About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

22 Monthly Tax Features 1 (1978)

handle is hein.tera/taxfeaturs0022 and id is 1 raw text is: MONTHLY TAX FEATURES Tax Foundatiotnac. .50 Rockefeller Plaza 0 NeW York; New York 10020 0 212-582-08800 Volume 22, Number 1, Jan.-Feb., 1978 FedraPnisions--U tU~n Awayi Benefits and Beneficiaries under FederalEmployee Retirement Systems Selected Calendar Years, 1955-1975 Benefits Beneflciarlesb Average benefit per Year (millions), (thousands), employee annutantC 1955 - $ 868 490 . $1,957' 1960 1,596 788 2,322 1965. , 2,945 1,231' 2,714 1970 6,075 1,759 - . '3,861 1975- 14,595 . 2;480 ' 6,544 Percent Increase over previous period ,1955-60 ,84 61 19 1960-65 85 56 17 1965-70 106 43 42 1970-75 140' 41 69 a. Includes'benefits to employees for age, service, and disability: and benefits to survivors. !b. As of June 30. c. Excludes survivor benefits. Source: Office of Reseaich and Statistics, Social Security Administration, U.S. Department of Health, Education, and Welfare; and Tax Foundation computations. Milita Retiremen Many Special O Military. pensions present a special' set' of. problems in !any assessment of 'Federal retirement practices according to a Tax Foundation study, Federal Employee'.Retirement Systems. There. are 2.1 million servicemen,, 873'000 reservists, and 1.2 million retirees. on ,the Pentagon's payroll, all covered by a 'pension syste m administered by the Department of Defense., While--there is growing recognition that, military pension costs are high, t Presents t Problems there is still.little public awareness of just how hi'gh the costs 'are, according to theTax. Foundation analysis.. 'The Federal budget for. fiscal -year 1 9i9: puts military pension outlays at $10.2 billion. But, says the Foundation, the true costs are 70.percent higher.--or over $17 billion.. 'Why this vast difference? Federal budget reporting practices obscure the true cost of military..pensions. The (Continued on Page 2),. * Federal pension costs continue to grow at a rapid rate, presenting tLe . American taxpayer each' year with an ever-larger tax bill, reveals a new Tax Foundation report, 'Federal .Em- ployee Retirement Systems.. -Total . benefits paid under Federal retirement programs, the number of beieficiaries,, and the average benefit paid per person have risen sharply,: since 1965. (See accompanying table.) Retirement'. benefits under•.Federal systems were five times as large in 1975 as they were a'decade earlier, for a total -of $15 billion. Benefits'f6r 1978 were estimated at over $20 billion. Payments have grown rapidly in absolute terms. They have also mounted in relation to the direct pay of Federal 'employees,' according to the Tax Foundation In 1968, ietirement payments represented about '10 cents per dollar of payrolls.. 'Today, they. equal 28 cents per, payroll dollar. The Federal government is a major, employer 'and operates more than a dozen retirements systems with a. total membership, of :five million ', and. employee and survivor annuitants of about 2.5 million, persons... However, the Civil Service' Retire- ment System and the , Uniformed Services Retirement System represent almost 99 percent of benefit payments. ATTENTION EDITORS: Monthly Tax.Features is not copyrighted. Material may be reproduced freely. Please credit Tax Foundation. 1,

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most