Millions of Retirees Set to Receive Increased Social Security Benefits – Full Support Officially Confirmed
The Social Security Administration (SSA) has stated that millions of retired workers will get an increase in Social Security income under proposed bipartisan legislation. Bipartisan support has enabled a bill to advance to the next stage of the legislative process, increasing Social Security benefits for around three million beneficiaries. According to recent reports, Congress successfully moved the Social Security Fairness Act on Thursday via a discharge petition, which allows a bill to move from committee to the floor for debate without a committee report. The Social Security Fairness Act would address loopholes that prevent seniors earning specific government pensions or other benefits from receiving payments.
Bipartisan support for Social Security benefit expansion
The petition was submitted by Democratic Abigail Spanberger and Republican Garrett Graves, and it received a total of 218 signatures—47 from Republicans and 171 from Democrats. This suggests that Graves and Spanberger will be able to persuade Speaker Mike Johnson to schedule a floor vote after seven legislative days. In a joint statement, Spanberger and Graves stated, “Today is an important milestone made possible by tireless advocates who made it clear that Congress must act.” Since 2015, this is the first time a measure has been advanced through a discharge petition.
The Social Security Fairness Act would eliminate laws governing the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP). The Windfall Elimination Provision reduces Social Security benefits for those who are eligible for benefits and had pension income from public jobs for which they did not pay Social Security payroll taxes, even if they made other contributions to the program. Currently, Spanberger’s office believes that the WEP impacts approximately two million Social Security pensioners. The GPO, a law that reduces spousal payments for former federal, state, and local government employees who did not pay Social Security payroll taxes, affects about 800,000 pensioners.
Beneficiaries should be aware that if passed before the start of fiscal year 2025, the Congressional Budget Office predicts it will cost the Social Security Administration slightly under $196 billion over 10 years. Furthermore, according to Spanberger and Graves, millions of retired public employees have been waiting for more than 40 years for their elected representatives to solve this fundamental issue of fairness, from Virginia to Louisiana to every other state in America. These retirees deserve the Social Security payments they have worked hard for, as well as the repeal of the GPO and WEP.
How does the Windfall Elimination Provision (WEP) affect social security benefits?
The Windfall Elimination Provision (WEP) may have an impact on how Social Security determines your retirement or disability payments. If your employer fails to withdraw Social Security taxes from your paycheck, your Social Security payments may be decreased. This can happen if you get retirement or disability benefits. Examples of this type of employer include a government agency and an international employer. Certain factors may have an impact on your Social Security payments, such as getting a retirement or disability pension from an employer who did not pay Social Security taxes or obtaining benefits from past employers who did pay taxes. The WEP may be applicable if you reached 62 after 1985 or became incapacitated after 1985.
If the latter is true, you must first have qualified for a monthly pension as a result of employment that did not require you to pay Social Security taxes after 1985. Even if you are employed, you must follow this advice. Furthermore, please be advised that this rule has an impact on Social Security benefits for federal employees who worked under the Civil Service Retirement System (CSRS) after 1956. We will not reduce your Social Security benefit amount if you only worked for the federal government through a system such as the Federal Employees Retirement System (FERS). Employees covered by FERS have their Social Security taxes deducted.