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<h2 class="pHeading1">2015 OASDI Trustees Report </h2>
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<div class="Lists"><a name="77721">INDEX</a></div>
<div class="GroupTitlesIX"><a name="199409">A</a></div>
<div class="Level1IX"><a name="199413">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">11</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">17</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">51</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">162</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">175</a></span></div>
<div class="Level1IX"><a name="199419">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">17</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">24</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">69</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">205</a></span></div>
<div class="Level1IX"><a name="199425">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">51</a></span></div>
<div class="Level1IX"><a name="199427">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">40</a></span></div>
<div class="Level1IX"><a name="199429">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">113</a></span></div>
<div class="Level1IX"><a name="199431">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 2014">7</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">37</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">52</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">149</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">153</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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">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#207371" title="3. Estimates in Dollars">214</a></span></div>
<div class="Level1IX"><a name="199440">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">64</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">155</a></span></div>
<div class="Level1IX"><a name="199443">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 2014 REPORT">39</a></span></div>
<div class="Level1IX"><a name="199445">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">22</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">51</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">74</a></span></div>
<div class="Level1IX"><a name="199449">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 2014">7</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">10</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">31</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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">182</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">200</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">212</a></span></div>
<div class="Level1IX"><a name="199458">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">10</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">80</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">97</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">113</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">162</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">175</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">201</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">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#204023" 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_H_OASIforDI.html#125308" title="H. ANALYSIS OF BENEFIT DISBURSEMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">223</a></span></div>
<div class="Level1IX"><a name="199469">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">44</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">98</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">113</a></span></div>
<div class="Level1IX"><a name="199473">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">123</a></span></div>
<div class="Level1IX"><a name="199475">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">146</a></span></div>
<div class="Level1IX"><a name="199477">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">100</a></span></div>
<div class="Level1IX"><a name="199479">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">116</a></span></div>
<div class="Level1IX"><a name="199481">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">113</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">211</a></span></div>
<div class="Level1IX"><a name="199484">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">124</a></span></div>
<div class="GroupTitlesIX"><a name="199486">B</a></div>
<div class="Level1IX"><a name="199488">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">4</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">24</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">52</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">60</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">106</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">131</a></span></div>
<div class="Level1IX"><a name="199495">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">116</a></span></div>
<div class="Level1IX"><a name="199497">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">130</a></span></div>
<div class="Level1IX"><a name="199499">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">14</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">44</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">60</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">80</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">114</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">165</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">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">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#207371" title="3. Estimates in Dollars">214</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">223</a></span></div>
<div class="Level1IX"><a name="199510">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">124</a></span></div>
<div class="Level1IX"><a name="199512">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 2014">7</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">52</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">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#220146" title="VI. APPENDICES">153</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</a></span></div>
<div class="Level1IX"><a name="199518">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">9</a></span></div>
<div class="Level1IX"><a name="199520">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">9</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">40</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">80</a></span></div>
<div class="Level1IX"><a name="199524">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">40</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">97</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">151</a></span></div>
<div class="GroupTitlesIX"><a name="199528">C</a></div>
<div class="Level1IX"><a name="199530">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">216</a></span></div>
<div class="Level1IX"><a name="199532">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">98</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">180</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">211</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">228</a></span></div>
<div class="Level1IX"><a name="199537">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#544946" 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#205088" 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="V_C_prog.html#989878" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">114</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">228</a></span></div>
<div class="Level1IX"><a name="199542">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 2014">7</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">151</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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">200</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">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#207371" title="3. Estimates in Dollars">214</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">227</a></span></div>
<div class="Level1IX"><a name="199550">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">46</a></span></div>
<div class="Level1IX"><a name="199553">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="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES">52</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">200</a></span></div>
<div class="Level1IX"><a name="199557">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">113</a></span></div>
<div class="Level1IX"><a name="199559">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 2014">7</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">113</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">210</a></span></div>
<div class="Level1IX"><a name="199563">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">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#544946" 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#205088" 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="V_C_prog.html#121228" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">121</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">151</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">179</a></span></div>
<div class="Level1IX"><a name="199570">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">62</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">121</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">178</a></span></div>
<div class="Level1IX"><a name="199574">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">230</a></span></div>
<div class="Level1IX"><a name="199576">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">211</a></span></div>
<div class="Level1IX"><a name="199578">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">46</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">135</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">137</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">228</a></span></div>
<div class="GroupTitlesIX"><a name="199583">D</a></div>
<div class="Level1IX"><a name="199585">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">52</a></span></div>
