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60 Cards in this Set
- Front
- Back
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Market Capitalization |
Price per share times number of shares |
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Apple |
650 Billion Earnings ~30 billion |
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BRK |
Berkshire Hathaway 350 Billion Earnings ~20 billion |
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Aflac |
30 Billion Earnings ~2 billion |
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US P-C "Surplus" |
~600 Billion |
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US GDP |
~17 Trillion |
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World GDP |
65 Trillion |
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US debt |
~18 Trillion |
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US Federal Budget |
3.4 Tillion (~1/4 of US GDP) |
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US Population |
319 Million |
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world population |
7.3 Billion |
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US Population |
319 million |
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world population |
7.3 billion |
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US Life Expectancy |
79 average |
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male life expectancy |
77 |
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female life expectancy |
81 |
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4 traditional benefits |
health insurance life insurance disability insurance retirement plans |
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5 Examples of Non-traditional benefits |
childcare legal services employee assistance plans wellness programs transportation systems |
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5 categories of employee benefits |
legally required social insurance payments for private insurance and retirement plans payments for time not worked extra cash payments to employees cost of services to the employees |
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for every dollar paid _____ goes toward benefits |
40 cents |
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what is the largest expenditure of the federal government |
government provided benefits (social security and medicare) |
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_____ is the percentage received yearly on an annuity as long as you live |
8.4% |
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Leonardo fibonacci |
how long will your money last? |
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Benjamin Gompertz |
How long will you live? |
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Edmond Halley |
Do you have a true Pension |
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Irving Fisher |
What is your subject time preference? AKA how much do you consume now versus later |
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Paul Samuelson |
what is the proper allocation over the human lifecycle? human and capital intertwined? |
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Soloman huebner |
what should you do if leaving a legacy is a priority for you? |
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andrei kolmogorov |
is your retirement plan sustainable? realistic? |
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Marie curie |
discovered Radium and plutonium; beat cancer and help people generally live longer |
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total compensation |
cash compensation + value of employee benefits |
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5 legally required payments by the employee |
social security medicare unemployment insurance workers compensation s-t disability |
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1935 |
social security act |
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1966 |
medicare and medicaid |
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1974 |
ERISA/Cafeteria plans introduced: minimum standards for retirement and health and pensions |
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2003 |
Rx drugs added to medicare |
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2006 |
pension protection act: statute enacted numerous changes to the tax law provisions affecting tax-exempt organizations |
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2010 |
patent protection and affordable care act |
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9 advantages of employee benefits |
tax advantages attract and retain great employees increases employee morale government mandates wage controls unions motivates certain types of behavior economies of scale in group purchase changing demographics |
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4 disadvantages of employee benefits |
difficult to cut back cause resentment (if some benefit more than others) increase labor costs tax treatment encourages over-consumption |
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4 advantages of group insurance |
- lower cost than individual insurance - no individual evidence of insurability - ease and convenience of employer selection of insurance coverages - ease of payroll deduction in contributory and voluntary plans |
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social security covers |
old age survivors disability health insurance for the elderly |
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types of employment related insurance |
social security workers compensation unemployment insurance |
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4 motivations for social security/insurance |
prevent adverse selection provide economic stability economic security risk is too large for private insurance |
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while working both the employer and the employee both put in ____ percent of the wages earned by the employee for social security and put ____ percent for medicare |
6.2% 1.45% |
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2/3 of households pay more in _____ than in income tax |
FICA |
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50% of households do not pay ____________ |
income tax |
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Currently insured |
FULLY INSURED or at least 6 of the last 13 quarters (including the quarter in which death occurs DON'T CARE ABOUT AGE! |
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fully insured |
40 quarters of coverage OR need as many quarters as there are years after you turn 21 before the event; minimum of 6 quarters |
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disability insured |
fully insured AND have at least the minimum number of quarters recently: - under age 24: 6 of the last 12 - ages 24-30: half of the quarters since turning 21 - 31+: 20 of the last 40 - blind: fully insured is enough |
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you can claim social security as early as ___ |
62 |
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monthly income benefits are often increased annually with inflation about _____ |
1.7% |
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Years to include in AIME calculation for retirement benefits |
number of quarters to be fully insured, minus 5 |
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years to include in AIME calculation for disability benefits |
minimum quarters to be fully insured minus 5 for workers 47+ minus 4 for workers 42-46 minus 3 for workers 37-41 minus 2 for workers 32-36 minus 1 for workers 27-31 minus 0 for workers under 26 at least two years must remain |
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years to include in AIME calculation survivor benefits |
the minimum number of quarters to be fully insured, minus 5 |
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PIA bendpoints |
767 4624 |
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percentages of the bendpoints |
90% of first 767 32% of the difference of 4624 and 767 15% of any excess of 4624 |
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Earnings test: people attaining normal retirement age in 2015: |
reduction $1 for ever $3 over $41880 until NRA is reached |
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earnings test: people attaining normal retirement age after 2015 |
reduction $1 for every $2 dollars over 15720 |
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Replacement rates |
PIA/AIME |
