Biden Signs Bill Increasing Social Security Payments for Millions
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.
John Q. Hosedrinker