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<title>D. PROJECTIONS OF FUTURE FINANCIAL STATUS</title>
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<h2 class="pHeading1">2024 OASDI Trustees Report </h2>
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<div class="CodeAnchor"><a name="105086"></a></div>
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<div class="Section">
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<span style="list-style-type: upper-alpha">D. </span><a name="105057">PROJECTIONS OF FUTURE FINANCIAL STATUS</a></div>
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<div class="BodyBold"><span class="Link"><a href="VI_I_glossary.html#1005752" title="I. GLOSSARY" name="77337">Short-Range</a></span> Actuarial Estimates</div>
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<div class="Body"><a name="112966">For the short-range period (2024 through 2033), the Trustees measure financial adequacy using trust fund ratios, which compare projected asset reserves at the beginning of a year to projected program cost for the year. Maintaining a trust fund ratio of 100 percent or more — that is, reserves at the beginning of a year at least equal to projected cost for the year — is a good indication that the trust fund can cover most short-term contingencies. The Trustees' test of short-range financial adequacy is met if under the intermediate assumptions (1) the estimated trust fund ratio is at least 100 percent at the beginning of the period and remains at or above 100 percent throughout the 10-year short-range period (from the beginning of 2024 through the end of 2033, which is indicated by the trust fund ratio at the beginning of 2034) or (2) the ratio is initially less than 100 percent, but reaches at least 100 percent within five years and remains at or above 100 percent throughout the remainder of the 10-year short-range period. </a></div>
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<div class="Body"><a name="152977">The projected trust fund ratio under the intermediate assumptions for the OASI Trust Fund declines to 95 percent by the beginning of 2029 and remains below 100 percent for the remainder of the short-range period. Therefore, OASI fails the test of short-range financial adequacy. Furthermore, OASI Trust Fund reserves become depleted in the fourth quarter of 2033.</a></div>
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<div class="Body"><a name="152983">The DI Trust Fund satisfies the test of short-range financial adequacy because the trust fund ratio, while below 100 percent at the beginning of the projection period, reaches 100 percent within five years and stays above 100 percent throughout the remainder of the 10-year period. The DI trust fund ratio is estimated to be 92 percent at the beginning of 2024. The projected DI trust fund ratio then increases to 104 percent by the beginning of 2025 and continues to increase for the remainder of the short-range period. </a></div>
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<div class="Body"><a name="153007">On a combined basis, OASDI fails the test of short-range financial adequacy because the OASDI trust fund ratio declines to 84 percent by the beginning of 2030 and remains below 100 percent for the remainder of the short-range period. Figure </a><a href="#120039" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D1</a> shows that the trust fund ratio for the combined OASI and DI Trust Funds has declined steadily since 2010 and is expected to decline throughout the short-range period.</div>
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<div class="BodyAfterFigure"><a name="131830">For this report, the level of the combined trust fund reserves is projected to decline in 2024, as it has since 2021, and to continue to decline throughout the remainder of the short-range period. </a></div>
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<table class="Figure_Table" cellspacing="0" summary="">
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<caption>
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<div class="Figure">
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<span style="list-style-type: decimal"> Figure II.D1.—</span><a name="120039">Short-Range OASI and DI Combined Trust Fund Ratio</a></div>
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<div class="TableSubTitle"><a name="120040">[Asset reserves at beginning of year as a percentage of annual cost for the year, <br />under intermediate assumptions]</a></div>
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<div class="CellBodyFigure"><a name="120050"><span ><img src="images/II_project_IID1.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID1.html" /> <a href="LD_figIID1.html" title="Description link for II_project_IID1.jpg">[D]</a><br /></span></a></div>
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<div class="BodyBold"><span class="Link"><a href="VI_I_glossary.html#1005654" title="I. GLOSSARY" name="117434">Long-Range</a></span> Actuarial Estimates</div>
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<div class="Body"><a name="124919">The Trustees use three types of measures to assess the actuarial status of the program over the long-range period (2024 through 2098): (1) annual cash-flow measures, including income rates, cost rates, and balances; (2) trust fund ratios; and (3) summary measures such as actuarial balances and open-group unfunded obligations. These measures are expressed as percentages of taxable payroll, as percentages of gross domestic product (GDP), or in dollars. Appendix </a><a href="VI_F_infinite.html#1001594" title="F. INFINITE HORIZON PROJECTIONS">F</a> also presents summary measures over the <span class="Link">infinite h</span><span class="Link" style="font-weight: normal">orizon</span>. The infinite horizon values provide an additional indication of Social Security’s very-long-run financial condition.</div>
