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<h2 class="pHeading1">2024 OASDI Trustees Report </h2>
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<div class="Lists"><a name="77721">INDEX</a></div>
<div class="GroupTitlesIX"><a name="223588">A</a></div>
<div class="Level1IX"><a name="223592">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">12</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">54</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#457233" title="B. LONG-RANGE ESTIMATES">71</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#419506" title="B. LONG-RANGE ESTIMATES">76</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">171</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">187</a></span></div>
<div class="Level1IX"><a name="223600">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">5</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#91582" title="E. CONCLUSION">27</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">73</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">218</a></span></div>
<div class="Level1IX"><a name="223606">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">54</a></span></div>
<div class="Level1IX"><a name="223608">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">42</a></span></div>
<div class="Level1IX"><a name="223610">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">120</a></span></div>
<div class="Level1IX"><a name="223612">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#174740" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR">39</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">55</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">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#220146" title="VI. APPENDICES">161</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 2033">180</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">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#207371" title="3. Estimates in Dollars">227</a></span></div>
<div class="Level1IX"><a name="223621">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">42</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">67</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283012" title="VI. APPENDICES">164</a></span></div>
<div class="Level1IX"><a name="223625">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. CHANGES IN LAW AND POLICY AFFECTING SOCIAL SECURITY SINCE THE 2023 REPORT">41</a></span></div>
<div class="Level1IX"><a name="223627">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">24</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">54</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">77</a></span></div>
<div class="Level1IX"><a name="223631">Asset reserves</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#95001" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112966" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">11</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 AND LEGISLATIVE CHANGES IN THE LAST YEAR">33</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#317182" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2033">180</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">194</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">213</a></span></div>
<div class="Level1IX"><a name="223639">Assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#193783" title="V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES">83</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">103</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">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">171</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">187</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">214</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">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#204023" title="3. Estimates in Dollars">224</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">236</a></span></div>
<div class="Level1IX"><a name="223649">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">47</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">105</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">120</a></span></div>
<div class="Level1IX"><a name="223653">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">130</a></span></div>
<div class="Level1IX"><a name="223655">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">153</a></span></div>
<div class="Level1IX"><a name="223657">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">107</a></span></div>
<div class="Level1IX"><a name="223659">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">124</a></span></div>
<div class="Level1IX"><a name="223661">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">120</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">224</a></span></div>
<div class="Level1IX"><a name="223664">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">132</a></span></div>
<div class="GroupTitlesIX"><a name="223666">B</a></div>
<div class="Level1IX"><a name="223668">Baby-boom generation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_E_conclu.html#97402" title="E. CONCLUSION">26</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">55</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">64</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">113</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">139</a></span></div>
<div class="Level1IX"><a name="223674">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">124</a></span></div>
<div class="Level1IX"><a name="223676">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">138</a></span></div>
<div class="Level1IX"><a name="223678">Beneficiary</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#133103" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">14</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#307898" title="IV. ACTUARIAL ESTIMATES">47</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">64</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 UNDERLYING ACTUARIAL ESTIMATES">83</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">121</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">175</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">188</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">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#207371" title="3. Estimates in Dollars">227</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">236</a></span></div>
<div class="Level1IX"><a name="223689">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">132</a></span></div>
<div class="Level1IX"><a name="223691">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">55</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">154</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">161</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 2033">180</a></span></div>
<div class="Level1IX"><a name="223697">Benefit termination</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span></div>
<div class="Level1IX"><a name="223699">Best estimate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95805" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">42</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 UNDERLYING ACTUARIAL ESTIMATES">83</a></span></div>
<div class="Level1IX"><a name="223703">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">42</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">103</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">159</a></span></div>
<div class="GroupTitlesIX"><a name="223707">C</a></div>
<div class="Level1IX"><a name="223709">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">229</a></span></div>
<div class="Level1IX"><a name="223711">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">105</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">193</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">224</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">241</a></span></div>
<div class="Level1IX"><a name="223716">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">46</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">107</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">121</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">241</a></span></div>
<div class="Level1IX"><a name="223721">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219172" title="VI. APPENDICES">159</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 2033">180</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">213</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">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#207371" title="3. Estimates in Dollars">227</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">240</a></span></div>
