Social Security Trust Fund Reserve Gains a Year for Projected Depletion Date

Author: U.S. Department of Social Security - Contact: www.ssa.gov
Published: 2015/07/22
Contents: Summary - Introduction - Main - Related

Synopsis: DI Trust Fund will become depleted in 2016 - Old-Age and Survivors Insurance, and Disability Insurance Trust Funds projected to become depleted in 2034.

Introduction

The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance, and Disability Insurance (OASDI) Trust Funds are projected to become depleted in 2034, one year later than projected last year, with 79 percent of benefits payable at that time. The DI Trust Fund will become depleted in 2016, unchanged from last year's estimate, with 81 percent of benefits still payable.

Main Digest

In the 2015 Annual Report to Congress, the Trustees announced:

"While the projected depletion date of the combined OASDI trust funds gained a year, the Disability Insurance Trust Fund's projected depletion year remains 2016. I agree with President Obama, we have to keep Social Security strong, protecting its future solvency. President Obama's FY 2016 budget proposes to address this near-term Disability Insurance Trust Fund's reserve depletion. By reallocating a portion of payroll taxes from Old Age Survivors to the Disability Trust Fund - as has been done many times in the past - would have no adverse effect on the solvency of the overall Social Security program," said Carolyn W. Colvin, Acting Commissioner of Social Security.

"We believe that Congress must take action to reallocate a portion of the payroll tax rate between the trust funds to avoid deep and abrupt cuts or delays in benefits for individuals with disabilities who paid into the system while they worked and now need the benefits they earned to support themselves and their families," Colvin said.

Other highlights of the Trustees Report include:

The Board of Trustees comprises 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; Sylvia M. Burwell, Secretary of Health and Human Services; and Thomas E. Perez, Secretary of Labor. The two public trustees are Charles P. Blahous, III and Robert D. Reischauer.

View the 2015 Trustees Report at www.socialsecurity.gov/OACT/TR/2015/

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Cite This Page (APA): U.S. Department of Social Security. (2015, July 22). Social Security Trust Fund Reserve Gains a Year for Projected Depletion Date. Disabled World. Retrieved June 17, 2024 from www.disabled-world.com/disability/social-security/usa/ss-depletion.php

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