SS annual benefit payments exceed contributions by over $3 million in 2016
No unresolved findings of FY 2016 audit
By: L.N. Reklai
July 17, 2017 (Koror, Palau) Social Security Administration annual benefit payments exceeded contributions by over $3 million dollars for 2016 according to independent audit report on FY 2016.
Benefits increased by over 50% under RPPL 9-11, 9-12, 9-35, 9-46, 9-55 and 9-62, exceeding the amount of contributions. “Contributions on annual basis are no longer sufficient to pay annual benefit payments due to current beneficiaries” states the report.