Social Security Administration reports that it is short 4 million dollars to pay out Social Security benefits for this FY 2023.
In a letter to Senate President Hokkons Baules last month, SSA Chairman Hefflin Bai explained that Social Security Administration expects to collect $25.2 million this FY 2023, which includes $18.4 million from contributions, $1.2 million Supplemental from the government and a drawdown from SSA Investment Fund of $5.6 million. In the same letter, Bai reported that SSA would be paying out in benefits $29.2 million, resulting in a shortfall of $4,006,565.37.
The beneficiaries included 2,738 retirees, 270 estimated retirees in 2023, 907 surviving spouses, 201 dependent children, 98 disabled dependents, and 25 disabled. The total amount to be paid to these beneficiaries in 2023 is $29,263,337.04.
In the letter, SSA requests OEK to assist them with additional monies so they can pay out the benefits.
“We seek your help at this point in time because we know that SSA cannot on its own, sustain nor prolong this program with minimal resources to fund the regular benefits and the supplemental benefits simultaneously,” stated Chairman Bai in a letter to Senate President.
The issue of congress mandating SSA to pay supplemental benefits not built into the existing SSA Model that complies with the Actuary Report led to OEK filing a civil suit against SSA, and SSA Board unseating their Chairwoman and firing their Administrator in November of 2023.
In a separate letter to JGA Committees of both Senate and House of Delegates, SSA Board said that they are ready to resolve the civil suit out of court, with their attorney already submitting their response to both houses’ legal counsels.
In that letter, they agreed to most of the congress proposals except to make the preliminary injunction on the payment of supplemental benefits a permanent injunction.
“We do not think it is necessary nor a helpful step in fostering a good working relationship marked by mutual trust to convert the preliminary injunction to a permanent one. … The Board of Trustees assures OEK that there will be no action in the future to cease any supplemental benefit payment to all beneficiaries as mandated by current RPPL and any future RPPLs.”
Meanwhile, a civil suit filed against the SSA Board of Trustees by former Administration Ulai Teltull for firing her without due process and for breach of fiduciary duty is awaiting a formal response from the SSA Board.