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<h2 class="pHeading1">2020 OASDI Trustees Report </h2>
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<div class="Lists"><a name="77721">INDEX</a></div>
<div class="GroupTitlesIX"><a name="213414">A</a></div>
<div class="Level1IX"><a name="213418">Actuarial balance</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">15</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">50</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">163</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">177</a></span></div>
<div class="Level1IX"><a name="213424">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">15</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">22</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">68</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">208</a></span></div>
<div class="Level1IX"><a name="213430">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">50</a></span></div>
<div class="Level1IX"><a name="213432">Actuarial estimates, SR</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES">39</a></span></div>
<div class="Level1IX"><a name="213434">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="213436">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#136785" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#174740" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">34</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">51</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">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#220146" title="VI. APPENDICES">154</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317539" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029">171</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">209</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">217</a></span></div>
<div class="Level1IX"><a name="213445">Advance tax transfers</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#324377" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#179692" 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="VI_A_cyoper_hist.html#" title="VI. APPENDICES">156</a></span></div>
<div class="Level1IX"><a name="213449">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 2019 REPORT">36</a></span></div>
<div class="Level1IX"><a name="213451">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">20</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">50</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">73</a></span></div>
<div class="Level1IX"><a name="213455">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#" 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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#186196" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">28</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 2029">171</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">184</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">203</a></span></div>
<div class="Level1IX"><a name="213463">Assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#193783" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">79</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_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">163</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">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#160453" 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_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">209</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">214</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</a></span></div>
<div class="Level1IX"><a name="213474">Automatic cost-of-living benefit increase</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307898" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#242357" title="B. ECONOMIC ASSUMPTIONS AND METHODS">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="213478">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="213480">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">147</a></span></div>
<div class="Level1IX"><a name="213482">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="213484">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="213486">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">214</a></span></div>
<div class="Level1IX"><a name="213489">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">125</a></span></div>
<div class="GroupTitlesIX"><a name="213491">B</a></div>
<div class="Level1IX"><a name="213493">Baby-boom generation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#92236" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#97402" title="E. CONCLUSION">22</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#563350" 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#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">132</a></span></div>
<div class="Level1IX"><a name="213500">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="213502">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">131</a></span></div>
<div class="Level1IX"><a name="213504">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">12</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307898" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#222190" title="B. LONG-RANGE ESTIMATES">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">79</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">166</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">178</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">209</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">217</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</a></span></div>
<div class="Level1IX"><a name="213515">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">125</a></span></div>
<div class="Level1IX"><a name="213517">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">51</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">147</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">154</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 2029">171</a></span></div>
<div class="Level1IX"><a name="213523">Benefit termination</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span></div>
<div class="Level1IX"><a name="213525">Best estimate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95805" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">37</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">79</a></span></div>
<div class="Level1IX"><a name="213529">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">37</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">152</a></span></div>
<div class="GroupTitlesIX"><a name="213533">C</a></div>
<div class="Level1IX"><a name="213535">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">219</a></span></div>
<div class="Level1IX"><a name="213537">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">182</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">214</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">231</a></span></div>
<div class="Level1IX"><a name="213542">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">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">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">231</a></span></div>
<div class="Level1IX"><a name="213547">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">152</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 2029">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#146906" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">203</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">209</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">217</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">230</a></span></div>
<div class="Level1IX"><a name="213555">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">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 2019">6</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">28</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="213560">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">51</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">203</a></span></div>
<div class="Level1IX"><a name="213564">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="213566">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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">213</a></span></div>
<div class="Level1IX"><a name="213570">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#" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#544946" title="IV. ACTUARIAL ESTIMATES">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#205088" title="B. ECONOMIC ASSUMPTIONS AND METHODS">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">152</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">181</a></span></div>
<div class="Level1IX"><a name="213577">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="VI_D_LRsens.html#114750" title="D. LONG-RANGE SENSITIVITY ANALYSIS">179</a></span></div>
<div class="Level1IX"><a name="213580">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">233</a></span></div>
<div class="Level1IX"><a name="213582">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">214</a></span></div>
<div class="Level1IX"><a name="213584">Current-payment status</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#462799" title="IV. ACTUARIAL ESTIMATES">45</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#251311" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">136</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="V_C_prog.html#1056376" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">138</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">231</a></span></div>
<div class="GroupTitlesIX"><a name="213590">D</a></div>
<div class="Level1IX"><a name="213592">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">51</a></span></div>
