SERS Argumentative Essay

Traditional pension plans were once the gold standard of employer-sponsored retirement plans before IRAs and 401(k)s became more prevalent. If you have such a plan at work, your life expectancy and benefits were calculated to set your payroll and employer contributions. Once fully vested, the pensions are guaranteed to employees or their heirs. There are also special annuity plans called 412(i) or 412(e)3 plans that are funded through insurance. Features of these retirement plans include:

This act also gave people the opportunity to set themselves up for their retirement. This was mainly because the act made it so people could set up a retirement plan for when they couldn’t work

Social Security came about when Roosevelt wanted workers and consumers to have more independence to back their own interests on the market in order to support his New Deal’s countervailing powers. While the initial plan was to use the respective American’s contribution and a portion of the general revenues of the U.S Treasury, Roosevelt opted for a more “self-financing plan under which old-age pensions worked on the model of insurance premiums” (Rauchway 98). When the worker would retire from old age, they would be able to draw their pensions without any governmental intervention. This would provide minimal amount of protection to average Americans, but unfortunately it could not be applied to all workers due to its restrained financial limits and late addition compared to other

As seen in ‘’Historian Interpretation’’ Carl Degler states he saw Social Security ‘’As a piece of this change, singling the America view the government is responsible for ensuring that older America’s would live decent lives. ’’(SQ3H) On August 14, 1935, FDR signed the Social Security Act which allowed elderly people to pension. Stated in “FDR” he says, ‘’This social security measure gives some protection to 30 million of our citizens who will receive direct benefits through unemployment compensation, through old-age pensions, and through increased services for the protection of children and the prevention of ill health. ’’(SQ3E)

Many young women were attracted to elderly veterans whose pensions they would receive once the veteran became deceased. The pension plan and the Social Security Act have similarities in regards to ushering out benefits to people that are in need. On the contrary the Social Security Act of 1935 created benefits for retired workers. Workers are eligible for Social Security once they reach the age of 65. At the time

Employers assume responsibility for providing retirement funds in a defined benefits plan. In the plan, a specified amount is set aside for future payments to employees, for life, during retirement. The amount is determine in advance is based on factors such as age, salary, and length of employment. In 2009, the maximum amount to be allotted under the plan was $195,000.

California has 62 state and locally managed public retirement pension arrangements. According to Nava and Christensen (2015), the Public Employees’ Pension Reform Act that was implemented into law on January 1, 2013, covers the state’s two largest pension systems. They include the California Public Employees’ Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS). It also covers the 20 county systems that are under the 1937 Act County Employees Retirement Law (CERL). The Act changes the manner in which CalPERS, CalSTRS, and CERL retirement and health benefits are applied, and places compensation restrictions on members (Nava & Christensen, 2015). PEPRA’s purpose was to establish a cap on the amount of compensation that can be used to determine a retirement benefit for all new members of a public retirement system. The cap should be equal to the Social Security wage index limit, that is, $110,100 for workers involved in Social Security, or 120% of that limit, which is $132,120 if the employees do not participate in social security (Nava & Christensen, 2015). PEPRA’s provisions apply to new staff and new members of CalPERS, CalSTRS, and the 20 CERL plans. According to the Act, a new employee is a worker of a public business who was not employed by any other public employer before

These concerns were reinforced by the fact that many elderly Canadians were applying for public relief.” However, it was not until several provinces began complaining about the amounting cost of relief that lead to the federal old age pension scheme. “Guest (as sited in Chappell, 2006) the federal government made a commitment to assist the elderly and the old age pensions act was established in 1927.” All Canadians were entitled once they reach the age of seventy or older in contrast to today, one can retire at the age of 60-65. The Canadian government eventually shared the cost of relief with the provincial government. The old age pension act has been criticized because of the inadequate in benefit pay outs. According to Guest (as sited in Chappell, 2006) in 1951, the old age pension was replaced by two pension plans, Old Age Security and Old Age Assistance.” The Old Age Security provides universal benefits and was funded by the federal government while the Old Age Assistance was funded by the federal and provincial government and managed by the province. As Guest (1997) pointed out, The Canadian Pension plan and Quebec Pension Plan was introduced in 1965 which individuals could collect once they retired, however they had to have made contribution between the ages of eighteen to seventy years of their working life.

(“Social Security” program is based on contributions that workers make into the system. While you're employed, you pay into Social Security and you receive benefits later on, when it's your turn to retire. Contributions take the form of the Federal Insurance Contribution, which is institutional). On the other hand the Federal Emergency Management Agency's Public Assistance (PA) program provides supplemental federal assistance to local, county and tribal governments, to state government agencies, and to certain private nonprofit organizations, all of which must meet specific criteria and are both institutional and residual (Tussing, 1974). The mission of Social Security is to support our citizens and guarantee that as a nation we work together

over the age of sixty-five, and it also created unemployment insurance. In 1936, Aid to

Sexual thoughts pop in and out of most people’s mind, but especially teenagers, and there’s nothing they can do about it. It is normal for teenage boys and girls to experience this, more than ever when they are hitting puberty. The hormones in the body begin to act up and teenagers want to experience other things on their own. Males begin to grow pubic and facial hairs, and their voice starts to deepen, while girls’ breasts begin to develop and their body begins to take shape. After hitting puberty, teenagers are now at the point where they want to experience things. ‚Don’t go out there and get pregnant‛ a mother

Mandatory retirement has a long history in the Canadian labour market system. Retirement is a social institution which emerged in the industrialized revolution during the beginning of the 20th century (McDonald 2). The social policy was developed along with the introduction of private and public pension plans (McDaniel and Um 75). Until recently, mandatory retirement was allowed in all of Canada jurisdictions except for Manitoba and Quebec (Gomez and Gunderson 2). Mandatory retirement was most prominent for males and persons with higher education, better health, full-time work, lived in urban locations and has higher income (Gomez and Gunderson 4). Maximum age limits are used by employers to institute mandatory retirement policies and the maximum age limits are used by employers to govern mandatory retirement policies. These limits have been challenged under the Charter of Rights and Freedoms, which applies to all

It is often assumed that failure is a deterrent to achievement. Rather, failure should be seen as a motivator for a person to keep trying until the objective or aim of a particular mission is fulfilled.

(5) Currently SS funds are collected and distributed on a pay - as - you -go (PAYG) system in which Social Security taxes from individuals are immediately distributed by the means of the SS Administration as it sees best fit. This means that taxes collected are not reserved for the individual who has paid them: in Rose 2 the current state he or she must rely on those persons paying SS taxes during the time of their retirement (Becker). For a number of these characteristics and future issues, the Social Security System must be reformed or completely abolished to meet the needs of tomorrow. The leading concerns of Social Security that merits the immediate initiation of reform are the demographic and economic circumstances in the coming century. Even though "forecasting the economy and budget over such a long period is uncertain" there remain many "certainties" regarding problems facing Social Security in the first half of the 21st century (OMB, Budget Perspectives 23). The Federal Government's responsibilities extend well beyond "the five- or six-year window" that has restricted the focus of recent budget analysis and debate. Of these "certainties" are the mounting challenges posed from the baby-boomer generation. This generation, born in the years after World War II, is aging

Mandatory retirement is perhaps a necessary evil; as older employees are forced out of the work force, it creates space for new, younger employees. Mandatory retirement is a form of age discrimination, it forces a person to retire because they are a certain age; it does not take into account if that person wants to retire. It also does not take into account the financial standing of the individual, or if they are physically or mentally still capable of doing the job.