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<h1>Social Security Programs Throughout the World: Asia and the Pacific, 2010</h1>
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<h1>Micronesia</h1>
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<div class="exchangeRate">Exchange rate: Currency is the <abbr class="spell">US</abbr> dollar (<abbr class="spell">US</abbr>$).</div>
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<h2>Old Age, Disability, and Survivors</h2>
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<h3>Regulatory Framework</h3>
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<p><span class="h4">First law:</span> 1968.</p>
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<p><span class="h4">Current law:</span> 1982 (social security), implemented in 1983.</p>
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<p><span class="h4">Type of program:</span> Social insurance system.</p>
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<h3>Coverage</h3>
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<p>Gainfully employed persons, including certain self-employed persons.</p>
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<p>Exclusions: Casual employees who work less than 1 week in any calendar month, certain self-employed persons, and family labor.</p>
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<p>Special systems (individual retirement plans) for some government employees.</p>
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<h3>Source of Funds</h3>
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<p><span class="h4">Insured person:</span> 7% of earnings (October 2010).</p>
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<p>The minimum earnings used to calculate contributions are <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>The maximum earnings used to calculate contributions are <abbr class="spell">US</abbr>$6,000 a quarter.</p>
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<p><span class="h4">Self-employed person:</span> 5% of business annual gross revenue for the previous calendar year.</p>
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<p>The maximum earnings used to calculate contributions are <abbr class="spell">US</abbr>$6,000 a quarter.</p>
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<p><span class="h4">Employer:</span> 7% of twice the salary of the highest-paid employee per quarter (October 2010).</p>
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<p><span class="h4">Government:</span> None; contributes as an employer.</p>
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<h3>Qualifying Conditions</h3>
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<p><span class="h4"><span class="nobr">Old-age</span> pension (earnings-tested):</span> Age 60 with 1 quarter of coverage for each year after June 1968 (or since age 21, if later) up to age 60 and a total of at least 50 quarters and <abbr class="spell">US</abbr>$2,500 in contributions.</p>
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<p>As of 2011, the full <span class="nobr">old-age</span> pension is paid at age 65. A reduced pension is paid to persons aged 60 to 64 who meet the qualifying conditions for an <span class="nobr">old-age</span> pension. They may continue to work.</p>
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<p>Earnings test: The <span class="nobr">old-age</span> pension is reduced by <abbr class="spell">US</abbr>$1 for each <abbr class="spell">US</abbr>$2 of earnings exceeding <abbr class="spell">US</abbr>$300 a quarter, if the pensioner is reemployed.</p>
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<p>The pension is payable abroad to citizens of Palau, the Marshall Islands, and the United States, under reciprocal agreement. For citizens of other nations who are fully insured and older than age 60, a lump sum of the total value of contributions is paid over a six-month period.</p>
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<p><span class="h4"><span class="nobr">Old-age</span> <span class="nobr">lump-sum</span> benefit:</span> Paid to insured citizens of Micronesia who do not qualify for the <span class="nobr">old-age</span> pension at retirement age.</p>
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<p>The <span class="nobr">lump-sum</span> benefit is payable abroad to citizens of Palau, the Marshall Islands, and the United States under reciprocal agreement.</p>
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<p><span class="h4">Disability pension:</span> Must have an assessed incapacity for substantial gainful activity due to a disability that will last for at least one year or result in death. Must have at least 1 quarter of coverage for each year after June 1968 (or since age 21, if later) and a total of at least 45 quarters of coverage (including 20 in the last 25 quarters) and <abbr class="spell">US</abbr>$1,500 in contributions.</p>
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<p>Eligibility for the disability pension may cease if the insured's condition improves.</p>
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<p>Micronesia's Social Security Administration's certified disability examiners conduct periodic examinations to assess the degree of disability.</p>
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<p><span class="h4">Dependent disabled child benefit:</span> Paid for the death of an insured person eligible for a disability pension to a dependent child disabled before age 22. The benefit may continue as long as the disability exists.</p>
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<p>Disability benefits are payable abroad to citizens of Palau, the Marshall Islands, and the United States, under reciprocal agreement. For citizens of other nations who are fully insured and older than age 60, a lump sum of the total value of contributions is paid over a six-month period.</p>
