Old Age, Survivors, Disability, And Health Insurance (OASDHI)
Federal social insurance program that provides monthly benefits to qualified retirees, their dependents, their survivors, and, in some cases, disabled workers. OASDHI was created by the Social Security Act of 1935. Federal taxes are withheld from the paychecks of all covered workers, which includes most workers with the exception of public employees and certain union employees. Self-employed persons are also required to pay the tax. Benefits are paid to retired workers after age 65, with a partial benefit for retirees at age 62. Dependents and survivors of qualified workers also qualify for benefits, as do some categories of disabled workers and their dependents.
Popular Insurance Terms
Table used in calculating various nonforfeiture values for industrial life insurance policies. These tables give the minimum values that must be generated to the policyowner. The insured's ...
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Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
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