THE EMPLOYEES’ SOCIAL SECURITY ACT 1969 (“SOCSO”) WHAT IS SOCSO? It is an organization set up to administer‚ enforce and implement the Employees’ Social Security Act‚ 1969 and the Employees’ Social Security (General) Regulations 1971. WHAT IS IT IMPORTANT? It provides social security protection by social insurance including: • • • • medical and cash benefits‚ provision of artificial aids‚ rehabilitation to employees to reduce the sufferings‚ provide financial guarantees and protection
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last forty years; ERISA‚ COBRA and HIPAA. Each one of these laws was created to foster development and improvement in the welfare of the wage earners‚ job seekers‚ and retirees of the United States. The mainstays of these three pieces of legislation are to improve working conditions; to add advanced opportunities for profitable employment‚ protect employees‚ and to assure work related benefits and rights. What is ERISA? ERISA stands for Employee Retirement Income Security Act. ERISA regulates the establishment
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Some of the advantages of retirement are: More time to enjoy family and hobbies Those who retire early will get an early start on all of those fun things that others will have to wait a few more years to enjoy‚ such as indulging in a favorite hobby‚ traveling‚ doing volunteer work and spending time with family and friends. The freedom to start a new career Not everyone wants to stop working when they retire some might choose to keeping working. Using there past experience some may start their
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Filing an ERISA Disability Claim If you have a long-term disability and your employer is a part of the Employee Retirement Income Security Act‚ you may qualify for benefits. However‚ it is common for people to make mistakes on their application. The following are four of the most common mistakes. If you can avoid these‚ your chances of getting benefits will increase. Listening to advice from friends or relatives It may be that you have one or more people you know that have filed for ERISA benefits
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Social Security is Not a Retirement Plan Kellyne Bode COM/156 August 1st‚ 2010 Tara Rodriguez Axia College of University of Phoenix Social Security is Not a Retirement Plan If you plan on retiring when you are 65‚ make sure you are ready. Planning for retirement is very important and the earlier you start‚ the more stable you will be when the time comes. You may believe Social Security will be enough to cover your needs when you retire but given the certain circumstances regarding Social
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FIXED INCOME SECURITIES Fixed Income can be a very important investment class by which one can diversify his/her portfolio to reduce risk. Putting all your money into equities (read more about equity investment) can give you more returns but it does carry high risk as well. Diversification is a basic concept of financial planning and fixed income products come in handy to help us achieve this objective. Let us see what are the different types of fixed income securities and how they help savvy
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September 24‚ 2014 Retirement Planning Notes Chapter 4: Qualified Pension Plans Terms to understand: Plan sponsor- the company who decides what type of plan they want to have and the rules they want to have Plan document- outlines the rules of the plan‚ if a rule isn’t in the plan document‚ they cannot do it! Custodian- where the assets are actually held in the plan Benefit of the plan- the goal of the plan Actuary- someone who’s profession it is to work with these plans and determine
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Karen Lawler The Social Security Retirement Issue Millions of Americans are concerned about whether or not their years of hard work and contributions into the Social Security fund will be in vain. Social Security was initially established in 1935 as a social insurance effort by the United States Government. (Social Security‚”2010) This effort is funded by contributions from payroll taxes matched by employers known as the Federal Insurance Contributions Act (FICA). Contributions by
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Chapter 1 Questions: 3‚ 4‚ 12‚ 14‚ 15a‚ 15b‚ 16‚ 17‚ 21‚ 23‚ 24‚ 25 3. Who are the major types of issuers of bonds in the United States? The major types of issuers of bonds in the United States are the United States Government and its agencies‚ municipal governments and corporations or Special Purpose Vehicles (SPV). 4. What is the cash flow of a 10-year bond that pays coupon interest semiannually‚ has a coupon rate of 7%‚ and has a par value of $ 100‚000? The periodic cash flow is $3‚500 as
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Fixed Income Securities Chapter 2 Basics of Fixed Income Securities Problem Set (light version of the exercises in the text) Q3. You are given the following data on different rates with the same maturity (1.5 years)‚ but quoted on a different basis and different compounding frequencies: • Continuously compounded rate: 2.00% annualized rate • Continuously compounded return on maturity: 3.00% • Annually compounded rate: 2.10% annualized rate • Semi-annually compounded rate: 2.01% annualized
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