Social Security: What Biden’s Updated Payment Plan Means for Your Money
The Social Security Administration (SSA) recently updated its Equity Action Plan. The SSA said increasing access to programs and improving services is the main goal. One of the new focus areas is improving payment accuracy for Supplemental Security Income (SSI) recipients.
When President Biden took office, he signed Executive Order 13985, Advancing Racial Equity and Support for Underserved Communities Through the Federal Government. According to the Center for American Progress, this legislation recognized the need for policies and processes that centered equity within government operations across the executive branch and federal agencies.
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In 2022, the SSA released its first Equity Action Plan following Biden’s executive order and announced an updated plan in February 2024. On Feb. 15, the SSA proposed a plan, called the Payroll Information Exchange (PIE), for accessing and using information from payroll data providers to reduce improper payments, including overpayments and improve customer service.
“Social Security is taking a critically important step to reduce improper payments, including overpayments, by ensuring we receive timely and accurate wage data. These automated payroll information exchanges will address the inefficiencies associated with self-reporting and manual verification by introducing a more streamlined approach,” said Martin O’Malley, Commissioner of Social Security.
These exchanges will also prevent inequities caused by incorrect payments by allowing the agency to adjust SSI payments before they’re issued and improve the efficiency of Social Security Disability Insurance (SSDI), O’Malley added.
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New Efficiencies Via PIE Promised
According to the SSA, PIE should reduce wage-related improper payments through information exchanges with payroll data providers. PIE will help reduce manual reporting errors and reporting burden, as well as more quickly identify wages that go unreported or undetected, leading to improper payments.
You can read more about the SSA’s notice of proposed rulemaking (NPRM) here. The agency also says public comment is an essential part of this process, and people can provide comments on the NPRM by April 15, 2024.
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This article originally appeared on GOBankingRates.com: Social Security: What Biden’s Updated Payment Plan Means for Your Money