Public Laws Pertaining to FSMSSA

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Laws

IN EFFECT | PENDING


Public Law 15-73		To further amend title 53 of the Code of the Federated States of Micronesia, as amended by Public Laws Nos. 5-120, 7-118, 9-056, 12-76, 14-34, 14-37 and 14-86, by amending the following provisions of title 53, sections 603, 605, 607, 801, 803, 803A, 804, 806, 809, 901, 902, and 1006, to provide for greater financial stability for the FSM Social Security Administration and to reduce its un-funded liability, by raising tax rates, to clarify definitions, to change restrictions to the types of investment that Social Security may engage in, and for other purposes.

Public Law 14-86		To further amend Title 53 of the Code of the Federated States of Micronesia, as amended, by amending sections 603, 804 and 809 and to enact a new section 903 thereof, to revise certain definitions, to change benefit levels, to change the time at and circumstances in which expatriate workers may access their contributions, to allow for voluntary participation in the Social Security system, and for other purposes.

Totalization Agreement		To allow a worker or self-employed worker who has worked in the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau and who is not eligible for a monthly old-age retirement benefit under the social security administration of any of these countries to combine his credited service earned under all three systems to determine if he is then eligible for an old-age retirement benefit and to determine the amount of such old-age retirement benefit.

Public Law 14-37		To further amend title 53 of the Code of the Federated States of Micronesia, as amended, by amending sections 603, 605, 801, 804, 806, 807, 809, 901 and 902 regarding the operation of the Social Security Administration, and for other purposes.

Regulations No. 2		To implement the policy of the Congress as declared in the Act, namely, to effect 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.

Public Law 12-76		To further amend title 53 of the Code of the Federated States of Micronesia, as amended, by amending sections 603, 606, 801, 802 and 803 and by adding new sections 803A and 811 to make changes in the Social Security Act, and for other purposes.

Public Law 12-51		To further amend title 53 of the Code of the Federated States of Micronesia, as amended, by amending section 704 to permit tax information sharing between the Department of Finance and Administration and the Social Security Administration, and for other purposes.

Public Law 9-56		To further amend title 53 of the Code of the Federated States of Micronesia, as amended, by amending section 704 to permit tax information sharing between the Department of Finance and Administration and the Social Security Administration, and for other purposes.

Public Law 7-120		To further amend Title 53 of the Code of the Federated States of Micronesia, as amended by Public Laws Nos. 5-120 and 6-111, by adding a new section 810 to provide for an optional lump sum payment of social security contributions to those individuals who reach retirement age without the necessary number of quarters of coverage to become fully insured, and for other purposes.

Public Law 7-119		To further amend Title 53 of the Code of the Federated States of Micronesia, as amended by Public Laws Nos. 5-120 and 6-111, by further amending section 806, as amended by Public Law No. 5-120, to allow a surviving spouse to receive social security benefits based on his or her own employment coverage if it pays more than survivors’ benefits, and that this amount plus any children’s survivors’ benefits may exceed the amount of the deceased’s retirement benefits, and for other purposes.

Public Law 7-118		To further amend the Federated States of Micronesia Social Security Act, codified as subtitle II of title 53 of the Code of the Federated States of Micronesia, as amended by Public Laws Nos. 5-120 and 6-111, by further amending section 603, as amended by Public Law No. 5-120, and by further amending section 804, as amended by Public Law No. 5-120, to make changes in the Social Security law, and for other purposes.

Public Law 6-111		To further amend Title 53 of the Code of the Federated States of Micronesia, as amended by Public Law No. 5-120, by repealing chapter 5 of Public Law No. 2-74, codified as chapter 10 of title 53 of the Code of the Federated States of Micronesia, and by adding a new chapter 10 for the purpose of strictly defining fiduciary duties, responsibilities and qualifications under the Social Security Act, and expanding the scope of authorized investments that may be made by the Social Security Board with the assets of the Social Security Retirement Fund, and for other purposes.

Public Law 5-120		To amend the Federated States of Micronesia Social Security Act, Public Law No. 2-74, codified as subtitle II of title 53 of the Code of the Federated States of Micronesia, and for other purposes.

Public Law 2-74		To establish the Federated States of Micronesia Social Security System, to provide for devolution from the Trust Territory Social Security System, and for other purposes.