyoper_hist.html#207122" title="APPENDICES" name="461590">VI.A1 Operations of the OASI Trust Fund, Calendar Years 1937-2012</a></div>
<div class="TableTitleLOT"><a href="VI_A_cyoper_hist.html#197225" title="APPENDICES" name="461592">VI.A2 Operations of the DI Trust Fund, Calendar Years 1957-2012</a></div>
<div class="TableTitleLOT"><a href="VI_A_cyoper_hist.html#215892" title="APPENDICES" name="461594">VI.A3 Operations of the Combined OASI and DI Trust Funds,Calendar Years 1957-2012</a></div>
<div class="TableTitleLOT"><a href="VI_A_cyoper_hist.html#250990" title="APPENDICES" name="461596">VI.A4 Asset Reserves of the OASI Trust Fund, End of Calendar Years 2011 and 2012</a></div>
<div class="TableTitleLOT"><a href="VI_A_cyoper_hist.html#246416" title="APPENDICES" name="461598">VI.A5 Asset Reserves of the DI Trust Fund, End of Calendar Years 2011 and 2012</a></div>
<div class="SectionLOT"><a title="HISTORY OF ACTUARIAL STATUS ESTIMATES" name="461600"> B.&nbsp;HISTORY OF</a> <span class="Link">ACTUARIAL STATUS</span> ESTIMATES</div>
<div class="TableTitleLOT"><a href="VI_B_LRact_bal.html#103557" title="HISTORY OF ACTUARIAL STATUS ESTIMATES" name="461602">VI.B1 Long-Range OASDI Actuarial Balances and Trust Fund Reserve Depletion Dates as Shown in the Trustees Reports for 1982-2013</a></div>
<div class="SectionLOT"><a title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461604"> C.&nbsp;FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#289710" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461606">VI.C1 Operations of the OASI Trust Fund, Fiscal Year 2012</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#278405" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461608">VI.C2 Operations of the DI Trust Fund, Fiscal Year 2012</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#241050" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461610">VI.C3 Operations of the Combined OASI and DI Trust Funds, Fiscal Year 2012</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#306103" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461612">VI.C4 Operations of the OASI Trust Fund, Fiscal Years 2008-22</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#300050" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461614">VI.C5 Operations of the DI Trust Fund, Fiscal Years 2008-22</a></div>
<div class="TableTitleLOT"><a href="VI_C_SRfyproj.html#287447" title="FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2022" name="461616">VI.C6 Operations of the Combined OASI and DI Trust Funds,Fiscal Years 2008-22</a></div>
<div class="SectionLOT"><a title="LONG-RANGE SENSITIVITY ANALYSIS" name="461618"> D.&nbsp;LONG-RANGE SENSITIVITY ANALYSIS</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#111775" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461620">VI.D1 Sensitivity of OASDI Measures to Varying Fertility Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#92699" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461622">VI.D2 Sensitivity of OASDI Measures to Varying Death-Rate Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#100036" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461624">VI.D3 Sensitivity of OASDI Measures to Varying Net-Immigration Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#93111" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461626">VI.D4 Sensitivity of OASDI Measures to Varying Real-Wage Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#112613" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461628">VI.D5 Sensitivity of OASDI Measures to Varying CPI-Increase Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#93524" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461630">VI.D6 Sensitivity of OASDI Measures to Varying Real-Interest Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#113229" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461632">VI.D7 Sensitivity of OASDI Measures to Varying Disability Incidence Assumptions</a></div>
<div class="TableTitleLOT"><a href="VI_D_LRsens.html#122297" title="LONG-RANGE SENSITIVITY ANALYSIS" name="461634">VI.D8 Sensitivity of OASDI Measures to Varying Disability Termination Assumptions</a></div>
<div class="SectionLOT"><a title="STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="461636"> E.&nbsp;STOCHASTIC PROJECTIONS AND UNCERTAINTY</a></div>
<div class="TableTitleLOT"><a href="VI_E_stoch.html#126443" title="STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="461638">VI.E1 Long-Range Estimates Relating to the Actuarial Status ofthe Combined OASDI Program</a></div>
<div class="SectionLOT"><a title="ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="461640"> F.&nbsp;ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED</a></div>
<div class="TableTitleLOT"><a href="VI_F1_OASDHI_payroll.html#92759" title="ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="461642">VI.F1 Payroll Tax Contribution Rates for the OASDI and HI Programs</a></div>
<div class="TableTitleLOT"><a href="VI_F1_OASDHI_payroll.html#170627" title="ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="461644">VI.F2 OASDI and HI Annual Income Rates, Cost Rates, and Balances, Calendar Years 2013-90</a></div>
<div class="TableTitleLOT"><a href="VI_F1_OASDHI_payroll.html#173104" title="ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="461646">VI.F3 Summarized OASDI and HI Income Rates and Cost Rates for Valuation Periods, Calendar Years 2013-90</a></div>
<div class="TableTitleLOT"><a href="VI_F2_OASDHI_GDP.html#181864" title="Estimates as a Percentage of Gross Domestic Product" name="461648">VI.F4 OASDI and HI Annual and Summarized Income, Cost, and Balance as a Percentage of GDP, Calendar Years 2013-90&nbsp;</a></div>
<div class="TableTitleLOT"><a href="VI_F2_OASDHI_GDP.html#103985" title="Estimates as a Percentage of Gross Domestic Product" name="461650">VI.F5 Ratio of OASDI Taxable Payroll to GDP, Calendar Years 2013-90 </a></div>
<div class="TableTitleLOT"><a href="VI_F3_OASDHI_dollars.html#182913" title="Estimates in Dollars" name="461652">VI.F6 Selected Economic Variables, Calendar Years 2012-90</a><span class="SectionPageNum"> 205</span></div>
<div class="TableTitleLOT"><a href="VI_F3_OASDHI_dollars.html#229840" title="Estimates in Dollars" name="461654">VI.F7 Operations of the Combined OASI and DI Trust Funds,in CPI-indexed 2013 Dollars, Calendar Years 2013-90</a></div>
<div class="TableTitleLOT"><a href="VI_F3_OASDHI_dollars.html#231830" title="Estimates in Dollars" name="461656">VI.F8 Operations of the Combined OASI and DI Trust Funds, in Current Dollars, Calendar Years 2013-90</a></div>
<div class="TableTitleLOT"><a href="VI_F3_OASDHI_dollars.html#227218" title="Estimates in Dollars" name="461658">VI.F9 OASDI and HI Annual Non-interest Income, Cost, andBalance in Current Dollars, Calendar Years 2013-90</a></div>
<div class="SectionLOT"><a title="ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES" name="461660"> G.&nbsp;ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES</a></div>
<div class="TableTitleLOT"><a href="VI_G_OASIforDI.html#124088" title="ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES" name="461662">VI.G1 Benefit Disbursements From the OASI Trust FundWith Respect to Disabled Beneficiaries</a></div>
<div class="TableTitleLOT"><a href="VI_G_OASIforDI.html#131089" title="ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES" name="461664">VI.G2 Benefit Disbursements Under the OASDI ProgramWith Respect to Disabled Beneficiaries </a></div>
<div class="SectionLOT"><a name="461666">&nbsp;</a></div>
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