REGULATORY UPDATE

Recent Changes in Social Security

Some information was recently released by the U.S. Social Security Administration which may have gone unnoticed at your organization.   To help keep you and your staff up to date on those changes that may affect your operations, some key points are listed below. 

·         Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.

·         A 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.

·         For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.

·         In January 2012, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800.

·         Of the estimated 161 million workers who will pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.

·         A new way for members of the public to participate in open and transparent government invites people to provide direct feedback on rules and regulations by emailing RegsReview@ssa.gov.

Stay up to date on press releases and news from the Social Security Administration at www.ssa.gov.