GTY 154 - Chapter 9V2

GTY 154 - Chapter 9V2 - GTY154 Finance&Economics...

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GTY 154 Finance & Economics
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Historical Developments of the US Pension System Change to industrial society Risks for workers, less traditional support First national pension (1889) Germany: Otto von Bismarck By early 1900s: Denmark, New Zealand,  Britain USA one of the last to adopt public pension  plan
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Historical Developments of the US Pension System Great Depression (1930s) Older people and those near retirement at risk No state had old age insurance program Many of all ages fell into poverty Results of Depression Social Security Act (1935) passed in part, as  response to unrest during the depression
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Historical Developments of the US Pension System Development of the Social Security Program Social insurance to protect business and workers From unemployment From poverty in retirement Moved older workers out of the labor force Created jobs for younger workers Social Security: the first nationwide  assistance program for older adults in the US
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Historical Developments of the US Pension System How the early Social Security program worked Workers paid into program according to  earnings Employers matched workers payments Created a pool of funds for retirement Included plans for federal government to pay  half the cost of state assistance to neediest  older people 
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The US Retirement  Income System Today
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