President Joe Biden is poised to sign a bill that will increase Social Security payments for current and former public employees. The Social Security Fairness Act addresses a long-standing issue where benefits were reduced for recipients with other retirement income sources, particularly from public pensions.
President Joe Biden is set to sign into law a measure that boosts Social Security payments for current and former public employees. 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 law will change how the Government Pension Offset and the Windfall Elimination Provision work, increasing 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. A September estimate projected 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 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 law. It's not immediately clear how this will happen or whether people affected will have to take any action. Edward Kelly, president of the International Association of Fire Fighters, said firefighters across the country are “excited to see the change — we've righted a 40-year wrong
SOCIAL SECURITY PUBLIC EMPLOYEES BİDEN LEGISLATION FAIRNESS
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