Sec. 3109. Inclusion in annual Social Security account statement of estimated present value of taxes and benefits for Social Security and Medicare and projected deficit as a percent of lifetime earnings
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Section 1143(a)(2) of the Social Security Act ( 42 U.S.C. 1320b–13(a)(2) ) is amended— in subparagraph (E), by striking benefits. and inserting benefits; ; and by adding after subparagraph
(E)the following new subparagraphs: an estimate, as determined by the Commissioner, in consultation with the Secretary of Health and Human Services, on the basis of available records of the Commissioner and projections based on reasonable assumptions, of— the present value of potential lifetime aggregate employer, employee, and self-employment contributions of the eligible individual for old-age, survivors, and disability insurance (under title II) and for hospital insurance (under part A of title XVIII); the present value of potential lifetime premiums payable (under parts B and D of title XVIII); and the present value of potential lifetime aggregate retirement, disability, survivor, and auxiliary benefits payable on the eligible individual’s account under title II and per capita benefits payable under the Medicare program of title XVIII; and an estimate, as determined by the Commissioner, in consultation with the Secretary of Health and Human Services, on the basis of available records of the Commissioner and projections based on reasonable assumptions, of the ratio (expressed as a percentage) of— the sum of the projected deficit-financed benefits under the old-age, survivors, and disability insurance program with respect to the eligible individual and the projected deficit-financed benefits under part A of the Medicare program under title XVIII with respect to the eligible individual, to projected lifetime earnings of the eligible individual. . Section 1143(a) of such Act ( 42 U.S.C. 1320b–13(a) ) is amended— by redesignating paragraph
(3)as paragraph (4); and by inserting after paragraph
(2)the following new paragraph: For purposes of paragraph (2)(G)— The term projected deficit-financed benefits means— with respect to an eligible individual in connection with the old-age, survivors, and disability insurance program, the product of— the benefits described in subparagraph (F)(ii) of such individual under such program, and the ratio of future annual deficits, excluding interest, of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund over the eligible individual’s lifetime to future annual outlays from such Trust Funds over such lifetime; and with respect to an eligible individual in connection with the Medicare program under title XVIII, the product of— the benefits for hospital insurance (under part A of title XVIII) described in subparagraph (F)(ii) of such individual under such program, and the ratio of future annual deficits of the Federal Hospital Insurance Trust Fund over the eligible individual’s lifetime to future annual outlays from such Trust Fund over such lifetime. The term projected lifetime earnings of the eligible individual means the present value of the potential total wages paid to, and self-employment income derived by, the eligible individual over the eligible individual’s lifetime, as determined without regard to the contribution and benefit base under section 230. . The amendments made by this section shall apply with respect to annual statements issued after 2013.
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- 42 USC 1320b–13(a)(2)
- 42 USC 1320b–13(a)
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Sec. 3109
Inclusion in annual Social Security account statement of estimated present value of taxes and benefits for Social Security and Medicare and projected deficit as a percent of lifetime earnings
Cite42 USC 1320b–13(a)(2)
Cite42 USC 1320b–13(a)
Cites 2Cited by 0 across 0 sources