Department of the Treasury - Financial Management Service Payments Recovery Plan
The Department of the Treasury’s Financial Management Service will issue one-time payments of $250 to retirees, disabled individuals and Supplemental Security Income recipients receiving benefits from the Social Security Administration, Railroad Retirement Board or U.S. Department of Veterans Affairs.
The one-time $250 payments will assist millions of Social Security, Railroad Retirement Board, and Veterans Affairs beneficiaries in meeting living expenses, while also supporting broad based economic recovery. FMS plans to issue approximately 55 million payments, totaling over $13.8 billion to beneficiary recipients. FMS estimates that more than 44 million of these payments will be made electronically rather than by paper check, which saves the taxpayers approximately $16 million.
The measures have been revised to enrich the performance metrics for Recovery targets. In some instances, targets will not be available until additional baseline data has been collected.
Percent of paper check and EFT payments disbursed accurately and on-time
|Frequency : Quarterly|
|Direction : Increasing|
|Type : Outcome|
|Explanation : Percent of paper check and EFT payments disbursed accurately and on-time: The term "accurately" refers to the percentage of check and EFT payments that FMS disburses which are not duplicate or double payments. The term "on-time" means that FMS releases checks to the U.S. Postal Service and EFT payments to the Federal Reserve Bank so that normal delivery results in timely receipt by payees|
|Unit : Percent|
Percent of Electronic Payments
|Frequency : Quarterly|
|Direction : Increasing|
|Type : Outcome|
|Explanation : The portion of the total volume of payments that is disbursed electronically by FMS. Electronic payments include transfers through the Automated Clearing House.|
|Unit : Percent|
Unit Cost for Federal Government Payments
|Frequency : Annual|
|Direction : Decreasing|
|Type : Efficiency|
|Explanation : Unit cost combines both paper and electronic payment mechanisms and includes the aftermath processes (reconciliation and claims) for both types of payment mechanisms.|
|Unit : Dollars|
Schedule and Milestones
Social Security Administration payments began May 7th, and will continue through May 28th. Supplemental Security Income payments will be completed by May 18th, Railroad Retirement Board payments will be completed by May 28th. Veterans Affairs payments will be completed by June 30th. "Catch-up" payments will be distributed by December 31, 2010.
|Disburse first SSA payments to payees
|Press Kits: Create, Review, Coordinate and Issue Press Releases
|Disburse SSI payments to payees
Projects and Activities
FMS expects to disburse payments to eligible recipients starting in May 2009, and continuing through the end of June 2009. FMS will also issue a small number of payments to individuals who are determined to be eligible after June; however no payments will be made after December 2010.
FMS was provided with $7 million to cover the costs associated with processing, issuing, and reconciling the payments to the qualified individuals. The majority of the funding will cover the postage costs as well as the administrative overtime expenses associated with issuing the payments. The $7 million supports FMS’ Strategic Goal: Timely, accurate and efficient disbursement of federal payments. The activities are:
1. Development: Coordination with the Social Security Administration (SSA), Railroad Retirement Board (RRB), and Veterans Affairs (VA) to ensure that all technical development needs are met in order to accept the new payment file format
2. Complete testing all development to ensure file format acceptance and payment accuracy
3. Disburse Payments
4. Create, Review, Coordinate, and Issue Press Releases
5.1 RISK MANAGEMENT/INTERNAL CONTROL PLAN
• For each Recovery Act program involving implementation of provisions or obligations of Recovery Act funds in FY 2009, the bureaus will perform actions 5.1.1 through 5.1.4 by April 15, 2009, with completion of 5.1.6 shortly thereafter
• Step 5.1.5 will be ongoing
• Supporting documentation will be maintained by each bureau so that it is readily accessible in the event of an audit or other needs
5.1.1 Identify and Document Program-Specific Risks
• Review pertinent existing risk assessments
• Review pertinent OMB Circular A-123/Appendix A test results, Improper Payments Information Act assessments, etc.
• Review pertinent GAO/OIG/TIGTA audit reports and related corrective action plans
5.1.2 Identify and Document Applicable Current Process Internal Controls
5.1.3 Assess Program-Specific Risks in View of Existing Controls
• Take the Risk/Impact Questionnaire to rate risks and impacts, taking into consideration the findings identified in 5.1.1 and all OMB-prescribed Recovery Act transparency and accountability objectives
• Use the “Consequence-Probability Table” (Risk/Impact Matrix) to determine the overall (combined) Risk/Impact rating
• Document assessments
5.1.4 Mitigate Risks and Impacts
• For each Program with an overall Risk/Impact rating of “High” or “Medium”:
• Identify and update existing risk mitigation plans to implement Recovery Act-related controls; plans should include regularly scheduled monitoring and testing of risk mitigation plans and controls
• Develop and execute new risk mitigation plans as needed; plans should include regularly scheduled monitoring and testing of risk mitigation plans and controls
5.1.5 Monitor Risk Mitigation Plans
• As outlined in each risk mitigation plan (per 5.1.4), each risk mitigation plan must be monitored regularly for timely and effective implementation of corrective actions and testing of controls
• Bureaus with responsibility for Recovery Act programs will leverage existing organizations and entities (e.g., A-123/Appendix A Senior Assessment Team, Senior Management Council, et al) to review, assess, and manage Recovery Act risk
• Bureaus will provide monthly progress reports on risk management to the Treasury DCFO for each program
5.1.6 Certify Completion of Risk Assessment/Development of Mitigation Plan
• Bureau Recovery Act Senior Accountable Official will sign/date a certification for each program
• Submit signed certification to Treasury DCFO
Cost and Performance Plan
FMS is performing the disbursement of the Recovery Act payments on behalf of SSA, VA and RRB. FMS is anticipating more than 80 percent of the payments to be disbursed via EFT, thus the recipient level is not available through this agency.
One of the key FMS payment performance indicators is accuracy; that is, making payments as certified by the program agency. Both timeliness and accuracy are of importance to FMS. FMS has edit checks to determine data integrity within certified payment files, and there are other internal controls in place, both automated and manual, to ensure accuracy of payments.
FMS has taken steps to hold executives and staff accountable for achieving the goals of this program. FMS, under supervision of the appointed Bureau Accountability Official, will monitor spending and performance measures, and ensure that the Executive Board and Commissioner are regularly updated on the progress and implementation of ARRA. Additionally, FMS will submit weekly Financial and Activity reports on the status of funds and major actions taken. FMS, at both the executive and staff level, will coordinate efforts to execute the requirements of the Recovery Act as well as the requirements of OMB Memorandum M-09-15, Updated Implementing Guidance for the American Recovery and Reinvestment Act of 2009.
Energy Efficiency Spending Plans
FMS Recovery Act funding will be used primarily for postage, overtime, printing, IT Support, and equipment related to disbursing payments. These funds will not be used for Federal infrastructure investments.
Program Plan Award Types
No Data Available