Representative Payee For SSA Benefits
Social Security’s Representative Payment Program provides financial management for Social Security Retirement & Disability (SSA or SSDI) and Supplemental Security (SSI) payments of beneficiaries who are considered by Social Security of being incapable of managing their benefits payments. While most people receive their SSDI and/or SSI benefits directly, some need assistance in managing their benefits. Benefits for these individuals are issued to a representative payee who receives the funds on behalf of the beneficiary and in turn uses those funds to meet the persons budgetary needs. When friends or family are not able to serve as the representative payee, Social Security looks for qualified organizations to be the representative payee.
Tsunami Enterprises is an Authorized Fee-For-Service Organizational Representative Payee under Social Security Guidelines and Policies. The fee-for-service rate is established by Social Security and adjusts each year with the Cost Of Living Adjustment (COLA). For 2017, the rate set by Social Security is $41 or 10% of benefits per month, whichever is less.
For additional information regarding Social Security’s Representative Payee Program, please visit the Social Security website, https://www.ssa.gov/payee/.
Fiduciary For VA Benefits
VA’s Fiduciary Program was established to protect Veterans and other VA beneficiaries who, due to injury, disease, or age are found by the VA to be unable to manage their financial affairs. VA will only determine an individual to be unable to manage his or her financial affairs after receipt of medical documentation or if a court of jurisdiction has already made a determination and that determination has been reviewed and approved by a VA Field Examiner. Upon approval of a determination the VA Field Examiner will appoint a fiduciary. The fiduciary must undergo an investigation as to their suitability to serve before being appointed. Generally, family members or family friends serve as fiduciaries for beneficiaries; however, when friends and family are not able to serve, VA looks for qualified individuals or organizations to serve as a fiduciary.
Tsunami Enterprises is an Authorized Fee-For-Service Organizational VA Fiduciary under Dept. of Veterans Affairs Guidelines and Policies. The fee-for-service rate is established by Dept. of Veterans Affairs. The most common rate is 4% of benefits per month.
For additional information regarding Dept. of Veterans Affairs Fiduciary Program, please visit the VA website, http://benefits.va.gov/fiduciary/.