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Oswego Health announces new board leadership
OSWEGO — The Oswego Health board of directors recently unanimously voted on changes to the health system’s board leadership. Victoria L. Furlong was named board chair, Pete Cullinan will serve as vice chair, and Ron Tascarella has been appointed as board secretary. All three will serve two-year board terms through June 30, 2026. As SUNY […]
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OSWEGO — The Oswego Health board of directors recently unanimously voted on changes to the health system’s board leadership.
Victoria L. Furlong was named board chair, Pete Cullinan will serve as vice chair, and Ron Tascarella has been appointed as board secretary. All three will serve two-year board terms through June 30, 2026.
As SUNY Oswego’s chief financial officer, Furlong oversees facilities services, human resources and payroll, University Police, finance and budget, student accounts, purchasing, and internal control. Appointed in September 2021, Furlong is a member of the president’s cabinet and is the first woman to serve as SUNY Oswego’s VP for administration and finance. She began her career at SUNY Oswego over 25 years ago and has had progressive leadership experiences across campus. Furlong serves on a variety of SUNY-wide committees supporting the university system at large, as well as the Oswego County Micron Strategy Steering Committee.
Cullinan is a native and lifelong resident of Oswego and a retiree of Exelon. Before his retirement at the end of 2021, he worked in the emergency planning field with a focus on nuclear-plant emergency planning since 1990, first with Oswego County and most recently with Exelon at the James A. FitzPatrick Nuclear Power Plant. In addition to Oswego Health, he has been involved with the American Cancer Society, the American Red Cross, Operation Oswego County, and the Town of Minetto Zoning Board of Appeals. In addition to serving as vice chair of the Oswego Health board, Cullinan also is a member of the Oswego Health Foundation board.
As the EVP and chief banking officer of Pathfinder Bank, Tascarella has more than 45 years of experience in banking, working alongside small businesses and individuals throughout Central New York. His specialization is in the areas of commercial lending, credit administration, and sales. In addition to serving as secretary of the Oswego Health board of directors, Tascarella is also president of the Red House board of directors, treasurer of the Gifford Foundation, and board member for the Central Association for the Blind and Visually Impaired.
As a nonprofit health-care system established in 1881, Oswego Health is Oswego County’s largest private employer. More than 1,300 employees spread throughout its 18 locations, work for the Oswego Health system, which includes the 132-bed community Oswego Hospital; a 32-bed psychiatric acute-care facility with multiple outpatient behavioral-health service locations; The Manor at Seneca Hill, a 120-bed skilled-nursing facility; and Springside at Seneca Hill, an independent retirement community.
First 5 startups in Syracuse Surge Accelerator finish program
SYRACUSE — The first five startups in CenterState CEO’s yearlong Syracuse Surge Accelerator have finished their work in the program. The inaugural group of startups involved Clutch Delivery, Certainty Analytical Labs, HippoH Apparel, Sign-Speak, and Talkadot. A recognition event held Aug. 7 at Le Moyne College included presentations by Surge Accelerator team founders, a keynote
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SYRACUSE — The first five startups in CenterState CEO’s yearlong Syracuse Surge Accelerator have finished their work in the program.
The inaugural group of startups involved Clutch Delivery, Certainty Analytical Labs, HippoH Apparel, Sign-Speak, and Talkadot.
A recognition event held Aug. 7 at Le Moyne College included presentations by Surge Accelerator team founders, a keynote address, and the chance to network with the teams, CenterState CEO said.
“We are so lucky to be a part of these five incredible companies’ journeys. Over the course of the year, they have all been able to advance their businesses, bringing their innovative ideas to life,” Emad Rahim, Syracuse Surge Accelerator program manager, said in the announcement. “The perspectives and experiences shared by these five founders will continue to shape CenterState CEO programming as we seek to continually build a more inclusive economy.”
Syracuse Surge is described as an “inclusive community plan to ignite economic growth and neighborhood transformation in the city of Syracuse and the Central New York region. It builds on a massive investment in technology infrastructure to drive new strategic investment,” per the CenterState CEO announcement.
The program provides Black-Indigenous-Persons of Color (BIPOC) entrepreneurs who want to launch and accelerate tech-related and tech-adjacent startups with supports needed to grow a successful business.
