Appendix Table  16:
The Impact of Potential OASI Reforms on Internal Rates of Return
                     Non-White, Non-College-Educated Women (r=5%)

Quintile of Lifetime Earnings:                   Lowest  Middle Highest  All 

                                                      Birth Cohort 1945-49

 0 Current Rules                                    5.9    2.5    1.7    2.6
 1 38% Tax Hike Beginning in Year 2000              5.9    2.3    1.4    2.4
 2 25% Benefit Cut Beginning in Year 2000           5.2    1.7     .8    1.8
 3 Acclerated Increase in NRA                       5.5    2.0     .9    2.0
 4 CPI Indexing of Covered Earnings                 5.7    2.3    1.5    2.4
 5 Indexing Benefits by CPI Minus 1%                5.6    2.1    1.3    2.3
 6 Stabilize Real Per Capita Benefits               5.6    2.2    1.3    2.2
 7 Freeze Bend Points in Real Terms                 5.8    2.4    1.6    2.5
 8 Eliminate Earnings Ceiling                       5.9    2.5    1.4    2.6
 9 Eliminate Earnings Ceiling w/o Benefit Change    5.9    2.5    1.0    2.5
10 Increase Computation Years from 35 to 40         5.8    2.4    1.6    2.5
  
                                                      Birth Cohort 1970-74

 0 Current Rules                                    6.8    2.8    1.1    2.5
 1 38% Tax Hike Beginning in Year 2000              6.2    2.1     .3    1.8
 2 25% Benefit Cut Beginning in Year 2000           5.9    2.0     .2    1.7
 3 Acclerated Increase in NRA                       6.5    2.4     .5    2.1
 4 CPI Indexing of Covered Earnings                 6.5    2.6     .9    2.3
 5 Indexing Benefits by CPI Minus 1%                6.4    2.4     .6    2.1
 6 Stabilize Real Per Capita Benefits               5.5    1.6    -.3    1.2
 7 Freeze Bend Points in Real Terms                 6.6    2.5     .7    2.2
 8 Eliminate Earnings Ceiling                       6.8    2.9     .5    2.3
 9 Eliminate Earnings Ceiling w/o Benefit Change    6.8    2.8    -.5    2.0
10 Increase Computation Years from 35 to 40         6.6    2.7    1.0    2.4
  
                                                      Birth Cohort 1995-00

 0 Current Rules                                    5.7    2.7     .4    2.2
 1 38% Tax Hike Beginning in Year 2000              4.8    1.8    -.6    1.2
 2 25% Benefit Cut Beginning in Year 2000           4.9    1.9    -.5    1.3
 3 Acclerated Increase in NRA                       5.4    2.3    -.1    1.7
 4 CPI Indexing of Covered Earnings                 5.4    2.5     .2    1.9
 5 Indexing Benefits by CPI Minus 1%                5.4    2.4     .0    1.8
 6 Stabilize Real Per Capita Benefits               2.3   -1.3   -3.9   -1.9
 7 Freeze Bend Points in Real Terms                 5.3    2.1    -.3    1.5
 8 Eliminate Earnings Ceiling                       5.7    2.8     .0    1.8
 9 Eliminate Earnings Ceiling w/o Benefit Change    5.7    2.7    -.9    1.6
10 Increase Computation Years from 35 to 40         5.6    2.6     .4    2.1
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Source: Author's calculations.