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Legislative HistorySocial Security Act of 1935 |
TITLE II-FEDERAL OLD-AGE BENEFITS Old-Age Reserve Account
OLD-AGE RESERVE ACCOUNT Section 201. (a) There is hereby created an account in the Treasury of
the United States to be known as the Old-Age Reserve Account hereinafter
in this title called the Account. There is hereby authorized to be appropriated
to the Account for each fiscal year, beginning with the fiscal year ending
June 30, 1937, an amount sufficient as an annual premium to provide for
the payments required under this title, such amount to be determined on
a reserve basis in accordance with accepted actuarial principles, and
based upon such tables of mortality as the Secretary of the Treasury shall
from time to time adopt, and upon an interest rate of 3 per centum per
annum compounded annually. The Secretary of the Treasury shall submit
annually to the Bureau of the Budget an estimate of the appropriations
to be made to the Account. SEC. 202. (a) Every qualified individual (as defined in section 210)
shall be entitled to receive, with respect to the period beginning on
the date he attains the age of sixty-five, or on January 1, 1942, whichever
is the later, and ending on the date of his death, an old-age benefit
(payable as nearly as practicable in equal monthly installments) as follows:
SEC. 203. (a) If any individual dies before attaining the age of sixty-five,
there shall be paid to his estate an amount equal to 3 1/2 per centum
of the total wages determined by the Board to have been paid to him, with
respect to employment after December 31, 1936. PAYMENTS TO AGED INDIVIDUALS NOT QUALIFIED FOR BENEFITS SEC. 204. (a) There shall be paid in a lump sum to any individual who,
upon attaining the age of sixty-five, is not a qualified individual, an
amount equal to 3 1/2 per centum of the total wages determined by the
Board to have been paid to him, with respect to employment after December
31, 1936, and before he attained the age of sixty-five. AMOUNTS OF $500 OR LESS PAYABLE TO ESTATES SEC. 205. If any amount payable to an estate under section 203 or 204 is $500 or less, such amount may, under regulations prescribed by the Board, be paid to the persons found by the Board to be entitled thereto under the law of the State in which the deceased was domiciled, without the necessity of compliance with the requirements of law with respect to the administration of such estate. SEC. 206. If the Board finds that the total amount paid to a qualified individual under an old-age benefit during his life was more than the correct amount to which he was entitled under section 202, and was 3 ½ per centum or more of the total wages by which such old-age benefit was measurable, then upon his death there shall be repaid to the United States by his estate the amount, if any, by which such total amount paid to him during his life exceeds whichever of the following is the greater: (1) Such 3 ½ per centum, or (2) the correct amount to which he was entitled under section 202. SEC. 207. The Board shall from time to time certify to the Secretary of the Treasury the name and address of each person entitled to receive a payment under this title, the amount of such payment, and the time at which it should be made, and the Secretary of the Treasury through the Division of Disbursement of the Treasury Department, and prior to audit or settlement by the General Accounting Office, shall make payment in accordance with the certification by the Board. SEC. 208. The right of any person to any future payment under this title shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this title shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law. SEC. 209. Whoever in any application for any payment under this title makes any false statement as to any material fact, knowing such statement to be false, shall be fined not more than $1,000 or imprisoned for not more than one year, or both. SEC. 210. When used in this title-- (a) The term "wages" means all remuneration for employment, including the cash value of all remuneration paid in any medium other than cash; except that such term shall not include that part of the remuneration which, after remuneration equal to $3,000 has been paid to an individual by an employer with respect to employment during any calendar year, is paid to such individual by such employer with respect to employment during such calendar year. (b) The term "employment" means any service, of whatever nature, performed within the United States by an employee for his employer, except- (1) Agricultural labor; (2) Domestic service in a private home; (3) Casual labor not in the course of the employer's trade or business; (4) Service performed as an officer or member of the crew of a vessel documented under the laws of the United States or of any foreign country; (5) Service performed in the employ of the United States Government or of an instrumentality of the United States; (6) Service performed in the employ of a State, a political subdivision thereof, or an instrumentality of one or more States or political subdivisions; (7) Service performed in the employ of a corporation, community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals, no part of the net earnings of which inures to the benefit of any private shareholder or individual. (c) The term "qualified individual" means any individual with respect to whom it appears to the satisfaction of the Board that- (1) He is at least sixty-five years of age; and (2) The total amount of wages paid to him, with respect to employment after December 31, 1936, and before he attained the age of sixty-five, was not less than $2,000; and (3) Wages were paid to him, with respect to employment on some five days after December 31, 1936, and before he attained the age of sixty-five, each day being in a different calendar year.
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