President Biden signed the Social Security Fairness Act, eliminating the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). This bipartisan legislation increases Social Security benefits for approximately 2.5 million public sector workers and their spouses, averaging a $360 monthly increase. The act also provides retroactive lump-sum payments to compensate for past benefit shortfalls. This change, decades in the making, ensures these individuals receive the full Social Security benefits they earned.
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President Biden will sign the Social Security Fairness Act, addressing a long-standing inequity in Social Security benefits for approximately 3 million current and former public employees. The act repeals the Windfall Elimination Provision and Government Pension Offset, which reduced benefits for those receiving other pensions. This change will increase monthly payments, averaging $360 for those affected by the Windfall Elimination Provision and up to $1,190 for surviving spouses impacted by the Government Pension Offset. While celebrated by public service unions, the bill will accelerate the Social Security Trust Fund’s projected insolvency.
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Millions of Americans stand to receive larger Social Security checks if President Biden signs a new bill currently making its way to his desk. This potential increase is a significant development, impacting a large segment of the population who rely on Social Security for their retirement income.
However, this positive outcome comes with a counterpoint: concerns about the long-term solvency of the Social Security system itself. The bill, while offering immediate relief to millions, may exacerbate existing financial challenges facing the program in the future. This raises important questions about the sustainability of the system and the need for broader reforms to ensure its long-term viability.… Continue reading
John Q. Hosedrinker 
Matt Underwood