Show I Way o of Computing Annuities Under F Federal deral Plan an Explained Editors Editor's Editors Editor's note Because of the intense P public bc Interest In the federal social security r law and the Utah unemployment compensation law The Telegram will explain all details of the acts thoroughly in a a. series of articles I 2 How to compute annuities annuities' under the old age provision of the federal federal federal fed fed- eral plan its it's just a matter of simple simple simple sim sim- arithmetic for the beneficiary The amount of the wage-earner's wage annuity payments under the federal federal federal fed fed- eral old age benefits plan depends upon the amount he earns in some Industrial or business job between January 1 1937 and his birth birth- day But how are they computed There is a rule for lor it it-a it a formula which is given in the the act In effect effect ef el- ef- ef it runs like this 1 Add up the workers worker's wages prom from January I 1 1937 to the day he heis heis hes is s 65 years old 2 If It his wages in that period do not amount to more than his lis monthly retirement benefit will willbe willbe willbe be r Vt 2 of ot 1 per cent of or 15 a month for life 3 If It his total ages are more than han but not more than 45 in those y years ars take J i 2 z of 1 per cent of the the- total wages minus and add this figure to the 15 15 due on t the e first For example example example ex ex- ample If the worker averages 25 a week or 1300 a year over a peri period d of 30 years his total wages would be 30 times 1300 or 39 Take out the first of that hat total on which 15 a months month is s due him Then take 12 1 of 1 per er cent of ot which comes to 30 30 Adding the 15 due on of total wages and the 30 30 due dueon dueon dueon on the rest of ot the total of ot equals 45 This workers worker's retirement retirement retirement retire retire- ment payment is 45 5 a month for lor life ife 4 If his total wages are 4 45 4 he will be entitled to 15 a month on the first as shown above plus 12 1 of 1 per cent of which equals 35 or a total otal of 50 This workers worker's retirement retirement retire retire- ment benefit is 50 a month for life ife i 5 If It the total wages from January January January Jan Jan- uary 1 1937 to the work workers worker's rs r's birthday are more than add to the monthly payment due on that sum 24 1 per cent of ot the amount over For example If It a aman aman aman man makes an aye average rage of 50 a week or 2600 a year for 30 years his total wages would be Subtract from and take 1 24 p per r cent of the remainder The result is 1375 Adding Adding Adding Add Add- ing this to to the 50 due on total wages of gives This workers worker's retirement benefit will be a month for life 2 Unemployment a t i ion o n administration in Utah will proceed proceed proceed pro pro- through five distinct phases The work is being done by the state industrial commission through its unemployment compensation di di- di vision Division headquarters are in the Union Pacific building in Salt Lake City Ray R. R Adams who in introduced introduced introduced in- in the first unemployment compensation law in Utah and who has had 15 years of experience in employment office work is tor The first step in unemployment compensation administration is to determine the status of about employing units in Utah Under the Utah law any concern or individual with one or more is an employIng employing employing em em- unit and any employing unit th that t has four is s considered considered considered con con- an employer subject to the payroll contributions The second step will be the collecting collecting collecting col col- col- col of ot the contributions from approximately firms or indi indi- individuals individuals who have been determined employers under the Utah law The first collection will be for the year 1936 and will be payable January 15 1937 The third step will be compiling of statistical data and will ill be the basis for paying when they start in 1938 and in determining merit basis for paying benefits when they start in 1938 and in inde de determining determining de- de merit rating for employ employ- ers in 1941 and thereafter The fourth step is the coordinating coordinating ing of a series of employment offices offices offices of of- with the work of ot the compensatIon compensation compensation com com- division The final step will begin in 1938 when benefits will be available to those entitled to them The other portion of ot the final step is the merit rating which begins after January 1 1941 Under merit rating employers employers employers em em- who have established sufficient sufficient sufficient reserve are entitled to stop I contributions until the reserve falls |