Discover 9 Surprising Insights About Social Security for Paccar Employees That Could Transform Your Retirement Planning

Healthcare Provider Update: Healthcare Provider for Paccar Paccar Inc., a company known for manufacturing high-quality trucks and providing related services, offers healthcare benefits to its employees, primarily through UnitedHealthcare. This partnership allows Paccar to provide comprehensive health insurance options that cater to various employee needs, enhancing overall employee well-being and satisfaction. Healthcare Cost Increases in 2026 Looking ahead, healthcare costs for Paccar employees may experience notable increases in 2026, driven largely by anticipated spikes in Affordable Care Act (ACA) premiums. Reports indicate that many states could see premium hikes exceeding 60%, with overall average increases projected around 18% to 20%. This is compounded by the potential expiration of enhanced federal subsidies, which could further escalate out-of-pocket costs for employees, potentially leading to over a 75% rise in monthly premiums for many. As a result, careful planning and consideration of these impending changes will be critical for Paccar employees managing their healthcare expenses. Click here to learn more

Social Security’s been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know? If you work for Paccar, here are nine things that might surprise you.

1. The Social Security trust fund is huge. At $2.9 trillion at the end of 2018, it exceeds the gross domestic product (GDP) of every economy in the world except the ten largest: China, the European Union, the United States, India, Japan, Germany, Russia, Indonesia, Brazil, and The United Kingdom.
2. Most workers including those at Paccar are eligible for Social Security benefits, but not all. For example, until 1984, federal government employees were part of the Civil Service Retirement System and were not covered by Social Security.
3. As an employee of Paccark, you don’t have to work long to be eligible. If you were born in 1929 or later, you need to work for 10 or more years to be eligible for benefits.
4. Benefits are based on an individual’s average earnings during a lifetime of work under the Social Security system. The calculation is based on the 35 highest years of earnings. If an individual has years of low earnings or no earnings, Social Security may count those years to bring the total years to 35.
5. Those at Paccar may also want to consider how there hasn't always been cost-of-living adjustments (COLA) in Social Security benefits. Before 1975, increasing benefits required an act of Congress; now increases happen automatically, based on the Consumer Price Index. There was a COLA increase of 2.9% in 2019, but there was only an increase of 2% in 2018.
6. Social Security is a major source of retirement income for 67% of current retirees, including those at Paccar.
7. Social Security benefits are subject to federal income taxes — but it wasn’t always that way. In 1983, Amendments to the Social Security Act made benefits taxable, starting with the 1984 tax year.
8. Social Security recipients received a single lump-sum payment from 1937 until 1940. One-time payments were considered “payback” to those people who contributed to the program. Social Security administrators believed these people would not participate long enough to be vested for monthly benefits.

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9. In January 1937, Earnest Ackerman became the first person in the U.S. to receive a Social Security benefit—a lump sum of 17 cents.

1. Social Security Administration, 2018; CIA World Factbook, 2018
2-5, 7-9. Social Security Administration, 2019
6. Employee Benefit Research Institute, 2018