Published
Edited
Jan 18, 2020
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calculatedColaPercent = getAggregateColaFactor(yearOf62yo, retireDatePicked)
perYearEarnings
parsedXmlFileText
function getSubstantialEarningsYears(earnings, substantialEarnings) {
// NOTE: Assumption - years of substantial earnings includes years where the earnings amount is equal to the substantial earnings value?
let years = 0;
let substantialEarningsMap = {};
if (Array.isArray(substantialEarnings)) {
substantialEarnings.forEach((earning) => {
substantialEarningsMap[earning.year]= earning.SubstantialEarnings;
});
}
let earningsYears = Object.keys(earnings);
if (Array.isArray(earningsYears)) {
earningsYears.forEach((earningsYear) => {
if (earnings[earningsYear] >= substantialEarningsMap[earningsYear]) {
years++;
}
});
}
if (years === 0) {
//MAYBE: default to 20 if no data
return 20
}
return years;
}
function getAIME(mpb, dob, retireDate) {
//INCORPORATE ME:
const yearOf62yo = dayjs(dob).add(62, 'years').year()
const pia = mpb / getBenefitReduction(dob, retireDate);
const bendP = [findBendPoints(dob).FirstDollarAmtPIA, findBendPoints(dob).SecondDollarAmtPIA];
let aime;
if (pia > bendP[0] * 0.9 + (bendP[1] - bendP[0]) * 0.32) {
aime =
bendP[1] +
(pia - (bendP[0] * 0.9 + bendP[1] * 0.32)) / 0.15;
} else if (pia > bendP[0] * 0.9) {
aime = bendP[0] + (pia - bendP[0] * 0.9) / 0.32;
} else {
aime = pia / 0.9;
}
return aime;
}
function getAggregateColaFactor(eligibilityYear, retireYearDate) {
//eligibilityYear is already a numberical year, not a date
const retireYear = dayjs(retireYearDate).year() //remember the year() here
//You're retiring before you're eligible for COLA
if (retireYear < eligibilityYear + 1 ) {
return 1;
}
// Always use eligibilityYear plus 1, when COLA begins to be applied.
const colaFactors = getColaFactors(eligibilityYear + 1, retireYear);
const reducer = (accumulator, current) => accumulator * (100 + current) * 0.01;
const aggColaIncRate = colaFactors.reduce(reducer, 100) * 0.01;
return aggColaIncRate;
}
function getColaFactors(yearStart, yearEnd) {
const colaTableFilter = ColaTable.filter(d => d.year >= yearStart && d.year <= yearEnd).map(d => d.Cola)
return colaTableFilter;
}
function getBenefitReduction(dob, retireDate) {
const birthYearDate = dayjs(dob);
const retireYearDate = dayjs(retireDate);
//Difference .diff(compared: Dayjs, unit: string (default: 'milliseconds'), float?: boolean)
const floatYearsAfter62yo = retireYearDate.diff(birthYearDate,'years',true)-62
const intYearsAfter62yo = retireYearDate.diff(birthYearDate,'years',false)-62
let reduction;
const rowOfReduction = benefitReductionTable.find(d => d.year === birthYearDate.year());
if (rowOfReduction) {
//calculate: that retirement year's credit per year / fraction of the extra year.
// Remember PctCreditForEachDelayYear is in whole numbers like 9.333%, not 0.09333
//TODO: extra days of the month should never affect floatYearsAfter62yo when retirement date set directly.
let extraMonthsCredit = 0
if ((floatYearsAfter62yo - intYearsAfter62yo) !== 0) {
const fractionOfYearMonths = (floatYearsAfter62yo - intYearsAfter62yo);
extraMonthsCredit = (rowOfReduction.PctCreditForEachDelayYear*0.01) * fractionOfYearMonths;
//console.log("on ",rowOfReduction.yearsFrom62[intYearsAfter62yo]," give them ",extraMonthsCredit," because ", fractionOfYearMonths," and ", rowOfReduction.PctCreditForEachDelayYear*0.01)
}
//sum basic calculation and extra month's credit
return rowOfReduction.yearsFrom62[intYearsAfter62yo] + extraMonthsCredit;
} else {
throw new Error("No reduction found – try experimental table");
}
}
function findBendPoints(dob) {
const yearOf62yo = dayjs(dob).add(62, 'years').year()
return bendPoints.find(d => d.year === yearOf62yo);
}
function getPIA(aime, dob, yearsSubstantialEarnings=null, isWEP=true) {
if (findBendPoints(dob) === undefined) {
throw new Error("Too young – bend points not yet set?")
