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Social Security integration is an employer practice related to the calculation of the retirement benefits employees receive from a defined benefit (DB) retirement plan.
Federal laws require most public retirement plans to treat spouses, former spouses, and surviving spouses more equitably.
Customarily defined-benefit plans pay benefits only to workers and their surviving spouses.
Under certain limited conditions, employers can reclaim excess assets from defined-benefit (DB) retirement plans.
The Pension Benefit Guaranty Corporation (PBGC) protects workers and ensures that they receive defined-benefit (DB) pension benefits even if their employers go bankrupt.
In 1974, Congress passed protections for individuals in private retirement and health insurance plans.
Retirement plan sponsors must demonstrate fiduciary responsibility by acting in the sole interest of plan participants and beneficiaries.
Some companies sponsoring defined-benefit plans purchase annuities from private insurers.
Social Security benefits are paid through a self-financing system.
Social Security program administration has multiple functions. It processes applications and payments and operates field offices around the country.