First law: 1967.
Current law: 1990.
Type of program: Social insurance system.
Exchange rate: Currency is the U.S. dollar.
Gainfully occupied persons, including self-employed.
Exclusions: Casual labor under certain circumstances.
Insured person: 5% of earnings. Self-employed, 10% of 3/4 of gross revenue.
Employer: 5% of payroll. Small business, 10% of twice the salary of the highest paid employee.
Government: None, except for contribution as employer.
Maximum earnings for contribution and benefit purposes: $5,000 a quarter.
Old-age pension: Age 55 with 80 quarters of coverage, or age 60 and 1 quarter of coverage for each year after June 1968, up to age 60.
Disability pension: Incapacity for substantial gainful activity due to impairment likely to last 1 year or result in death. 1 quarter of coverage for each year after June 1968 (or since age 21, if later), with at least 12 quarters of coverage; also, 6 quarters of coverage during last 40 quarters.
Survivor pension: Deceased had 1 quarter of coverage for each year after June 1968 (or since age 21, if later) or at least 6 quarters of coverage in 40 quarters preceding death.
Pension reduced $1 for each $3 of earnings above $1,500 a quarter for those who are less than 62 years old. Payable abroad to citizens if reciprocity exists.
Old-age pension: 2% of indexed covered earnings, plus 14.5 of the first $11,000 of cumulative covered earnings, plus 0.7% of cumulative covered earnings in excess of $11,000 but not in excess of $44,000. Minimum: $128.99 a month.
Dependents' allowance: None.
Disability pension: Same as old-age pension.
Minimum: $128.99 a month.
Dependents' allowance: None.
Survivor pension: 100% of deceased's pension, payable to widow or widower at any age.
Orphans: 25% of deceased's pension for each orphan under age 18 (22 if student; no age limit if invalid before age 22).
Minimum survivor pension: $128.99 a month; maximum, 100% of insured's pension.
Lump sum benefits: If insured did not meet required quarters of coverage, lump sum benefit payable equal to 4% of cumulative covered earnings.
U.S. Social Security Administration, administration of program.