Well, maybe not in love (see Romeo, Juliet, etc.) but according to – gasp! – both parties in Congress and former President Joe Biden, Social Security is getting a little fairer this year.
The Social Security Fairness Act, signed into law by President Biden on January 5, 2025, ends the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Who cares about this? A whole bunch of teachers, cops, fire fighters, postal workers, and other public sector workers who have been receiving little or none of their earned Social Security benefits because they were wiped out by their pensions.
What does the new law do?
– Repeals both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
– Applies retroactively to benefits payable from January 2024 onwards. So, some people, depending on their age, may be receiving a lump sum payment for 2024 benefits not paid.
– Increases Social Security benefits for over 2 million retired public servants affected by WEP.
– Restores full Social Security benefits to those who receive pensions from non-covered employment.
– Eliminates benefit reductions for spouses and survivors (approximately 750,000) affected by GPO.
– Some retirees may see up to a $587 increase in their monthly benefits
How do you find out when you can get your monthly payments and retroactive benefits? Well, the poor schlubs at the Social Security Administration now have to figure out how to implement the law and this may take a minute, so be patient.
If you are of Social Security age and have already applied for your benefit, it should start coming automatically. Check out this page for more information from the SSA.
This law is great news for people who have participated in both Social Security and government pension programs but were not getting their full Social Security benefits. Yay to better retirements for public sector employees!
Sources
https://www.iaff.org/news/social-security-fairness-act-becomes-law/
