Senate to vote on Social Security Fairness Act

by / ⠀News / November 29, 2024
Senate to vote on Social Security Fairness Act

The U.S. House recently passed the Social Security Fairness Act, which would repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) if the Senate approves and the President signs the bill into law. These provisions impact certain public sector employees whose retirement systems do not participate in Social Security, such as police officers, firefighters, and many foreign workers. WEP affects individuals entitled to a Social Security benefit as well as a pension from work not covered by FICA taxes.

Under current regulations, these individuals receive a reduced Social Security benefit compared to those who have always worked within the Social Security system. The Social Security Fairness Act would eliminate this penalty, allowing them to receive the same benefit as others with comparable work years solely within the Social Security system. GPO can reduce or eliminate spousal or survivor benefits based on the pension received from non-Social Security work.

The offset amount is two-thirds of the pension, often nullifying any spousal or survivor benefits.

Senate’s action on retirement fairness

The Alaska Legislature unanimously passed a resolution calling for immediate congressional action to correct these unfair Social Security penalties. Rep.

Alyse Galvin, the State House representative for District 14 in Anchorage, urges the U.S. Senate to prioritize and expedite the Social Security Fairness Act, ensuring fair retirement treatment for all public servants. However, the Senate is running out of time to address this issue, as the lame-duck 118th Congress has a full agenda, including approving disaster relief, considering a defense bill, and funding the government to avoid a shutdown. The Senate must vote on this legislation within the 12 days they are scheduled to work in December.

See also  Hunter Biden's ex releases revealing memoir

Opponents argue that removing these provisions could significantly impact the Social Security trust fund, potentially leading to insolvency sooner than expected. Current projections estimate that the trust fund reserves will be depleted by 2035, which would cause a reduction in monthly benefits for all beneficiaries. As the U.S. Senate reconvenes in December, the pressure is on to address this long-standing grievance and provide relief to millions of affected public employees before the end of the year.

About The Author

Editorial Team

Led by editor-in-chief, Kimberly Zhang, our editorial staff works hard to make each piece of content is to the highest standards. Our rigorous editorial process includes editing for accuracy, recency, and clarity.

x

Get Funded Faster!

Proven Pitch Deck

Signup for our newsletter to get access to our proven pitch deck template.