The companies had access to free workspace at the Syracuse Tech Garden, extensive programming, executive advisors, and marketing and fundraising support. Each startup also received financial support — such as ignition grants and monthly stipends — totaling more than $50,000.
“The Syracuse Surge Accelerator played a pivotal role in helping me overcome a significant challenge I was facing before joining the program,” Yami Payano, co-founder of Sign-Speak, said in the announcement. “One of the main issues I encountered was effectively scaling my sales operations. Through the accelerator, I gained access to experienced mentors and industry experts who provided invaluable insights and strategies tailored to my specific needs. Additionally, the collaborative environment fostered by the program allowed me to exchange ideas and receive feedback from fellow entrepreneurs, which further refined my approach.”
Funding for the Syracuse Surge Accelerator was provided, in part, by JPMorgan Chase Foundation and Microsoft (NASDAQ: MSFT).
“This program was created in response to a critical gap in the innovation ecosystem. Fewer than 25% of tech startups in the United States have founders of color, which is fueled by structural and cultural barriers,” Robert Simpson, president and CEO of CenterState CEO. “The Syracuse Surge Accelerator gives BIPOC entrepreneurs direct access to resources and expertise, and with this support, each founder advanced their business and gained skills they’ll use to continue their success. I can’t wait to see all that they accomplish in the future.”
The Syracuse Surge Accelerator has not yet started accepting applications for the next cohort. Those interested in applying should complete the interest form and will be notified when the application period opens. The link to the interest form is: https://fs4.formsite.com/2yTmtI/SurgeAccel/index.
Federal dollars to help fund projects at several upstate airports, lawmakers say
Federal-grant awards will help airports across upstate New York, including those serving Syracuse and areas of the North Country, finance projects focused on safety and facility improvement. The nine airports will use more than $5.2 million in federal funding to support airport-safety and infrastructure-improvement projects, U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator
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Federal-grant awards will help airports across upstate New York, including those serving Syracuse and areas of the North Country, finance projects focused on safety and facility improvement.
The nine airports will use more than $5.2 million in federal funding to support airport-safety and infrastructure-improvement projects, U.S. Senate Majority Leader Charles Schumer (D–N.Y.) and U.S. Senator Kirsten Gillibrand (D–N.Y.) announced Aug. 14.
This federal money was administered through the Federal Aviation Administration (FAA)’s Airport Infrastructure Grant program, which Schumer “fought hard to create and fund” in his Infrastructure Investment & Jobs Law, his office said.
The projects include developing and implementing new airport-safety plans and constructing and expanding terminals, taxiways, and airport signage.
“The Ogdensburg Bridge and Port Authority extends our deepest thanks to Senator Schumer for his unwavering support and leadership in securing the … grant for the Ogdensburg International Airport,” Steve Lawrence, executive director of the Ogdensburg Bridge and Port Authority, said in the Schumer announcement. “This funding is crucial for the ongoing renovation and modernization of our terminal, ensuring that we can continue to serve our community and visitors with state-of-the-art facilities.”
The senators explained that the Infrastructure Investment & Jobs Law provided $5 billion in competitive grants for airport-terminal development projects that address the aging infrastructure of the nation’s airports, and this announcement represents the latest round of funding.
In the announcement, Schumer’s office provided a list of the funding awards for each facility and the project it targets.
Madison County offers tax relief to volunteer firefighters, ambulance workers
WAMPSVILLE — Volunteer firefighters and ambulance workers who live in — and own a home in — Madison County will soon see some relief on property taxes under a new law that the county recently passed. Local Law No. 2 of 2024 provides for a real property tax exemption for those volunteers who put their
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WAMPSVILLE — Volunteer firefighters and ambulance workers who live in — and own a home in — Madison County will soon see some relief on property taxes under a new law that the county recently passed.
Local Law No. 2 of 2024 provides for a real property tax exemption for those volunteers who put their lives on the line to help others, says Kyle Reger, Cazenovia town supervisor and member of the Madison County Board of Supervisors.
Reger began pursuing the new law earlier this year — after just taking office in January — after the Town of Cazenovia passed a similar type of exemption in December 2023.
He began talking to others in Madison County like the treasurer and real property tax director, along with Dan Degear, director of the county’s emergency management office.
“The whole idea was we have this tremendous group of volunteers in our community who are willing to risk their lives,” Reger says. He wanted to do something that would help them in return.
