President Biden signs Social Security Fairness Act, repealing provisions that limited benefits for some recipients, particularly public employees who receive pensions. The act will increase Social Security payments for approximately 3 million current and former public servants, including teachers, firefighters, and police officers, starting in January 2024.
President Joe Biden is signing Sunday a bill that will boost Social Security for nearly 3 million people. The signing of the Social Security Fairness Act repeals two stipulations that limited Social Security benefits for some recipients.Here’s what to know about the act, and who it affects: The measure would repeal provisions that reduce certain Social Security benefits for individuals who receive other benefits, such as a pension from a state or local government, according to the bill summary.
RELATED: IRS increases 401, other 2025 retirement plan contribution limitsThe Social Security Fairness Act will boost Social Security payments for about 3 million current and former public employees. These people receive pensions from their time as teachers, firefighters, police officers and in other public service jobs.The change is to payments from January 2024 and beyond, meaning the Social Security Administration would owe back-dated payments.
SOCIAL SECURITY GOVERNMENT PENSIONS PUBLIC EMPLOYEES BILL SIGNING BIDEN ADMINISTRATION
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