Social Security to again recoup 100% of overpayments

The Social Security Administration is reinstating its plan to reclaim 100% of overpayments made to beneficiaries — a ten-fold jump from the current rate, the agency announced Friday.

By asking for 100% of overpayments to be repaid by recipients, the agency could save about $7 billion over the next decade, the Office of the Chief Actuary estimated. The new rate will take effect March 27.

“We have the significant responsibility to be good stewards of the trust funds for the American people,” said Lee Dudek, acting commissioner of Social Security, in a statement.

“It is our duty to revise the overpayment repayment...