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<h2 class="fw4 ma0">The 2019 OASDI Trustees Report</h2>
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<li><a class="db pl2" href="trTOC.html">Table of Contents</a></li>
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<h3>Table of Contents</h3>
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<div class="ChapterTOC"><a href="I_intro.html#1001487" title="THE 2019 ANNUAL REPORT OF THE BOARD OFTRUSTEES OF THE FEDERAL OLD-AGE ANDSURVIVORS INSURANCE AND FEDERAL DISABILITYINSURANCE TRUST FUNDS" name="944609"> I. INTRODUCTION</a></div>
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<div class="ChapterTOC"><a href="II_A_highlights.html#" title="II. OVERVIEW" name="944611"> II. OVERVIEW</a></div>
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<div class="SectionTOC"><a href="II_A_highlights.html#76460" title="II. OVERVIEW" name="944613"> A. HIGHLIGHTS</a></div>
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<div class="SectionTOC"><a href="II_B_cyoper.html#94983" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2018" name="944615"> B. TRUST FUND FINANCIAL OPERATIONS IN 2018</a></div>
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<div class="SectionTOC"><a href="II_C_assump.html#95492" title="C. ASSUMPTIONS ABOUT THE FUTURE" name="944617"> C. ASSUMPTIONS ABOUT THE FUTURE</a></div>
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<div class="SectionTOC"><a href="II_D_project.html#105057" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS" name="944619"> D. PROJECTIONS OF FUTURE FINANCIAL STATUS</a></div>
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<div class="SectionTOC"><a href="II_E_conclu.html#86802" title="E. CONCLUSION" name="944621"> E. CONCLUSION</a></div>
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<div class="ChapterTOC"><a href="III_A_cyoper.html#" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="944623"> III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR</a></div>
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<div class="SectionTOC"><a href="III_A_cyoper.html#84778" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="944625"> A. OPERATIONS OF THE OLD AGE AND SURVIVORS INSURANCE (OASI) AND DISABILITY INSURANCE (DI) TRUST FUNDS, IN CALENDAR YEAR 2018</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#84548" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="944627"> 1. OASI Trust Fund</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#105731" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="944629"> 2. DI Trust Fund</a></div>
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<div class="SubsectionTOC"><a href="III_A_cyoper.html#156168" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR" name="944631"> 3. OASI and DI Trust Funds, Combined</a></div>
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<div class="SectionTOC"><a href="III_B_amdmts.html#92782" title="B. SOCIAL SECURITY AMENDMENTS SINCE THE 2018 REPORT" name="944633"> B. SOCIAL SECURITY AMENDMENTS SINCE THE 2018 REPORT</a></div>
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<div class="ChapterTOC"><a href="IV_A_SRest.html#" title="IV. ACTUARIAL ESTIMATES" name="944635"> IV. ACTUARIAL ESTIMATES</a></div>
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<div class="SectionTOC"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES" name="944637"> A. SHORT-RANGE ESTIMATES</a></div>
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<div class="SubsectionTOC"><a href="IV_A_SRest.html#90386" title="IV. ACTUARIAL ESTIMATES" name="944639"> 1. Operations of the OASI Trust Fund</a></div>
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<div class="SubsectionTOC"><a href="IV_A_SRest.html#178551" title="IV. ACTUARIAL ESTIMATES" name="944641"> 2. Operations of the DI Trust Fund</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_A_SRest.html#126084" title="IV. ACTUARIAL ESTIMATES" name="944643"> 3. Operations of the Combined OASI and DI Trust Funds</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_A_SRest.html#307256" title="IV. ACTUARIAL ESTIMATES" name="944645"> 4. Factors Underlying Changes in 10-Year Trust Fund Ratio Estimates From Last Year’s Report</a></div>
|
||
<div class="SectionTOC"><a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES" name="944647"> B. LONG-RANGE ESTIMATES</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES" name="944649"> 1. Annual <span class="Link">Income Rates,</span> <span class="Link">Cost Rates</span>, and <span class="Link">Balances</span></a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#222190" title="B. LONG-RANGE ESTIMATES" name="944651"> 2. Comparison of Workers to Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#366403" title="B. LONG-RANGE ESTIMATES" name="944653"> 3. Trust Fund Ratios and Test of Long-Range Close Actuarial Balance</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#402226" title="B. LONG-RANGE ESTIMATES" name="944655"> 4. Summarized Income Rates, Summarized Cost Rates, and Actuarial Balances</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#417122" title="B. LONG-RANGE ESTIMATES" name="944657"> 5. Open-Group Unfunded Obligation</a></div>
|
||
<div class="SubsectionTOC"><a href="IV_B_LRest.html#419506" title="B. LONG-RANGE ESTIMATES" name="944659"> 6. Reasons for Change in Actuarial Balance From Last Report</a></div>
|
||
<div class="ChapterTOC"><a href="V_A_demo.html#253046" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944661"> V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES</a></div>
|
||
<div class="SectionTOC"><a href="V_A_demo.html#79489" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944663"> A. <span class="Link">DEMOGRAPHIC ASSUMPTIONS</span> AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#79491" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944665"> 1. Fertility Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#252976" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944667"> 2. Mortality Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#79519" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944669"> 3. Immigration Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#81231" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944671"> 4. Total <span class="Link">Population</span> Estimates</a></div>
|
||
<div class="SubsectionTOC"><a href="V_A_demo.html#228705" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES" name="944673"> 5. Life Expectancy Estimates</a></div>
|
||
<div class="SectionTOC"><a href="V_B_econ.html#170227" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944675"> B. ECONOMIC ASSUMPTIONS AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#242370" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944677"> 1. Productivity Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#131314" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944679"> 2. Price Inflation Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#131323" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944681"> 3. Average Earnings Assumptions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#214592" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944683"> 4. Assumed <span class="Link">Real-Wage Differential</a></span></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#189335" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944685"> 5. Labor Force and Unemployment Projections</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#242278" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944687"> 6. Gross Domestic Product Projections</a></div>