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<div class="Body"><a name="128087">The Trustees also apply a test of long-range close actuarial balance each year. To satisfy the test, a trust fund must meet two conditions: (1) the trust fund satisfies the test of short-range financial adequacy, and (2) the trust fund ratio stays above zero throughout the 75-year projection period, such that benefits would be payable in a timely manner throughout the period. Under the intermediate assumptions, the OASI Trust Fund and the combined OASI and DI Trust Funds fail the test of long-range close actuarial balance, while the DI Trust Fund satisfies the test.</a></div>
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<div class="BodyItalic"><a name="118362">Annual </a><span class="Link"><a href="VI_I_glossary.html#1005633" title="I. GLOSSARY">Income Rates</a></span>, <span class="Link"><a href="VI_I_glossary.html#1005511" title="I. GLOSSARY">Cost Rates</a></span>,<span class="Link"> </span>and <span class="Link"><a href="VI_I_glossary.html#1039765" title="I. GLOSSARY">Balances</a></span></div>
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<div class="Body"><a name="121512">Figure </a><a href="#133064" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D2</a> illustrates the year-by-year relationship among OASDI income (excluding interest), cost (including scheduled benefits), and expenditures (including payable benefits) starting in 2000 and for the full 75-year projection period (2024 through 2098). The figure shows all values as percentages of taxable payroll. Under the intermediate assumptions, demographic factors cause the projected cost rate to rise rapidly until about 2040, then rise more gradually through 2080, and then generally decline through 2098. The projected income rate is relatively stable at somewhat above 13 percent throughout the 75‑year period ending in 2098.</div>
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<div class="Body"><a name="126954">Annual OASDI cost has exceeded non-interest income every year beginning with 2010. Cost is projected to continue to exceed non-interest income throughout the 75-year valuation period. Cost is projected to exceed total income in 2024, as it has each year beginning in 2021, and combined OASI and DI Trust Fund reserves decline until they become deple</a>ted in 2035. After trust fund reserve depletion, continuing income is sufficient to support expenditures at a level of 83 percent of program cost for the rest of 2035, declining to 73 percent for 2098. Figure <a href="#133064" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D2</a> depicts OASDI operations as a combined whole. However, under current law, the differences between scheduled and payable benefits for OASI would begin in 2033, when the OASI Trust Fund is projected to become depleted. Scheduled benefits equal payable benefits for DI throughout the entire 75-year projection period, because the DI Trust Fund is not projected to become depleted during the period.</div>
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<table class="Figure_Table" cellspacing="0" summary="">
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<caption>
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<div class="Figure">
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<span style="list-style-type: decimal"> Figure II.D2.—</span><a name="133064">OASDI Income, Cost, and Expenditures as Percentages of Taxable Payroll</a></div>
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<div class="TableSubTitle"><a name="133065">[Under intermediate assumptions]</a></div>
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<div class="CellBodyFigure"><a name="133075"><span ><img src="images/II_project_IID2.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID2.html" /> <a href="LD_figIID2.html" title="Description link for II_project_IID2.jpg">[D]</a><br /></span></a></div>
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<div class="BodyAfterFigure"><a name="133103"> Figure </a><a href="#132991" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D3</a> shows the estimated number of covered workers per OASDI beneficiary. Figures <a href="#133064" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D2</a> and <a href="#132991" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D3</a> illustrate the inverse relationship between cost rates and the number of workers per beneficiary. In particular, the projected future increase in the cost rate reflects a projected decline in the number of covered workers per beneficiary. There were about 2.7 workers for every OASDI beneficiary in 2023. This ratio had been stable, remaining between 3.2 and 3.4 from 1974 through 2008, and has generally declined since then, initially due to the economic recession of 2007-09 and the beginning of a notable demographic shift. This shift causes the ratio of workers to beneficiaries to decline, as workers of lower-birth-rate generations replace workers of the baby-boom generation. The decline in the ratio slowed substantially between 2013 and 2019 as the recovery of the economy largely offset the demographic shift during that period. The ratio declined slightly in 2020 and then increased slightly by 2022, due to effects of the pandemic-induced recession and recovery on the number of workers. The underlying demographic shift will continue to drive this ratio down over the next 10 to 15 years. The ratio of workers to beneficiaries reaches 2.3 by 2040 when the baby-boom generation will have largely retired, and will generally decline very gradually thereafter due to increasing longevity.</div>