<div class="Level1IX"><a name="213594">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="213596">Demographic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112176" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">20</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">37</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">80</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">163</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">215</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">230</a></span></div>
<div class="Level1IX"><a name="213606">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">189</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">198</a></span></div>
<div class="Level1IX"><a name="213609">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">131</a></span></div>
<div class="Level1IX"><a name="213611">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">152</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">180</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</a></span></div>
<div class="Level1IX"><a name="213615">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="213617">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">79</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">134</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">180</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#131551" title="D. LONG-RANGE SENSITIVITY ANALYSIS">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">230</a></span></div>
<div class="Level1IX"><a name="213624">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">232</a></span></div>
<div class="Level1IX"><a name="213626">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">138</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">140</a></span></div>
<div class="Level1IX"><a name="213629">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">187</a></span></div>
<div class="Level1IX"><a name="213631">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">234</a></span></div>
<div class="Level1IX"><a name="213634">Disbursements</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443238" title="IV. ACTUARIAL ESTIMATES">37</a></span></div>
<div class="GroupTitlesIX"><a name="213636">E</a></div>
<div class="Level1IX"><a name="213638">Earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#" 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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">51</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">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#92490" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">203</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">213</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">214</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">230</a></span></div>
<div class="Level1IX"><a name="213650">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">101</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">231</a></span></div>
<div class="Level1IX"><a name="213654">Economic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112189" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">20</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">37</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">48</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">163</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">215</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">230</a></span></div>
<div class="Level1IX"><a name="213665">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">51</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">214</a></span></div>
<div class="Level1IX"><a name="213668">Expenditures</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443238" title="IV. ACTUARIAL ESTIMATES">37</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1042832" title="I. GLOSSARY">235</a></span></div>
<div class="GroupTitlesIX"><a name="213671">F</a></div>
<div class="Level1IX"><a name="213673">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">203</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">240</a></span></div>
<div class="Level1IX"><a name="213676">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">80</a></span></div>
<div class="Level1IX"><a name="213678">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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#220225" title="VI. APPENDICES">154</a></span></div>
<div class="Level1IX"><a name="213682">Fiscal year</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES">156</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 2029">170</a></span></div>
<div class="Level1IX"><a name="213685">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">235</a></span></div>
<div class="GroupTitlesIX"><a name="213687">G</a></div>
<div class="Level1IX"><a name="213689">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#" title="IV. ACTUARIAL ESTIMATES">41</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307803" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#" title="IV. ACTUARIAL ESTIMATES">45</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#" title="IV. ACTUARIAL ESTIMATES">47</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES">156</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">158</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">160</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029">174</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029">175</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 2029">176</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">230</a></span></div>
<div class="Level1IX"><a name="213701">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">236</a></span></div>
<div class="Level1IX"><a name="213703">Gross domestic product</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91134" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#414034" title="B. LONG-RANGE ESTIMATES">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">79</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">209</a></span></div>
<div class="Level1IX"><a name="213711">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="213713">H</a></div>
<div class="Level1IX"><a name="213715">High-cost assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101038" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</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">37</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">52</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">79</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">135</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">177</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">197</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">204</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">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#204023" 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#1041554" title="I. GLOSSARY">230</a></span></div>
<div class="Level1IX"><a name="213729">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">144</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">203</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">238</a></span></div>
<div class="Level1IX"><a name="213733">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">209</a></span></div>
<div class="GroupTitlesIX"><a name="213735">I</a></div>
<div class="Level1IX"><a name="213737">Immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">79</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="VI_D_LRsens.html#92900" 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_E_stoch.html#100962" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">189</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">230</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">237</a></span></div>
<div class="Level1IX"><a name="213745">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="213747">Income rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91134" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#121512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#411881" title="B. LONG-RANGE ESTIMATES">51</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">203</a></span></div>
<div class="Level1IX"><a name="213752">Infinite horizon</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span></div>
<div class="Level1IX"><a name="213754">Inflation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">79</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">214</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">230</a></span></div>
<div class="Level1IX"><a name="213760">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="213762">Insured population</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">122</a></span></div>
<div class="Level1IX"><a name="213765">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="213767">Interest</a><span style="font-size: 12.0pt">&nbsp;</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">153</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">163</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 2029">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#160453" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">205</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">230</a></span></div>
<div class="Level1IX"><a name="213774">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">79</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">163</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">184</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">230</a></span></div>
<div class="Level1IX"><a name="213779">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="213781">Interest rates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span></div>
<div class="Level1IX"><a name="213783">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#" title="VI. APPENDICES">156</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">237</a></span></div>
