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<h2 class="pHeading1">2014 OASDI Trustees Report </h2>
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<div class="Lists"><a name="77721">INDEX</a></div>
<div class="GroupTitlesIX"><a name="196441">A</a></div>
<div class="Level1IX"><a name="196445">Actuarial balance</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">16</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#102806" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116519" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span></div>
<div class="Level1IX"><a name="196451">Actuarial deficit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91360" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">16</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#91582" title="E. CONCLUSION">23</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#452779" title="B. LONG-RANGE ESTIMATES">65</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#140036" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">200</a></span></div>
<div class="Level1IX"><a name="196457">Actuarial estimates, LR</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES">49</a></span></div>
<div class="Level1IX"><a name="196459">Actuarial estimates, SR</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES">39</a></span></div>
<div class="Level1IX"><a name="196461">Adjusted program amounts</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96145" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span></div>
<div class="Level1IX"><a name="196463">Administrative expenses</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96358" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#174740" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">36</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1077085" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">144</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220146" title="VI. APPENDICES">148</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317539" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span></div>
<div class="Level1IX"><a name="196472">Advance tax transfers</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#179692" title="B. LONG-RANGE ESTIMATES">60</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283012" title="VI. APPENDICES">150</a></span></div>
<div class="Level1IX"><a name="196475">Amendments</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="III_B_amdmts.html#92782" title="B. SOCIAL SECURITY AMENDMENTS SINCE THE 2013 REPORT">38</a></span></div>
<div class="Level1IX"><a name="196477">Annual balance</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112155" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">21</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#409541" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#427493" title="B. LONG-RANGE ESTIMATES">70</a></span></div>
<div class="Level1IX"><a name="196481">Asset reserves</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#95001" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#186196" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">30</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317182" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#99701" title="D. LONG-RANGE SENSITIVITY ANALYSIS">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#92524" title="3. Estimates in Dollars">207</a></span></div>
<div class="Level1IX"><a name="196490">Assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#170227" title="B. ECONOMIC ASSUMPTIONS AND METHODS">92</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#147902" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116541" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#160453" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#204023" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#125308" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span></div>
<div class="Level1IX"><a name="196501">Automatic cost-of-living benefit increase</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307898" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242357" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#274913" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span></div>
<div class="Level1IX"><a name="196505">Auxiliary benefits</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#265326" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">118</a></span></div>
<div class="Level1IX"><a name="196507">Average benefits</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90083" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">142</a></span></div>
<div class="Level1IX"><a name="196509">Average earnings assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#131323" title="B. ECONOMIC ASSUMPTIONS AND METHODS">95</a></span></div>
<div class="Level1IX"><a name="196511">Average indexed monthly earnings (AIME)</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#85398" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">111</a></span></div>
<div class="Level1IX"><a name="196513">Average wage index</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#147567" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#203080" title="3. Estimates in Dollars">206</a></span></div>
<div class="Level1IX"><a name="196516">Award</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">119</a></span></div>
<div class="GroupTitlesIX"><a name="196518">B</a></div>
<div class="Level1IX"><a name="196520">Baby-boom generation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#92236" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#97402" title="E. CONCLUSION">23</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#431525" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#345410" title="B. LONG-RANGE ESTIMATES">56</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#189717" title="B. ECONOMIC ASSUMPTIONS AND METHODS">101</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#276917" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">126</a></span></div>
<div class="Level1IX"><a name="196527">Bend points</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#85398" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">111</a></span></div>
<div class="Level1IX"><a name="196529">Beneficiaries, DI</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#281590" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">125</a></span></div>
<div class="Level1IX"><a name="196531">Beneficiary</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#133103" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">13</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307898" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#222190" title="B. LONG-RANGE ESTIMATES">56</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#237033" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96217" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#103221" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">160</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#92683" title="D. LONG-RANGE SENSITIVITY ANALYSIS">171</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#97986" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span></div>
<div class="Level1IX"><a name="196542">Beneficiary, OASI</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#87223" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">119</a></span></div>
