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US Pensions
Pensions in the United States consist of the Social Security system, public employees retirement systems, as well as various private pension plans offered by employers, insurance companies, and unions. History While various iterations of what could be considered pensions existed before the declared independence of the United States, most were designed solely for veterans of wars or set up as charitable initiatives by Church communities. This trend continued throughout early American history, with much of the first veterans' pension under the newly formed United States offered to retired naval officers in 1799. United States Congress later created the Bureau of Pensions to oversee an increasing number of veterans' pensions in 1832 following the granting of pensions to all American Revolutionary War veterans. Eventually, responsibility for these pensions would be transferred to the Department of the Interior in 1849 as returning veterans from the Mexican–American War put further ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ERISA
The Employee Retirement Income Security Act of 1974 (ERISA) (, codified in part at ) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by: * Requiring the disclosure of financial and other information concerning the plan to beneficiaries; * Establishing standards of conduct for plan fiduciaries; * Providing for appropriate remedies and access to the federal courts. ERISA is sometimes used to refer to the full body of laws that regulate employee benefit plans, which are mainly in the Internal Revenue Code and ERISA itself. Responsibility for interpretation and enforcement of ERISA is divided among the Department of Labor, the Department of the Treasury (particularly the Internal Revenue Service), and the P ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Northern Mariana Islands
The Northern Mariana Islands, officially the Commonwealth of the Northern Mariana Islands (CNMI; ch, Sankattan Siha Na Islas Mariånas; cal, Commonwealth Téél Falúw kka Efáng llól Marianas), is an unincorporated territory and commonwealth of the United States consisting of 14 islands in the northwestern Pacific Ocean.Lin, Tom C.W.Americans, Almost and Forgotten 107 California Law Review (2019) The CNMI includes the 14 northernmost islands in the Mariana Archipelago; the southernmost island, Guam, is a separate U.S. territory. The United States Department of the Interior cites a landmass of . According to the 2020 United States Census, 47,329 people were living in the CNMI at that time. The vast majority of the population resides on Saipan, Tinian, and Rota. The other islands of the Northern Marianas are sparsely inhabited; the most notable among these is Pagan, which for various reasons over the centuries has experienced major population flux, but formerly had res ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC). It is organized topically, into subtitles and sections, covering income tax in the United States, payroll taxes, estate taxes, gift taxes, and excise taxes; as well as procedure and administration. The Code's implementing federal agency is the Internal Revenue Service. Origins of tax codes in the United States Prior to 1874, U.S. statutes (whether in tax law or other subjects) were not codified. That is, the acts of Congress were not separately organized and published in separate volumes based on the subject matter (such as taxation, bankruptcy, etc.). Codifications of statutes, including tax statutes, undertaken in 1873 resulted in the Revised Statutes of the United States, approved June 22, 1874, eff ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jimmy Hoffa
James Riddle Hoffa (born February 14, 1913 – disappeared July 30, 1975; declared dead July 30, 1982) was an American labor union leader who served as the president of the International Brotherhood of Teamsters (IBT) from 1957 until 1971. From an early age, Hoffa was a union activist, and he became an important regional figure with the IBT by his mid-twenties. By 1952, he was the national vice-president of the IBT and between 1957 and 1971 he was its general president. He secured the first national agreement for teamsters' rates in 1964 with the National Master Freight Agreement. He played a major role in the growth and the development of the union, which eventually became the largest by membership in the United States, with over 2.3 million members at its peak, during his terms as its leader. Hoffa became involved with organized crime from the early years of his Teamsters work, a connection that continued until his disappearance in 1975. He was convicted of jury tampering, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teamsters' Union
The International Brotherhood of Teamsters (IBT), also known as the Teamsters Union, is a labor union in the United States and Canada. Formed in 1903 by the merger of The Team Drivers International Union and The Teamsters National Union, the union now represents a diverse membership of blue-collar and professional workers in both the public and private sectors. The union has approximately 1.3 million members as of 2015. Formerly known as the International Brotherhood of Teamsters, Chauffeurs, Warehousemen and Helpers of America, the IBT is a member of the Strategic Organizing Center and Canadian Labour Congress. History Early history The American Federation of Labor (AFL) had helped form local unions of teamsters since 1887. In November 1898, the AFL organized the Team Drivers' International Union (TDIU).Sloane, ''Hoffa,'' 1991.Taft, ''The A.F. of L. in the Time of Gompers,'' 1957. In 1901, a group of teamsters in Chicago, Illinois, broke from the TDIU and formed the Teamsters ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution Plan
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit Plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension plan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Equity And Fiscal Responsibility Act Of 1982
The Tax Equity and Fiscal Responsibility Act of 1982 (), also known as TEFRA, is a United States federal law that rescinded some of the effects of the Kemp-Roth Act passed the year before. Between summer 1981 and summer 1982, tax revenue fell by about 6% in real terms, caused by the dual effects of the economy dipping back into recession (the second dip of the "double dip recession") and Kemp-Roth's reduction in tax rates, and the deficit was likewise rising rapidly because of the fall in revenue, and the rise in government expenditures. The rapid rise in the budget deficit created concern among many in Congress. TEFRA was created in order to reduce the budget gap by generating revenue through closure of tax loopholes, introduction of tougher enforcement of tax rules, rescinding some of Kemp-Roth's reductions in marginal personal income tax rates that had not yet gone into effect, and raising some rates, especially corporate rates. TEFRA was introduced November 13, 1981 and was ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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