Frank Bisignano has been appointed the new commissioner of the Social Security Administration, which may impact benefits for over 73 million Americans.
Changes in Pension Payments
The Social Security Fairness Act, signed in January, increases checks for nearly 3 million retirees. The law eliminates provisions that reduced pensions for workers not paying into Social Security. Monthly increases began in February, with retroactive payments from January 2024.
Overpayment Recovery Rules
Under Bisignano, the agency has altered its approach to handling overpayments. The previous default repayment rate of 10% has now been adjusted to 50% of monthly benefits, stirring concerns about the financial impact on beneficiaries.
Improvements in Phone Service and Other Changes
The agency plans to enhance its telecommunications system, expecting the full upgrade to be completed by the end of summer. Additionally, the Social Security Administration has restarted collections on defaulted student loans from beneficiary payments.
Under the new commissioner, the Social Security Administration continues to implement changes that could affect millions of Americans, including pension payments and overpayment recovery procedures.