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<div class="Figure">
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<span style="list-style-type: decimal"> Figure II.D3.—</span><a name="132991">Number of </a><span class="Link"><a href="VI_I_glossary.html#1007619" title="I. GLOSSARY">Covered Workers</a></span> Per OASDI Beneficiary</div>
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<div class="TableSubTitle"><a name="138072">[Under intermediate assumptions]</a></div>
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<div class="CellBodyFigure"><a name="133001"><span ><img src="images/II_project_IID3.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID3.html" /> <a href="LD_figIID3.html" title="Description link for II_project_IID3.jpg">[D]</a><br /></span></a></div>
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<div class="BodyAfterFigure"><a name="133004">Another important way to look at Social Security’s future actuarial status is to view its annual cost and non-interest income as a share of U.S. economic output (GDP). As shown in figure </a><a href="#120073" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D4</a>, Social Security’s cost as a percent of GDP is generally projected to grow from 5.2 percent in 2024 to a peak of about 6.4 percent for 2078, and then generally decline to 6.1 percent by 2098. Social Security’s non-interest income is 4.6 percent of GDP through 2026, and then rises gradually to a peak of about 4.8 percent by 2033. Thereafter, non-interest income as a percent of GDP declines gradually, to about 4.5 percent for 2098.</div>
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<table class="Figure_Table" cellspacing="0" summary="">
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<caption>
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<div class="Figure">
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<span style="list-style-type: decimal"> Figure II.D4.—</span><a name="120073">OASDI Cost and Non-Interest Income as a Percentage of GDP</a></div>
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<div class="TableSubTitle"><a name="138091">[Under intermediate assumptions]</a></div>
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</caption>
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<tr>
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<td >
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<div class="CellBodyFigure"><a name="120083"><span ><img src="images/II_project_IID4.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID4.html" /> <a href="LD_figIID4.html" title="Description link for II_project_IID4.jpg">[D]</a><br /></span></a></div>
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<div class="BodyItalic" style="margin-top: 0.0pt"><a name="107493">Trust Fund Ratios</a></div>
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<div class="Body"><a name="121800">The trust fund ratio is defined as the asset reserves at the beginning of a year expressed as a percentage of the cost during the year. The trust fund ratio thus represents the proportion of a year’s cost which could be paid solely with the accumulated reserves at the beginning of the year. Table </a><a href="#125512" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D1</a> displays the projected maximum trust fund ratios during the long-range period for the OASI, DI, and combined OASI and DI funds. The table also shows the year of maximum projected trust fund ratio during the long-range projection period (2024 through 2098) and the year of trust fund asset reserve depletion. Trust fund ratios for OASI and combined OASI and DI are projected to decline from their current levels until reserve depletion. For DI, the trust fund ratio is projected to rise throughout the 75-year projection period from 92 percent of annual cost in 2024 to 858 percent of annual cost at the beginning of 2098.</div>
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<table class="MaxTFRatios_ExhausDates" cellspacing="0" summary="">
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<caption>
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<div class="TableTitle">
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<span style="list-style-type: decimal">Table II.D1.—</span><a name="125512">Projected Maximum Trust Fund Ratios During the Long-Range Period<br />and Trust Fund Reserve </a>Depletion Dates</div>
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<div class="TableSubTitle"><a name="125515">[Under Intermediate Assumptions]</a></div>
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<div class="CellHeading"><a name="125526"></a></div>
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<div class="CellHeadingR"><a name="125530">OASI</a></div>
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<div class="CellHeadingR"><a name="125532">DI</a></div>
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<div class="CellHeadingR"><a name="125534">OASDI</a></div>
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<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 52.7%" colspan="2">
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||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><span style="color: #000000; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><a name="125536">Maximum projected trust fund ratio (percent) </a></span></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125540">200</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125542">858</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125544">188</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 2.2%">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><a name="125546"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4%">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><span style="color: #000000; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><a name="125548">Year attained </a></span></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125550">2024</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125552">2098</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 15.7%">
|
||
<div class="CellBody"><a name="125554">2024</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="2">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><a name="125557">Projected </a><span class="Link">year of trust fund reserve depletion</span> </div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="125561">2033</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="125563"><!--o--></a><sup><a name="wwfootnote_inline_30" href="#30">a</a></sup></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="125565">2035</a></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<hr />
|
||
<div style="font-size: smaller; float: left; padding-right: 10px">
|
||
<a name="30" href="#wwfootnote_inline_30">a</a>
|
||
</div>
|
||
<div class="TableFootnote"><a name="149556">The trust fund is not projected to become depleted during the 75-year period ending in 2098.</a></div>
|
||
<br style="clear: both" />
|
||
<div class="BodyItalic"><a name="125569">Summary Measures</a></div>
|
||
<div class="Body"><a name="124458">The actuarial balance is a summary measure of the program’s financial status through the end of the 75-year valuation period. The actuarial balance measure includes the trust fund asset reserves at the beginning of the period, all cost and income during the valuation period, and the cost of reaching a target trust fund reserve of one year’s cost by the end of the period. Therefore, the actuarial balance is essentially the difference between the present values of income and cost from 1937 through the end of the valuation period, expressed as a percentage of the taxable payroll for the 75-year valuation period. A negative actuarial balance is called an actuarial deficit. The actuarial deficit represents the average amount of change in income or cost that is needed throughout the valuation period in order to achieve actuarial balance. </a></div>
|
||
<div class="Body"><a name="128678">In this report, the actuarial deficit for the combined OASI and DI Trust Funds under the intermediate assumptions is 3.50 percent of taxable payroll. The actuarial deficit was 3.61 percent of payroll in the 2023 report. If the assumptions, methods, starting values, and the law had all remained unchanged from last year, the actuarial deficit would have increased to 3.67 percent of payroll solely due to advancing the valuation period by 1 year, from 2023 through 2097 for last year’s report to 2024 through 2098 for this year’s report. The actuarial deficit is 1.2 percent of GDP in this year’s report, decreased from 1.3 percent in last year’s report.</a></div>
|
||
<div class="Body"><a name="122741">Another way to illustrate the projected financial shortfall of the OASDI program is to examine the cumulative present value of scheduled income less cost. Figure </a><a href="#116314" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D5</a> shows the present value of cumulative OASDI income less cost from the inception of the program through each of the years from 2023 to 2098. A positive value represents the present value of trust fund reserves at the end of the selected year. A negative value is the unfunded obligation through the selected year. The asset reserves of the combined trust funds were about $2.79 trillion at the end of 2023. The combined trust fund reserves decline on a present value basis after 2023, but remain positive through 2034. However, this cumulative amount becomes negative beginning in 2035, which means that the combined OASI and DI Trust Funds have a net unfunded obligation through the end of each year after 2034. Through the end of 2098, the combined funds have a present-value unfunded obligation of $22.6 trillion. If the assumptions, methods, starting values, and the law had all remained unchanged from last year, the unfunded obligation in this year’s report would have risen to about $23.2 trillion due to the change in the valuation date and the extension of the valuation period through an additional year, 2098. </div>
|
||
<div class="Body"><a name="128866">This unfunded obligation through 2098 for this report represents 3.32 percent of taxable payroll for 2024 through 2098 (decreased from an unfunded obligation through 2097 of 3.42 percent of taxable payroll for 2023 through 2097 in last year’s report) and 1.2 percent of GDP over the 75-year valuation period ending in 2098 (unchanged from the level in last year’s report over the 75-year period ending in 2097). The unfunded obligation as a share of taxable payroll over the period (3.32 percent) and the actuarial deficit (3.50 percent) are similar measures, but differ because the actuarial deficit includes the cost of having an ending trust fund reserve equal to one year’s cost.</a></div>
