NEWS
BYTES
August 2001
Editor:
Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA
Social
Security Administration to Issue One-Time Payments to Approximately
50 Million Beneficiaries
The
Social Security Administration (SSA)
announced that it will issue one-time payments to approximately
50 million Social Security and Supplemental Security Income
(SSI) beneficiaries.
Lump-sum
retroactive payments are scheduled for delivery on July 16 to
Social Security and SSI beneficiaries. For the majority, these
payments will total up to $19, or $1 per month for January 2000
through July 2001. Beneficiaries do not need to contact SSA.
As
a result of the CPI error, the December 1999 cost-of-living
adjustment -- paid in January 2000 -- was one-tenth (1/10) of
one percent below what it would have been had the error not
occurred. As a result, the COLA applied to Social Security and
SSI payments was 2.4 percent, rather 2.5 percent.
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