The county crunched some numbers, and “it seemed to be a viable solution that we could move forward,” Reger says.
The result is the county’s newest local law, adopted by the Board of Supervisors on Aug. 13. Next up, the law must be approved by the state before it can take effect.
Once it does, volunteer firefighters and ambulance workers residing in Madison County can apply for a real property tax exemption of 10 percent of their property’s assessed value for town and county tax purposes.
The law is important on multiple levels, Degear says. Volunteer firefighters and ambulance workers not only give of their time, but also incur a lot of personal expenses, including traveling to and from scenes in their personal vehicles and attending required training.
“Anything we can do to help pay that back a little bit,” Degear notes.
There are some restrictions on applying for the tax break, though. The tax exemption can only be granted to an enrolled member of an incorporated volunteer fire company, fire department, or ambulance service. The applicant must live in the city, town, or village served by the volunteer organization, and the property must be their primary residence. Applicants also must have completed two years of active service with the volunteer organization. Each incorporated volunteer organization will submit a list of its enrolled members to the appropriate city, town, or village assessor.
Volunteers who have accrued 20 years of active service are eligible to receive the 10-percent exemption for their lifetime, as long as their primary residence is located within Madison County.
The law also contains provisions for widows and widowers of those killed in the line of duty to receive an exemption, if they have not remarried.
Reger says it’s too soon to say what the financial impacts of the law will be. It depends on numerous factors including how many people apply for the exemption.
“The volunteers aren’t going to get rich off this, and the county’s not going to go broke,” Degear notes.
Madison County hopes the exemption will serve as a recruitment tool for the various volunteer fire and ambulance organizations to bring in new volunteers.
That could save the county and its villages and towns money if it means they don’t have to create paid professional positions to fill a void left by a lack of volunteers.
Once the state approves the law, qualified volunteers can start applying in 2025 for the exemption, which will apply to the 2026 tax year.
Former West Carthage Housing Authority leader sentenced in embezzlement scheme
More than $48,000 in restitution recovered WEST CARTHAGE — The former executive director of the West Carthage Housing Authority (WCHA) has been sentenced to serve five years of probation for a scheme that allowed her to steal more than $48,000 in WCHA funds. The office of New York State Comptroller Thomas DiNapoli announced the
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WEST CARTHAGE — The former executive director of the West Carthage Housing Authority (WCHA) has been sentenced to serve five years of probation for a scheme that allowed her to steal more than $48,000 in WCHA funds.
The office of New York State Comptroller Thomas DiNapoli announced the sentencing on Aug. 7. Jefferson County District Attorney Kristyna Mills, the U.S. Department of Housing and Urban Development Office of the Inspector General (HUD OIG), and the New York State Police were also involved in the investigation.
Hoffman was sentenced before Judge David Renzi in Jefferson County Court.
The sentencing of Hoffman’s mother, Katherine (Katie) Pais, who pled guilty to aiding in and concealing the scheme, was adjourned to June 2, 2025, DiNapoli’s office said.
Following their June 3 guilty pleas and prior to sentencing, the pair paid back $48,930 in restitution to the West Carthage Housing Authority.
“Hoffman and Pais betrayed the public trust in their scheme to steal over $48,000 in funds meant to support seniors and people with disabilities residing in the West Carthage Housing Authority,” DiNapoli said in the announcement. “I thank Jefferson County District Attorney Kristyna S. Mills, the HUD Inspector General, and the State Police for partnering with my office to hold them accountable for their crimes.”
“The defendants took advantage of their position and violated the public trust by defrauding HUD-assisted housing programs of scarce taxpayer dollars intended to provide housing to individuals and seniors with disabilities,” Vicky Vazquez, special agent-in-charge with the U.S. Department of Housing and Urban Development, Office of Inspector General, said in the announcement. “Today’s sentencing demonstrates HUD OIG’s steadfast commitment to working with our prosecutorial, law enforcement and oversight partners to aggressively pursue those who engage in activities that threaten the integrity of HUD programs.”
Hoffman served as the executive director of the West Carthage Housing Authority, a government-funded apartment complex for low-income senior citizens and people with disabilities, from 2016 to 2021.
Pais, Hoffman’s mother, was hired as a vendor to act as an accounts payable bookkeeper at the housing authority from 2016 to 2020.
