Social Security Fairness Act
There are two little known rules within Social Security – The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). Both rules were enacted decades ago to reduce or eliminate Social Security benefits for people who receive certain types of pensions. These two rules predominantly impact police officers, teachers, firefighters, and other public servants, along with their spouses.
On Tuesday November 12th, the House of Representatives passed the Social Security Fairness Act in a bi-partisan vote (327-75) which would repeal these two rules. The proposal now moves to the Senate, where their version of the bill already has 62 co-sponsors. The bill must reach the Senate floor for a vote, and if approved, will go to the President to be signed. Even after passing the remaining hurdles, it will take time for the Social Security Administration to implement the changes.
While The Social Security Fairness Act still has a way to go, we feel it’s a positive development for those who’ve had their Social Security benefits limited or eliminated as a result of receiving certain types of pensions.
Certainly, this is a complicated subject. If you think this could pertain to you (or yours), please let us help.