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<p><span class="h4">Survivor pension (earnings-tested):</span> The deceased had 1 quarter of coverage for each year after June 1968 (or since age 21, if later) and a total of at least 50 quarters of coverage and <abbr class="spell">US</abbr>$2,500 in contributions.</p>
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<p>Eligible survivors are the insured's spouse and dependent, unmarried children younger than age 18 (age 22 if a student, no limit if the child was disabled before age 22).</p>
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<p>The spouse's pension ceases on remarriage.</p>
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<p>Earnings test: The survivor's pension is reduced by <abbr class="spell">US</abbr>$1 for each <abbr class="spell">US</abbr>$2 of earnings exceeding <abbr class="spell">US</abbr>$300 a quarter.</p>
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<p>The pension is payable abroad to citizens of Palau, the Marshall Islands, and the United States, under reciprocal agreement. For citizens of other nations (if the deceased was fully insured and older than age 60), a lump sum of the total value of contributions is paid over a six-month period.</p>
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<p><span class="h4">Survivor <span class="nobr">lump-sum</span> benefit:</span> If the survivor pension is less than 4% of the deceased's cumulative covered earnings, a lump sum is paid to eligible survivors.</p>
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<p>The <span class="nobr">lump-sum</span> survivor benefit is payable abroad to citizens of Palau and the Marshall Islands under reciprocal agreement.</p>
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<h3><span class="nobr">Old-Age</span> Benefits</h3>
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<p><span class="h4"><span class="nobr">Old-age</span> pension (earnings-tested):</span> The monthly pension is 16.5% of the first <abbr class="spell">US</abbr>$10,000 of cumulative covered earnings plus 3% of the next <abbr class="spell">US</abbr>$30,000 plus 2% of the next <abbr class="spell">US</abbr>$262,500 plus 1% of cumulative earnings exceeding <abbr class="spell">US</abbr>$302,500.</p>
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<p>The minimum monthly <span class="nobr">old-age</span> pension is <abbr class="spell">US</abbr>$75.</p>
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<p>Early pension: As of 2011, 50% of the <span class="nobr">old-age</span> pension is paid.</p>
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<p>Benefit adjustment: Benefits are adjusted according to changes in the earnings test.</p>
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<p><span class="h4"><span class="nobr">Old-age</span> <span class="nobr">lump-sum</span> benefit:</span> 4% of the insured's cumulative covered earnings are paid.</p>
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<h3>Permanent Disability Benefits</h3>
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<p><span class="h4">Disability pension:</span> The monthly pension is 16.5% of the first <abbr class="spell">US</abbr>$10,000 of cumulative covered earnings plus 3% of the next <abbr class="spell">US</abbr>$30,000 plus 2% of the next <abbr class="spell">US</abbr>$262,500 plus 1% of cumulative earnings exceeding <abbr class="spell">US</abbr>$302,500.</p>
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<p>The minimum monthly disability pension is <abbr class="spell">US</abbr>$75.</p>
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<p><span class="h4">Dependent disabled child benefit:</span> The benefit is 15% of the monthly disability pension that would have been paid to the deceased.</p>
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<h3>Survivor Benefits</h3>
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<p><span class="h4">Survivor pension (earnings-tested):</span> 60% of the deceased's pension is paid to a <span class="nobr">widow(er)</span>, regardless of age.</p>
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<p><span class="h4">Orphan's pension (earnings-tested):</span> 15% of the deceased's pension is paid for each eligible child.</p>
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<p>The maximum combined half orphan's pension is 40% of the deceased's pension (if there are three or more children and if a survivor pension is paid to the spouse).</p>
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<p>The maximum combined full orphan's pension is 100% of the deceased's pension (if there are seven or more children).</p>
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<p>The minimum monthly survivor pension is <abbr class="spell">US</abbr>$75.</p>
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<p>The maximum survivor pension is 100% of the <span class="nobr">old-age</span> pension the deceased would have been entitled to receive.</p>
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<p>Benefit adjustment: Benefits are adjusted according to changes in the earnings test.</p>
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<p><span class="h4">Survivor <span class="nobr">lump-sum</span> benefit:</span> 4% of the deceased's total cumulative covered earnings is paid (reduced by the amount of any benefits paid to the insured and his or her eligible dependents).</p>
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<h3>Administrative Organization</h3>
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<p>Federated States of Micronesia Social Security Administration (<a href="http://www.fm/fsmss/">http://www.fm/fsmss</a>) administers the program.</p>
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