For decades, Social Security Fairness Act Will end two federal policies that prevent former police officers, firefighters, postal workers, teachers and others with public pensions from collecting their full Social Security benefits.
After senators passed the legislation in the closing hours of the 118th Congress on December 21, Senate Majority Leader Chuck Schumer, Democrat of New York, announced, “The Senate has finally righted a 50-year-old mistake. ”
Organizations representing firefighters and police officers told members they had been told Mr. Biden was ready to sign the bill. The President had a schedule. hold on According to the International Association of Fire Fighters, the IAF, and the National Association of Police Organizations (NAPO), a signing ceremony for the measure will take place at 10 a.m. ET on Monday, although the schedule has changed. May be.
IAF General President Edward Kelly was invited for the signing. “The IAFF has been working on this issue for years, and Mr. Kelly has been lobbying on Capitol Hill for the repeal of the WEP/GPO,” an IAFF spokesperson told CBS MoneyWatch.
NAPO leadership was informed of the upcoming event by the White House, NAPO told its members in a Post on social media.
Shannon Benton, executive director of the Senior Citizens League, said the bill’s passage was “a monumental victory for the millions of public service workers who have been denied the benefits they rightfully deserve”. Extension of Social Security benefits. “This legislation finally restores fairness to the system and ensures that the hard work of teachers, first responders and countless public servants is truly recognized.”
The White House did not respond to requests for comment.
What is the Social Security Fairness Act?
The Social Security Fairness Act would repeal two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) — that reduce Social Security payments to nearly 3 million retirees.
This includes people who also collect pensions from state and federal jobs not covered by Social Security, including teachers, police officers and U.S. postal workers. The bill would also repeal another provision that reduces Social Security benefits for surviving spouses and family members of these workers. Affects about WEP. 2 million Social Security beneficiaries and GPO approx 800,000 Retirees
The Senate held its first hearing on the policies in 2003.
The measure had bipartisan support, yet faced last-minute objections from some Republicans because of its cost. According to the Congressional Budget Office, the proposed legislation would have an expected increase. 195 billion dollars Federal deficits over a decade.
Senate supporters, including Louisiana Republican Bill Cassidy, argued that Social Security’s funding shortfall needed to be addressed, but that it should not be done at the expense of retirees with public pensions.
When will the Social Security Fairness Act come into force?
Once signed into law, the legislation retroactively applies to Social Security payments beginning in January 2024. The text Bill’s. This means that eligible recipients who previously received only partial benefits will receive full refunds for the previous year.
Still, calculating what the beneficiaries own may not be easy or quick.
“The Social Security Fairness Act would eliminate the reduction in Social Security benefits for those eligible for a public pension from work that is not covered by Social Security,” the Social Security Administration said in a statement. Update Thursday. “The Social Security Administration is reviewing how to implement this act once it is signed into law. We will provide more information as it becomes available.”
Americans who previously applied for Social Security benefits that are partially or fully offset need take no action other than verifying that the Social Security Administration has their Current mailing address and direct deposit information are available.
“Most people can do this online from their personal My Social Security account without calling or visiting Social Security. See www.ssa.gov/myaccount to sign in or create your account,” the agency advised.
It added that workers with public pensions who are interested in filing for Social Security benefits can file online at ssa.gov or schedule an appointment.