<div class="Level1IX"><a name="213786">Intermediate assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101032" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">37</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#461323" title="IV. ACTUARIAL ESTIMATES">43</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#430192" title="B. LONG-RANGE ESTIMATES">52</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">79</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">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105570" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">205</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">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#204023" 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_G3_OASDHI_dollars.html#237088" title="3. Estimates in Dollars">218</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">219</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#" title="3. Estimates in Dollars">220</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</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">230</a></span></div>
<div class="GroupTitlesIX"><a name="213802">L</a></div>
<div class="Level1IX"><a name="213806">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="213808">Lawful Permanent Resident (LPR) immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#356620" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">85</a></span></div>
<div class="Level1IX"><a name="213810">Legal immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045275" 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#1057964" title="I. GLOSSARY">238</a></span></div>
<div class="Level1IX"><a name="213813">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">22</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">79</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">94</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#1057964" title="I. GLOSSARY">238</a></span></div>
<div class="Level1IX"><a name="213820">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="213822">Long range</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#117434" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES">50</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">80</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">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#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">203</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">209</a></span></div>
<div class="Level1IX"><a name="213830">Low-cost assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101035" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</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">37</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">52</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">79</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">135</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">177</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">197</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#" 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_G3_OASDHI_dollars.html#" 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#1041553" title="I. GLOSSARY">230</a></span></div>
<div class="Level1IX"><a name="213843">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">148</a></span></div>
<div class="GroupTitlesIX"><a name="213845">M</a></div>
<div class="Level1IX"><a name="213847">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">81</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">238</a></span></div>
<div class="Level1IX"><a name="213850">Military service</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">51</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">152</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES">156</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">158</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">160</a></span></div>
<div class="GroupTitlesIX"><a name="213856">N</a></div>
<div class="Level1IX"><a name="213858">National average wage index</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#203080" title="3. Estimates in Dollars">214</a></span></div>
<div class="Level1IX"><a name="213860">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">131</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">148</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">233</a></span></div>
<div class="GroupTitlesIX"><a name="213865">O</a></div>
<div class="Level1IX"><a name="213867">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">125</a></span></div>
<div class="Level1IX"><a name="213869">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">152</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">232</a></span></div>
<div class="Level1IX"><a name="213872">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="213874">Other immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1045286" title="I. GLOSSARY">239</a></span></div>
<div class="Level1IX"><a name="213876">Other-than-LPR immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#356868" title="V. ASSUMPTIONS AND METHODS UNDERLYINGACTUARIAL ESTIMATES">85</a></span></div>
<div class="GroupTitlesIX"><a name="213878">P</a></div>
<div class="Level1IX"><a name="213880">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">154</a></span></div>
<div class="Level1IX"><a name="213882">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">240</a></span></div>
<div class="Level1IX"><a name="213884">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">163</a></span></div>
<div class="Level1IX"><a name="213886">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#" 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">166</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">199</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">203</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">217</a></span></div>
<div class="Level1IX"><a name="213894">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="213896">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">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#267346" title="B. LONG-RANGE ESTIMATES">62</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">180</a></span></div>
<div class="Level1IX"><a name="213902">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#115344" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">163</a></span></div>
<div class="Level1IX"><a name="213904">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="213906">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="213908">Q</a></div>
<div class="Level1IX"><a name="213910">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="213912">R</a></div>
<div class="Level1IX"><a name="213914">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">51</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">67</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">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#220225" title="VI. APPENDICES">154</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317526" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029">171</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 2029">172</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 2029">173</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">203</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">209</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">217</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">232</a></span></div>
<div class="Level1IX"><a name="213927">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">241</a></span></div>
<div class="Level1IX"><a name="213929">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">181</a></span></div>
<div class="Level1IX"><a name="213932">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">179</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</a></span></div>
<div class="Level1IX"><a name="213936">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">148</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">233</a></span></div>
<div class="Level1IX"><a name="213940">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="213943">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">180</a></span></div>
<div class="GroupTitlesIX"><a name="213945">S</a></div>
<div class="Level1IX"><a name="213947">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">241</a></span></div>
<div class="Level1IX"><a name="213949">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">183</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">209</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">217</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">228</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">241</a></span></div>
<div class="Level1IX"><a name="213955">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">51</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">99</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">204</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">240</a></span></div>
<div class="Level1IX"><a name="213960">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">240</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">241</a></span></div>
<div class="Level1IX"><a name="213963">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">177</a></span></div>
<div class="Level1IX"><a name="213965">Short range</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#77337" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90333" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">125</a></span></div>
<div class="Level1IX"><a name="213969">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">153</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">214</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">226</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">232</a></span></div>
