The Social Security Administration faces a record-breaking backlog of open cases, leading to approximately $1 billion in projected improper payments to beneficiaries. The backlog of pending actions climbed to an all-time high of more than 5 million as of February 2024. Improper payments include overpayments, where beneficiaries are paid more than they should be, and underpayments, where payments are erroneously reduced. The agency failed to meet its performance goals in two fiscal years due to unexpected staff reductions, increased workloads, and insufficient overtime funding, according to the Social Security Administration.
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00:00It's Benzinga, and here's what's on the block.
00:02The Social Security Administration faces a record-breaking backlog of open cases, leading
00:08to approximately $1 billion in projected improper payments to beneficiaries.
00:13The backlog of pending actions climbed to an all-time high of more than $5 million as
00:17of February 2024.
00:19Improper payments include overpayments where beneficiaries are paid more than they should
00:23be and underpayments where payments are erroneously reduced.
00:27The agency failed to meet its performance goals in two fiscal years due to unexpected
00:31staff reductions, increased workloads, and insufficient overtime funding, according to
00:35the Social Security Administration.
00:37For all things money, visit Benzinga.com.