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The Social Security Board held its annual public forum today to report on the organization’s performance over the past year. The forum brings together stakeholders from across the country for presentations and panel discussions on various aspects of the social security program, including the protection of the elderly. The forum is crucial because the SSB uses it to account for millions of dollars worth of public funds. The SSB reported revenues of $166 million and a net increase of $50 million in reserves. This means that the SSB has money to invest with the goal of increasing the fund and ensuring the continuity of social security benefits such as pensions. Outgoing SSB CEO Deborah Ruiz noted that more than fourteen thousand people are currently receiving monthly pensions. Leticia Vega, SSB General Manager for Policy, Research and Actuarial Services, explained the functions of the SSB and shared some of the challenges the Board faced last year.
Deborah Ruiz, CEO of the Social Security Council: “We have revenues of $166 million and net reserves of $50 million. That means we have money to invest now, and as I’ve been saying, the actuaries are currently stating that this means we need a minimum real rate of return to meet our investment needs to maintain the long-term limb. The long-term limb includes paying pensions. Currently, we have over 14,000 people receiving a monthly contributory pension, and statistics show that the population will continue to age. So we need to increase funding now to keep people working, paying into pensions, and covering the various social security systems we have in place.”
SSB Connect was held at the Best Western Hotel. The conference was live streamed on social media.
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