President Biden is set to sign a bill that will increase Social Security payments for millions of public employees, eliminating two provisions that have long limited benefits for those who receive pensions from public service jobs.
Sunday, January 5, 2025 3:00PM President Joe Biden on Sunday plans to sign into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers, firefighters, police officers and in other public service jobs.
Advocates say the Social Security Fairness Act rights a decades-old disparity, though it will also put strain on Social Security Trust Funds, which face a looming insolvency crisis. The bill rescinds two provisions - the Windfall Elimination Provision and the Government Pension Offset - that limit Social Security benefits for recipients if they get retirement payments from other sources, including public retirement programs from a state or local government. The Congressional Research Service estimated that in December 2023, there were 745,679 people, about 1% of all Social Security beneficiaries, who had their benefits reduced by the Government Pension Offset. About 2.1 million people, or about 3% of all beneficiaries, were affected by the Windfall Elimination Provision. The Congressional Budget Office estimated in September that eliminating the Windfall Elimination Provision would boost monthly payments to the affected beneficiaries by an average of $360 by December 2025. Ending the Government Pension Offset would increase monthly benefits in December 2025 by an average of $700 for 380,000 recipients getting benefits based on living spouses, according to the CBO. The increase would be an average of $1,190 for 390,000 or surviving spouses getting a widow or widower benefit.The change is to payments from January 2024 and beyond, meaning the Social Security Administration would owe back-dated payments. The measure as passed by Congress says the Social Security commissioner 'shall adjust primary insurance amounts to the extent necessary to take into account' changes in the la
SOCIAL SECURITY PUBLIC EMPLOYEES PENSIONS GOVERNMENT BENEFITS LEGISLATION
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