SSASIM output files .C?F/.C?M

 --- .C?F/.C?M files contain social security money's worth statistics
               for exemplary cohort individuals specified in the SSASIM
               INDS and IND tables using the ECI Toolkit.
               NOTE: these output files are not available in the OLC
               mode of model operation.
 
 Lifetime PV measures for OASI program [.=r] and DI program [.=d]:
 (monetary measures expressed in thousands of dollars)[PV=present-value]
 (present values discounted to year in which cohort is 65 years old)
 (present values expressed in COHORT.cpi_year dollars)
 (present values calculated using Treasury bond yields as discount rates)
   pvearn = PV of all earnings [PVE]
   pvtax. = PV of payroll taxes and account contributions [PVT]
   pvben. = PV of DB benefits & DC withdrawals & annuity payments [PVB]
   > Note: two items NOT included in PVB are as follows:
             (a) DC acct withdrawal used to buy an annuity
             (b) DC acct balance at death
   > Note: withdrawals & annuity payments are net of clawbacks & offsets
   ratio. = payback ratio [PVB/PVT] in percentage terms
   net$.  = dollar net program PV [PVB-PVT]
   net%.  = relative net program PV [(PVB-PVT)/PVE] in percentage terms
   nirr%. = percentage discount rate that makes PVT equal PVB
   rirr%. = percentage discount when PVT and PVB terms are in real $
 
 Note that these IRR statistics are calculated for each scenario
 and then the scenario values of IRR are averaged to get a mean
 just like all other statistics.  This differs from the IRR 
 statistic computed by others (e.g., Steuerle & Bakija, Retooling
 Social Security for the 21st Century, Urban Institute, 1994) who
 calculate one IRR for a single cashflow stream that has been
 averaged over all the lifetime contingencies.  The two statistics
 are not mathematically equivalent if the cashflow arrays contain
 more than two time periods because of the nonlinearity introduced
 by raising one plus the IRR to a power.  Examples suggest that
 the IRR of the all-scenario average cashflows is somewhat higher
 than the average of the scenario IRR values, creating an upward
 bias in the estimate produced by the actuarial method.
 On the other hand, the all-scenario mean of the other lifetime
 present-value statistics computed here using the Monte Carlo
 method are mathematically equivalent to those computed by others
 (e.g., Steuerle & Bakija and Advisory Council Report) using 
 actuarial methods because the present-value function is linear
 in the cashflows that are averaged in the actuarial method.
 Unlike the Monte Carlo method, the actuarial method of computing
 the mean present value provides no information about the 
 variability of the statistic across the different life histories
 represented in the Monte Carlo scenarios.
 
 Lifetime present-value measures for OASI (DB+DC) program:
 (monetary measures expressed in thousands of dollars)[PV=present-value]
 (present values discounted to year in which cohort is 65 years old)
 (present values expressed in COHORT.cpi_year dollars)
 (present values calculated using Treasury bond yields as discount rates)
   scenar  //( 1)
 "pvearn", //( 2)
 "pvtaxr", //( 3)
 "pvbenr", //( 4)
 "ratior", //( 5)
 " net$r", //( 6)
 " net%r", //( 7)
 "nirr%r", //( 8)
 "rirr%r", //( 9)
 
 Annual average post-retirement OASI benefit statistics:
 (monetary measures expressed in thousands of dollars)
 (monetary measures expressed in COHORT.cpi_year dollars)
 "avbenr", //(10)
 avbenr = average (over all retirement years) of
          real (expressed in COHORT.cpi_year dollars) OASI
          benefits from _both_ the DB tier and the DC tier
 "avb1nr", //(11)
 avb1nr = average (over all retirement years) of
          real (expressed in COHORT.cpi_year dollars) OASI
          benefits from _only_ the first DB tier
 "avb2nr", //(12)
 avb2nr = average (over all retirement years) of
          real (expressed in COHORT.cpi_year dollars) OASI
          benefits from _only_ the second DC tier
 " replr", //(13)
 replr  = percentage replacement rate defined in one of two ways
          as specified by IND.oact_replr input parameter:
          (a) [oact_replr=F] avbenr divided by last-working-year's
              total earnings expressed in COHORT.cpi_year dollars;
          (b) [oact_replr=T] first-retirement-year's nominal benefit
              (from both tiers) divided by last-working-year's
              nominal total earnings
 "lobnar", //(14)
 lobnar = low benefit avoidance rate expressed as percent of
          retirement years that real OASI benefits (from both tiers)
          plus earnings are above the low-benefit threshold
          (see COHORT table); income and threshold are for individual
          only when unmarried and are for couple when married;
          lobnar has -1 value when there are no retirement years