Based upon an anonymous tip, DiNapoli’s office and the HUD OIG commenced an investigation of all monies controlled by Hoffman and found that she had been making personal purchases with housing authority funds since 2016, her entire tenure as executive director.
In total, Hoffman stole more than $48,000 from the authority using its financial accounts and credit lines to pay unauthorized personal expenses, including retail and grocery purchases, and to fund her and her family’s personal cell-phone expenses.
She also submitted more than $1,000 in additional false reimbursement claims.
Through her role as the accounts payable bookkeeper, Pais was responsible for reviewing claims and preparing checks for payment. She abused her position in order to facilitate her daughter’s theft by making the illicit payments and then falsifying authority records to conceal her daughter’s crimes, according to the comptroller.
“This sentencing should serve as a reminder that those who manipulate innocent victims will be brought to justice. Our joint investigation determined that the suspects in this case violated the public trust by circumventing financial accounts intended to fund safe housing for individuals,” New York State Police Superintendent Steven James said in the DiNapoli announcement. “I thank the Comptroller’s Office, Jefferson County District Attorney’s Office, U.S. Department of Housing and Urban Development and Office of the Inspector General for their partnership in this case.”
Dermody, Burke & Brown adds senior associate in Tax Department
SYRACUSE — Dermody, Burke & Brown, CPAs, LLC (DB&B) recently hired Stephanie Kubis as a senior associate in its Tax Department. Kubis joins DB&B with more than two years of professional experience. She previously worked at another accounting firm in Rochester. She is currently in the process of completing her certification to become a certified
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SYRACUSE — Dermody, Burke & Brown, CPAs, LLC (DB&B) recently hired Stephanie Kubis as a senior associate in its Tax Department.
Kubis joins DB&B with more than two years of professional experience. She previously worked at another accounting firm in Rochester. She is currently in the process of completing her certification to become a certified public accountant (CPA).
Kubis holds a bachelor’s degree in accounting from Nazareth University, where she was also a star player on the school’s women’s ice-hockey team.
Dermody, Burke & Brown, CPAs has been serving the Central New York business community since 1956. It has offices in Syracuse, Auburn, New Hartford, and Rome. The firm employs more than 85 people, offering auditing, accounting, and taxation services, as well as many areas of specialization, including retirement-plan design and administration, payroll services, and custom accounting solutions.
Pathfinder Bancorp announces change in board-chair position
OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the bank holding company of Pathfinder Bank, recently initiated a change at the top of its board of directors. William A. (Will) Barclay, an experienced attorney and lawmaker, has been named chairman of the board — succeeding Chris R. Burritt, previous board chairman, who retired from the board
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OSWEGO — Pathfinder Bancorp, Inc. (NASDAQ: PBHC), the bank holding company of Pathfinder Bank, recently initiated a change at the top of its board of directors.
William A. (Will) Barclay, an experienced attorney and lawmaker, has been named chairman of the board — succeeding Chris R. Burritt, previous board chairman, who retired from the board at the banking company’s June 6 annual meeting, in accordance with Pathfinder’s by-laws.
Burritt — former president and general manager of R.M. Burritt Motors, Inc., an automobile dealership located in Oswego — joined the Pathfinder board of directors in 1986 and has served as chairman of the board for 10 years,
“It has been an honor and privilege to be part of this great organization for 38 years since joining what was then Oswego City Savings Bank. Since then, our bank has grown from $88 million to $1.4 billion in assets, now owned by our shareholders,” Burritt said in a Pathfinder news release. “Reflecting on these decades, what resonates most is the dedication and commitment of our employee base, management team, and Board of Directors to quality customer service and community enrichment. Integrity, truthfulness, kindness, and helpfulness have anchored our actions for 165 years. To our valued shareholders, your investment is vital to our success, and we pledge to protect it and enhance its value. To the Board of Directors and management team, thank you for your time, talents, support, and willingness to find common ground in decision-making. Lastly, I confidently pass the baton to Will Barclay, whose wealth of experience and wisdom will undoubtedly enrich this role. We trust in his leadership to guide us forward with integrity and vision.”
Barclay joined Pathfinder Bancorp’s board of directors in 2010. He is a partner in the Syracuse–based law firm of Barclay Damon, LLP, where he specializes in business law and serves as a New York State Assemblyman for the 120th District and currently is the Assembly Minority Leader.
