Social Security is the United States’ basic method of providing income when family earnings are reduced or cease upon retirement, disability, or death.
Social Security retirement benefits are based upon your salary history up the maximum social security taxable wage base. Each pay period, payroll deductions for social security are taken from your check. New York State matches this deduction as the employer’s contribution. The current rate of contribution is 6.2% for all earnings up to $117,000. An additional 1.45% is deducted for supplemental Medicare on all earnings.
The US Social Security Administration provides a disability benefit to employees who are disabled to the extent that they cannot perform substantial gainful work and meet specific eligibility guidelines. The amount of disability benefit is the employees Primary Insurance Amount (PIA) at the time they become disabled. There is a waiting period of five (5) full consecutive months from the time a disability is determined until benefits begin. Benefits may be reduced if the employee is receiving payments under a workers’ compensation or other disability plan. Additional information is available in the Human Resources Office or directly from the local Social Security Administration office. For additional information visit: http://www.ssa.gov/disability/
For information regarding Social Security and Survivor Benefits, please follow this link to the Social Security website: http://www.ssa.gov/survivorplan/