SOCIAL SECURITY LAW: Social Security Payments to be Sent Electronically, not by Paper Checks, Beginning May 1
April 26, 2011
Washington DC – Social Security beneficiaries, especially retirees, will soon receive their benefit payments electronically as the US Department of Treasury has announced that it is switching over from paper checks to direct deposit beginning May 1.
The agency said the move was made to be able to save on about $1 billion over the next ten years. The move is also expected to affect baby boomers and those who are planning to retire.
In Pennsylvania alone, more than 800, 000 people who are expected to reach retirement age in the next five years will receive their benefits under the new system.
According to the Treasury Department, if every person receiving Social Security benefits in Pennsylvania will switched over to electronic payments, the government will be able to save $4.3 million each year.
The new system is part of the federal government’s program to promote paperless transactions.
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