Andrew M. Saul was sworn in today as the Commissioner of Social Security at the agency’s office in Washington, D.C. He will serve a six-year term that expires on January 19, 2025.
Commissioner Saul expressed his gratitude at being chosen to serve as the Commissioner of Social Security. “The Social Security programs touch the lives of almost every American – serving in this position is a tremendous privilege and an awesome responsibility,” said Commissioner Saul. “I am humbled by the opportunity to help the agency to deliver critical services to the American people.”
Commissioner Saul brings a vast amount of experience to the position. At the federal level, one of Commissioner Saul’s greatest achievements was his work with the Federal Thrift Investment Board (FTIB). In 2002, Commissioner Saul became Chairman of the FTIB, which administers the Thrift Savings Plan (TSP). The TSP provides military and federal employees the opportunity to save for additional retirement security. Commissioner Saul led the board to modernize systems and restructure executive staff. Through effective changes, he increased participation and reduced participant costs.
In addition to his federal service, Commissioner Saul has served and worked within numerous state and local governments, non-profit organizations, and private sector businesses. He started his career in the private sector, growing and managing two large publicly traded apparel chains for over 20 years. He served as Vice Chairman and Chairman of the Finance Committee of the Metropolitan Transportation Authority, New York’s regional transportation system and the country’s largest public transportation network. He also served as Vice Chairman of the Mount Sinai Health System and Chairman of its Audit and Compliance Committee. In addition, he was a Trustee and Chairman of the Audit Committee of the National Gallery of Art. He formerly served as a board member of the United Jewish Appeal Federation of New York.
Commissioner Saul will be responsible for administering the Social Security retirement, disability and survivors insurance programs that pay over one trillion dollars annually in benefits to approximately 64 million beneficiaries, as well as the Supplemental Security Income program that provides cash assistance to more than 8 million people with limited income and resources. The agency has a national workforce of about 63,000 employees and 1,500 facilities across the country and around the world.
Commissioner Saul is from New York. He is a graduate of the Wharton School of Finance at the University of Pennsylvania, and serves on its Board of Overseers. He and his wife of over 50 years, Denise, have two adult children and three grandchildren.
Liam and Emma are once again America’s most popular baby names in 2018. This is the second time Liam is atop the boys list and the fifth year in a row for Emma. Two long timers on the list, Jacob and Abigail, toppled out of the top 10 for the first time since 1992 and 2000. There are two new names in this year’s top 10—Lucas for the first time ever, and Harper makes her way back on the list.
Here are the top 10 boys and girls names for 2018:
While you are there, Acting Commissioner Nancy A. Berryhill encourages everyone to enjoy the baby names list and create a mySocial Security account at www.socialsecurity.gov/myaccount. mySocial Security is a personalized online account that people can use beginning in their working years and continuing while receiving Social Security benefits.
Social Security beneficiaries can have instant access to their benefit verification letter, payment history, and complete earnings record by establishing a mySocial Security account. Beneficiaries also can change their address, start or change direct deposit information, and print a replacement SSA-1099 online. People receiving benefits can request a replacement Medicare card online.
People age 18 and older who are not receiving benefits can also sign up for a mySocial Security account to get their personalized online Social Security Statement. The online Statement provides workers with secure and convenient access to their Social Security earnings and benefit information, and estimates of future benefits they can use to plan for their retirement.
Additional Baby Names Information:
Social Security began compiling the baby name list in 1997, with names dating back to 1880. At the time of a child’s birth, parents supply the name to the agency when applying for a child’s Social Security card, thus making Social Security America’s source for the most popular baby names.
Each year, the list reveals the effect of pop-culture on naming trends. Royalty seems to have influenced parents in 2018.
Meghan was the fastest rising girls’ name, moving 701 spots to number 703 from number 1,404 in 2017. This jump speaks to the popularity of Meghan Markle, an American who joined the royal family when she married Prince Harry in 2018. Tune in next year to see how newborn Archie influences Moms and Dads in 2019. The name Archie actually reappears in the top 1,000 in 2018 for the first time since 1988, and he will likely continue climbing up the list after the latest royal news.
Winter is coming for “Game of Thrones” fans. The name Yara voyaged 314 spots from number 986 in 2017 to number 672 in 2018 on the girls’ side. Followers of the hit HBO show know this probably is due to Yara Greyjoy, a character on the popular series.
