Abstract | Analytical, closed-form solutions are derived for the computation of equivalent constant rates of limit-state exceedance for structures under seismic loads whose capacity is degrading with time. Seismic guidelines currently designate constant, time-independent probabilities or mean annual frequencies of exceedance that are assumed to remain invariable for the entire design life. These are at odds with the time-dependent, ever-increasing exceedance rates of ageing structures. Based on the concept of social equity and discounting of societal investments, the equivalent constant rate provides a basis for judging the safety of structures with time-dependent capacity by allowing comparisons with the code-mandated rates of limit-state exceedance. Starting from the simple SAC/FEMA solution and assuming a power-law degradation of capacity with time and a linear change in the combined epistemic and aleatory variability of capacity, we provide general solutions for the equivalent constant rate and for the limiting case of the average rate over the design life of the structure. The solutions are formulated both in the demand-based and in the intensity-based format, the latter being suitable for all limit-states, even close to global collapse. By using a 7-story reinforced concrete building as an example, we demonstrate the accuracy and the practicality of these approximations for the assessment of an existing structure.