The Office of the Chief Actuary of the Social Security Administration (OCACT) has provided actuarial analyses of many of these proposals showing the estimated effect on the financial status of the program, levels of future benefits and taxes, and implications for the federal budget. [...] These analyses are provided in letters to the originators of the proposals, which can be found on the OCACT website.1 Each letter includes a summary of the provisions included in the proposal; a detailed explanation of how the provisions were interpreted for purposes of the analysis; graphs showing the long-range financial effects of the proposal; tables showing these financial effects in greater. [...] For this purpose, the discounted present value is the sum of all potential payments to the worker, with each payment amount reduced to take into account interest at the assumed rate from the commencement date to the payment date and the probability the worker will die before the payment is due. [...] The formula percentages would be 95% up to the first bend point, 32% from the first to the second, 15% from the second to the third, and 5% above the third. [...] The formula percentages would be 95% up to the first bend point, 27.5% from the first to the second, 5% from the second to the third, and 2% above the third.
- Pages
- 38
- Published in
- United States of America
