The recent signing of the Social Security Fairness Act marks a significant change for millions of public service workers across the United States. This legislation repeals two provisions – The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Understanding the Impact of WEP and GPO
- WEP: This provision affected individuals with non-covered pensions, such as teachers, firefighters, and police officers. It reduced their social security benefits based on the number of years they worked in non-covered employment.
- GPO: This provision primarily impacted spouses and widows of public service workers. It reduced their spousal or window(er) Social Security benefits if they also received a public pension.
What the Social Security Fairness Act Means for You
- Increased Benefits: If you or your spouse are currently affected by WEP or GPO, you can expect to see an increase in your Social Security benefits.
- Back Pay: This act would allow back pay for each month of 2024 that would have been affected.
Next Steps
- The implementation of this new law is currently unclear. More information is expected as the Social Security Administration plans to roll out these benefit changes shortly.
- If you have questions regarding this topic, please reach out and we would love to help guide you.
This material is presented solely for information purposes and has been gathered from sources believed to be reliable, however, Landing Point cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Nothing in this presentation is intended to serve as personalized investment, tax, or insurance advice, as such advice depends on your individual facts and circumstances. Advisory services are only offered to clients or prospective clients where Landing Point and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Landing Point unless a client service agreement is in place.