Appendix Table  10:
The Impact of Potential OASI Reforms on Internal Rates of Return
                                Women (r=5%)                     

Quintile of Lifetime Earnings:                   Lowest  Middle Highest  All 

                                                      Birth Cohort 1945-49

 0 Current Rules                                    5.9    3.0    1.7    3.2
 1 38% Tax Hike Beginning in Year 2000              5.8    2.9    1.5    3.0
 2 25% Benefit Cut Beginning in Year 2000           5.2    2.3     .9    2.4
 3 Acclerated Increase in NRA                       5.5    2.6    1.1    2.7
 4 CPI Indexing of Covered Earnings                 5.7    2.8    1.6    2.9
 5 Indexing Benefits by CPI Minus 1%                5.6    2.7    1.3    2.8
 6 Stabilize Real Per Capita Benefits               5.6    2.7    1.4    2.8
 7 Freeze Bend Points in Real Terms                 5.8    3.0    1.6    3.1
 8 Eliminate Earnings Ceiling                       5.9    3.1    1.5    3.1
 9 Eliminate Earnings Ceiling w/o Benefit Change    5.9    3.0    1.1    3.0
10 Increase Computation Years from 35 to 40         5.7    2.9    1.6    3.0
  
                                                      Birth Cohort 1970-74

 0 Current Rules                                    6.3    3.2    1.2    2.8
 1 38% Tax Hike Beginning in Year 2000              5.8    2.6     .4    2.1
 2 25% Benefit Cut Beginning in Year 2000           5.5    2.5     .3    2.0
 3 Acclerated Increase in NRA                       5.9    2.8     .7    2.4
 4 CPI Indexing of Covered Earnings                 6.0    3.0    1.0    2.5
 5 Indexing Benefits by CPI Minus 1%                6.0    2.9     .8    2.4
 6 Stabilize Real Per Capita Benefits               5.0    1.9    -.2    1.4
 7 Freeze Bend Points in Real Terms                 6.0    2.9     .7    2.4
 8 Eliminate Earnings Ceiling                       6.4    3.3     .7    2.4
 9 Eliminate Earnings Ceiling w/o Benefit Change    6.3    3.2    -.5    2.1
10 Increase Computation Years from 35 to 40         6.1    3.1    1.1    2.6
  
                                                      Birth Cohort 1995-00

 0 Current Rules                                    6.0    3.2     .9    2.6
 1 38% Tax Hike Beginning in Year 2000              5.1    2.4     .0    1.7
 2 25% Benefit Cut Beginning in Year 2000           5.2    2.4     .1    1.8
 3 Acclerated Increase in NRA                       5.6    2.8     .4    2.2
 4 CPI Indexing of Covered Earnings                 5.7    3.0     .7    2.4
 5 Indexing Benefits by CPI Minus 1%                5.7    2.9     .5    2.3
 6 Stabilize Real Per Capita Benefits               2.4    -.6   -3.2   -1.3
 7 Freeze Bend Points in Real Terms                 5.5    2.6     .2    2.0
 8 Eliminate Earnings Ceiling                       6.1    3.2     .5    2.3
 9 Eliminate Earnings Ceiling w/o Benefit Change    6.0    3.2    -.5    2.0
10 Increase Computation Years from 35 to 40         5.8    3.1     .9    2.5
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Source: Author's calculations.