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Social Security Trust Funds insolvency date moved earlier by end of 2025?
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Joe Biden•Social Security Fairness Act•Social Security•Windfall Elimination Provision•WEP•Government Pension Offset•Congress•White House•Social Security Trust Funds
Resolution / Starting Odds
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Reports from the Social Security Administration or Congressional Budget Office
Story
Biden Signs Social Security Fairness Act, Repeals WEP and GPO to Boost Benefits
Jan 5, 2025, 11:02 PM
President Joe Biden has signed the Social Security Fairness Act into law on Sunday, providing increased Social Security payments to nearly 3 million current and former public employees, including teachers, firefighters, police officers, and other public servants. The legislation repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which had previously reduced benefits for individuals receiving both a public pension and Social Security benefits. This marks the first expansion of Social Security benefits in over 20 years and comes after decades of advocacy. Members of Congress attended the signing ceremony at the White House. While supporters applaud the correction of a decades-old disparity, critics express concerns that the law may strain the Social Security Trust Funds, which face a looming insolvency crisis.
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