|
||
<div class="Body"><a name="121100">Figures </a><a href="#133064" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D2</a>, <a href="#120073" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D4</a>, and <a href="#116314" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D5</a> show that the program’s actuarial status will deteriorate throughout the projection period if current law is not altered. Negative annual balances and increasing cumulative shortfalls toward the end of the 75-year period provide an indication of the additional change that will be needed by that time in order to maintain solvency beyond 75 years. Consideration of summary measures alone for a 75‑year period can lead to incorrect perceptions and to policy prescriptions that do not achieve sustainable solvency.<sup><a name="wwfootnote_inline_73" href="#73">1</a></sup></div>
|
||
<table class="Figure_Table" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="Figure">
|
||
<span style="list-style-type: decimal"> Figure II.D5.—</span><a name="116314">Cumulative Scheduled OASDI Income Less Cost,<br />From Program Inception Through Years 2023‑2098</a></div>
|
||
<div class="TableSubTitle"><a name="116318">[Present value as of January 1, 2024, in trillions, under intermediate assumptions]</a></div>
|
||
</caption>
|
||
<tr>
|
||
<td >
|
||
<div class="CellBodyFigure" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><span ><a name="116328"><span style="display: inline; text-indent: initial"><img src="images/II_project_IID5.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID5.html" /> <a href="LD_figIID5.html" title="Description link for II_project_IID5.jpg">[D]</a><br /></span></a></span></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<div class="BodyAfterFigure"><a name="117399">Appendix </a><a href="VI_F_infinite.html#1001594" title="F. INFINITE HORIZON PROJECTIONS">F</a> presents summary measures over the infinite horizon. The infinite horizon values provide an additional indication of Social Security’s actuarial status extending indefinitely into the future, but results are subject to much greater uncertainty. Extending the horizon beyond 75 years increases the measured unfunded obligation. Through the infinite horizon, the unfunded obligation, or shortfall, is equivalent to<span style="font-weight: bold"> </span>4.5 percent of future taxable payroll or 1.2 percent of future GDP.</div>
|
||
<div class="BodyBold"><a name="117340">Uncertainty of the Projections</a></div>
|
||
<div class="Body"><a name="112734">Significant uncertainty surrounds the intermediate assumptions. The Trustees use several methods to help illustrate that uncertainty.</a></div>
|
||
<div class="Body"><a name="120587">A first approach uses alternative scenarios reflecting intermediate (alternative II), low-cost (alternative I) and high-cost (alternative III) sets of assumptions. The intermediate alternative represents the Trustees’ best estimates of future experience. The low-cost alternative includes a higher ultimate total fertility rate, slower improvement in mortality, higher real wage growth, a higher ultimate real interest rate, a higher ultimate annual change in the CPI, a lower unemployment rate, and a lower ultimate disability incidence rate. The high-cost alternative, in contrast, includes a lower ultimate total fertility rate, more rapid improvement in mortality, lower real wage growth, a lower ultimate real interest rate, a lower ultimate annual change in the CPI, a higher unemployment rate, and a higher ultimate disability incidence rate. These alternatives are not intended to suggest that all parameters would be likely to differ from the intermediate values in the specified directions, but are intended to illustrate the effect of clearly defined scenarios that are, on balance, very favorable or very unfavorable for the program’s actuarial status. Actual future costs are unlikely to be as extreme as those portrayed by the low-cost or high-cost projections. The method for constructing the low-cost and high-cost projections does not lend itself to estimating the probability that actual experience will lie within or outside the range they define.</a></div>
|
||
<div class="Body" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; vertical-align: baseline"><span ><a name="152615">Figure </a>II.D6</a>. shows the projected trust fund ratios for the combined OASI and DI Trust Funds under the intermediate, low-cost, and high-cost assumptions. The figure indicates that the combined trust funds are projected to become depleted in 2035 under the intermediate alternative and in 2032 under the high-cost alternative. Under the low-cost alternative, trust fund reserves are projected to become depleted in 2080, but the trust funds would have sufficient income by the end of 2086 to permit full payment of scheduled benefits thereafter and also to pay in arrears the temporary shortfalls between 2080 and 2086.</span></div>
|
||
<table class="Figure_Table" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="Figure">
|
||
<span style="list-style-type: decimal"> Figure II.D6.—</span><a name="119028">Long-Range OASI and DI Combined Trust Fund Ratios Under Alternative Scenarios</a></div>
|
||
<div class="TableSubTitle"><a name="119029">[Asset reserves as a percentage of annual cost]</a></div>
|
||
</caption>
|
||
<tr>
|
||
<td >
|
||
