The New Regulations

The FSM Social Security Administration has new regulations to effect the economy and efficiency in the fields of government and business by providing a means whereby employees may be ensured a measure of security in their old age and given an opportunity for leisure without hardship and complete loss of income, and further, to provide survivors’ insurance for wage earners and their dependents. The FSM Social Security Board of Trustees has already approved the regulations. In adopting the new regulations, the FSM Social Security Administration hopes to help perfect the process of applying for social security benefits. It is an attempt and hopefully a successful one to assure efficiency, accuracy and proficiency in making decisions relating to the social security benefits.
The FSM Social Security Board of Trustees is granted the authority to adopt these regulations pursuant to 53 FSM Code 703, in conjunction with Title 17 Sections 102 and 103 of the Code of the Federated States of Micronesia.
In addition to that, the regulations are guided by Title 53 of the FSM Code. The regulations will help the FSM Social Security Administration to more objectively, equitably and efficiently handle claims for benefits for retirement, disability, dependency, survivors and other social security benefits.
The regulations list the evidences required by the FSM Social Security Administration to support claims for provisions of benefits through the application procedure and to continue benefits once they have started. The regulations also identify preferred types of evidences to be submitted by applicants.
Additionally, the regulations assist in defining the taxable liability concerning corporations and partnerships, especially involving employees with ownership interests. The audit power of the Social Security Administration is defined in greater detail, and the administrative procedure to be used to challenge audit findings is described. Further, the regulations define notice requirements for the Social Security Administration regarding the timeliness of its decisions, and further define the appeal rights for those who wish to challenge decisions of the Social Security Administration and the FSM Social Security Board.
The regulations went into effect on July 1, 2003. Prior to its effective date, forums were conducted in the four states to introduce the new regulations to the public.

Click HERE to download a copy of the new regulations.

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