<div class="Level1IX"><a name="199587">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">120</a></span></div>
<div class="Level1IX"><a name="199589">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">9</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">22</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">40</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">81</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">106</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">113</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">162</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">212</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">227</a></span></div>
<div class="Level1IX"><a name="199599">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">186</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">195</a></span></div>
<div class="Level1IX"><a name="199602">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">130</a></span></div>
<div class="Level1IX"><a name="199604">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">151</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">178</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">223</a></span></div>
<div class="Level1IX"><a name="199608">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">136</a></span></div>
<div class="Level1IX"><a name="199610">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">80</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">131</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">133</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">178</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">183</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">227</a></span></div>
<div class="Level1IX"><a name="199617">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">229</a></span></div>
<div class="Level1IX"><a name="199619">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">137</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">139</a></span></div>
<div class="Level1IX"><a name="199622">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">183</a></span></div>
<div class="Level1IX"><a name="199624">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">134</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">230</a></span></div>
<div class="Level1IX"><a name="199627">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">27</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">29</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">32</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">33</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">35</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">40</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">170</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">171</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">224</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">226</a></span></div>
<div class="GroupTitlesIX"><a name="199639">E</a></div>
<div class="Level1IX"><a name="199641">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 2014">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#544946" 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#178405" title="B. LONG-RANGE ESTIMATES">52</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">100</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">114</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">151</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">163</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">200</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">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#203080" 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_I_glossary.html#1041544" title="I. GLOSSARY">227</a></span></div>
<div class="Level1IX"><a name="199654">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">100</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">114</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">228</a></span></div>
<div class="Level1IX"><a name="199658">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">9</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">22</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">40</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">49</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">97</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">106</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">113</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">162</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">212</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">227</a></span></div>
<div class="Level1IX"><a name="199669">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">52</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">211</a></span></div>
<div class="Level1IX"><a name="199672">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 2014">7</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">9</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">31</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">38</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">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#220146" title="VI. APPENDICES">153</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">231</a></span></div>
<div class="GroupTitlesIX"><a name="199680">F</a></div>
<div class="Level1IX"><a name="199682">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">200</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">237</a></span></div>
<div class="Level1IX"><a name="199685">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">81</a></span></div>
<div class="Level1IX"><a name="199687">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 2014">7</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">149</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">153</a></span></div>
<div class="Level1IX"><a name="199691">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">85</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">155</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">168</a></span></div>
<div class="Level1IX"><a name="199695">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">232</a></span></div>
<div class="GroupTitlesIX"><a name="199697">G</a></div>
<div class="Level1IX"><a name="199699">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">42</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">44</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">46</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">48</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">155</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">157</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">159</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">172</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">173</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">174</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">227</a></span></div>
<div class="Level1IX"><a name="199711">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">232</a></span></div>
<div class="Level1IX"><a name="199713">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">11</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">57</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">80</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">98</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">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#113389" title="2. Estimates as a Percentage of Gross Domestic Product">206</a></span></div>
<div class="Level1IX"><a name="199721">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">108</a></span></div>
<div class="GroupTitlesIX"><a name="199723">H</a></div>
<div class="Level1IX"><a name="199725">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">9</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">19</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">40</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">41</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">53</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">80</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">97</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">134</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">175</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">193</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">201</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">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#204023" 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_I_glossary.html#1041554" title="I. GLOSSARY">227</a></span></div>
<div class="Level1IX"><a name="199740">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">143</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">200</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">235</a></span></div>
<div class="Level1IX"><a name="199744">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">206</a></span></div>
<div class="GroupTitlesIX"><a name="199746">I</a></div>
<div class="Level1IX"><a name="199748">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">9</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">80</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">81</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">85</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">89</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">178</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">186</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">227</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">233</a></span></div>
<div class="Level1IX"><a name="199758">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">85</a></span></div>
<div class="Level1IX"><a name="199760">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">12</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">52</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">200</a></span></div>
<div class="Level1IX"><a name="199765">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">11</a></span></div>
<div class="Level1IX"><a name="199767">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">9</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">80</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">98</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">211</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">227</a></span></div>
