Description: There is growing evidence of a positive correlation between income levels and longevity. In short, high-income earners live longer. That also means that high-income earners get larger retirement-income security benefits from Social Security. This correlation raises a number of questions: if Social Security contributions are a level percentage of earnings, and high-income earners live longer and receive larger Social Security benefits, then is Social Security regressive? If higher-income actually causes enhanced longevity, then would providing more Social Security benefits enhance population life expectancy? This paper analyzes both the OASDI system of the United States and the Canada/Quebec Pension Plans in Canada to see if these systems are 'a good deal' and whether they are regressive or progressive as defined above. From Actuarial Research Clearing House 1998 Vol. 1.

Description: This paper focuses on the Social Security Act. The paper first presents a brief history of the old-age and survivors insurance system and the public assistance program. The provisions of the amended act are compared to the previous version. Actuarial cost estimates underlying the insurance program are given with implications of the financing basis of the program.

Description: This paper presents the amendments enacted by Congress in 1958 to the Social Security Act. From Transactions of Society of Actuaries 1959, Vol. 11, No. 29 AB.

Description: This is a discussion of the 1950 amendments to the Social Security Act. From Transactions of Society of Actuaries 1951, Vol. 3, No. 7.

Description: This paper summarizes the legislative history of the several amendments during 1962-65, with emphasis on the significant 1965 ones affecting both OASDI and Public Assistance. Also covered are the recommendations in the fields of OASDI and Hospital Insurance that were made by the Advisory Council on Social Security in 1963-64.

Description: In Canada, there are three main sources of government-provided retirement income: 1. The Canada/Quebec Pension Plan [C/QPP], which have benefits and contributions based on earnings up to the Yearly Maximum Pensionable Earnings, 2. Old Age Security [OAS], which is a fixed amount for most but does include a 'clawback' of benefits for high-income individuals, and 3. The Guaranteed Income Supplement [GIS], which is designed to supplement those with extremely low income. The annual GIS benefit is reduced, or clawed back, by 50 cents for every dollar of annual income the person has in retirement, including C/QPP and income from Registered Retirement Savings Plans [RRSP] and other savings. OAS benefits are not included in determining the GIS clawback. The result of this is that low-income individuals who attempt to enhance their retirement replacement ratio actually see a decrease in government-provided support the more they save for retirement. In fact, savings in an RRSP can effectively be taxed at more than 100% through corresponding reductions in the GIS, social housing, home care, GAINS [Ontario's Guaranteed Annual Income Supplement], and other benefits which are based on one's personal retirement income. This paper explores a basic GIS exemption, a GIS clawback rate of lower than 50%, and various combinations of the two as alternative policies for the GIS. The goal is to improve the fairness of the GIS and reduce the disincentive to save for retirement, without increasing the overall cost of the program significantly.

Description: This paper examines the significant 1956 amendments to the Social Security Act and the estimated actuarial cost, and also discusses the historical financial experience and legislative revisions under Social Security and Public Assistance. A discussion of the paper is included.

Description: This paper offers a mathematical discussion of integrating private pension plans with social security and looks at IRS rules, earnings replacement by social security, integrating defined benefit and defined contribution plans, early retirement, target plans, discrimination test and other issues. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: The author's purpose is to attain a greater insight into the nature and significance of the social security financing method and to examine the image in the public mind of the social security financing method and its significance. From Transactions of Society of Actuaries 1959, Vol. 11, No. 31.

Description: The paper reviews in detail the measures of actuarial status used for the social security program since the program was developed in the middle 1930s. The paper concludes with suggestions by the author concerning appropriate measures of actuarial status for social security in the future. From Transactions of Society of Actuaries 1981, Vol. 33.