 Annual average pre-retirement OASI benefit statistics for widow(er):
 [this benefit includes all benefits received by widow(er)'s kids]
 (monetary measures expressed in thousands of dollars)
 (monetary measures expressed in COHORT.cpi_year dollars)
 "avbenp", //(15)
 avbenp = average (over all pre-retirement years in which any benefit
          received) of real (expressed in COHORT.cpi_year dollars)
          OASI benefits from _both_ the DB tier and the DC tier
 "avb1np", //(16)
 avb1np = average (over all pre-retirement years in which DB benefit
          received) of real (expressed in COHORT.cpi_year dollars)
          OASI benefits from _only_ the first DB tier
 "avb2np", //(17)
 avb2np = average (over all pre-retirement years in which DC benefit
          received) of real (expressed in COHORT.cpi_year dollars)
          OASI benefits from _only_ the second DC tier
 " replp", //(18)
 replp  = percentage replacement rate defined as avbenp divided by
          deceased spouse's total earnings in year before death
          expressed in COHORT.cpi_year dollars;
 "xxxxxx", //(19) OBSOLETE: always equals -inf //
 
 Annual average DI benefit statistics:
 (monetary measures expressed in thousands of dollars)
 (monetary measures expressed in COHORT.cpi_year dollars)
 "avbend", //(20)
 avbend = average (over all DI years in which any benefit received)
          of real (expressed in COHORT.cpi_year dollars) DI
          benefits from _both_ the DB tier and the DC tier
 "avb1nd", //(21)
 avb1nd = average (over all DI years in which DB benefit received)
          of real (expressed in COHORT.cpi_year dollars) DI
          benefits from _only_ the first DB tier
 "avb2nd", //(22)
 avb2nd = average (over all DI years in which DC benefit received)
          of real (expressed in COHORT.cpi_year dollars) DI
          benefits from _only_ the second DC tier
 "avb3nd", //(23)
 avb3nd = average (over all DI years in which DC benefit received)
          of real (expressed in COHORT.cpi_year dollars) DI
          benefits from _only_ the first DB tier
 
 Lifetime present-value measures for DI (DB-tier only) program:
 (monetary measures expressed in thousands of dollars)
 (present values discounted to year in which cohort is 65 years old)
 (present values expressed in COHORT.cpi_year dollars)
 (present values calculated using Treasury bond yields as discount rates)
 "pvtaxd", //(24)
 "pvbend", //(25)
 "ratiod", //(26)
 " net$d", //(27)
 " net%d", //(28)
 "nirr%d", //(29)
 "rirr%d", //(30)
 
 Age at death (dies just before next birthday at end of year)
 "dieage", //(31)
 
 Account annuity price (current dollars)
 "aprice", //(32)
 
 Lifetime rate of return on account assets
 (weighted by account balance; no recognition of acct admin costs)
 " aror%", //(33)
 Individual-market lifetime equity rate of return difference (in %)
 " imed%", //(34)
 
 Age of disability onset and recovery (assuming no prior death)
 (both disability events happen just after birthday at start of year)
 (value of 999 indicates disability event did not happen)
 (other than 999 values are shown even if death_age censors events)
 (no disability recovery after retirement causes "recovery" at NRA)
 "do_age", //(35)
 "dr_age", //(36)
 
 Real IRR for combined OASDI program:
 "rirr%c", //(37)
 
 Lifetime present-value measures for DC accounts:
 (monetary measures expressed in thousands of dollars)[PV=present-value]
 (present values discounted to year in which cohort is 65 years old)
 (present values expressed in COHORT.cpi_year dollars)
 (present values calculated using Treasury bond yields as discount rates)
 PV of account (non-annuity-purchase) withdrawals plus annuity payments
 "pvbena", //(38)
 PV of account clawback/offset amounts
 "pvbeno", //(39)
 
 Ending OASDI DC actual and offset account balances:
 (ending balance defined as balance at ending age)
 (ending age defined as earlier of death age+1 and first-acct-withdrwl age)
 (monetary measures expressed in thousands of dollars)
 (ending balances expressed in COHORT.cpi_year dollars)
 Ending balance age
 "eb_age", //(40)
 Ending actual account balance
 "eb_act", //(41)
 Ending offset account balance
 "eb_ofs"  //(42)