No Change in Social Security Trust Fund Reserve Depletion Projected Year

U.S. Social Security

Author: U.S. Social Security Administration
Published: 2013/06/14
Contents: Summary - Introduction - Main - Related

Synopsis: The US Social Security Board of Trustees releases its annual report on long term financial status of the Social Security Trust Funds.

Introduction

The U.S. Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds.

Main Digest

The combined assets of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2033, unchanged from last year, with 77 percent of benefits still payable at that time. The DI Trust Fund will become depleted in 2016, also unchanged from last year's estimate, with 80 percent of benefits still payable.

In the 2013 Annual Report to Congress, the Trustees announced:

"The Social Security Trust Funds' projected depletion dates have not changed, and three-fourths of benefits would still be payable after depletion. But the fact remains that Congress needs to act to ensure the long-term solvency of this vital program," said Carolyn W. Colvin, Acting Commissioner of Social Security. "The projected year for Disability Insurance Trust Fund depletion remains 2016, and legislative action is needed as soon as possible to address this financial imbalance."

Other highlights of the Trustees Report include:

The Board of Trustees is comprised of six members. Four serve by virtue of their positions with the federal government: Jacob J. Lew, Secretary of the Treasury and Managing Trustee; Carolyn W. Colvin, Acting Commissioner of Social Security; Kathleen Sebelius, Secretary of Health and Human Services; and Seth D. Harris, Acting Secretary of Labor. The two public trustees are Charles P. Blahous, III and Robert D. Reischauer.

The 2013 Trustees Report is available at www.socialsecurity.gov/OACT/TR/2013/

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Cite This Page (APA): U.S. Social Security Administration. (2013, June 14). No Change in Social Security Trust Fund Reserve Depletion Projected Year. Disabled World. Retrieved July 18, 2024 from www.disabled-world.com/disability/social-security/usa/depletion.php

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