<div class="Level1IX"><a name="199773">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">98</a></span></div>
<div class="Level1IX"><a name="199775">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">9</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">122</a></span></div>
<div class="Level1IX"><a name="199778">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">118</a></span></div>
<div class="Level1IX"><a name="199780">Interest</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#544946" 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#209903" title="B. ECONOMIC 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#219939" title="VI. APPENDICES">152</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">162</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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">202</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">227</a></span></div>
<div class="Level1IX"><a name="199788">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">80</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">162</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">182</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">227</a></span></div>
<div class="Level1IX"><a name="199793">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">109</a></span></div>
<div class="Level1IX"><a name="199795">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">9</a></span></div>
<div class="Level1IX"><a name="199797">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">155</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">234</a></span></div>
<div class="Level1IX"><a name="199800">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">9</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">40</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">44</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">53</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">80</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">134</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">175</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">202</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">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#204023" 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#237088" title="3. Estimates in Dollars">215</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">216</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">217</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">223</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">227</a></span></div>
<div class="GroupTitlesIX"><a name="199816">L</a></div>
<div class="Level1IX"><a name="199820">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">105</a></span></div>
<div class="Level1IX"><a name="199822">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">85</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">90</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">234</a></span></div>
<div class="Level1IX"><a name="199826">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">4</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">24</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">80</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">93</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">105</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">234</a></span></div>
<div class="Level1IX"><a name="199833">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">93</a></span></div>
<div class="Level1IX"><a name="199835">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">11</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">51</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">81</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">125</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">162</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">200</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">206</a></span></div>
<div class="Level1IX"><a name="199843">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">9</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">19</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">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">53</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">80</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">97</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">134</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">175</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">193</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">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">211</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">227</a></span></div>
<div class="Level1IX"><a name="199856">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">147</a></span></div>
<div class="GroupTitlesIX"><a name="199858">M</a></div>
<div class="Level1IX"><a name="199860">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">83</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">235</a></span></div>
<div class="Level1IX"><a name="199863">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">42</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">46</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">48</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">52</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">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#219172" title="VI. APPENDICES">151</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">155</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">157</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">159</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">172</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">173</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">174</a></span></div>
<div class="GroupTitlesIX"><a name="199876">N</a></div>
<div class="Level1IX"><a name="199878">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">113</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">211</a></span></div>
<div class="Level1IX"><a name="199881">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">114</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">130</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">147</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">230</a></span></div>
<div class="GroupTitlesIX"><a name="199886">O</a></div>
<div class="Level1IX"><a name="199888">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">124</a></span></div>
<div class="Level1IX"><a name="199890">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">151</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">229</a></span></div>
<div class="Level1IX"><a name="199893">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">118</a></span></div>
<div class="Level1IX"><a name="199895">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">85</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">178</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">236</a></span></div>
<div class="GroupTitlesIX"><a name="199899">P</a></div>
<div class="Level1IX"><a name="199901">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">152</a></span></div>
<div class="Level1IX"><a name="199903">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">236</a></span></div>
<div class="Level1IX"><a name="199905">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">162</a></span></div>
<div class="Level1IX"><a name="199907">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">113</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">141</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">165</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">196</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">200</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">214</a></span></div>
<div class="Level1IX"><a name="199915">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">91</a></span></div>
<div class="Level1IX"><a name="199917">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#544946" 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#267346" title="B. LONG-RANGE ESTIMATES">63</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">91</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">121</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">178</a></span></div>
<div class="Level1IX"><a name="199923">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">162</a></span></div>
<div class="Level1IX"><a name="199925">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">116</a></span></div>
<div class="Level1IX"><a name="199927">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">98</a></span></div>
<div class="GroupTitlesIX"><a name="199929">Q</a></div>
<div class="Level1IX"><a name="199931">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">122</a></span></div>
<div class="GroupTitlesIX"><a name="199933">R</a></div>
<div class="Level1IX"><a name="199935">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">52</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">68</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">118</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">149</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">153</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">170</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">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">200</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">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#207371" title="3. Estimates in Dollars">214</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">229</a></span></div>
<div class="Level1IX"><a name="199948">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">238</a></span></div>
<div class="Level1IX"><a name="199950">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">103</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">179</a></span></div>
<div class="Level1IX"><a name="199953">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">125</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">178</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">223</a></span></div>
<div class="Level1IX"><a name="199957">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">114</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">147</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">230</a></span></div>
