Posts in:January, 2017

Social Security’s Disability Trust Fund Improves

Posted January 27, 2017 by Premier Disability Services, LLC® Social Security has released the final 2016 numbers on the Disability Insurance Trust Fund. The Trust Fund is a separate account in the United States Treasury. A fixed proportion of the taxes received under the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act are deposited into the fund to the extent that such taxes are not needed immediately to pay expenses. Taxes are deposited in the fund on every business day.

The trust fund provides automatic spending authority to pay monthly benefits to disabled-worker beneficiaries and their spouses and children. With such spending authority, the Social Security Administration does not need to periodically request money from the Congress to pay benefits.

Funds not withdrawn for current expenses are invested in interest-bearing Federal securities, as required by law; the interest earned is also deposited in the trust fund.

The Trust Fund balance had been declining over the last few years until there was a temporary reallocation of FICA revenues at the beginning of 2016.


 

Disability Insurance
(Amounts in millions)
Quarter Total
income
Total
outgo
Net increase
in asset reserves
Asset reserves at end
of quarter
Qtr 1, 2015 $30,582 $36,483 $-5,901 $54,343
Qtr 2, 2015 33,697 37,241 -3,544 50,799
Qtr 3, 2015 27,508 36,651 -9,143 41,656
Qtr 4, 2015 26,808 36,206 -9,397 32,259
Qtr 1, 2016 39,509 36,509 2,999 35,258
Qtr 2, 2016 45,519 37,049 8,470 43,728
Qtr 3, 2016 38,457 36,444 2,012 45,740
Qtr 4, 2016 36,512 35,914 598 46,338

 

https://www.ssa.gov/oact/progdata/describedi.html

https://www.ssa.gov/OACT/STATS/table4a2.html

By: Joyce Trudeau of Premier Disability Services, LLC®

Carolyn Colvin Steps Down as Acting Commissioner of Social Security

Posted January 19, 2017 by Premier Disability Services, LLC® Carolyn Colvin has announced that she will step down from her role as Acting Commissioner of the Social Security Administration at the end of President Obama’s term on January 20, 2017. Last Friday, Ms. Colvin released the following statement to all Social Security Administration (SSA) and Disability Determination Services (DDS) employees:

TO: All SSA and DDS Employees

 I want you to know that I have advised President Obama that I will be leaving my position as Acting Commissioner of Social Security at the end of the President’s term on Friday, January 20th.  

 I have devoted my life to public service, serving in positions at all levels of government, but serving here with all of you has been the greatest honor of my life.  The times I have treasured the most are the times I have been able to visit your offices to speak with you about the important work we do, and about your dreams and aspirations.  Those are some of my most joyous and inspirational times at SSA.  You are truly the greatest public servants in government. 

 Social Security is the most important social program ever implemented in this country.  The agency distributes almost $1 trillion to 65,000,000 people each year.  Millions of our fellow Americans rely on these benefits and the services we provide.  Indeed, many of our seniors would be in poverty if they did not receive their Social Security benefits each month.

 Never forget, you make a positive difference every day in the lives of the tens of millions of people who visit our offices, call us on the telephone, or rely on our online services each year.  We can be proud of our numerous accomplishments which represent our shared legacy.  I cannot express the pride I feel in having been part of this incredible work.  Remember, each day, thousands and thousands of individuals may experience, for even a moment, hope, and if we are lucky, a better life, because of something you have been able to do for them.

 I want to personally thank you again for the outstanding service you provide and for the support and guidance you have given me.  I wish you much happiness and success in all of your future endeavors. 

 Carolyn

Filling Ms. Colvin’s position will be Nancy Berryhill, the current Deputy Commissioner for Operations, based on SSA’s succession plan. Ms. Berryhill has worked for SSA for over 40 years in various technical and management positions, including serving as the Regional Commissioner of the Chicago region.

By: Premier Disability Services, LLC®

The Number of People Receiving Disability Benefits Declined by
1.13% in 2016

Posted January 13, 2017 by Premier Disability Services, LLC® The final numbers for those receiving disability benefits in calendar year 2016 are in. By the end of 2016, there were 1.13% fewer people receiving Social Security disability benefits compared to the end of 2015. That is a difference of 100,694 people. This decrease is happening at a time when the aging of the “baby boomer” generation should still be causing increasing numbers of people receiving disability benefits.

There are three main reasons this is happening. First, it is more difficult to get approved for disability benefits. Second, it is taking longer to get approved. And finally, because it is harder to get approved and because it takes longer, many people are discouraged from filing claims in the first place.

If you or someone you know is unable to work due to their medical conditions, please contact us for a free case evaluation.

For more disabled worker statistics, see https://www.ssa.gov/OACT/STATS/dibStat.html.

 

Source: http://socsecnews.blogspot.com/2017/01/number-drawing-disability-benefits.html

By Joyce Trudeau of Premier Disability Services, LLC®