}
//unpack the two bend points from the object into an array
const bendP = [findBendPoints(dob).FirstDollarAmtPIA, findBendPoints(dob).SecondDollarAmtPIA];
//between 40% and 90% factor is calculated
const firstFactor = firstPiaFactor(yearsSubstantialEarnings, isWEP);
let pia;
if (aime > bendP[1]) {
pia =
firstFactor * bendP[0] +
0.32 * (bendP[1] - bendP[0]) +
0.15 * (aime - bendP[1]);
} else if (aime > bendP[0]) {
pia = firstFactor * bendP[0] + 0.32 * (aime - bendP[0]);
} else {
pia = firstFactor * aime;
}
return pia;
}
function getWepMPB (aime, dob, retireDate, yearsSubstantialEarnings, pensionNonCoveredMonthly) {
const standardPIA = getPIA(aime, dob, null, false);
const wepPIA = getPIA(aime, dob, yearsSubstantialEarnings, true);
const wepDiff = standardPIA - wepPIA;
const wepReduction = getGuaranteeLimit(wepDiff, pensionNonCoveredMonthly);
const finalPIA = standardPIA - wepReduction;
const retireYear = dayjs(retireDate).year();
const mpb = finalPIA * getAggregateColaFactor(yearOf62yo, retireYear) * getBenefitReduction(dob, retireDate);
return mpb;
}
//between 40% and 90% factor is calculated inside wepCoeff
function firstPiaFactor(yse, isWEP) {
if (!isWEP) {
return 0.9
} else if (yse === null) {
throw new Error("Tally of years of substantial earnings are needed for WEP PIA factor")
}
//## SU: this "hardcoded" approach is obviously not ideal
let wep_coeff = .4
if (yse <= 20) { wep_coeff = .4 }
if (yse == 21) { wep_coeff = .45}
if (yse == 22) { wep_coeff = .5}
if (yse == 23) { wep_coeff = .55}
if (yse == 24) { wep_coeff = .6 }
if (yse == 25) { wep_coeff = .65 }
if (yse == 26) { wep_coeff = .7}
if (yse == 27) { wep_coeff = .75}
if (yse == 28) { wep_coeff = .8}
if (yse == 29) { wep_coeff = .85}
if (yse >= 30) { wep_coeff = .9}
return wep_coeff
}
function getGuaranteeLimit(wepDiff, pension) {
const guaranteeLimit = pension / 2;
return Math.min(wepDiff, guaranteeLimit);
}
/* Download from left cell menu and paste this into cachedSocialSecTables if an updated cache is needed */
// uncheck use table cache first. then run this cell:
// recacheSocialSecTables= ({ColaTable, benefitReductionTable, substantialEarningsMarks, bendPoints, maximumEarningsCreditable, averageWageIndexTable, actuarialValueLumpSumTable,fullRetirementAgeTable})
standardPIA = getPIA(AIMEPicked, birthDatePicked, null, false).toFixed(2)
wepPIA = getPIA(AIMEPicked, birthDatePicked, yearsSubstantialEarningsPicked, true).toFixed(2)
wepDifference = (getPIA(AIMEPicked, birthDatePicked, null, false)-getPIA(AIMEPicked, birthDatePicked, yearsSubstantialEarningsPicked, true)).toFixed(2)
wepMPB = getWepMPB(AIMEPicked, birthDatePicked, retireDatePicked, yearsSubstantialEarningsPicked, pensionNonCoveredMonthly).toFixed(2)
eligibilityText = {
const v = ageToRetirePicked;
const indexedAge = benefitReductionTable.find(d => d.year === dayjs(birthDatePicked).year()).NormalRetirementAge
const phrases = [
' is younger than full retirement age: penalty applies',
' is at least full retirement age, potential bonus',
];
return v + phrases[v < benefitReductionTable.find(d => d.year === dayjs(birthDatePicked).year()).NormalRetirementAge ? 0 : 1] + " (" + indexedAge.toFixed(2) + " years old)"
}
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