<div class="Level1IX"><a name="199961">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">100</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">114</a></span></div>
<div class="Level1IX"><a name="199964">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">178</a></span></div>
<div class="GroupTitlesIX"><a name="199966">S</a></div>
<div class="Level1IX"><a name="199968">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">238</a></span></div>
<div class="Level1IX"><a name="199970">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">181</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">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#207371" title="3. Estimates in Dollars">214</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">225</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">238</a></span></div>
<div class="Level1IX"><a name="199976">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">41</a></span></div>
<div class="Level1IX"><a name="199978">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">52</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">98</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">201</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">237</a></span></div>
<div class="Level1IX"><a name="199983">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">237</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">238</a></span></div>
<div class="Level1IX"><a name="199986">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">175</a></span></div>
<div class="Level1IX"><a name="199988">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">10</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">40</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">124</a></span></div>
<div class="Level1IX"><a name="199992">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">113</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">152</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">211</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">223</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">229</a></span></div>
<div class="Level1IX"><a name="199998">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 2014 REPORT">39</a></span></div>
<div class="Level1IX"><a name="200000">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">239</a></span></div>
<div class="Level1IX"><a name="200002">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">112</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">152</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">182</a></span></div>
<div class="Level1IX"><a name="200006">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">186</a></span></div>
<div class="Level1IX"><a name="200008">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">130</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">230</a></span></div>
<div class="Level1IX"><a name="200011">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">207</a></span></div>
<div class="Level1IX"><a name="200013">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">68</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">162</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">175</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">204</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">227</a></span></div>
<div class="Level1IX"><a name="200019">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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</a></span></div>
<div class="Level1IX"><a name="200021">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">200</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">235</a></span></div>
<div class="Level1IX"><a name="200024">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 2014">8</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">128</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">228</a></span></div>
<div class="Level1IX"><a name="200029">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">64</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">65</a></span></div>
<div class="GroupTitlesIX"><a name="200032">T</a></div>
<div class="Level1IX"><a name="200034">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#544946" 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#267346" title="B. LONG-RANGE ESTIMATES">63</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">114</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">163</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">228</a></span></div>
<div class="Level1IX"><a name="200040">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">24</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">52</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">98</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">122</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">162</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">176</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">200</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">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#116204" 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_I_glossary.html#1007080" title="I. GLOSSARY">229</a></span></div>
<div class="Level1IX"><a name="200052">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">240</a></span></div>
<div class="Level1IX"><a name="200054">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">145</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">201</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">240</a></span></div>
<div class="Level1IX"><a name="200058">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 2014">7</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">145</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">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#207371" title="3. Estimates in Dollars">214</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">233</a></span></div>
<div class="Level1IX"><a name="200064">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 2014">7</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">113</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">201</a></span></div>
<div class="Level1IX"><a name="200068">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">80</a></span></div>
<div class="Level1IX"><a name="200070">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">9</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">125</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">183</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">227</a></span></div>
<div class="Level1IX"><a name="200075">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">41</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">238</a></span></div>
<div class="Level1IX"><a name="200078">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">81</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">175</a></span></div>
<div class="Level1IX"><a name="200081">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 2014">7</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">27</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">41</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">151</a></span></div>
<div class="Level1IX"><a name="200086">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">10</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">40</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">51</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">64</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">155</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">172</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">242</a></span></div>
<div class="Level1IX"><a name="200094">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">40</a></span></div>
<div class="GroupTitlesIX"><a name="200096">U</a></div>
<div class="Level1IX"><a name="200098">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">105</a></span></div>
<div class="Level1IX"><a name="200100">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">11</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">17</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">19</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">51</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">71</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">72</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">197</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">198</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">199</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">236</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">243</a></span></div>
<div class="Level1IX"><a name="200113">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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">169</a></span></div>
<div class="GroupTitlesIX"><a name="200115">V</a></div>
<div class="Level1IX"><a name="200117">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">17</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">48</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">51</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">162</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">175</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">204</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">227</a></span></div>
<div class="Level1IX"><a name="200125">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">52</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">153</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 AND PROJECTED TRUST FUND OPERATIONS THROUGH 2024">170</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">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#207371" title="3. Estimates in Dollars">214</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">225</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">229</a></span></div>
<div class="GroupTitlesIX"><a name="200133">Y</a></div>
<div class="Level1IX"><a name="200137">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">12</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">16</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">51</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">66</a></span></div>
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