Most of the companies went out of business before the pensions could be distributed, or the pensions were never dispersed. A handful of companies followed suit, but few employees received even a nickel. Here’s everything you need to know about what the Social Security Act did, why it was created and the future of Social Security in America.Ĭompany pension plans came on the scene in 1882 when the Alfred Dolge Company created a pension fund for its employees. Still, the program was wrought with challenges from the start and has been a political hot topic for years, its existence threatened time and again. Tens of millions of people in the United States have received financial assistance through the Social Security Act since its inception. The Act also established the Social Security Board, which later became the Social Security Administration, to structure the Social Security Act and figure out the logistics of implementing it. The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and disadvantaged Americans. The Social Security Act, signed into law by President Franklin D.

Efforts to Keep Social Security Solvent.

Medicare: Medical Insurance For Social Security Recipients.

Roosevelt’s Radical Idea: Social Security.

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