Social Security and Business Pension Plans
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The paper discusses the concerns that have been raised over the viability of the social security system into the future. The paper explores the degree of integration of social security with company pension plans and argues that with the difficulties facing the system and the poor showing of private companies today, it becomes more important to study how the system is and how it should be integrated with the pension plans of private companies.
From the Paper:"The 1935 Social Security Act was intended to create a system under which workers would receive at least as much in benefits as they had contributed, a goal that was considered crucial to public acceptance of a compulsory program. In a social insurance plan, however, where universal and compulsory protection is the goal, individual equity may be deemphasized in favor of social adequacy, meaning a standard of living below which it is felt no one should fall. The 1939 amendments to the Social Security Act tried to resolve certain issues because the needs of millions of the elderly were not being met by the old age assistance programs in individual states. At that time, the 1935 principle of a fair rate of return was weakened, and benefits were based on average earnings during a shorter period of coverage than the original base of lifetime contributions ("History," 2003)."
Cite this Persuasive Essay:
Social Security and Business Pension Plans (2003, November 16) Retrieved April 20, 2021, from https://www.academon.com/persuasive-essay/social-security-and-business-pension-plans-37676/
"Social Security and Business Pension Plans" 16 November 2003. Web. 20 April. 2021. <https://www.academon.com/persuasive-essay/social-security-and-business-pension-plans-37676/>