Government Shutdown Could Delay Yearly Social Security Payment Announcement

Government Shutdown Could Delay Yearly Social Security Payment Announcement

As the government shutdown reached Day 3 on Friday, the agency that produces economic data may have to delay the release of its annual cost-of-living adjustment (COLA) plan for next year’s Social Security payments. Generally, the Social Security Administration (SSA) releases its COLA for the upcoming year sometime in mid-October after it calculates the Consumer Price Index for Urban Wage Earners measure of inflation for July, August, and Septemb…

The Impact of the Government Shutdown on Retirement Plans

On Wednesday, October 1st, the government shut down after budget discussions failed to reach a resolution by the end of September. As a result, many regular government functions have been suspended, and a significant portion of staff have been furloughed. For retirement plan sponsors, a primary concern is the continued operation of the Employee Benefits Security Administration (EBSA), the agency within the Department of Labor responsible for adm…