In the United States, a 401(k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401(k) of the U.S. Internal Revenue Code. Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401(k) plans attractive to employees, and many employers offer this option to their (full-time) workers. 401(k) payable is a general ledger account that contains the amount of 401(k) plan pension payments that an employer has an obligation to remit to a pension plan administrator. This account is classified as a payroll liability, since the amount owed should be paid within one year.
A pension is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be:
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). The Social Security Act was passed in 1935, and the existing version of the Act, as amended, encompasses several social welfare and social insurance programs.
Brushaber v. Union Pacific Railroad Co., 240 U.S. 1 (1916), was a landmark United States Supreme Court case in which the Court upheld the validity of a tax statute called the Revenue Act of 1913, also known as the Tariff Act, Ch. 16, 38 Stat. 166, enacted pursuant to Article I, section 8, clause 1 of, and the Sixteenth Amendment to, the United States Constitution, allowing a federal income tax. The Sixteenth Amendment had been ratified earlier in 1913. The Revenue Act of 1913 imposed income taxes that were not apportioned among the states according to each state's population.
The Intracoastal Waterway (ICW) is a 3,000-mile (4,800 km) inland waterway along the Atlantic and Gulf of Mexico coasts of the United States, running from Massachusetts southward along the Atlantic Seaboard and around the southern tip of Florida, then following the Gulf Coast to Brownsville, Texas. Some sections of the waterway consist of natural inlets, saltwater rivers, bays, and sounds, while others are artificial canals. It provides a navigable route along its length without many of the hazards of travel on the open sea.
An individual retirement account (IRA) in the United States is a form of pension provided by many financial institutions that provides tax advantages for retirement savings. It is a trust that holds investment assets purchased with a taxpayer's earned income for the taxpayer's eventual benefit in old age. An individual retirement account is a type of individual retirement arrangement as described in IRS Publication 590, Individual Retirement Arrangements (IRAs). Other arrangements include individual retirement annuities and employer-established benefit trusts.
The Fair Deal was a set of proposals put forward by U.S. President Harry S. Truman to Congress in 1945 and in his January 1949 State of the Union Address. More generally, the term characterizes the entire domestic agenda of the Truman administration, from 1945 to 1953. It offered new proposals to continue New Deal liberalism, but with a conservative coalition controlling Congress, only a few of its major initiatives became law and then only if they had considerable Republican Party support. As Richard Neustadt concludes, the most important proposals were aid to education, national health insurance, the Fair Employment Practices Commission, and repeal of the Taft–Hartley Act. They were all debated at length, then voted down. Nevertheless, enough smaller and less controversial items passed that liberals could claim some success.
The Economic Growth and Tax Relief Reconciliation Act of 2001 was a major piece of tax legislation passed by the 107th United States Congress and signed by President George W. Bush. It is also known by its abbreviation EGTRRA, and is often referred to as one of the two "Bush tax cuts".
The U.S. Railroad Retirement Board (RRB) is an independent agency in the executive branch of the United States government created in 1935 to administer a social insurance program providing retirement benefits to the country's railroad workers.
Conrail, formally the Consolidated Rail Corporation, was the primary Class I railroad in the Northeastern United States between 1976 and 1999. The trade name Conrail is a portmanteau based on the company's legal name. It continues to do business as an asset management and network services provider in three Shared Assets Areas that were excluded from the division of its operations during its acquisition by CSX Corporation and the Norfolk Southern Railway.
Harley Orrin Staggers Sr. was an American politician who served 16 terms in the United States House of Representatives from 1949 to 1981, representing West Virginia's 2nd Congressional District as a Democrat. From 1966 until his retirement in 1981, Congressman Staggers chaired the powerful House Committee on Interstate and Foreign Commerce. A longtime supporter of the American railroad industry and its workers, Congressman Staggers' landmark legislative achievement was the Staggers Rail Act, passed in 1980.
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, covering federal 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.
Superannuation in Australia, or "super", is a savings system for workplace pensions in retirement. It involves money earned by an employee being placed into an investment fund to be made legally available to members upon retirement. Employers make compulsory payments to these funds at a proportion of their employee's wages. From July 2023, the mandatory minimum "guarantee" contribution is 11%, rising to 12% from 2025. The superannuation guarantee was introduced by the Hawke government to promote self-funded retirement savings, reducing reliance on a publicly funded pension system. Legislation to support the introduction of the superannuation guarantee was passed by the Keating Government in 1992.
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.
The Subcommittee on Social Security is a subcommittee of the Committee on Ways and Means in the United States House of Representatives.
Severance taxes are taxes imposed on the removal of natural resources within a taxing jurisdiction. Severance taxes are most commonly imposed in oil producing states within the United States. Resources that typically incur severance taxes when extracted include oil, natural gas, coal, uranium, and timber. Some jurisdictions use other terms like gross production tax.
The Middle Class Tax Relief and Job Creation Act of 2012, also known as the "payroll tax cut", was an Act of the United States Congress. The bill was passed by the U.S. House of Representatives on February 17, 2012 by a vote of 293‑132, and by the Senate by a vote of 60‑36 on the same day. The bill was signed into law by President Barack Obama on February 22, 2012.
The Ministry of Finance, abbreviated MOF, is a ministry of the Government of Malaysia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the Malaysian federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Malaysian federal budget to the Parliament.
A limited form of the Social Security program began as a measure to implement "social insurance" during the Great Depression of the 1930s, when poverty rates among senior citizens exceeded 50 percent.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L.Tooltip Public Law 116–94 (text)(PDF), was signed into law by President Donald Trump on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020.