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Between 1975 and 2008, the OASI was subject to ten actual revisions and three minor legislative revisions. An 11th revision is under discussion in 2009. This is a pay-as-you-go pension system, the law on occupational pensions (2nd pillar) being a funded pension system. The OASI also allows for a (partial) redistribution of wealth. [2]
While FICA payroll taxes accounted for 90% of Social Security’s revenue in 2021, AARP reported, most of the rest was funded through the OASI trust fund and interest earned by the fund.
According to the Social Security Trustees, who oversee the program and report on its financial condition, program costs are expected to exceed non-interest income from 2010 onward. However, due to interest (earned at a 3.6% rate in 2014) the program will run an overall surplus that adds to the fund through the end of 2019.
For employees and employers combined, the OASI payroll taxes are 10.6 percent and the DI payroll taxes are 1.8 percent. In 2022, trust fund reserves for the OASI and DI programs were $2.7 trillion and $118 billion, respectively. Income taxation of some Social Security benefits brought in $47.1 billion for OASI and $1.6 billion for DI in 2022. [5]
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The way these accounts transfer after death depends entirely on how you structure the ownership — and this structure affects everything from creditor access to whether the account avoids probate.
A Health Reimbursement Arrangement, also known as a Health Reimbursement Account (HRA), [1] is a type of US employer-funded health benefit plan that reimburses employees for out-of-pocket medical expenses and, in limited cases, to pay for health insurance plan premiums.
The Hospital Insurance Trust Fund will be able to pay all scheduled benefits until 2031, according to the Social Security and Medicare Boards of Trustees 2023 Annual Report.