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Author: joelcorley Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: Bolivia lowers retirement age from 65 to 58 Date: 12/13/2010 7:33 PM
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TwoCybers,

You wrote, Part of that maybe men's life expectancy is shorter (and in 1935 the labor force was primarily male) plus many people were not part of social security when it was enacted. (i.e. Railroad workers, teachers, many government employees, etc.)

FWIW, most teachers and a number of state and federal workers still don't participate. Most states have some TRS / pension plan that covers teachers and often a number of state workers as well; if you're eligible for a TRS plan you are exempt from FICA. I believe there's something similar for federal workers, though I don't have any personal experience with it.

From what I understand, any state or local government can be exempted from the Social Security tax portion of FICA if they can show that they have a qualifying defined benefit pension plan that covers their employees.

- Joel
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