Appendix Table  15:
The Impact of Potential OASI Reforms on Internal Rates of Return
                      White, College-Educated Men (r=5%)         

Quintile of Lifetime Earnings:                   Lowest  Middle Highest  All 

                                                      Birth Cohort 1945-49

 0 Current Rules                                    4.5    1.7     .5     .9
 1 38% Tax Hike Beginning in Year 2000              4.1    1.5     .1     .6
 2 25% Benefit Cut Beginning in Year 2000           3.4     .8    -.5     .0
 3 Acclerated Increase in NRA                       3.7     .8    -.5     .0
 4 CPI Indexing of Covered Earnings                 4.1    1.5     .3     .7
 5 Indexing Benefits by CPI Minus 1%                4.1    1.4     .1     .5
 6 Stabilize Real Per Capita Benefits               4.0    1.3     .1     .5
 7 Freeze Bend Points in Real Terms                 4.4    1.6     .3     .8
 8 Eliminate Earnings Ceiling                       4.5    1.7     .2     .7
 9 Eliminate Earnings Ceiling w/o Benefit Change    4.5    1.7    -.1     .5
10 Increase Computation Years from 35 to 40         4.1    1.6     .4     .8
  
                                                      Birth Cohort 1970-74

 0 Current Rules                                    3.9    2.2     .2     .8
 1 38% Tax Hike Beginning in Year 2000              3.0    1.3    -.7    -.1
 2 25% Benefit Cut Beginning in Year 2000           3.0    1.3    -.7    -.1
 3 Acclerated Increase in NRA                       3.2    1.5    -.4     .2
 4 CPI Indexing of Covered Earnings                 3.4    1.9     .0     .6
 5 Indexing Benefits by CPI Minus 1%                3.6    1.8    -.2     .4
 6 Stabilize Real Per Capita Benefits               2.3     .6   -1.3    -.7
 7 Freeze Bend Points in Real Terms                 3.7    1.8    -.2     .4
 8 Eliminate Earnings Ceiling                       4.0    2.2    -.4     .3
 9 Eliminate Earnings Ceiling w/o Benefit Change    3.9    2.2   -1.3    -.2
10 Increase Computation Years from 35 to 40         3.6    2.1     .2     .7
  
                                                      Birth Cohort 1995-00

 0 Current Rules                                    5.1    2.5     .6    1.3
 1 38% Tax Hike Beginning in Year 2000              4.1    1.5    -.5     .3
 2 25% Benefit Cut Beginning in Year 2000           4.2    1.6    -.4     .4
 3 Acclerated Increase in NRA                       4.8    2.0     .0     .8
 4 CPI Indexing of Covered Earnings                 4.7    2.3     .4    1.1
 5 Indexing Benefits by CPI Minus 1%                4.8    2.2     .2    1.0
 6 Stabilize Real Per Capita Benefits                .6   -2.1   -4.0   -3.2
 7 Freeze Bend Points in Real Terms                 4.7    1.9    -.2     .6
 8 Eliminate Earnings Ceiling                       5.1    2.5    -.1     .7
 9 Eliminate Earnings Ceiling w/o Benefit Change    5.1    2.5   -1.2     .1
10 Increase Computation Years from 35 to 40         4.8    2.4     .5    1.3
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Source: Author's calculations.