Former JPMorgan Chase executive Matt Zames is set to join the U.S. Social Security Administration in an unpaid advisory role, according to people familiar with the appointment.
Zames will support Social Security Commissioner Frank Bisignano, a former JPMorgan colleague, as the agency works to modernize its technology systems and improve operational efficiency.
He is expected to begin work at the agency’s Baltimore headquarters on Monday. His experience includes serving as JPMorgan’s chief operating officer, where he oversaw major technology initiatives, restructuring efforts and cost-management programs.
Zames later became president of private equity firm Cerberus Capital Management, where he worked on technology investments and restructuring projects. He has also served on advisory groups connected with the U.S. Treasury and Federal Reserve.
The appointment comes as the Social Security Administration faces pressure to upgrade decades-old technology while also confronting longer-term financial challenges. Current projections indicate that the Social Security retirement trust fund could face depletion within the next decade without legislative action.
Zames will serve as a special government employee, allowing him to work with the agency for up to 130 days. His advisory period could extend over a longer timeframe because the position is not expected to be full-time.
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