Accumulated Funds Payable to Beneficiaries or Their Representative Payees

Tuesday, December 11, 2012
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Audit Report
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According to SSA policy, accumulated funds are benefits that (1) accrued before an initial award, (2) were withheld pending the selection of a representative payee, or (3) were conserved and returned to SSA by a former representative payee. If a beneficiary has no representative payee, SSA is required to pay all accumulated funds directly to the beneficiary unless the selection of a representative payee is pending, a capability determination is pending, or a beneficiary requested installment payments. If the accumulated funds total more than $4,000, SSA must evaluate certain representative payees’ ability to handle the benefits.