The latest at SSA

It’s official – Frank Bisignano, former president and CEO of Fiserv, CEO of First Data, and as the
COO of JPMorgan Chase, was sworn in as the Social Security Administration’s newest
commissioner on May 7, 2025.

Bisignano’s stated priority is to transform SSA into a model of excellence that operates at peak
efficiency and delivers outstanding service to every American.
SSA’s most recent press release highlights several key achievements. You can review an overview
of their stated achievements at:

SSAAccomplishments: July 2025

Of note, the agency completed processing of all Social Security Fairness Act payments five
months ahead of time.

You can also review their revised fiscal year 2025 performance plan and the 2026 performance
plan at:
https://www.ssa.gov/agency/performance/materials/2026/SSA_FYs2025-2026_APP.pdf

While there is a reference to reduction of agency facilities, they also state they remain committed to the
availability of direct customer contact.

Recent legislative changes have minimal impact on tax liability for Social Security benefits. Consult your
tax specialist to see if any changes will apply to you.

The current COLA estimate for 2026 is 2.7% with no raise recommended for federal employees. There
are some projections that Medicare premiums for 2026 could increase over 10% and be the highest hike
since 2016. These changes are only estimates. If this does occur, you should be aware that SSA has the
The Variable Supplementary Medical Insurance (VSMI) Premium regulation, commonly referred to as the
‘hold harmless’ provision. This applies to most beneficiaries whose Medicare premiums increase exceeds
their current benefit COLA rate increase and ensures they will not experience a net loss in the monthly
benefit paid.

SSA continues to move forward with direct service enhancements. To date, there have been no changes in
benefit entitlements or computations. As with any SSA update, if you have any questions regarding the
impact of your retirement, ask a qualified SSA expert or reach out to the administration directly.

Maryellen Eckert
EDPNA