<div class="Level1IX"><a name="196544">Benefit payments</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96334" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90086" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">142</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220146" title="VI. APPENDICES">148</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317334" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span></div>
<div class="Level1IX"><a name="196550">Benefit termination</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span></div>
<div class="Level1IX"><a name="196552">Best estimate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95805" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#97402" title="E. CONCLUSION">23</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79481" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span></div>
<div class="Level1IX"><a name="196557">Board of Trustees</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#313995" title="B. ECONOMIC ASSUMPTIONS AND METHODS">92</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#218740" title="VI. APPENDICES">146</a></span></div>
<div class="GroupTitlesIX"><a name="196561">C</a></div>
<div class="Level1IX"><a name="196563">Constant dollars</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#200916" title="3. Estimates in Dollars">211</a></span></div>
<div class="Level1IX"><a name="196565">Consumer Price Index</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242357" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93311" title="D. LONG-RANGE SENSITIVITY ANALYSIS">175</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#204023" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045654" title="I. GLOSSARY">221</a></span></div>
<div class="Level1IX"><a name="196570">Contribution and benefit base</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">96</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#989878" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006999" title="I. GLOSSARY">221</a></span></div>
<div class="Level1IX"><a name="196575">Contributions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96454" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317209" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#146906" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006983" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196583">Cost</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#98110" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#275449" title="IV. ACTUARIAL ESTIMATES">45</a></span></div>
<div class="Level1IX"><a name="196586">Cost rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91134" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#121512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span></div>
<div class="Level1IX"><a name="196591">Cost-of-living adjustment</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#274913" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span></div>
<div class="Level1IX"><a name="196593">Covered earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96454" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#125493" title="2. Estimates as a Percentage of Gross Domestic Product">205</a></span></div>
<div class="Level1IX"><a name="196597">Covered employment</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101107" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">95</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#121228" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">116</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93102" title="D. LONG-RANGE SENSITIVITY ANALYSIS">174</a></span></div>
<div class="Level1IX"><a name="196604">Covered worker</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#414344" title="B. LONG-RANGE ESTIMATES">58</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#122044" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">116</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span></div>
<div class="Level1IX"><a name="196608">Creditable earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1048548" title="I. GLOSSARY">223</a></span></div>
<div class="Level1IX"><a name="196610">Current dollars</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#229268" title="3. Estimates in Dollars">206</a></span></div>
<div class="Level1IX"><a name="196612">Current-payment status</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#462799" title="IV. ACTUARIAL ESTIMATES">45</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#251311" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">130</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#994317" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">132</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1056376" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">133</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007020" title="I. GLOSSARY">221</a></span></div>
<div class="GroupTitlesIX"><a name="196618">D</a></div>
<div class="Level1IX"><a name="196620">Deemed wage credit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178414" title="B. LONG-RANGE ESTIMATES">50</a></span></div>
<div class="Level1IX"><a name="196622">Delayed retirement credit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#989065" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">115</a></span></div>
<div class="Level1IX"><a name="196624">Demographic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112176" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">21</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79489" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">76</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#204654" title="B. ECONOMIC ASSUMPTIONS AND METHODS">101</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#92513" title="3. Estimates in Dollars">207</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196634">Deterministic model</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#100962" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">181</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#130327" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">190</a></span></div>
<div class="Level1IX"><a name="196637">DI beneficiaries</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#281590" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">125</a></span></div>
<div class="Level1IX"><a name="196639">Disability</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#218740" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#125291" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span></div>
<div class="Level1IX"><a name="196643">Disability conversion ratio</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1041344" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">131</a></span></div>
<div class="Level1IX"><a name="196645">Disability incidence rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#278095" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">126</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#216727" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">128</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#103017" title="D. LONG-RANGE SENSITIVITY ANALYSIS">178</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196652">Disability Insurance Trust Fund</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1048153" title="I. GLOSSARY">222</a></span></div>
<div class="Level1IX"><a name="196654">Disability prevalence rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1056411" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">133</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#217122" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">135</a></span></div>
