The Social Safety Administration (SSA) immediately introduced the instant resumption of debt assortment actions by the Treasury Offset Program (TOP) for money owed accrued previous to March 2020. This choice comes after a suspension of collections because of the financial challenges posed by the COVID-19 pandemic.
The Treasury Offset Program, administered by the Division of the Treasury’s Bureau of Fiscal Service, is a centralized program designed to gather delinquent money owed owed to federal and state companies by intercepting Federal and state funds. Since 1992, SSA has referred delinquent Outdated-Age, Survivors, and Incapacity Insurance coverage (OASDI) and Supplemental Safety Revenue (SSI) money owed to TOP as mandated by legislation.
Previous to the suspension in March 2020, SSA had efficiently collected nearly $2 billion in beforehand unrecoverable delinquent debt by TOP. This system is crucial for sustaining the integrity of the OASDI and SSI applications.
“Resuming collections by the Treasury Offset Program is a vital step in our dedication to being good stewards of taxpayer funds and making certain the integrity of our applications,” mentioned Lee Dudek, Appearing Commissioner of Social Safety. “We’re devoted to recovering overpayments whereas offering people with the required data and choices to deal with their money owed.”
The Division of Treasury has begun gathering money owed SSA referred to Treasury earlier than March 2020, impacting an estimated 280,000 people with a collective debt steadiness of $2.7 billion.
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