Market
What will be the impact of the Social Security Fairness Act on public sector retirements by December 31, 2025?
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Social Security Fairness Act•Biden•Social Security•Windfall Elimination Provision•Government Pension Offset•House
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Reports from the Social Security Administration or government agencies
Story
Senate Passes Social Security Fairness Act in 76-20 Vote, Boosting Benefits for 3 Million Retirees
Dec 21, 2024, 03:14 PM
The U.S. Senate has passed the Social Security Fairness Act in a 76-20 vote, sending it to President Biden's desk for his signature. The bipartisan legislation aims to boost Social Security benefits for nearly three million public service retirees—including teachers, police officers, firefighters, and other public servants—by repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The act, expected to cost up to $195 billion over ten years, will restore full Social Security benefits to those who have been penalized for receiving government pensions or disability payments. Previously, the House passed the bill with a 327-75 vote. This marks a significant victory for retired public employees who have long advocated for fair treatment regarding their retirement benefits.
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