<div class="Level1IX"><a name="196657">Disability termination rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93910" title="D. LONG-RANGE SENSITIVITY ANALYSIS">178</a></span></div>
<div class="Level1IX"><a name="196659">Disabled-worker benefit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#989175" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">129</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045168" title="I. GLOSSARY">223</a></span></div>
<div class="Level1IX"><a name="196662">Disbursements</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#156534" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">26</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#193479" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">28</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#991460" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">31</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#195373" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">32</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#990851" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">34</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443238" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317447" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#315776" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">165</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#316363" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">166</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#124088" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">217</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#131089" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">219</a></span></div>
<div class="GroupTitlesIX"><a name="196674">E</a></div>
<div class="Level1IX"><a name="196676">Earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96454" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#131323" title="B. ECONOMIC ASSUMPTIONS AND METHODS">95</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#224344" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92490" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">158</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#125493" title="2. Estimates as a Percentage of Gross Domestic Product">205</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#203080" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196689">Earnings test</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">96</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96217" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006999" title="I. GLOSSARY">221</a></span></div>
<div class="Level1IX"><a name="196693">Economic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112189" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">21</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#444819" title="IV. ACTUARIAL ESTIMATES">47</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#170227" title="B. ECONOMIC ASSUMPTIONS AND METHODS">92</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#204654" title="B. ECONOMIC ASSUMPTIONS AND METHODS">101</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#92513" title="3. Estimates in Dollars">207</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196704">Excess wages</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178414" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#116204" title="3. Estimates in Dollars">206</a></span></div>
<div class="Level1IX"><a name="196707">Expenditures</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#95001" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#174433" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">30</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#147356" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">37</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443238" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220146" title="VI. APPENDICES">148</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1042802" title="I. GLOSSARY">224</a></span></div>
<div class="GroupTitlesIX"><a name="196715">F</a></div>
<div class="Level1IX"><a name="196717">Federal Insurance Contributions Act</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#146906" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045962" title="I. GLOSSARY">230</a></span></div>
<div class="Level1IX"><a name="196720">Fertility assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79491" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">76</a></span></div>
<div class="Level1IX"><a name="196722">Financial interchange</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96347" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">145</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220225" title="VI. APPENDICES">148</a></span></div>
<div class="Level1IX"><a name="196726">Fiscal year</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#263485" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">80</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283012" title="VI. APPENDICES">150</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#185082" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">163</a></span></div>
<div class="Level1IX"><a name="196730">Full advance funding</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1043447" title="I. GLOSSARY">225</a></span></div>
<div class="GroupTitlesIX"><a name="196732">G</a></div>
<div class="Level1IX"><a name="196734">General Fund of the Treasury</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#506195" title="IV. ACTUARIAL ESTIMATES">41</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307803" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#494345" title="IV. ACTUARIAL ESTIMATES">44</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#382390" title="IV. ACTUARIAL ESTIMATES">46</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283003" title="VI. APPENDICES">150</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#288877" title="VI. APPENDICES">152</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#293793" title="VI. APPENDICES">154</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#306182" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">167</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#320292" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">168</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#287529" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">169</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006985" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196746">General fund reimbursement</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1005571" title="I. GLOSSARY">225</a></span></div>
<div class="Level1IX"><a name="196748">Gross domestic product</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91134" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#414034" title="B. LONG-RANGE ESTIMATES">55</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242372" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242280" title="B. ECONOMIC ASSUMPTIONS AND METHODS">103</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#113389" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span></div>
<div class="Level1IX"><a name="196756">Gross domestic product projections</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242278" title="B. ECONOMIC ASSUMPTIONS AND METHODS">103</a></span></div>
<div class="GroupTitlesIX"><a name="196758">H</a></div>
<div class="Level1IX"><a name="196760">High-cost assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101038" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">18</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#445185" title="IV. ACTUARIAL ESTIMATES">40</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#430192" title="B. LONG-RANGE ESTIMATES">51</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79481" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#313995" title="B. ECONOMIC ASSUMPTIONS AND METHODS">92</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#278792" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">129</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116541" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#114467" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">188</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#160453" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#154813" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#204023" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041554" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196775">Hospital Insurance program</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#284982" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">139</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007169" title="I. GLOSSARY">228</a></span></div>
<div class="Level1IX"><a name="196779">Hospital Insurance Trust Fund</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#176581" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span></div>
<div class="GroupTitlesIX"><a name="196781">I</a></div>
<div class="Level1IX"><a name="196783">Immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79490" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">76</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79519" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">79</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#255056" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">84</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#92900" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#100962" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">181</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1043023" title="I. GLOSSARY">226</a></span></div>
<div class="Level1IX"><a name="196793">Immigration assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79519" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">79</a></span></div>
<div class="Level1IX"><a name="196795">Income rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91134" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#121512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span></div>
<div class="Level1IX"><a name="196800">Infinite horizon</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span></div>
<div class="Level1IX"><a name="196802">Inflation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#131314" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#229268" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196808">Inflation assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#131314" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span></div>
<div class="Level1IX"><a name="196810">Insured population</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">117</a></span></div>
<div class="Level1IX"><a name="196813">Insured status</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96259" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">113</a></span></div>
<div class="Level1IX"><a name="196815">Interest</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#209903" title="B. ECONOMIC ASSUMPTIONS AND METHODS">104</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219939" title="VI. APPENDICES">147</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317384" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#160453" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">197</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006985" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196823">Interest rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93516" title="D. LONG-RANGE SENSITIVITY ANALYSIS">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196828">Interest rate projections</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#209902" title="B. ECONOMIC ASSUMPTIONS AND METHODS">104</a></span></div>
<div class="Level1IX"><a name="196830">Interest rates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span></div>
<div class="Level1IX"><a name="196832">Interfund borrowing</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283012" title="VI. APPENDICES">150</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007653" title="I. GLOSSARY">227</a></span></div>
<div class="Level1IX"><a name="196835">Intermediate assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101032" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397778" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#430192" title="B. LONG-RANGE ESTIMATES">51</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79481" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#278792" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">129</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116541" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105570" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">197</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#154813" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#204023" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#237088" title="3. Estimates in Dollars">210</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#200916" title="3. Estimates in Dollars">211</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#232040" title="3. Estimates in Dollars">212</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#125308" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041552" title="I. GLOSSARY">220</a></span></div>
<div class="GroupTitlesIX"><a name="196851">L</a></div>
<div class="Level1IX"><a name="196855">Labor force projections</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#189335" title="B. ECONOMIC ASSUMPTIONS AND METHODS">100</a></span></div>
<div class="Level1IX"><a name="196857">Legal immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#201569" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">80</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#255079" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">85</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045270" title="I. GLOSSARY">227</a></span></div>
<div class="Level1IX"><a name="196861">Life expectancy</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#92236" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#97402" title="E. CONCLUSION">23</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#102065" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">88</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#161181" title="B. ECONOMIC ASSUMPTIONS AND METHODS">100</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1043091" title="I. GLOSSARY">227</a></span></div>
<div class="Level1IX"><a name="196868">Life expectancy estimates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#228705" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">88</a></span></div>
<div class="Level1IX"><a name="196870">Long range</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#117434" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79484" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">76</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283142" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#102673" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#176581" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span></div>