<div class="CellBodyFigure"><a name="119039"><span ><img src="images/II_project_IID6.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID6.html" /> <a href="LD_figIID6.html" title="Description link for II_project_IID6.jpg">[D]</a><br /></span></a></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<div class="Body"><a name="152655">Figure </a><a href="#152689" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D7</a> shows the projected trust fund ratios separately for OASI and DI Trust Funds under the intermediate, low-cost, and high-cost assumptions. The figure indicates that the OASI reserves are projected to become depleted in 2033 under the intermediate alternative, in 2040 under the low-cost alternative, and in 2031 under the high-cost alternative. The DI reserves are projected to become depleted in 2043 under the high-cost alternative, and are not projected to become depleted under the low-cost and intermediate alternatives. This figure illustrates that OASI reserves are expected to become depleted much sooner than DI reserves, and potentially within the next 10 years.</div>
|
||
<table class="Figure_Table" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="Figure">
|
||
<span > Figure II.D7.—</span><a name="152689">Long-Range OASI and DI Trust Fund Ratios<br /></a><span style="font-size: 12pt; font-weight: normal">[Asset reserves as a percentage of annual cost]</span></div>
|
||
</caption>
|
||
<tr>
|
||
<td >
|
||
<div class="CellBodyFigure" ><span ><a name="152675"><span ><img src="images/II_project_IID7.jpg" longdesc="LD_figIID7.html" /> <a href="LD_figIID7.html" title="Description link for II_project_IID7.jpg">[D]</a><br /></span></a></span></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<div class="BodyAfterFigure"><a name="119045">Appendix </a><a href="VI_D_LRsens.html#100512" title="D. LONG-RANGE SENSITIVITY ANALYSIS">D</a> of this report presents a second approach using long-range sensitivity analysis for the OASDI program. By varying one parameter at a time, sensitivity analysis provides a second approach for illustrating the uncertainty surrounding projections into the future.</div>
|
||
<div class="Body"><a name="121192">A third approach uses 5,000 independently generated stochastic simulations that reflect randomly assigned annual values and central tendencies for most of the key parameters. These simulations produce a distribution of projected outcomes and corresponding probabilities that future experience will fall within or outside a given range. The results of the stochastic simulations, discussed in more detail in appendix </a><a href="VI_E_stoch.html#103970" title="E. STOCHASTIC PROJECTIONS AND UNCERTAINTY">E</a>, suggest that trust fund reserve depletion (the point at which reserves are insufficient to pay scheduled benefits in full and on time) is very likely before mid-century. In particular, figure <a href="#121203" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D8</a> indicates that for 95 percent of these stochastic simulations, the reserve depletion year falls within the range from 2032 to 2043. In last year’s report, this range was from 2031 to 2040. </div>
|
||
<div class="Body"><a name="123626">The stochastic results suggest that trust fund ratios as high as the low-cost alternative or as low as the high-cost alternative are very unlikely. </a></div>
|
||
<table class="Figure_Table" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="Figure">
|
||
<span style="list-style-type: decimal"> Figure II.D8.—</span><a name="121203">Long-Range OASI and DI Combined Trust Fund Ratios <br />From Stochastic Modeling</a></div>
|
||
</caption>
|
||
<tr>
|
||
<td >
|
||
<div class="CellBodyFigure"><a name="121213"><span ><img src="images/II_project_IID8.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID8.html" /> <a href="LD_figIID8.html" title="Description link for II_project_IID8.jpg">[D]</a><br /></span></a></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<div class="BodyBold"><a name="132765">Changes From Last Year’s Report</a></div>
|
||
<div class="Body"><a name="129537">The projected long-range OASDI actuarial deficit decreased from 3.61 percent of taxable payroll for last year’s report to 3.50 percent of taxable payroll for this year’s report. The change in the valuation date and the extension of the 75-year projection period for an additional year, 2098, would have by itself increased the actuarial deficit to 3.67 percent. Changes in law, methods, starting values, and assumptions combined to decrease the actuarial deficit by 0.17 percent of taxable payroll. This decrease is mainly attributable to changes in economic factors and the lower assumed ultimate disability incidence rate, which are partially offset by the lower assumed ultimate total fertility rate. For a detailed description of the specific changes identified in table </a><a href="#112045" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D2</a>, see section <a href="IV_A_SRest.html#77658" title="IV. ACTUARIAL ESTIMATES">IV</a>.<a href="IV_B_LRest.html#378399" title="B. LONG-RANGE ESTIMATES">B</a>.<a href="IV_B_LRest.html#419506" title="B. LONG-RANGE ESTIMATES">6</a>.</div>
|
||
<table class="LR_Change_in_Actuarial_Balance" style="margin-bottom: 0.0pt" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="TableTitle">
|
||
<span style="list-style-type: decimal">Table II.D2.—</span><a name="112045">Reasons for Change in the 75-Year Actuarial Balance,<br />Based on Intermediate Assumptions </a></div>
|
||
<div class="TableSubTitle"><a name="112050">[As a percentage of taxable payroll]</a></div>
