Old-Age and Survivors Imswance: History of the Benefit Formula
نویسنده
چکیده
ITH the enactment of the Social Security Amendments of 1954, five different formulas for the determination of benefit amounts under the old-age and survivors insurance program have been in existence. This article will describe the several formulas and then analyze how they would apply to I various illustrative wage histories. For these purposes the benefit formula will be construed broadly to’ include not only the formula itself but . also the applicable minimum and maximum provisions. The other important feature in benefit determination is the average monthly wage ’ to which the benefit formula is applied; this factor must necessarily be considered, but the detailed basis for calculating the average monthly wage will not be discussed.
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