The Social Security Fairness Act aims to increase benefits for 3 million people by eliminating rules that reduce benefits for some with public sector pensions. The bill faces opposition due to its cost.
As the Senate wraps up its final legislative days for the year, it is expected to vote on a bill that would increase Social Security benefits for about 3 million people. The Social Security Fairness Act calls for eliminating certain rules that have been in place for decades that reduce Social Security benefits for some people with public sector pensions.reduce Social Security benefitsvote to proceed, the effort to advance the bill was met with some dissent, with Sen. Thom Tillis, R-N.C.
, citing the costs associated with the change. The Congressional Budget Office has estimated repealing the rules — known as the Windfall Elimination Provision, or WEP, and Government Pension Offset, or GPO — would cost The WEP reduces Social Security benefits for individuals who receive pension or disability benefits from jobs where they did not pay Social Security payroll taxes. The GPO reduces Social Security benefits for spouses, widows and widowers who also receive their own government pension income., according to the Committee for a Responsible Federal Budget. Without the change, Social Security's trustees have projected the trust fund the program relies on to pay retirement benefits will'We are about to pass an unfunded $200 billion spending package for a trust fund that is likely to go insolvent over the next nine to 10 years, and we're going to pretend like somebody else has to fix it,' Tillis said during a Senate speech ahead of the vote to advance the bill. Tillis said lawmakers are not considering the 97% of beneficiaries who would not benefit from the bill, but who would be hurt by future consequences that passing it would have on the program.Early retirement is a surprise for many workers, study finds 'Ladies and gentlemen, this bill has not even had a hearing in any committee in the House or the Senate,' Tillis said. The Social Security Fairness Act was approved by the House in November after two lawmakers – Reps. Abigail Spanberger, D-Va., and Garret Graves, R-L
SOCIAL SECURITY SENATE BILL BENEFITS PUBLIC SECTOR PENSIONS
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