|
||
</caption>
|
||
<tr>
|
||
<th style="background-color: #FFFFFF; border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 172.8pt" colspan="3">
|
||
<div class="CellHeading"><a name="112062">Item</a></div>
|
||
</th>
|
||
<th style="background-color: #FFFFFF; border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellHeadingR"><a name="112068">OASI </a></div>
|
||
</th>
|
||
<th style="background-color: #FFFFFF; border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellHeadingR"><a name="112070">DI</a></div>
|
||
</th>
|
||
<th style="background-color: #FFFFFF; border-top-color: #000000; border-top-style: solid; border-top-width: 0.5pt; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellHeadingR"><a name="112072">OASDI </a></div>
|
||
</th>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 324pt" colspan="6">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><span class="CellBodyBold"><a name="112074">Shown in last year’s report:</a></span></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 7.2pt">
|
||
<div class="CellBodyL"><a name="112086"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 165.6pt" colspan="2">
|
||
<div class="CellBodyL"><a name="112088">Income rate </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148911">11.93</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148913">1.85</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148915">13.78</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 7.2pt">
|
||
<div class="CellBodyL"><a name="112098"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 165.6pt" colspan="2">
|
||
<div class="CellBodyL"><a name="112100">Cost rate </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148917">15.54</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148919">1.84</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148921">17.38</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 7.2pt">
|
||
<div class="CellBodyL"><a name="112110"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 165.6pt" colspan="2">
|
||
<div class="CellBodyL"><a name="112112">Actuarial balance </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148923">-3.62</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148925">.01</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148927">-3.61</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 324pt" colspan="6">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><span class="CellBodyBold"><a name="112122">Changes in actuarial balance due to changes in:</a></span></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 7.2pt">
|
||
<div class="CellBodyL"><a name="112134"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 7.2pt">
|
||
<div class="CellBodyL"><a name="112136"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 158.4pt">
|
||
<div class="CellBodyL"><a name="112138">Legislation / Regulation </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><a name="148935"><!--o--></a><sup><a name="wwfootnote_inline_36" href="#36">a</a></sup></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody" ><sup><a href="#153882" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS" name="148937">a</a></sup></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom; width: 50.4pt">
|
||
<div class="CellBody"><sup><a href="#153882" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS" name="148939">a</a></sup></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112146"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112148"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112163"><!--o--></a>Valuation period <sup><a name="wwfootnote_inline_37" href="#37">b</a></sup> </div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148941">-</a>.05</div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148943">-</a>.01</div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148945">-</a>.06</div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112171"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112173"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112176">Demographic data and assumptions </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148947">-</a>.16</div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148949">-</a>.01</div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148951">-</a>.16</div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112184"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112186"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112189">Economic data and assumptions </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148953">.11</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148955">.02</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148957">.13</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112197"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112199"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112201">Disability data and assumptions </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148959">.01</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148961">.11</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148963">.12</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112209"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112211"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112213">Methods and programmatic data </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148965">.07</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148967">.01</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148969">.08</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112221"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="2">
