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Reply to "Compensation and pension at Federal Reserve"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]From our benefits handbook: The Social Security Integration Level is the average of the Social Security wage bases (the maximum amount on which you pay Social Security taxes) for the 35 years before the year of your separation from service. For example, if an employee terminates employment in 2020, the Social Security Integration Level amount is $ 86,052 (which is the average of the Social Security wage bases for the years 1984 through 2020).[/quote] So if Bernie gets his way and removes the cap, it will (help) destroy everyone's pension?[/quote] My reading is that it would definitely have an effect, but employers possibly could redesign their pension formulas to sidestep using the Social Security Integration Level.[/quote]
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