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Social Security. MGMT 4030 - Managing Employee Reward Systems. Social Security: Overview. Legally Required Benefit Provides a Basic Level of Security for Employees Other Employer Provided Benefits Give Additional Coverage

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social security

Social Security

MGMT 4030 - Managing Employee Reward Systems

social security overview
Social Security: Overview
  • Legally Required Benefit
  • Provides a Basic Level of Security for Employees
  • Other Employer Provided Benefits Give Additional Coverage
  • Basic Economic Security for Retirement, Disability, Survivors and Health Care for the Aged
funding social security
Funding Social Security
  • Equal Contributions made by Employer and Employee
  • OASDI tax = 6.2% up to $68,400 Annual Earnings (1998)
  • Medicare Tax = 1.45%; No cap on Earnings
social security retirement benefits
Social Security: Retirement Benefits
  • Full Benefits at age 65; raised to age 67 by 2027
  • Reduced Benefits (80%) at age 62
  • Benefits equal aprox. 30% earnings prior to Retirement
  • Average Benefit Amount: $858/month.
  • With Spouse, benefits increased by 50%
  • Eligibility: 40 1/4 year periods with Min. Earnings $590/Qtr.
social security medicare
Social Security: Medicare
  • Health Insurance for Age 65 and Older
  • Part A = Hospital Expenses: $600-700 deductible/yr.
  • Part B = Medical Expenses: aprox. $40/month fee
  • Some Limits on Lengthy Hospital Visits, Nursing Homes
social security disability income
Social Security: Disability Income
  • No Age Limit
  • Total Disability for 5 Months or More
  • Aprox. 30% of Replacement Income Provided
  • Integrate with Sick Leave, WC benefits, LTD Insurance
social security survivor benefits
Social Security: Survivor Benefits
  • Income for Survivors of Deceased Worker
  • Widow(er) age 60+; Child < 18 yrs.
  • Benefits Related to Deceased Worker’s Retirement Benefits
problems with social security
Problems with Social Security
  • Funding May Be Exhausted by 2020 Due to Demographics
  • Government Uses Soc.Sec. Taxes to Pay Current Debts
  • Long Life Spans Means more Beneficiaries to Support
fixing social security alternatives
Fixing Social Security - Alternatives
  • #1.All Social Security Funds can be Managed by Individuals: Choice of Mutual funds, Bonds, or Treasury notes.
  • #2. 1/3 of Social Security money can be Invested as in #1, and 2/3 of money managed by Government as is the case now.
  • #3. The government puts all the Social Security money in a portfolio of stocks of blue chip US companies.