<div class="Level1IX"><a name="213975">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 2019 REPORT">36</a></span></div>
<div class="Level1IX"><a name="213977">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">242</a></span></div>
<div class="Level1IX"><a name="213979">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#" 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">153</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">184</a></span></div>
<div class="Level1IX"><a name="213983">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">189</a></span></div>
<div class="Level1IX"><a name="213985">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">131</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">234</a></span></div>
<div class="Level1IX"><a name="213988">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">210</a></span></div>
<div class="Level1IX"><a name="213990">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">67</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#115344" 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_D_LRsens.html#116519" title="D. LONG-RANGE SENSITIVITY ANALYSIS">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105250" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">207</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">230</a></span></div>
<div class="Level1IX"><a name="213996">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 2029">171</a></span></div>
<div class="Level1IX"><a name="213998">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">203</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">238</a></span></div>
<div class="Level1IX"><a name="214001">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#" 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 2019">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#87237" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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">231</a></span></div>
<div class="Level1IX"><a name="214006">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">63</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">64</a></span></div>
<div class="GroupTitlesIX"><a name="214009">T</a></div>
<div class="Level1IX"><a name="214011">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">42</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#267346" title="B. LONG-RANGE ESTIMATES">62</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">164</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">231</a></span></div>
<div class="Level1IX"><a name="214017">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">22</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">51</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">99</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#115344" 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_D_LRsens.html#97163" 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_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">203</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">209</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">214</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">232</a></span></div>
<div class="Level1IX"><a name="214029">Taxable ratio</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#130621" title="D. LONG-RANGE SENSITIVITY ANALYSIS">185</a></span></div>
<div class="Level1IX"><a name="214031">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">243</a></span></div>
<div class="Level1IX"><a name="214033">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">146</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">204</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">244</a></span></div>
<div class="Level1IX"><a name="214037">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#136763" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#284807" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">146</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">209</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">217</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">237</a></span></div>
<div class="Level1IX"><a name="214043">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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">204</a></span></div>
<div class="Level1IX"><a name="214047">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">79</a></span></div>
<div class="Level1IX"><a name="214049">Termination rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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">187</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">230</a></span></div>
<div class="Level1IX"><a name="214054">Test of long-range close actuarial balance</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#431492" title="B. LONG-RANGE ESTIMATES">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#366403" 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="IV_B_LRest.html#476351" title="B. LONG-RANGE ESTIMATES">65</a></span></div>
<div class="Level1IX"><a name="214058">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="II_A_highlights.html#" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#128087" 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#344733" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#637280" 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#476351" title="B. LONG-RANGE ESTIMATES">65</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#476351" title="B. LONG-RANGE ESTIMATES">66</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#" title="I. GLOSSARY">241</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1050946" title="I. GLOSSARY">244</a></span></div>
<div class="Level1IX"><a name="214068">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">80</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">177</a></span></div>
<div class="Level1IX"><a name="214071">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 2019">6</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#84778" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS ANDLEGISLATIVE CHANGES IN THE LAST YEAR">24</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">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#207125" title="VI. APPENDICES">152</a></span></div>
<div class="Level1IX"><a name="214076">Trust fund ratio</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#324377" title="IV. ACTUARIAL ESTIMATES">39</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">50</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">63</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#" title="VI. APPENDICES">156</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2029">174</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">246</a></span></div>
<div class="Level1IX"><a name="214084">Trust fund reserves</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#324377" title="IV. ACTUARIAL ESTIMATES">39</a></span></div>
<div class="GroupTitlesIX"><a name="214086">U</a></div>
<div class="Level1IX"><a name="214088">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="214090">Unfunded obligation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#91360" title="II. OVERVIEW">4</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124919" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#122741" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">15</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">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">50</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">70</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#577535" 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="VI_F_infinite.html#1000291" title="F. INFINITE HORIZON PROJECTIONS">200</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">201</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">239</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1055511" title="I. GLOSSARY">246</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1049377" title="I. GLOSSARY">247</a></span></div>
<div class="Level1IX"><a name="214103">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 2029">171</a></span></div>
<div class="GroupTitlesIX"><a name="214105">V</a></div>
<div class="Level1IX"><a name="214107">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">15</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">50</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">163</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">177</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#105250" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">207</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">230</a></span></div>
<div class="Level1IX"><a name="214115">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">51</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">154</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 2029">172</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">209</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">217</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 PAYMENTS FROM THE OASI TRUST FUND WITH RESPECT TO DISABLED BENEFICIARIES">228</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">232</a></span></div>
<div class="GroupTitlesIX"><a name="214123">Y</a></div>
<div class="Level1IX"><a name="214127">Year of depletion</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#126954" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#125512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">14</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">50</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#" title="B. LONG-RANGE ESTIMATES">65</a></span></div>
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