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.
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