More Than A Year Since The Last Oversight Hearing

     I  checked to see when the House Social Security Subcommittee last held an oversight hearing. It was September 28, 2018, with Republicans still leading the Subcommittee.  The Subcommittee has certainly held hearings this year but they have all been focused on legislation to improve Trust Fund financing and improve benefits. That is a worthy goal but there is no chance for passage in this Congress and uncertain chances in the next Congress.

     I don’t remember ever going this long between oversight hearings.

OIG Report Released

     Social Security’s Office of Inspector General (OIG) has released its semiannual report to Congress.

Happy Black Friday

Happy Thanksgiving!

This really is a thing

Happy Thanksgiving!

Happy Thanksgiving

Can't Understand Social Security Notices? Here's Where You Complain

     From the Social Security Administration's 2018 Plain Writing Act compliance report:

It is our goal to improve the way we communicate with the public in a clear, organized way. We encourage members of the public and employees to make comments and suggestions at PlainWriting@ssa.gov. We make every effort to respond to all emails within one business day.

Expiration Date Of Five Listings Extended

     Social Security has published notice that it is extending the expiration dates of five Listings: Musculoskeletal System, Cardiovascular System, Digestive System, Skin Disorders, and Immune System Disorders. No change was made in any of the Listings.

Proposed Regs On Advance Designation Of Rep Payee

     From a notice from the Social Security Administration that will appear in tomorrow's Federal Register:

The Strengthening Protections for Social Security Beneficiaries Act of 2018(Strengthening Protections Act)requires us to promulgate regulations specifying the information Social Security beneficiaries and applicants must provide to designate a representative payee in advance of our determination that the beneficiary needs a representative payee.We propose to revise our rules to satisfy this requirement,and to specify that we will allow individuals to designate in advance one or more potential representative payees. We also explain how we propose to consider an individual’s advance designation when we select a representative payee.

How Much Of A Penalty For Early Retirement And How Much Of A Reward For Late Retirement?

     From Are Social Security’s Actuarial Adjustments Still Correct? by Alicia Munnell and Anqi Chen of the Center for Retirement Research at Boston College:

• People can claim Social Security from 62 to 70, with adjustments to keep lifetime benefits the same, on average, regardless of claiming age.
• The question is whether the adjustments, set decades ago, are still correct, given the decline in interest rates and increase in life expectancy.
• For the average worker, the analysis shows that the reduction for claiming early is currently too large while the increase for claiming late is about right.
• Higher earners – who live longer and claim later – get a really good deal under the current system.

     This is asking questions that have not been asked in quite some time. The study suggests lowering the early retirement penalty which might increase the already high rate of early retirement as well as decrease the viability of the retirement trust fund if not accompanied by an increase in revenues. I doubt that's happening.