<div class="Level1IX"><a name="223729">Cost</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#98110" title="II. OVERVIEW">3</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#95001" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2023">7</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 AND LEGISLATIVE CHANGES IN THE LAST YEAR">33</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#275449" title="IV. ACTUARIAL ESTIMATES">49</a></span></div>
<div class="Level1IX"><a name="223734">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">55</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">213</a></span></div>
<div class="Level1IX"><a name="223738">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">120</a></span></div>
<div class="Level1IX"><a name="223740">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</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">223</a></span></div>
<div class="Level1IX"><a name="223744">Covered employment</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#101107" title="C. ASSUMPTIONS ABOUT THE FUTURE">10</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">46</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">107</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">128</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">159</a></span></div>
<div class="Level1IX"><a name="223750">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">66</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">190</a></span></div>
<div class="Level1IX"><a name="223753">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">243</a></span></div>
<div class="Level1IX"><a name="223755">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">224</a></span></div>
<div class="Level1IX"><a name="223757">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">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1339351" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">143</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1056376" 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_I_glossary.html#1007020" title="I. GLOSSARY">241</a></span></div>
<div class="GroupTitlesIX"><a name="223762">D</a></div>
<div class="Level1IX"><a name="223764">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">55</a></span></div>
<div class="Level1IX"><a name="223766">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">127</a></span></div>
<div class="Level1IX"><a name="223768">Demographic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112176" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">24</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">42</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 UNDERLYING ACTUARIAL ESTIMATES">84</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">113</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">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">171</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">225</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">240</a></span></div>
<div class="Level1IX"><a name="223778">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">138</a></span></div>
<div class="Level1IX"><a name="223780">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">159</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">190</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">236</a></span></div>
<div class="Level1IX"><a name="223784">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 UNDERLYING ACTUARIAL ESTIMATES">83</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">138</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">141</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">190</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">196</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">240</a></span></div>
<div class="Level1IX"><a name="223791">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">242</a></span></div>
<div class="Level1IX"><a name="223793">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">144</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">146</a></span></div>
<div class="Level1IX"><a name="223796">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">197</a></span></div>
<div class="Level1IX"><a name="223798">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">141</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">244</a></span></div>
<div class="GroupTitlesIX"><a name="223801">E</a></div>
<div class="Level1IX"><a name="223803">Earnings</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#96454" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#178405" title="B. LONG-RANGE ESTIMATES">55</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">107</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">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">159</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">172</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">213</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">223</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">224</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">240</a></span></div>
<div class="Level1IX"><a name="223815">Earnings test</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">121</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">241</a></span></div>
<div class="Level1IX"><a name="223818">Economic assumptions</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#112189" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">24</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">42</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">52</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">103</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">113</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">120</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#92481" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">171</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">225</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">240</a></span></div>
<div class="Level1IX"><a name="223829">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">55</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">224</a></span></div>
<div class="Level1IX"><a name="223832">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">42</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">245</a></span></div>
<div class="Level1IX"><a name="223835">exposed population</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283142" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">132</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#280558" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">140</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#139121" title="D. LONG-RANGE SENSITIVITY ANALYSIS">196</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1060543" title="I. GLOSSARY">245</a></span></div>
<div class="GroupTitlesIX"><a name="223840">F</a></div>
<div class="Level1IX"><a name="223842">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">213</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">250</a></span></div>
<div class="Level1IX"><a name="223845">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 UNDERLYING ACTUARIAL ESTIMATES">84</a></span></div>
<div class="Level1IX"><a name="223847">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#90091" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">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#220225" title="VI. APPENDICES">161</a></span></div>
<div class="Level1IX"><a name="223851">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#283012" title="VI. APPENDICES">164</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 2033">179</a></span></div>
<div class="Level1IX"><a name="223854">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">245</a></span></div>
<div class="GroupTitlesIX"><a name="223856">G</a></div>
<div class="Level1IX"><a name="223858">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#1046933" 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#307803" title="IV. ACTUARIAL ESTIMATES">47</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#494345" title="IV. ACTUARIAL ESTIMATES">49</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#1047089" title="IV. ACTUARIAL 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#418025" title="VI. APPENDICES">164</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">166</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#418039" title="VI. APPENDICES">168</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#349091" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2033">184</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#320292" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2033">185</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#451954" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2033">186</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">240</a></span></div>