<div class="Level1IX"><a name="196878">Low-cost assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101035" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">18</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#430192" title="B. LONG-RANGE ESTIMATES">51</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#79481" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#313995" title="B. ECONOMIC ASSUMPTIONS AND METHODS">92</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#278792" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">129</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116541" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#114467" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">188</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#160453" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#204023" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041553" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="196891">Lump-sum death payment</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#277887" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">142</a></span></div>
<div class="GroupTitlesIX"><a name="196893">M</a></div>
<div class="Level1IX"><a name="196895">Medicare</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#205246" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">77</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007169" title="I. GLOSSARY">228</a></span></div>
<div class="Level1IX"><a name="196898">Military service</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#506195" title="IV. ACTUARIAL ESTIMATES">41</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#494345" title="IV. ACTUARIAL ESTIMATES">44</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#382390" title="IV. ACTUARIAL ESTIMATES">46</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178414" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#146824" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">145</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283003" title="VI. APPENDICES">150</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#288877" title="VI. APPENDICES">152</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#293793" title="VI. APPENDICES">154</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#306182" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">167</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#320292" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">168</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#287529" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">169</a></span></div>
<div class="GroupTitlesIX"><a name="196911">N</a></div>
<div class="Level1IX"><a name="196913">National average wage index</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#147567" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#203080" title="3. Estimates in Dollars">206</a></span></div>
<div class="Level1IX"><a name="196916">Normal retirement age</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96217" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#281591" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">125</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#287729" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">143</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1025756" title="I. GLOSSARY">223</a></span></div>
<div class="GroupTitlesIX"><a name="196921">O</a></div>
<div class="Level1IX"><a name="196923">OASI beneficiaries</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#87223" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">119</a></span></div>
<div class="Level1IX"><a name="196925">Old-Age and Survivors Insurance Trust Fund</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#218740" title="VI. APPENDICES">146</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1048153" title="I. GLOSSARY">222</a></span></div>
<div class="Level1IX"><a name="196928">Old-law base</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#250854" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">113</a></span></div>
<div class="Level1IX"><a name="196930">Other immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#240458" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">80</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#100057" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045286" title="I. GLOSSARY">229</a></span></div>
<div class="GroupTitlesIX"><a name="196934">P</a></div>
<div class="Level1IX"><a name="196936">Par value</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220039" title="VI. APPENDICES">147</a></span></div>
<div class="Level1IX"><a name="196938">Partial advance funding</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1005690" title="I. GLOSSARY">229</a></span></div>
<div class="Level1IX"><a name="196940">Pay-as-you-go financing</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span></div>
<div class="Level1IX"><a name="196942">Payroll taxes</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#989891" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">136</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#103220" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">160</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116519" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_F_infinite.html#1000512" title="F. INFINITE HORIZON PROJECTIONS">191</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span></div>
<div class="Level1IX"><a name="196951">Population estimates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#81231" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">86</a></span></div>
<div class="Level1IX"><a name="196953">Population in the Social Security area</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#267346" title="B. LONG-RANGE ESTIMATES">59</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#177553" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">86</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1038442" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">116</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#100057" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span></div>
<div class="Level1IX"><a name="196959">Present value</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#102673" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span></div>
<div class="Level1IX"><a name="196961">Primary insurance amount (PIA)</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#85398" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">111</a></span></div>
<div class="Level1IX"><a name="196963">Productivity assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242370" title="B. ECONOMIC ASSUMPTIONS AND METHODS">93</a></span></div>
<div class="GroupTitlesIX"><a name="196965">Q</a></div>
<div class="Level1IX"><a name="196967">Quarters of coverage</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279931" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">117</a></span></div>
<div class="GroupTitlesIX"><a name="196969">R</a></div>
<div class="Level1IX"><a name="196971">Railroad Retirement</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#504515" title="B. LONG-RANGE ESTIMATES">64</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#250854" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">113</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">145</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220225" title="VI. APPENDICES">148</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317526" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#315853" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">165</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#316439" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">166</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1046199" title="I. GLOSSARY">222</a></span></div>
