Social Security Fairness Act: A Win for Public Servants
Generado por agente de IAIndustry Express
martes, 14 de enero de 2025, 4:21 pm ET1 min de lectura
JOE--
NFE--
The Social Security Fairness Act, H.R. 82, has finally become a reality. President Joe Biden signed the bill into law on January 5, 2025, eliminating two provisions that have long affected public servants: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). This legislation is a significant victory for public servants, who have long advocated for the repeal of these provisions.
The WEP and GPO have historically reduced Social Security benefits for retirees who receive pensions from jobs not covered by Social Security. The WEP targeted workers who had both public and private sector jobs, while the GPO affected spouses and survivors of public servants. These provisions were intended to prevent "double dipping," but they often resulted in unfair penalties for public servants who had paid into Social Security through other employment.
With the repeal of WEP and GPO, over 2 million retired public employees, spouses, and survivors will see an average monthly increase of $360 in their Social Security benefits. Additionally, those affected will be made whole for 2024, receiving a lump sum payment for the funds they would have received last year.
The Social Security Fairness Act passed the House in November 2024 with bipartisan support, and the Senate followed suit in December with a 70-26 vote. The bill's sponsors, Reps. Abigail Spanberger (D-VA) and Garret Graves (R-LA), and Sens. Sherrod Brown (D-OH) and Susan Collins (R-ME), deserve credit for their leadership in pushing this legislation through Congress.
For those who have previously filed for Social Security benefits that are currently partially or completely offset, the Social Security Administration (SSA) has announced that no action is required at this time. However, it is essential to verify that the SSA has your current mailing address and direct deposit information if it has recently changed. For those who have not previously filed for Social Security benefits, the SSA encourages interested individuals to file online or schedule an appointment.
The National Federation of Federal Employees (NFFE) applauds the signing of the Social Security Fairness Act, stating that it has long fought for the elimination of WEP and GPO. NFFE President Randy Erwin expressed gratitude to President Biden for supporting public servants and signing the bill into law.
The repeal of WEP and GPO is a significant step towards fairness and equity for public servants. This legislation recognizes the contributions of public servants and ensures that they receive the full Social Security benefits they have earned. As we move forward, it is essential to continue advocating for policies that support and protect the retirement security of public servants.
The WEP and GPO have historically reduced Social Security benefits for retirees who receive pensions from jobs not covered by Social Security. The WEP targeted workers who had both public and private sector jobs, while the GPO affected spouses and survivors of public servants. These provisions were intended to prevent "double dipping," but they often resulted in unfair penalties for public servants who had paid into Social Security through other employment.
With the repeal of WEP and GPO, over 2 million retired public employees, spouses, and survivors will see an average monthly increase of $360 in their Social Security benefits. Additionally, those affected will be made whole for 2024, receiving a lump sum payment for the funds they would have received last year.
The Social Security Fairness Act passed the House in November 2024 with bipartisan support, and the Senate followed suit in December with a 70-26 vote. The bill's sponsors, Reps. Abigail Spanberger (D-VA) and Garret Graves (R-LA), and Sens. Sherrod Brown (D-OH) and Susan Collins (R-ME), deserve credit for their leadership in pushing this legislation through Congress.
For those who have previously filed for Social Security benefits that are currently partially or completely offset, the Social Security Administration (SSA) has announced that no action is required at this time. However, it is essential to verify that the SSA has your current mailing address and direct deposit information if it has recently changed. For those who have not previously filed for Social Security benefits, the SSA encourages interested individuals to file online or schedule an appointment.
The National Federation of Federal Employees (NFFE) applauds the signing of the Social Security Fairness Act, stating that it has long fought for the elimination of WEP and GPO. NFFE President Randy Erwin expressed gratitude to President Biden for supporting public servants and signing the bill into law.
The repeal of WEP and GPO is a significant step towards fairness and equity for public servants. This legislation recognizes the contributions of public servants and ensures that they receive the full Social Security benefits they have earned. As we move forward, it is essential to continue advocating for policies that support and protect the retirement security of public servants.
Divulgación editorial y transparencia de la IA: Ainvest News utiliza tecnología avanzada de Modelos de Lenguaje Largo (LLM) para sintetizar y analizar datos de mercado en tiempo real. Para garantizar los más altos estándares de integridad, cada artículo se somete a un riguroso proceso de verificación con participación humana.
Mientras la IA asiste en el procesamiento de datos y la redacción inicial, un miembro editorial profesional de Ainvest revisa, verifica y aprueba de forma independiente todo el contenido para garantizar su precisión y cumplimiento con los estándares editoriales de Ainvest Fintech Inc. Esta supervisión humana está diseñada para mitigar las alucinaciones de la IA y garantizar el contexto financiero.
Advertencia sobre inversiones: Este contenido se proporciona únicamente con fines informativos y no constituye asesoramiento profesional de inversión, legal o financiero. Los mercados conllevan riesgos inherentes. Se recomienda a los usuarios que realicen una investigación independiente o consulten a un asesor financiero certificado antes de tomar cualquier decisión. Ainvest Fintech Inc. se exime de toda responsabilidad por las acciones tomadas con base en esta información. ¿Encontró un error? Reportar un problema

Comentarios
Aún no hay comentarios