<div class="Level1IX"><a name="223870">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">246</a></span></div>
<div class="Level1IX"><a name="223872">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">12</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">61</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 UNDERLYING ACTUARIAL ESTIMATES">83</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">104</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">115</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">219</a></span></div>
<div class="Level1IX"><a name="223880">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">115</a></span></div>
<div class="GroupTitlesIX"><a name="223882">H</a></div>
<div class="Level1IX"><a name="223884">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">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">19</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">42</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">56</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 UNDERLYING ACTUARIAL ESTIMATES">83</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">103</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">142</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">187</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">207</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">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#204023" title="3. Estimates in Dollars">224</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">240</a></span></div>
<div class="Level1IX"><a name="223897">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">150</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">213</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">248</a></span></div>
<div class="Level1IX"><a name="223901">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">219</a></span></div>
<div class="GroupTitlesIX"><a name="223903">I</a></div>
<div class="Level1IX"><a name="223905">Immigration</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES">83</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 UNDERLYING ACTUARIAL ESTIMATES">91</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">190</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">240</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">247</a></span></div>
<div class="Level1IX"><a name="223912">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 UNDERLYING ACTUARIAL ESTIMATES">91</a></span></div>
<div class="Level1IX"><a name="223914">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">13</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">55</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">213</a></span></div>
<div class="Level1IX"><a name="223919">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">12</a></span></div>
<div class="Level1IX"><a name="223921">Inflation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_A_demo.html#101919" title="V. ASSUMPTIONS AND METHODS UNDERLYING ACTUARIAL ESTIMATES">83</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">105</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">224</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">240</a></span></div>
<div class="Level1IX"><a name="223927">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">105</a></span></div>
<div class="Level1IX"><a name="223929">Insured population</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#1038506" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">129</a></span></div>
<div class="Level1IX"><a name="223932">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">125</a></span></div>
<div class="Level1IX"><a name="223934">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">116</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#219939" title="VI. APPENDICES">160</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">171</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 2033">180</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">215</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">240</a></span></div>
<div class="Level1IX"><a name="223941">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 UNDERLYING ACTUARIAL ESTIMATES">83</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">171</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">194</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">240</a></span></div>
<div class="Level1IX"><a name="223946">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">116</a></span></div>
<div class="Level1IX"><a name="223948">Interest rates</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span></div>
<div class="Level1IX"><a name="223950">Interfund borrowing</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283012" title="VI. APPENDICES">164</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">247</a></span></div>
<div class="Level1IX"><a name="223953">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">10</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">42</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">47</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">56</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 UNDERLYING ACTUARIAL ESTIMATES">83</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">142</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">187</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">215</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">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#204023" title="3. Estimates in Dollars">224</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">228</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">229</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G3_OASDHI_dollars.html#232040" title="3. Estimates in Dollars">230</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">236</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">240</a></span></div>
<div class="GroupTitlesIX"><a name="223969">L</a></div>
<div class="Level1IX"><a name="223973">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">112</a></span></div>
<div class="Level1IX"><a name="223975">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 UNDERLYING ACTUARIAL ESTIMATES">91</a></span></div>
<div class="Level1IX"><a name="223977">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">247</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">248</a></span></div>
<div class="Level1IX"><a name="223980">Life expectancy</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 UNDERLYING ACTUARIAL ESTIMATES">83</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 UNDERLYING ACTUARIAL ESTIMATES">100</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#419510" 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_I_glossary.html#1057964" title="I. GLOSSARY">248</a></span></div>
<div class="Level1IX"><a name="223985">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 UNDERLYING ACTUARIAL ESTIMATES">100</a></span></div>
<div class="Level1IX"><a name="223987">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">12</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">54</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 UNDERLYING ACTUARIAL ESTIMATES">84</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">132</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">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#166081" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">213</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">219</a></span></div>
<div class="Level1IX"><a name="223995">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">10</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#120587" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">19</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#443242" title="IV. ACTUARIAL ESTIMATES">42</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">56</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 UNDERLYING ACTUARIAL ESTIMATES">83</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">103</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">142</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">187</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">207</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">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#204023" title="3. Estimates in Dollars">224</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">240</a></span></div>