<div class="Level1IX"><a name="196984">Reallocation of tax rates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1005728" title="I. GLOSSARY">231</a></span></div>
<div class="Level1IX"><a name="196986">Real-wage differential</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#214592" title="B. ECONOMIC ASSUMPTIONS AND METHODS">98</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93102" title="D. LONG-RANGE SENSITIVITY ANALYSIS">174</a></span></div>
<div class="Level1IX"><a name="196989">Recession</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#121512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span></div>
<div class="Level1IX"><a name="196992">Retired-worker benefit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#125308" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span></div>
<div class="Level1IX"><a name="196996">Retirement age</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96217" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#287729" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">143</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1025756" title="I. GLOSSARY">223</a></span></div>
<div class="Level1IX"><a name="197000">Retirement earnings test</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">96</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#96217" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span></div>
<div class="Level1IX"><a name="197003">Retirement eligibility age</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">173</a></span></div>
<div class="GroupTitlesIX"><a name="197005">S</a></div>
<div class="Level1IX"><a name="197007">Scenario-based model</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1051956" title="I. GLOSSARY">231</a></span></div>
<div class="Level1IX"><a name="197009">Scheduled benefits</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#111058" title="D. LONG-RANGE SENSITIVITY ANALYSIS">176</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#132423" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">218</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1051838" title="I. GLOSSARY">231</a></span></div>
<div class="Level1IX"><a name="197015">scheduled benefits</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90394" title="IV. ACTUARIAL ESTIMATES">40</a></span></div>
<div class="Level1IX"><a name="197017">Self-employment</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178414" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242357" title="B. ECONOMIC ASSUMPTIONS AND METHODS">94</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#162239" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045964" title="I. GLOSSARY">230</a></span></div>
<div class="Level1IX"><a name="197022">Self-Employment Contributions Act</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045964" title="I. GLOSSARY">230</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1005755" title="I. GLOSSARY">231</a></span></div>
<div class="Level1IX"><a name="197025">Sensitivity analysis</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#100512" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span></div>
<div class="Level1IX"><a name="197027">Short range</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#77337" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">119</a></span></div>
<div class="Level1IX"><a name="197031">Social Security Act</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#171963" title="VI. APPENDICES">147</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#203080" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#94233" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">216</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1048153" title="I. GLOSSARY">222</a></span></div>
<div class="Level1IX"><a name="197037">Social Security amendments</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="III_B_amdmts.html#92782" title="B. SOCIAL SECURITY AMENDMENTS SINCE THE 2013 REPORT">38</a></span></div>
<div class="Level1IX"><a name="197039">Solvency</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1043273" title="I. GLOSSARY">232</a></span></div>
<div class="Level1IX"><a name="197041">Special public-debt obligation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#308268" title="B. ECONOMIC ASSUMPTIONS AND METHODS">107</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219939" title="VI. APPENDICES">147</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93520" title="D. LONG-RANGE SENSITIVITY ANALYSIS">177</a></span></div>
<div class="Level1IX"><a name="197045">Stochastic projections</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_E_stoch.html#100952" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">181</a></span></div>
<div class="Level1IX"><a name="197047">Substantial gainful activity</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#281591" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">125</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007092" title="I. GLOSSARY">223</a></span></div>
<div class="Level1IX"><a name="197050">Summarized balance</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#92514" title="2. Estimates as a Percentage of Gross Domestic Product">202</a></span></div>
<div class="Level1IX"><a name="197052">Summarized income and cost rates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#457233" title="B. LONG-RANGE ESTIMATES">64</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#102673" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116519" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105250" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">199</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1039922" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="197058">Supplemental Security Income</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317412" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span></div>
<div class="Level1IX"><a name="197060">Supplementary Medical Insurance program</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007169" title="I. GLOSSARY">228</a></span></div>
<div class="Level1IX"><a name="197063">Survivor benefit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#100979" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#87237" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">123</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007003" title="I. GLOSSARY">221</a></span></div>
<div class="Level1IX"><a name="197068">Sustainable solvency</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#366866" title="B. LONG-RANGE ESTIMATES">60</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#497629" title="B. LONG-RANGE ESTIMATES">61</a></span></div>
<div class="GroupTitlesIX"><a name="197071">T</a></div>
<div class="Level1IX"><a name="197073">Taxable earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#397504" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#267346" title="B. LONG-RANGE ESTIMATES">59</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#224344" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">109</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92490" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">158</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1006999" title="I. GLOSSARY">221</a></span></div>
<div class="Level1IX"><a name="197079">Taxable payroll</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91360" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#91582" title="E. CONCLUSION">23</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242357" title="B. ECONOMIC ASSUMPTIONS AND METHODS">94</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">117</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#102673" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#97163" title="D. LONG-RANGE SENSITIVITY ANALYSIS">171</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">195</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#176581" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#116204" title="3. Estimates in Dollars">206</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007080" title="I. GLOSSARY">222</a></span></div>
<div class="Level1IX"><a name="197091">Taxable self-employment income</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007254" title="I. GLOSSARY">233</a></span></div>
<div class="Level1IX"><a name="197093">Taxable wages</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#285583" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">141</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#159818" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007252" title="I. GLOSSARY">233</a></span></div>
<div class="Level1IX"><a name="197097">Taxation of benefits</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96301" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#284807" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">141</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045065" title="I. GLOSSARY">226</a></span></div>
<div class="Level1IX"><a name="197103">Taxes</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96454" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">108</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#146692" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">196</a></span></div>
<div class="Level1IX"><a name="197107">Termination</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">75</a></span></div>
<div class="Level1IX"><a name="197109">Termination rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#93910" title="D. LONG-RANGE SENSITIVITY ANALYSIS">178</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1041544" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="197114">Test of short-range financial adequacy</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#344733" title="IV. ACTUARIAL ESTIMATES">40</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1007232" title="I. GLOSSARY">231</a></span></div>
<div class="Level1IX"><a name="197117">Total fertility rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#205354" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">76</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#100885" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span></div>
<div class="Level1IX"><a name="197120">Trust fund financial operations</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#94983" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2013">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#84778" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">26</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90386" title="IV. ACTUARIAL ESTIMATES">40</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#207125" title="VI. APPENDICES">146</a></span></div>
<div class="Level1IX"><a name="197125">Trust fund ratio</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#324377" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#366403" title="B. LONG-RANGE ESTIMATES">60</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283043" title="VI. APPENDICES">150</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#306210" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">167</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1005847" title="I. GLOSSARY">235</a></span></div>
<div class="Level1IX"><a name="197133">Trust fund reserves</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#324377" title="IV. ACTUARIAL ESTIMATES">39</a></span></div>
<div class="GroupTitlesIX"><a name="197135">U</a></div>
<div class="Level1IX"><a name="197137">Unemployment projections</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#189335" title="B. ECONOMIC ASSUMPTIONS AND METHODS">100</a></span></div>
<div class="Level1IX"><a name="197139">Unfunded obligation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91360" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#122741" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">16</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#117399" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">18</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#267887" title="B. LONG-RANGE ESTIMATES">67</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#417122" title="B. LONG-RANGE ESTIMATES">68</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_F_infinite.html#1000291" title="F. INFINITE HORIZON PROJECTIONS">192</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_F_infinite.html#1000734" title="F. INFINITE HORIZON PROJECTIONS">193</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_F_infinite.html#1000308" title="F. INFINITE HORIZON PROJECTIONS">194</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1043251" title="I. GLOSSARY">229</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1049365" title="I. GLOSSARY">235</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1049377" title="I. GLOSSARY">236</a></span></div>
<div class="Level1IX"><a name="197153">Unnegotiated check</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317489" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">164</a></span></div>
<div class="GroupTitlesIX"><a name="197155">V</a></div>
<div class="Level1IX"><a name="197157">Valuation period</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">16</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#345711" title="IV. ACTUARIAL ESTIMATES">47</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#431488" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92478" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">157</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#116519" title="D. LONG-RANGE SENSITIVITY ANALYSIS">170</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105250" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">199</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1039922" title="I. GLOSSARY">220</a></span></div>
<div class="Level1IX"><a name="197165">Vocational rehabilitation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#220225" title="VI. APPENDICES">148</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#315829" title="C. FISCAL YEAR HISTORICAL DATA ANDPROJECTIONS THROUGH 2023">165</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">201</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#207371" title="3. Estimates in Dollars">209</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_H_OASIforDI.html#120954" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">218</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1046199" title="I. GLOSSARY">222</a></span></div>
<div class="GroupTitlesIX"><a name="197173">Y</a></div>
<div class="Level1IX"><a name="197177">Year of depletion</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#126954" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#125512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">15</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428597" title="B. LONG-RANGE ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#474911" title="B. LONG-RANGE ESTIMATES">62</a></span></div>
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