FSM Social Security System

Apparently, the FSM Social Security System may be waning due to lack of parity on the contributions/payments scale. Specifically, some states are putting in less, yet are pulling out much more, relatively, during the ends of the month payments. It is realistic that after all these years of payments, current employees might not find money available during their ripe years. How could this be resolved? How can we require the states that are not pulling their weight to finally do their part? What is the possibility of each state to administer its own SS system?

Comments

  • Please someone from the SS Office to enlighten us in the calculation of the 25 or 35 quarters payment before you can be eligible as SS recipient. And how much in $$$ sign would that be? Please help???
  • Prime example of : Take from the cans and give to the can'ts. Seems more like communism to me..
  • Pohnpei has only 1000 plus state employees yet it pays into the SS pot more than Chuuck which has over 6000 state employees. I know employment in the private sector in PNI is more than Chuuk.This is a very lopsided equation because Chuuk pulls out of the SS pot more than any of the three states. The SS Board should demand that the Administrator of FSM SS Administration correct this lopsided equation otherwise they should put in a person who has the guts to do the job. We subsitize these people by our own sweat, they should do their job. They can't be sitting fancy free and all our deductions are paying lame ineffective people. A timeframe should be given the SS Administrator to have Chuuk pay up. They demand that Pohnpei business pay up, but what about Chuuk?
  • Interesting topic y'all. First what is the age eligibility for receiving pension? As anyone noticed this generation ability to reach beyond 45 years? I would say there should be some type of law written to address the retirement system; years verses the number of years in employment. To me, it seems it will be the right thing to do to give the younger generation chance to work in govt areas and to be able to enjoy the fruit of their labor before biological clock stops ticking.
  • I meant to say age verses years of employment... hehe

    Thanks
  • A simple formula is to pay SS to only the State that pays for its SS contributions. A temporary moratorium of SS payments to the citizens of the delinquent State would not only save money, but would also put such a State in greater pressure by its citizens to prioritize its SS payments. There is not a more sensible explanation as to why the whole SS system must suddenly become defunct because Chuuk State does not pays its SS contributions. The solution is all not that complex.

    With an agenda of scarcity of funds to meet SS payments for FSM citizens, it is long overdue for affirmative actions to atleast safeguard those who deserves most of their hard-earned SS pensions. Sometimes, we have to segregate inorder to keep things afloat.
  • One of the things I do not like about our SS system is that it doesn't work for our people anymore. It is almost an insult to hard working folks who sweat and toil for their lives while most just sit around and are content with the simple island lifestyle that we live and think that SS payments will take care of them at retirement. It is a defeadist system. If one feels that he or she could better invest their earnings - sweat and toil, why are we forced to pay into to a system that barely takes care of people when they retire. SS payments is a like an old socialist system that subsitizes a lot of lazy people. A lot of people who are creative in their livelihood end up paying the large share of this subsity. That is why most FSM citizens will just take it easy because they think SS benefits will take care of them, while hard working people view SS benefits as a farce. It is alarming some people think they can take away my money because they think they can invest it better for me. If this is the way we think, we will continue to be as narrow minded as we are. Sit in your high chairs in the SS Office and continue to rob the citizenry of their hard earned money.
  • Someone had suggested we boycott paying into the system and apply for a IRA from bank of FSM.. Is this viable?
  • dawn,
    How could that be? IRA will never beats the inflation esp. in FSM.

    seattle,
    You're absolutely right! It's a socialist system that discourages hard working. Since we don't have much choice in investment in the FSM, this is where we seek federal assistance to provide better choice or government investment i.e. US government bonds that safe and gauranteed.
  • The FSM Con Con reports in 1975 lists social security programs as one of the "concurrent" areas for regulation (Con Con Committee Report 33). The possible meaning of this is that aside from a national social security system, each of the states may maintain their own social security system (interpretation taken from many of the currently legislated powers found in the "cuncurrent" list. Of course participants in a state system may not participate in the national one. If Pohnpei for example, legislates its own social security law and Pohnpei Government employees and Pohnpei owned companies move into the new system, given the history of the faithful payments of these employers, the affected employees would be guaranteed some truly securtiy. The current national system would most likely fail, taking along with it those that are seriously investing for their old-age and/or children. That would be a shame. Pohnpei Legislature is urged to look into this matter.
  • Xavier89,

    Thank you for the info. It is people like you and I and many others who should start engendering this idea to our State Reps. I am sure a lot of people out there are feeling the same way and some may have already started kicking this idea around. The problem with some of our leaders is that they are afraid of change, but sometimes change is necessary even to keep the unity of the FSM strong. The disparity in our system is what is hurting our nation.
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