<div class="Level1IX"><a name="224008">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">154</a></span></div>
<div class="GroupTitlesIX"><a name="224010">M</a></div>
<div class="Level1IX"><a name="224012">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 UNDERLYING ACTUARIAL ESTIMATES">86</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">248</a></span></div>
<div class="Level1IX"><a name="224015">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">55</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">159</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#418025" title="VI. APPENDICES">164</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">166</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#418039" title="VI. APPENDICES">168</a></span></div>
<div class="GroupTitlesIX"><a name="224021">N</a></div>
<div class="Level1IX"><a name="224023">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">224</a></span></div>
<div class="Level1IX"><a name="224025">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">121</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">138</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">154</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">243</a></span></div>
<div class="GroupTitlesIX"><a name="224030">O</a></div>
<div class="Level1IX"><a name="224032">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">132</a></span></div>
<div class="Level1IX"><a name="224034">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">159</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">242</a></span></div>
<div class="Level1IX"><a name="224037">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">125</a></span></div>
<div class="Level1IX"><a name="224039">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">249</a></span></div>
<div class="Level1IX"><a name="224041">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 UNDERLYING ACTUARIAL ESTIMATES">91</a></span></div>
<div class="GroupTitlesIX"><a name="224043">P</a></div>
<div class="Level1IX"><a name="224045">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">161</a></span></div>
<div class="Level1IX"><a name="224047">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">250</a></span></div>
<div class="Level1IX"><a name="224049">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">171</a></span></div>
<div class="Level1IX"><a name="224051">Payroll taxes</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</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">147</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_B_LRact_bal.html#103220" title="B. HISTORY OF ACTUARIAL STATUS ESTIMATES">175</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">209</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">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#207371" title="3. Estimates in Dollars">227</a></span></div>
<div class="Level1IX"><a name="224059">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 UNDERLYING ACTUARIAL ESTIMATES">97</a></span></div>
<div class="Level1IX"><a name="224061">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">171</a></span></div>
<div class="Level1IX"><a name="224063">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">124</a></span></div>
<div class="Level1IX"><a name="224065">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">104</a></span></div>
<div class="GroupTitlesIX"><a name="224067">Q</a></div>
<div class="Level1IX"><a name="224069">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">129</a></span></div>
<div class="GroupTitlesIX"><a name="224071">R</a></div>
<div class="Level1IX"><a name="224073">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">55</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">71</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">125</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">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#220225" title="VI. APPENDICES">161</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 2033">180</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 2033">181</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 2033">182</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">213</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">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#207371" title="3. Estimates in Dollars">227</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">242</a></span></div>
<div class="Level1IX"><a name="224086">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">251</a></span></div>
<div class="Level1IX"><a name="224088">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">132</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">190</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">236</a></span></div>
<div class="Level1IX"><a name="224092">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">121</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">154</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">243</a></span></div>
<div class="Level1IX"><a name="224096">Retirement earnings test</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">121</a></span></div>
<div class="Level1IX"><a name="224098">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">190</a></span></div>
<div class="GroupTitlesIX"><a name="224100">S</a></div>
<div class="Level1IX"><a name="224102">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">251</a></span></div>
<div class="Level1IX"><a name="224104">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">193</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">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#207371" title="3. Estimates in Dollars">227</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">238</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">251</a></span></div>
<div class="Level1IX"><a name="224110">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">55</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">105</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">214</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">250</a></span></div>
<div class="Level1IX"><a name="224115">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">250</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">251</a></span></div>
<div class="Level1IX"><a name="224118">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">187</a></span></div>
<div class="Level1IX"><a name="224120">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">11</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">42</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">132</a></span></div>
<div class="Level1IX"><a name="224124">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">120</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">160</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">224</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">236</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">242</a></span></div>
<div class="Level1IX"><a name="224130">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. CHANGES IN LAW AND POLICY AFFECTING SOCIAL SECURITY SINCE THE 2023 REPORT">41</a></span></div>
<div class="Level1IX"><a name="224132">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">252</a></span></div>
<div class="Level1IX"><a name="224134">Special public-debt obligation</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="V_B_econ.html#308268" title="B. ECONOMIC ASSUMPTIONS AND METHODS">119</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">160</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">194</a></span></div>
<div class="Level1IX"><a name="224138">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">199</a></span></div>
<div class="Level1IX"><a name="224140">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">138</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">244</a></span></div>
<div class="Level1IX"><a name="224143">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">220</a></span></div>
<div class="Level1IX"><a name="224145">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">71</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">171</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">187</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">217</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">240</a></span></div>
<div class="Level1IX"><a name="224151">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 2033">180</a></span></div>
<div class="Level1IX"><a name="224153">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">213</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">248</a></span></div>
