President Biden to Sign Social Security Fairness Act Benefiting Nearly 3 Million Retirees

Politics

1 year ago

News sources:

Credited from: CBSNEWS

President Biden is expected to sign the Social Security Fairness Act, which aims to extend full benefits to nearly 3 million U.S. retirees.
The legislation will eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which currently reduce benefits for public service workers.
Senate Majority Leader Chuck Schumer called the bill's passage a "monumental victory" for public service workers who have been denied their full benefits.
The act is projected to add $195 billion to federal deficits over the next decade, even though it received bipartisan support.
Once enacted, the new rules will be retroactive to January 2024, allowing eligible recipients to receive full payments.