When an individual is receiving a foreign pension that must be included in the SVB
benefit computation as other benefit income, convert the foreign pension amount to
US dollars. Use the currency exchange rate in effect on the first day of the month
in which the qualification notice is prepared, or if no qualification notice was sent,
the first day of the month in which the award letter is prepared.
Generally, the US dollar-to-foreign currency exchange rates can be obtained from any
large metropolitan newspaper or by calling a bank or financial institution. Foreign
currency amounts can also be converted to U.S. dollars by using the link on the title
VIII intranet home site. Any problems with converting the foreign currency to U.S.
dollars should be faxed to OIP, attention SVB at (410) 966-7025. Include your name,
location, phone number, E-mail address and fax number for response.
Document the file with a Form SSA-5002, Report of Contact, a printout of the internet
screen or other form showing the exchange rate used, the exchange rate date and the
source of the information.
Once a foreign pension has been converted to U.S. dollars, that exchange rate will
remain the exchange rate of record; i.e., the dollar value of the pension will not
be refigured on a monthly or other basis to account for fluctuations in the dollar-to-foreign
currency exchange rate.