“I’m truly humbled to follow in the footsteps of such an accomplished leader as Mr. Burritt,” Barclay said in the release. “Under his guidance, Pathfinder Bank has established a strong foundation of dedicated customer service and strategic market growth aligned with our core values and mission… Our commitment to delivering enhanced value and service to our customers and communities remains strong. We will boldly pursue and execute strategies that foster growth across the communities we serve. Our leadership in community banking will serve as a catalyst for regional expansion, benefiting our customers, employees, and shareholders alike. I am enthusiastic about the opportunity to lead Pathfinder Bank with strong corporate stewardship, guiding us confidently into the future.”
Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego that has 11 full-service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.
VIEWPOINT: District Court Strikes Down FTC’s Noncompete Clause Ban
The Federal Trade Commission’s (FTC) noncompete ban is no more, at least for the time being. On Aug. 20, the United States District Court for the Northern District of Texas (Hon. Ada Brown, U.S.D.J.), in Ryan, LLC v. Federal Trade Commission, struck down the FTC’s noncompete ban, which was set to take effect on Sept.
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The Federal Trade Commission’s (FTC) noncompete ban is no more, at least for the time being. On Aug. 20, the United States District Court for the Northern District of Texas (Hon. Ada Brown, U.S.D.J.), in Ryan, LLC v. Federal Trade Commission, struck down the FTC’s noncompete ban, which was set to take effect on Sept. 4. The District Court’s Memorandum and Opinion precludes the FTC’s noncompete ban from going into effect nationwide.
In its Memorandum and Opinion, the District Court determined that the FTC lacked the statutory authority to promulgate substantive rules relating to the prevention of unfair methods of competition and that the FTC’s noncompete ban was arbitrary and capricious. Specifically, the District Court concluded that the text and structure of the FTC Act compel the determination that the FTC lacks substantive rulemaking authority with respect to unfair methods of competition. As a result, the FTC exceeded its statutory authority in promulgating the noncompete ban.
The District Court further found that the FTC failed to present sufficient evidence supporting the noncompete ban. Specifically, because no state has enacted a ban as wide sweeping as the FTC’s noncompete ban, the studies referenced by the FTC which analyzed state noncompete bans did not support the FTC’s universal noncompete ban. Moreover, the FTC’s evidence in support of the noncompete ban was based on factual situations specific to each state and did not, in turn, support a universal, nationwide ban. Finally, the District Court determined the FTC failed to sufficiently address alternatives to issuing the noncompete ban, such as, for example, restrictions on the use of non-competes for low wage workers. Thus, the District Court held that the FTC’s noncompete ban was arbitrary and capricious.
The FTC will likely appeal the District Court’s decision to the United States Court of Appeals for the Fifth Circuit – the appellate court encompassing Texas. Based on its history, it is likely the Fifth Circuit will affirm the District Court’s decision striking down the FTC’s noncompete ban. However, the FTC still has a sliver of hope for its noncompete ban in a case pending before the United States District Court for the Eastern District of Pennsylvania, which recently denied the plaintiff’s request for a preliminary injunction, finding the FTC did have the authority to make substantive rules relating to the prevention of unfair methods of competition and demonstrated a sufficient evidentiary basis for the rule, analyzed here. Given this, the FTC’s noncompete ban may very well end up before the United States Supreme Court. The question remains, however, when will it get there and how the Supreme Court will rule on this issue.
As it stands, the FTC’s noncompete rule is no more and will not go into effect on Sept. 4. This means that the enforceability of non-competes will continue to be analyzed under applicable state law, which, in New York, requires a non-compete to be reasonable in geographic and temporal scope and no broader than necessary to achieve a legitimate business interest.
Bradley A. Hoppe is a member (partner) in the Buffalo office of Syracuse–based law firm Bond, Schoeneck & King PLLC. He is a litigation attorney who handles a wide range of business, commercial, and municipal matters at the trial and appellate levels in both state and federal court. Contact Hoppe at bhoppe@bsk.com. Kevin G. Cope is an associate attorney in Bond’s Buffalo office. He is a litigation attorney who assists a wide range of clients in successfully resolving pending matters, or, when possible, to avoid litigation through implementing measures to mitigate or avoid potential exposure. Contact Cope at kcope@bsk.com. This article is drawn and edited from the law firm’s website.
Grossman St. Amour CPAs adds two accountants to audit group
SYRACUSE — Grossman St. Amour CPAs, PLLC (GSA) of Syracuse on Aug. 12 announced two new hires — Kelly Caza and Gianna Quonce, who are both full-time staff accountants in the firm’s audit-services group. About Caza Caza practices in the areas of audit and attest engagements, bookkeeping, and financial-statement preparation. Her clients include nonprofit organizations,
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SYRACUSE — Grossman St. Amour CPAs, PLLC (GSA) of Syracuse on Aug. 12 announced two new hires — Kelly Caza and Gianna Quonce, who are both full-time staff accountants in the firm’s audit-services group.
Caza practices in the areas of audit and attest engagements, bookkeeping, and financial-statement preparation. Her clients include nonprofit organizations, public school districts, and government and municipalities. She previously completed the GSA internship program, per the firm’s announcement.
Caza is a graduate of SUNY Oswego with an MBA and bachelor’s degree in public accounting and finance. She is a member of the Syracuse chapter of the New York State Society of CPAs and Beta Alpha Psi.
Her leadership experience includes serving as treasurer of Women in Business at SUNY Oswego, president of the Accounting Society at SUNY Oswego, and Worship Leader at Fulton First United Methodist Church.
Quonce’s areas of practice include audit and attest engagements, bookkeeping, and financial-statement preparation. Her clients include nonprofit organizations, affordable housing, public school districts, and municipalities. She also previously completed the GSA internship program, the firm said.
Quonce is a graduate of Le Moyne College’s Madden College of Business & Economics with a bachelor’s degree in accounting. She is a member of Tau Sigma National Honor Society at Le Moyne College.
Ask Rusty: Does my SS payment include repayment of contributions?
Dear Rusty: I have a question about my Social Security (SS) benefits. Would I be correct to assume that part of the monthly SS income I get is a repayment of what I contributed to the fund while I was working? If so, how much of my monthly benefit payment is my own money coming
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Dear Rusty: I have a question about my Social Security (SS) benefits. Would I be correct to assume that part of the monthly SS income I get is a repayment of what I contributed to the fund while I was working? If so, how much of my monthly benefit payment is my own money coming back to me?
Signed: Curious Beneficiary
Dear Curious Beneficiary: I’m afraid that is not how Social Security works. The money you contribute to Social Security during your working years does not go into a special account to be repaid to you. Rather, the SS taxes you pay while working are used to pay benefits to all those currently receiving SS benefits. The system is, in effect, a “pay as you go” program where all those currently contributing help pay benefits for all those now receiving. What your contributions do, however, is earn you “quarter credits” and, when you have enough credits, you become eligible for SS retirement benefits for life. Generally, someone must have about 40 quarters (or about 10 years) contributing to Social Security to be eligible for SS retirement benefits.
How much you receive monthly is determined not by how much you contributed but, rather, by how much your work earnings were over your lifetime. You will get a percentage of your average pre-retirement work income as your monthly Social Security payment, but that is also affected by your age when you claim benefits. It is your average lifetime earnings (adjusted for inflation) which determines your “Primary Insurance Amount” (PIA). Your PIA is what you get at your Social Security full retirement age (FRA), but your age when you claim benefits determines if you get more or less than your PIA. Claiming SS before your FRA means a smaller monthly benefit, while waiting longer than your FRA means a benefit higher than your PIA. (SS benefits reach maximum at age 70). FYI, each person’s FRA is different based on the year they were born, but full retirement age today is between age 66 and 67. When you claim benefits relative to your FRA determines how much of your PIA you will receive each month.
So, your contributions to Social Security aren’t used to determine your monthly benefit amount, but your average lifetime work earnings and age when you claim are the main factor. Nevertheless, you may be interested to know that most people get back everything they have personally contributed to Social Security within about three to five years of collecting benefits. In that sense, Social Security is an exceptionally good deal, since most Americans now collect benefits for about two decades. And therein lies much of Social Security’s financial dilemma — people are now collecting benefits for many more years than the current program is designed to support. And that is what Congress needs to fix as soon as possible. The Social Security trust funds (which now provide supplemental money to pay benefits) are projected to be depleted around 2033, which will mean a cut in everyone’s monthly Social Security payment, unless Congress acts soon to reform the program and restore it to fiscal solvency.
Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.
Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained, and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.
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