<div class="Level1IX"><a name="224156">Survivor benefit</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_A_highlights.html#95967" title="II. OVERVIEW">2</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_B_cyoper.html#100979" title="B. TRUST FUND FINANCIAL OPERATIONS IN 2023">8</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#87237" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">135</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">241</a></span></div>
<div class="Level1IX"><a name="224161">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">67</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">68</a></span></div>
<div class="GroupTitlesIX"><a name="224164">T</a></div>
<div class="Level1IX"><a name="224166">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">46</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">66</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">121</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">172</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">241</a></span></div>
<div class="Level1IX"><a name="224172">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">5</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">27</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">55</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">105</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">129</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">171</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">188</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G1_OASDHI_payroll.html#161839" title="G. ESTIMATES FOR OASDI AND HI, SEPARATE AND COMBINED">213</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">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#116204" title="3. Estimates in Dollars">224</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">242</a></span></div>
<div class="Level1IX"><a name="224184">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">195</a></span></div>
<div class="Level1IX"><a name="224186">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">253</a></span></div>
<div class="Level1IX"><a name="224188">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">152</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">214</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">254</a></span></div>
<div class="Level1IX"><a name="224192">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#284807" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">152</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">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#207371" title="3. Estimates in Dollars">227</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">247</a></span></div>
<div class="Level1IX"><a name="224198">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#279030" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">120</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">214</a></span></div>
<div class="Level1IX"><a name="224202">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 UNDERLYING ACTUARIAL ESTIMATES">83</a></span></div>
<div class="Level1IX"><a name="224204">Termination rate</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_C_assump.html#95495" title="C. ASSUMPTIONS ABOUT THE FUTURE">9</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="V_C_prog.html#283135" title="C. PROGRAM-SPECIFIC ASSUMPTIONS AND METHODS">132</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">197</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">240</a></span></div>
<div class="Level1IX"><a name="224209">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">54</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">67</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">69</a></span></div>
<div class="Level1IX"><a name="224213">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_D_project.html#152977" 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#128087" 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#344733" 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#1058299" title="IV. ACTUARIAL ESTIMATES">44</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#476351" title="B. LONG-RANGE ESTIMATES">69</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#476351" 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="VI_I_glossary.html#1050946" title="I. GLOSSARY">254</a></span></div>
<div class="Level1IX"><a name="224221">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 UNDERLYING ACTUARIAL ESTIMATES">84</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_D_LRsens.html#100885" title="D. LONG-RANGE SENSITIVITY ANALYSIS">187</a></span></div>
<div class="Level1IX"><a name="224224">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 2023">7</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="III_A_cyoper.html#84778" title="III. FINANCIAL OPERATIONS OF THE TRUST FUNDS AND LEGISLATIVE CHANGES IN THE LAST YEAR">29</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#90386" title="IV. ACTUARIAL ESTIMATES">43</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">159</a></span></div>
<div class="Level1IX"><a name="224229">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">11</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">42</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">54</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">67</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_A_cyoper_hist.html#283043" title="VI. APPENDICES">164</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_C_SRfyproj.html#444358" title="C. FISCAL YEAR HISTORICAL AND PROJECTED TRUST FUND OPERATIONS THROUGH 2033">184</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">256</a></span></div>
<div class="Level1IX"><a name="224237">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">42</a></span></div>
<div class="GroupTitlesIX"><a name="224239">U</a></div>
<div class="Level1IX"><a name="224241">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">112</a></span></div>
<div class="Level1IX"><a name="224243">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">5</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">12</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#122741" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#117399" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">19</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#428563" title="B. LONG-RANGE ESTIMATES">54</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">74</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">75</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">210</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">211</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">249</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">256</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_I_glossary.html#1049365" title="I. GLOSSARY">257</a></span></div>
<div class="Level1IX"><a name="224256">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 2033">180</a></span></div>
<div class="GroupTitlesIX"><a name="224258">V</a></div>
<div class="Level1IX"><a name="224260">Valuation period</a><span style="font-size: 12.0pt">&nbsp;</span><span class="Link" style="font-size: 10.5pt"><a href="II_D_project.html#124458" title="D. PROJECTIONS OF FUTURE FINANCIAL STATUS">17</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_A_SRest.html#345711" title="IV. ACTUARIAL ESTIMATES">52</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">54</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">171</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">187</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">217</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">240</a></span></div>
<div class="Level1IX"><a name="224268">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">55</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">161</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 2033">181</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="VI_G2_OASDHI_GDP.html#175400" title="2. Estimates as a Percentage of Gross Domestic Product">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#207371" title="3. Estimates in Dollars">227</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">238</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">242</a></span></div>
<div class="GroupTitlesIX"><a name="224276">Y</a></div>
<div class="Level1IX"><a name="224280">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">13</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">17</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">54</a></span><span style="font-size: 12.0pt">, </span><span class="Link" style="font-size: 10.5pt"><a href="IV_B_LRest.html#474911" title="B. LONG-RANGE ESTIMATES">69</a></span></div>
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