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What will be the impact of the Social Security Fairness Act on retirees' financial security by end of 2025?
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Joe Biden•Social Security Fairness Act•United States•Act•Senate•Windfall Elimination Provision•WEP•Government Pension Offset•GPO•Social Security•California•Congress
Resolution / Starting Odds
Significant positive impact • 33%
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Studies or reports from financial analysts or government agencies
Story
Biden Signs Social Security Fairness Act, Benefiting 3 Million Retirees with Bipartisan Senate Vote of 76-20
Jan 5, 2025, 10:18 PM
President Joe Biden has signed the Social Security Fairness Act into law, marking a significant legislative victory for public servants across the United States. The Act, which received bipartisan support with a Senate vote of 76-20 on December 20, 2024, repeals the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), provisions that have historically reduced or eliminated Social Security benefits for millions of retired public servants, including teachers, police officers, firefighters, and other government employees. The legislation aims to ensure that these workers receive the full benefits they have earned through their contributions to the Social Security system, impacting approximately 3 million retirees, including over 2 million public servants and more than 300,000 in California alone. The signing of the Act was attended by several members of Congress who have long advocated for its passage, highlighting the grassroots efforts that led to this bipartisan effort.
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