|
||
<div class="CellBodyL"><a name="112223">Total change in actuarial balance </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148971">-</a>.02</div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148973">.13</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148975">.11</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="6">
|
||
<div class="CellBodyL" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><span class="CellBodyBold"><a name="112233">Shown in this report:</a></span></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112245"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="2">
|
||
<div class="CellBodyL"><a name="112247">Actuarial balance </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148983">-3.63</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148985">.14</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody" style="color: #000000; font-family: "Times New Roman"; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="148987">-3.50</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112257"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="2">
|
||
<div class="CellBodyL"><a name="112259">Income rate </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148989">11.95</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148991">1.85</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148993">13.80</a></div>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBodyL"><a name="112269"> </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom" colspan="2">
|
||
<div class="CellBodyL"><a name="112271">Cost rate </a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148995">15.58</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148997">1.72</a></div>
|
||
</td>
|
||
<td style="border-bottom-color: WhiteSmoke; border-bottom-style: solid; border-bottom-width: 1px; border-left-color: WhiteSmoke; border-left-style: solid; border-left-width: 1px; border-right-color: WhiteSmoke; border-right-style: solid; border-right-width: 1px; border-top-color: WhiteSmoke; border-top-style: solid; border-top-width: 1px; padding-bottom: 1pt; padding-left: 0pt; padding-right: 0pt; padding-top: 0pt; vertical-align: bottom">
|
||
<div class="CellBody"><a name="148999">17.30</a></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<hr />
|
||
<div style="font-size: smaller; float: left; padding-right: 10px">
|
||
<a name="36" href="#wwfootnote_inline_36">a</a>
|
||
</div>
|
||
<div class="TableFootnote"><a name="153882">Between -0.005 and 0.005 percent of taxable payroll.</a></div>
|
||
<br style="clear: both" />
|
||
<div style="font-size: smaller; float: left; padding-right: 10px">
|
||
<a name="37" href="#wwfootnote_inline_37">b</a>
|
||
</div>
|
||
<div class="TableFootnote"><a name="112155">The change in the 75-year valuation period from last year’s report to this report means that the 75-year actuarial balance now includes the relatively large negative annual balance for 2098. This change in the valuation period results in a larger long-range actuarial deficit. The actuarial deficit includes the trust fund reserve at the beginning of the projection period.</a></div>
|
||
<br style="clear: both" />
|
||
<div class="TableNote"><a name="108428">Note: Components may not sum to totals because of rounding.</a></div>
|
||
<div class="BodyAfterFigure"><a name="109567">Figure </a><a href="#117734" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">II.D9</a> compares this year’s projections of annual balances (non-interest income minus cost) to those in last year’s report. The annual balances in this year’s report are generally higher (less negative) in years through 2077 and lower thereafter. For the full 75-year projection period, the annual balances average 0.13 percentage point higher in this year’s report.</div>
|
||
<table class="Figure_Table" cellspacing="0" summary="">
|
||
<caption>
|
||
<div class="Figure">
|
||
<span style="list-style-type: decimal"> Figure II.D9.—</span><span style="color: #000000; font-family: "Times New Roman"; font-size: 12pt; font-style: normal; font-variant: normal; font-weight: bold; text-transform: none; vertical-align: baseline"><a name="117734">OASDI Annual Balances: 2023 and 2024 Trustees Reports</a></span></div>
|
||
<div class="TableSubTitle"><a name="114819">[As a percentage of taxable payroll, under the intermediate assumptions]</a></div>
|
||
</caption>
|
||
<tr>
|
||
<td >
|
||
<div class="CellBodyFigure" ><span ><a name="114829"><span ><img src="images/II_project_IID9.jpg" style="left: 0.0pt; top: 0.0pt" alt="" title="" longdesc="LD_figIID9.html" /> <a href="LD_figIID9.html" title="Description link for II_project_IID9.jpg">[D]</a><br /></span></a></span></div>
|
||
</td>
|
||
</tr>
|
||
</table>
|
||
<div class="Body"><a name="112305"> </a></div>
|
||
<hr />
|
||
<div style="font-size: smaller; float: left; padding-right: 10px">
|
||
<a name="73" href="#wwfootnote_inline_73">1</a>
|
||
</div>
|
||
<div class="Footnote"><a name="124704">Sustainable solvency for the financing of the program under a specified set of assumptions has been achieved when the projected trust fund ratio is positive throughout the 75-year projection period and is either stable or rising at the end of the period.</a></div>
|
||
<br style="clear: both" />
|
||
</blockquote>
|
||
<hr align="left" />
|
||
<div style="text-align: left;">
|
||
<table cellspacing="0">
|
||
<tr>
|
||
<td>
|
||
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