Reports from the Congressional Budget Office or similar entities

Senate Passes Social Security Fairness Act 76-20, Boosting Benefits for 3 Million Retirees, Awaiting Biden's Signature

Dec 20, 2024, 08:22 PM

The U.S. Senate has passed the Social Security Fairness Act, a bipartisan bill aimed at boosting Social Security benefits for nearly 3 million public service retirees. The legislation, which received a 76-20 vote, eliminates the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), two rules that have historically reduced benefits for retirees who also receive pensions from federal, state, or local government jobs. The bill, which had been decades in the making, now heads to President Joe Biden for his signature. The Congressional Budget Office estimates that the changes will add $195 billion to federal deficits over the next decade and hasten the Social Security Trust Funds' insolvency date by about half a year. Despite some opposition citing concerns over the program's sustainability, supporters argue that the act corrects a long-standing injustice for public servants such as teachers, firefighters, and police officers. The bill passed with different vote counts in its procedural stages, including 70-26, 73-27, and 73-23, reflecting its broad support. The WEP affects about 2 million people, while the GPO impacts nearly 800,000 retirees. Some estimates suggest the total cost could reach $233 billion, considering the interest on borrowed money. Senate Majority Leader Chuck Schumer described the passage as correcting a '50-year mistake'.