ACCOUNTING OPERATIONS OF THE BUREAU OF OLD-AGE INSURANCE
Joseph L. Fay and MaxJ. Wasserman
Bureau of Old-Age Insurance. Mr. Fay is Chief of the Baltimore Accounting Operations Section and Mr. Wasserman is Chief of the Statistics Section. They were assisted by Edward O. Manning of the Statistics Section.
https://www.ssa.gov/history/fay638.html
In 1875, the American Express Company established the first private pension plan in the United States.
I can also see a situation where the SSA recipient in 1940 was born in 1875. The recipient age 65 could have married someone very young for 10 years. That younger person could be on survivors benefits and continue receiving payments.
On January 31, 1940, the first monthly retirement check was issued to Ida May Fuller of Ludlow, Vermont, in the amount of $22.54. Miss Fuller, a Legal Secretary, retired in November 1939. She started collecting benefits in January 1940 at age 65 and lived to be 100 years old, dying in 1975.
So if in 1965 this retired person married someone age 18... Then that person at 18 never remarried. Could they end up in a situation where they receive survivors benefits from the original applicant?
The recent spouse would be born in 1947 and marry in 1965 for 10 years until their spouse's death... not have remarried or worked, then at age 60 in 2007, derive survivors benefits from original applicant?
I think he went the route of his IRA's investment llc membership units being assigned a super large assignment of income distribution vs his initial investment.
This worked because he used a self directed IRA that most likely invested in some LLC with a marginal amount. It's very probable he also invested in the same company via some other investment vehicle, possibly direct ownership. The managing members simply assigned more benefits to the self directed IRA instead of the other account...
What does not seem fair is that most people think you can only invest in stocks and bonds in an IRA. You go to a bank or brokerage to open an IRA account... They offer you mutual funds, etfs, stocks, bonds... not much else... No one ever tells you that you can do this a different way and invest in different ways... Why? It's just too complicated for most people...
Yes it does suck for the rest of us but if you have money you have good advisors that can construct this IRA and all of its transactions in a legitimate manner.
"""
No doubt some people will persist in questioning the usefulness of Latin. For these skeptics I have a two-word answer: Mark Zuckerberg. The 26-year-old founder of Facebook studied Classics at Phillips Exeter Academy and listed Latin as one of the languages he spoke on his Harvard application. So keen is he on the subject, he once quoted lines from the Aeneid during a Facebook product conference and now regards Latin as one of the keys to his success. Just how successful is he? According to Forbes magazine, he’s worth $6.9 billion. If that isn’t a useful skill, I don’t know what is.
"""
The purpose of the small class size discussions and methods similar to Harkness is to teach children how to behave and interact in group discussion. You are taught mental poker with an authority figure and your cohort. I can see the value of this especially for children that will need to supervise their wealth once they become adults. It's a great way to prepare someone to supervise a family office.
I believe learning the short duration decision games and long duration meta game with professor and class inculcates people predisposed to lead and inspire/manipulate.
You need a physical setting to learn this on a daily basis over several years. Even if you are not good at it; if you recognize what is going on you won't waste time in dead end careers or partnerships with elites. That is very valuable...
It's kind of funny. When people ask me which college they should send their kid to, I always reply better to spend their money on one of these types of private high schools or boarding schools. One of these kids and a community college degree will still be better off than most... (most likely they will find a way to continue the credential game, so...)
Will the American oligarchy provide these opportunities to the general public? Never... it's costly and time consuming. They need people that submit to quarterly reviews, 0-5% raises, and tenuous year end bonuses.
Actually, Mark Zuckerburg went to Phillips Exeter Academy.
"At Ardsley High School, Zuckerberg excelled in classes. After two years, he transferred to the private school Phillips Exeter Academy, where he won prizes in mathematics, astronomy, physics, and classical studies." [no coding classes, hmm?]
Many other founders went to similar schools. I was not aware of this until I did policy debate and met these types of students. They do live in a bubble and have no idea how to relate to the rest.
In fact, a good thing to do is always check the high school of these "founders." Check their curriculum...
When I see trade school students doing billion dollar startups, I will believe education is no longer a great equalizer. At the same time, I believe if you want to participate in the American oligarchy or compete with them, you need to become familiar with where they get their training.
It's not always the case but most times if you delve into their background you will find this to be the case.
Yes it's OK and I don't decry it because I benefit from it... But the typical FTE will go on thinking the best career path is E3...E6 and along the way get PIPed when no longer needed... They will build castles in the air... But the vendor route allows a different relationship with the firm...
What I mean is most FTE don't realize the other relationship is possible and at a certain compensation level preferable... It's the ignorance of our generation when most FTE don't realize instead of some equity vesting over 4 years they might have been better off with a cash balance defined benefit plan or pension plan with the maximum contribution.
We think we know best but fail to realize it could be better. We get caught up on the LC competition but fail to distinguish an optimal plan outside of the ones presented to us.
Would a union help? I think so... Would it take lots of explaining ... yes....
lotnet.com
Lawsuits from Patent Assertion Entities (PAEs, sometimes called “patent trolls”) can be a drain on resources for any company. With software a primary PAE target, and software becoming an integral part of all industries — putting nearly all companies at risk of being sued.
That’s why leading companies have come together to form a collaborative, voluntary community to reduce this risk – one that grows in importance as the economic environment becomes increasingly uncertain.
Lawsuits from Patent Assertion Entities (PAEs, sometimes called “patent trolls”) can be a drain on resources for any company. With software a primary PAE target, and software becoming an integral part of all industries — putting nearly all companies at risk of being sued.
That’s why leading companies have come together to form a collaborative, voluntary community to reduce this risk – one that grows in importance as the economic environment becomes increasingly uncertain.
just because they have bands for certain titles/w2 employees does not mean so for vendors/developers working as consultants via their own S corporations... Exceptions to HR supervision exist
one day, some startups will realize it will be to their advantage to form some association to collectively bargain with a small union pool of software engineers. It will be to their benefit to compete for labor against the big FANG companies... The salaries won't be as high in the beginning but the clarity and transparency will win over new entrants into the labor pool.
The top 3-5% of software engineers do not work at startups. They work via their own S Corporation... Why? To copy the same way most doctors and high end professions get paid...
1. solo 401k - hit maximum contribution limit (57k-63.5k)
2. cash balance/defined benefit plan - your solo pension plan up to 3 million
For year 2021, the maximum compensation is $290,000 to contribute to your defined benefit plan...
As governments grant corporations better preference in tax treatment, you really got to ask yourself why anyone would want to be a W-2 employee anymore... (w-2 employee of your solo S-corp is the exception)
Nothing stopping any company from giving you options as well...
Some extra rules and costs arise with defined benefit plans but well worth it.
SV wants capitalism and free markets but when forced to do so with workers the hesitation comes up... but but but you gotta come a play foozeball at work on the weekends... and we gotta share a beer and tell me about your dev friends..
https://www.ssa.gov/history/hfaq.html
https://www.ssa.gov/history/index.html
https://www.ssa.gov/history/operations.html
Early Operations Social Security Bulletin
Volume 1 - June 1938 - Number 6
ACCOUNTING OPERATIONS OF THE BUREAU OF OLD-AGE INSURANCE
Joseph L. Fay and MaxJ. Wasserman
Bureau of Old-Age Insurance. Mr. Fay is Chief of the Baltimore Accounting Operations Section and Mr. Wasserman is Chief of the Statistics Section. They were assisted by Edward O. Manning of the Statistics Section. https://www.ssa.gov/history/fay638.html