If there has been a change of payee from a payee to the beneficiary (i.e., the beneficiary
is receiving their own benefits), and one of the following two conditions exists,
the terminated payee is subject to a final accounting.
We request a final accounting if the terminated payee served:
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•
less than 12 months and the benefits paid during the reporting period were $500.00 or more; or
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•
12 or more months and reported $2,000.00 or more in conserved funds (CF) on the last annual accounting
report received.
However, in addition to the payees exempted in GN 00605.015, we do not send a final accounting request when the custody code (CC) is PYE (In
Payee’s Custody) for a beneficiary under age 19, and the type of payee (TOP) for the
terminated payee is one of the following: