Important HUD News: Social Security Announces 2.8% Benefit Increase for 2019
On December 18, 2018 by Bobbie Guidry
A 2.8 percent cost-of-living adjustment (COLA) approved in October will begin with benefits payable to more than 62 million Social Security beneficiaries in January 2019.
Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2018. (Note: Some people receive both Social Security and SSI benefits).
As detailed in HUD Handbook 4350.3, Chapter 9, owner/agents do not have to adjust recertifications already calculated prior to the issuance of the COLA based on figures provided in EIV for the quarter starting Jan. 1. However, all recertifications effective after April 1 must reflect the SSA benefit that includes the COLA.