For the boys, Genesis is the fastest rising name for 2018, shuffling his way 608 spots to number 984 from number 1,592 in 2017. There has been a resurgence of classic names in the top 10 baby names in recent years, so perhaps Genesis is a harkening back to the classic English rock band led by Phil Collins. Speaking of Genesis, award winning Grammy singer and coach on "The Voice," Alicia Keys named her son Genesis after his birth.
The Social Security Board of Trustees today released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the Old-Age and Survivors Insurance and Disability Insurance (OASI and DI) Trust Funds are projected to become depleted in 2035, one year later than projected last year, with 80 percent of benefits payable at that time.
The OASI Trust Fund is projected to become depleted in 2034, the same as last year’s estimate, with 77 percent of benefits payable at that time. The DI Trust Fund is estimated to become depleted in 2052, extended 20 years from last year’s estimate of 2032, with 91 percent of benefits still payable.
In the 2019 Annual Report to Congress, the Trustees announced:
The asset reserves of the combined OASI and DI Trust Funds increased by $3 billion in 2018 to a total of $2.895 trillion.
The total annual cost of the program is projected to exceed total annual income, for the first time since 1982, in 2020 and remain higher throughout the 75-year projection period. As a result, asset reserves are expected to decline during 2020. Social Security’s cost has exceeded its non-interest income since 2010.
The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2035 – gaining one year from last year’s projection. At that time, there would be sufficient income coming in to pay 80 percent of scheduled benefits.
“The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “The large change in the reserve depletion date for the DI Fund is mainly due to continuing favorable trends in the disability program. Disability applications have been declining since 2010, and the number of disabled-worker beneficiaries receiving payments has been falling since 2014.”
Other highlights of the Trustees Report include:
Total income, including interest, to the combined OASI and DI Trust Funds amounted to just over $1 trillion in 2018. ($885 billion from net payroll tax contributions, $35 billion from taxation of benefits, and $83 billion in interest)
Total expenditures from the combined OASI and DI Trust Funds amounted to $1 trillion in 2018.
Social Security paid benefits of nearly $989 billion in calendar year 2018. There were about 63 million beneficiaries at the end of the calendar year.
The projected actuarial deficit over the 75-year long-range period is 2.78 percent of taxable payroll – lower than the 2.84 percent projected in last year’s report.
During 2018, an estimated 176 million people had earnings covered by Social Security and paid payroll taxes.
The cost of $6.7 billion to administer the Social Security program in 2018 was a very low 0.7 percent of total expenditures.
The combined Trust Fund asset reserves earned interest at an effective annual rate of 2.9 percent in 2018.
The Board of Trustees usually comprises six members. Four serve by virtue of their positions with the federal government: Steven T. Mnuchin, Secretary of the Treasury and Managing Trustee; Nancy A. Berryhill, Acting Commissioner of Social Security; Alex M. Azar II, Secretary of Health and Human Services; and R. Alexander Acosta, Secretary of Labor. The two public trustee positions are currently vacant.
The Social Security Administration (SSA) and its Office of the Inspector General (OIG) launched a joint Public Service Announcement (PSA) campaign addressing a nationwide telephone impersonation scheme. Social Security and the OIG continue to receive reports from across the country about fraudulent phone calls from people falsely claiming to be Social Security employees. Calls can even “spoof” Social Security’s national customer service number as the incoming number on the caller ID. The new PSAs will air on TV and radio stations across the country to alert the public to remain vigilant against potential fraud.
“We urge you to always be cautious and to avoid providing sensitive information such as your Social Security number or bank account information to unknown people over the phone or Internet,” said Nancy A. Berryhill, Acting Commissioner of Social Security. “If you receive a call and are not expecting one, you must be extra careful – you can always get the caller’s information, hang up, and contact the official phone number of the business or agency the caller claims to represent. Do not reveal personal data to a stranger who calls you.”
Social Security employees do occasionally contact people--generally those who have ongoing business with the agency--by telephone for business purposes. However, Social Security employees will never threaten a person or promise a Social Security benefit approval, or increase, in exchange for information. In those cases, the call is fraudulent and people should not engage with the caller. If a person receives these calls, he or she should report the information to the OIG Fraud Hotline at 1-800-269-0271 or online at https://oig.ssa.gov/report.
“These calls appear to be happening across the country, so we appreciate SSA’s partnership in this national public outreach effort,” said Gail S. Ennis, the Inspector General for the Social Security Administration. “Our message to the public is simply this: If you or someone you know receives a questionable call claiming to be from SSA or the OIG, just hang up.”