|
||
<div class="SubsectionTOC"><a href="V_B_econ.html#209902" title="B. ECONOMIC ASSUMPTIONS AND METHODS" name="944689"> 7. Interest Rates</a></div>
|
||
<div class="SectionTOC"><a href="V_C_prog.html#147902" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944691"> C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#96145" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944693"> 1. Automatically Adjusted Program Parameters</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#121228" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944695"> 2.<span class="Link">Covered Employment</span></a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944697"> 3. Insured Population</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#87223" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944699"> 4. Old-Age and Survivors Insurance Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#281590" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944701"> 5. Disability Insurance Beneficiaries</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#989891" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944703"> 6. Covered and Taxable Earnings, Taxable Payroll, and Payroll Tax Contributions</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#284807" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944705"> 7. Income From Taxation of Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90083" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944707"> 8. Average Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90086" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944709"> 9. Scheduled Benefits</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#286195" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944711"> 10. Illustrative Scheduled Benefit Amounts</a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#1077085" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944713"> 11. <span class="Link">Administrative Expenses</span></a></div>
|
||
<div class="SubsectionTOC"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS" name="944715"> 12.<span class="Link"> Railroad Retirement</span> <span class="Link">Financial Interchange</span></a></div>
|
||
<div class="ChapterTOC"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES" name="944717"> VI. APPENDICES</a></div>
|
||
<div class="SectionTOC"><a href="VI_A_cyoper_hist.html#207125" title="VI. APPENDICES" name="944719"> A. HISTORY OF OASI AND DI TRUST FUND OPERATIONS</a></div>
|
||
<div class="SectionTOC"><a href="VI_B_LRact_bal.html#102806" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES" name="944721"> B. HISTORY OF <span class="Link">ACTUARIAL STATUS</span> ESTIMATES</a></div>
|
||
<div class="SectionTOC"><a href="VI_C_SRfyproj.html#185082" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2028" name="944723"> C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2028</a></div>
|
||
<div class="SectionTOC"><a href="VI_D_LRsens.html#100512" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944725"> D. LONG-RANGE SENSITIVITY ANALYSIS</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#100885" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944727"> 1. Total Fertility Rate</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#92688" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944729"> 2. Death Rates</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#92900" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944731"> 3. Immigration</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93098" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944733"> 4. Real-Wage Differential</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93311" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944735"> 5. <span class="Link">Consumer Price Index</span></a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93516" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944737"> 6. Real Interest Rate</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#130621" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944739"> 7. <span class="Link">Taxable Ratio</span></a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#131551" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944741"> 8. <span class="Link">Disability Incidence</span> Rates</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_D_LRsens.html#93910" title="D. LONG-RANGE SENSITIVITY ANALYSIS" name="944743"> 9. <span class="Link">Disability Termination</span> Rates</a></div>
|
||
<div class="SectionTOC"><a href="VI_E_stoch.html#103970" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="944745"> E. STOCHASTIC PROJECTIONS AND UNCERTAINTY</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#100956" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="944747"> 1. Background</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#100960" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="944749"> 2. Stochastic Methodology</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#112618" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="944751"> 3. Stochastic Results</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_E_stoch.html#114460" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY" name="944753"> 4. Comparison of Results: Stochastic to Low-Cost, Intermediate, and High-Cost Alternatives</a></div>
|
||
<div class="SectionTOC"><a href="VI_F_infinite.html#" title="F. INFINITE HORIZON PROJECTIONS" name="944755"> F. INFINITE HORIZON PROJECTIONS</a></div>
|
||
<div class="SectionTOC"><a href="VI_G1_OASDHI_payroll.html#105439" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="944757"> G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G1_OASDHI_payroll.html#161834" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED" name="944759"> 1. Estimates as a Percentage of Taxable Payroll</a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G2_OASDHI_GDP.html#113389" title="2. Estimates as a Percentage of Gross Domestic Product" name="944761"> 2. Estimates as a Percentage of <span class="Link">Gross Domestic Product</span></a></div>
|
||
<div class="SubsectionTOC"><a href="VI_G3_OASDHI_dollars.html#116339" title="3. Estimates in Dollars" name="944763"> 3. Estimates in Dollars</a></div>
|
||
<div class="SectionTOC"><a href="VI_H_OASIforDI.html#97986" title="H. ANALYSIS OF BENEFIT PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES" name="944765"> H. ANALYSIS OF BENEFIT PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES</a></div>
|
||
<div class="SectionTOC"><a href="VI_I_glossary.html#1042403" title="I. GLOSSARY" name="944767"> I. GLOSSARY</a></div>
|
||
<div class="ListsTOC"><a href="X1_trLOT.html#" title="LIST OF TABLE" name="944769">LIST OF TABLES </a></div>
|
||
<div class="ListsTOC"><a href="X2_trLOF.html#" title="LIST OF FIGURES" name="944771">LIST OF FIGURES </a></div>
|
||
<div class="ListsTOC"><a href="X3_trIX.html#" title="INDEX" name="944773">INDEX </a></div>
|
||
<div class="OpinionTOC"><a href="Z_trActOpn.html#" title="STATEMENT OF ACTUARIAL OPINION" name="944775">STATEMENT OF ACTUARIAL OPINION </a></div>
|
||
|
||
</div>
|
||
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|
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